Grand Design Hackney home built for £400,000 now on sale for £2.25m


Reception room

A five-bedroom architecture-award-winning house in Hackney has gone on the market for £2.25 million. It's an impressively lofty price for this part of East London, but it's also a pretty impressive house. It appeared on Grand Designs in 2007 and has since won a RIBA award for design.

So is it worth the money?

The property

The house isn't exactly traditional. It's a decidedly angular home, designed by the architect who lives there, built around a wooden frame and clad in wood. Much of the wooden frame remains exposed within the rooms too. It also features an extraordinary number of floor-to-ceiling windows, which the Daily Mail reported costs £20,000 to install.

The location is somewhat unusual too, as the couple built their home in a semi-industrial part of Hackney. Their plot was a patch of wasteland which cost just £70,000.

However, it's a striking home, with some amazing features There's a double-height reception room, a large kitchen (in an unusual orange hue), a huge open-plan living area, and five bedrooms. Outside there are two balconies, parking and a big garden

It's on the market with Foxtons for £2.25 million. It will be an impressive return on the couple's investment, as in addition to the land at £70,000, they spent just £330,000 building the property in 2007.

However, the architect told the Daily Mail he was only selling up because he wanted to move onto another project.

Is it worth the money?

Prices in Hackney are starting to soar. Buyers have been forced to consider previously less desirable areas, as prices in London rise. The improvements as a result of the Olympics helped boost the area, and bought more of the capital's first-time buyers in. The average price in Hackney hit £500,000 for the first time in December - and saw the fastest price rises in the UK in 2013. Prices are up more than a third since this house was built in 2007.

However, there is undoubtedly a big premium in the price for the fact it is an award-winning design. It's the second most expensive property on sale in Hackney at the moment (after a £2.5 million church which has been on the market for three years and seen its asking price fall from £3 million).

There's a more traditional five-bedroom Victorian home in stunning condition on sale for £1.85 million, and one in good condition for £1.295 million. So you can get the same amount of house for half the money - or less.

It's going to come down to whether the striking design appeals. The sellers of a Grand Design converted Victorian water tower in Lambeth found that this isn't always the case. They spent £2.38 million buying and renovating it, and tried to sell for £6.5 million. In the end they cut the price to £4.75 million - a more typical asking price for a property of this size in the area. They still made a great profit, but not the one they were expecting.

But what do you think? Would you want to live in this Grand Design?