Saturday 17 March 2018 9.58am
I have lived and rented out my place in MCH.
Parking - if you are renting you are entitled to use a space in the car park and that should form part of the lease, parking is on a first come first served basis and there is enough space. There is no guest parking, period. You may be able to get short guest passes for dropping items off or such. The building is inside the congestion zone.
Shahsafia - the fire safety in the block is excellent. There are regular alarm tests, lots of exits and fire doors as standard, the building is also concrete as you may know. Regarding the service charge - it's very high, your agent should let you know what this is as it is determined from the sq footage of the flat but an average two bed is £ 450 pm, £ 5500 per year and this will only get higher. There is a flip side to this though, the block is self managed by the RTM which means they control all expenditure and not some managing agent. There is also an onsite building manager who reports into the RTM. So if you look at the other new builds in elephant, a 2 bed can be £ 700K - £ 850K like 251 Southwark Bridge or Elephant park / Strada
etc with a service charge of £ 3500 - £ 3800, new builds are always lower, once the building settles then it increases and you are subject to the managing agents greed. I would think though as a first time buyer buy somewhere with as little a service charge as you can a bit further out.
These new builds in SE1 do not have parking ( Southwark limit this for new builds nearly to 100% ), swimming pool, gyms, coi karp gardens etc so @ MCH you are paying for what you get essentially however the 2 bed will cost you £ 450K - £ 550Kdepending which block floor you buy, so either a higher capital outlay or a lower with a higher service charge that is more likely to remain constant and not rip you off as the people who manage it are owners. Finally, the external works are coming up in 2018 and 2019 so the appearance of the building will be much improved, it looks awful I know.
Also, Delancey will get the go ahead to develop the E and C shopping center, the current northern tube entrance will be redeveloped into offices / flats / new tube entrance, elephant park is continuing to be built, the Peabody estate at the end of Newington Causeway
will be redeveloped - essentially you will benefit from the new commerce however to date all the investment has been private.