LIVING AT TONIC@BANKHOUSE
What is Bankhouse?
Bankhouse is a retirement community comprising 59 apartments for affordable rent and 25 apartments for shared ownership, located on Albert Embankment in Vauxhall, Lambeth.
Bankhouse was designed as a retirement community by architect Norman Foster and consists of high-quality one and two bedroom self contained apartments, with numerous community spaces to meet with other people. Bankhouse has an on-site restaurant, a bar, a beautiful community space overlooking the river Thames, a floating garden and a roof terrace with stunning views of central London. Amenities on-site include a spa room, bike storage, a launderette, an overnight guests suite for visitors and guest parking. All areas are fully accessible to wheelchair users. Bankhouse has 24 hour on site staff and optional care packages are available.
One Housing owns and manages all of the affordable rented apartments at Bankhouse, and 6 shared ownership apartments which are all currently occupied. Tonic will be selling the 19 available shared ownership apartments.
What is Tonic@Bankhouse?
Tonic will be bringing an LGBT+ affirming approach to Bankhouse, with our full time on site Community and Customer Engagement Manager, who will be facilitating our community-led events and activities programme working alongside the other Bankhouse staff.
Tonic@Bankhouse will be Tonic’s first properties. Tonic is purchasing 19 apartments to sell on a shared ownership basis, which we will always own at least 25% to hold as a community asset. Tonic is working in partnership with One Housing to ensure that our LGBT+ affirming approach is for all residents of Bankhouse, regardless of their tenure or landlord. Tonic has provided training for all the staff at Bankhouse to equip them with the knowledge and skills to provide quality care and support to older LGBT+ people.
What does LGBT+ affirming mean?
LGBT+ affirming means that our approach to services and support will not just be “LGBT+-friendly” but genuinely affirming of the lives, histories, needs and desires of LGBT+ people. The term does not imply exclusion of those who do not identify as LGBT+, but actively values those who respect and celebrate LGBT+ people.
What is a retirement community?
Retirement Communities combine high-quality housing options for older people with tailored support services. They allow residents to rent or own a property and to maintain their privacy and independence, with the reassurance of 24-hour on-site staff, communal facilities, and optional care and support as needed. Retirement Communities may also be referred to as retirement villages, extra care housing, housing-with-care, assisted or independent living.
What homes will be for sale?
Tonic will be selling 19 one and two-bedroom apartments on the upper four floors of Bankhouse. Most of the apartments have balconies, with either river or city views. All apartments have a spacious open-plan kitchen, dining and living room with underfloor heating and are fully accessible.
How much will the apartments cost?
We’ll be releasing full details when we launch our sales in late springtime. As an indication, the prices are likely to start from £135,000 for a 25% share of a 1-bed apartment and £180,000 for a 25% share of a 2-bed apartment.
In addition to the purchase price, there will be a rent charged on any unsold equity up to 75% (the 25% always owned by Tonic will be rent free); a service charge and a management fee (which has a deferment option available). Tonic team members will explain all about these as part of the sales process.
Can I buy a Tonic apartment at Bankhouse?
Bankhouse is a retirement community so there is an eligibility criteria that all purchasers must be 55 years old or over.
In addition to this, the shared ownership scheme is only available to people who have a household income of less than £90,000 per year and are unable to purchase a property suitable to meet their needs on the open market (for example a full price retirement community property in central London with LGBT+ accreditation). Current homeowners will need to sell their existing property to complete a purchase at Bankhouse, for this to become their main residence. Read more here about the shared ownership scheme.
Can I rent an apartment at Bankhouse?
Tonic is committed to inclusivity, but we are unable in law to provide affordable and social rented housing ourselves until we become a registered provider of social housing. To be able to apply to register, an organisation must have a firm plan to own property within 12 months of the application. Tonic is now making this application to the regulator on the basis of owning our first homes at Bankhouse, so that we can provide affordable rented homes in future.
Whilst Tonic is not able to provide rented housing directly until we become a Registered Provider of Social Housing, some people may be able to apply to rent at Bankhouse from One Housing. Lambeth residents that are over 55 can apply to be nominated to vacancies for the affordable rented homes by applying to Lambeth Council. Tonic is happy to provide further advice on this process.
How do I find out more information?
You can register your interest directly here and then one of the Tonic team will be in touch with you within a few days. You can alternatively email info@tonichousing.org.uk, or telephone us 0207 971 1091 and we can register your interest with you. We can be reached between 10am-3pm from Monday-Friday.
What if I am not eligible for Tonic@Bankhouse?
You can still register your interest in living@Tonic even if you are not eligible for the apartments at Bankhouse. Tonic intends to follow on from Bankhouse with further schemes, and telling us what you want and need is important to inform this. Being on our register of interest means we can contact you about future opportunities.
