Monday 24 July 2017

Low price apartments plan for London's technology hub

Neil Callanan

A London developer is planning a 30-storey tower that will include 50 low-cost homes for young people working in the technology and creative industries.

The apartments at 225 City Road - near the so-called Silicon Roundabout technology hub - would be priced as low as £150 (€200) a week, compared with an average of £370 for a one-bed home in the area. Plans for the tower, including a total of 190 homes and workspace targeted at technology companies, will be discussed by Hackney borough council.

"The development seeks to deliver a range of managed and serviced homes specifically for young workers in Hackney," according to a filing by the council, which said the homes would be targeted at 18- to 35-year-olds. "Discussions are ongoing around whether the principle of providing these units in lieu of traditional affordable housing can be considered acceptable."

High rents and a shortage of homes from London to San Francisco are deterring computer science graduates and app developers from moving to global technology hubs. (Bloomberg)

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