LIVING AT TONIC@BANKHOUSE
What is Bankhouse?
Bankhouse is a retirement community comprising of 84 apartments, 59 for affordable rent and 25 for shared ownership, across 14 floors, located on Albert Embankment in Vauxhall, Lambeth.
Bankhouse was designed as a retirement community by architects Foster + Partners and consists of high-quality one and two bedroom self contained apartments, most with balconies with stunning views. Bankhouse also has community spaces to meet with other people, an on-site restaurant, a bar, a beautiful community lounge overlooking the River Thames, a floating garden and a roof terrace with incredible views of central London. Amenities on-site include communal gardens, a community lounge, a restaurant and bar, an overnight guest suite, a laundry room and bike storage. All areas of the building are fully accessible to wheelchair users.
Bankhouse has 24 hour on site staff and optional care packages from Care Outlook are available.
One Housing owns and manages all of the affordable rented apartments at Bankhouse, and 6 shared ownership apartments. Tonic will be selling the 19 available shared ownership apartments.
What is Tonic@Bankhouse?
Tonic is bringing our LGBT+ affirming offer to Bankhouse, with our on site Community Manager, who facilitates our resident-led events and activities programme, working alongside the other Bankhouse staff.
Tonic@Bankhouse are Tonic’s first properties. Tonic has 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 is 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 are for sale?
Tonic is currently 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. See our sales website to see current availability of apartments and to book a viewing.
How much do the apartments cost?
Prices start from £126,875 for a 25% share of a 1-bed apartment and £180,000 for a 25% share of a 2-bed apartment. These go up to £395,438 for a 75% share of a 1-bed apartment and £592,500 for a 75% 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 Administration Fee. Tonic team members will explain all about these as part of the sales process, as well as provide fully detailed documents.
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 has made this application to the regulator, now 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?
Our sales website is now live and here you can find photos of the apartments and building, information on pricing, eligibility criteria and all services information. You can also book a viewing appointment via the sales website, these are 2 hour slots during the week to have a look around our show flats and the community spaces.
You can register your interest in Bankhouse 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 on 0207 971 1091 and we can register your interest with you.
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.
