03 May 2006

 

FIRST BASE UNVEILS HOT PROPERTY FOR INVESTORS

 

First Base, the new and innovative UK residential property investment and development company, is unveiling one of LondonÕs most exciting new residential developments to investors in Hong Kong.

 

The company, founded by Lend Lease and Stanhope, is exhibiting its new Adelaide Wharf development with international property services group Savills at the Carlton Ritz, Hong Kong from 26-28 May.

 

Based in Shoreditch, an up and coming East London, Adelaide Wharf is a 15,000 sq. m (150,000sq ft) development comprising 147 homes and is due for completion in summer 2007, in time to capitalise on the 2012 London Olympic effect.

 

It been designed by one of London's most eminent modern architects, Simon Allford of AHMM, and is set in beautiful surroundings, landscaped around open parks and waterways in the heart of Shoreditch in East London. Seven tube and five main line train stations are under one mile away, providing quick and easy transport links to the City, Canary Wharf and central London.

 

In delivering the project, First Base is working with English partnerships, the UKÕs national regeneration agency to regenerate an old industrial site and develop affordable and executive homes, with excellent rental opportunities.

 

The success of Adelaide Wharf will be further enhanced with massive regeneration and infrastructure projects around Shoreditch planned around the 2012 Olympics, such as new road and rail links and world class amenities. Olympic development is expected to contribute to rises in capital growth from the UK's thriving property market.

 

Since 2005, London property values have soared by over 9% and demand for high quality rental properties is outstripping supply with an increase in British tenants, as well as overseas professionals relocating to London's worldwide financial sector – one of the main drivers accelerating the growth of London's property market.

 

Richard Powell, Director of First Base comments:

 

Adelaide Wharf represents an excellent residential investment opportunity.  It provides a rare opportunity for investors to buy in to London's thriving residential market and into a development that is being delivered to the highest quality specification in an exciting area of London.

 

One, two and three bedroom units are available from Stg£227,500.  The development is being delivered using modern methods of construction and sustainable materials that ensures the development will be given an eco homes "excellent" rating.

 

 

- Ends -

 

For further information please contact:

Lynda Redington

Lexis PR

Tel: + 44 20 79086432 / e-mail: lredington@lexispr.com

 

Notes for Editors:

 

First Base

 

First Base is a development and investment company established to design, build, fund and manage, high quality, stylish housing in London and the South East.  It is a private limited company founded by Lend Lease and Stanhope, specifically set up to help address the challenge of delivering more high quality affordable homes.

 

First Base is currently involved in a range of projects that will deliver affordable housing in London and the south east:

 

• selected as a Development and Management partner with English Partnerships as part of the  London Wide Initiative First Base is working on five sites which will deliver over 1,000 homes, in London

 

• working with Blackstone / Generation in a development and construction management role on the KX200 regeneration project in Kings Cross to deliver a mixed-use scheme comprising predominantly affordable student accommodation to over 850 students.

 

• selected as 1 of the 4 private sector organizations to participate in the Housing Corporations New Partnerships in Affordable Housing Pilot. The scheme is intended to create a wider market for the delivery of affordable homes as well as develop a new competitive framework for the Housing Corporation's investment programme.

 

• in partnership with Lend Lease, First Base have been selected by the London Borough of Newham for the regeneration of Canning Town and Custom House, and are one of three short listed for the £1.5bn  regeneration of Elephant and Castle.

 

 

Adelaide Wharf

Adelaide Wharf is situated between Hoxton and Shoreditch and is built on the site of an old industrial building around three sides of a private courtyard garden, landscaped to provide secluded spaces for residents and their families. It is adjacent to the Regents Canal and 20 acres of park land and is less than a mile to the City of London.