Islington Square development with property prices from £715,000 aims to become the next Covent Garden

Apartments at the new development start from £715,000 for a studio flat

(Lawrie Cornish)

Islington Square, a new property project by developers Sager Group of the United Arab Emirates, has opened its doors for the first time to reveal a luxury complex that aims to become the “new Covent Garden”.

Islington Square, designed by Piers Gough, will provide provides 263 new homes, 108 serviced apartments and 170,000 square feet of retail and leisure facilities.

“Once complete, Islington Square will form a £400 million 4.5 acre Covent Garden style destination for London,” developers said in a release.

Apartments start from £715,000 for a 468 sqft studio flat rising up to as much as £3.1 million for a duplex apartment with terraces on the lower and upper levels and three luxury bedroom suites.

The price for three bedrooms penthouse apartments, which will have an outside rooftop terrace with a lounge and dining area and a private swimming pool, have not yet been released.

Property prices in Islington have doubled in the last ten years, according to data by the Land Registry. The average home in Islington is now worth 85 per cent more this year than it was seven years ago.

(Land Registry / Foxtons)

Half of Islington residents live in social housing, while the other half rent in the private sector or own their own homes.

When the circumstances of people in social housing improve, they often have to move out of the borough in order to find anything they can afford.

Those who can afford a spot in Islington Square will see loft-style flats designed to make most of the Edwardian buildings, with high ceilings, tall windows and ornate external detailing.

Part of the development will also include retail and commercial facilities, a luxury cinema and a Third Space health club.

The Lounge Odeon cinema, will have six screens with no more than 40 seats where visitors can order fine foods and drinks, which will be brought to their seats at the push of a button.

A gymnasium, two swimming pools and fitness studios will be available at the new health club.

The Islington Square complex unveiled in December has been developed by Sager Group, which was founded in 1995 by His Highness Sheikh Sagir Bin Mohammed Bin Sagir Al Qassime of the United Arab Emirates and CEO Giris Rabinovitchin, in association with Cain Hoy.

Sager Group first purchased the Royal Mail complex back in 2003 for £30 million.