Prospective London buyers are taking on ‘side ventures’ to their working lives and it’s impacting what they want from a home.
A new survey of more than 1,000 prospective London buyers aged 25 to 65 commissioned by the team behind 25 Cuba, a 52-storey residential tower in Canary Wharf, has found that four in five (80%) are doing something entrepreneurial outside their main job, from investing (47%) and freelancing (37%) to content creation (27%) and running a small business (23%).
Almost all (92%) respondents believe London rewards ambition, a verdict shared equally by current residents and those considering a move to the capital. Almost a quarter (23%) of respondents earn more than £10,000 a year outside their main job.
Undertaken by research company More in Common, the survey also revealed that almost half (48%) rank a home that supports their ambitions and goals among their top two priorities.
This is particularly important as 65% of respondents use their homes to focus on their side projects every or most days.
The development, which is being delivered by Ballymore and Penta Real Estate, will include more than 400 private and affordable homes and amenities shaped by how London’s most driven residents actually live.
image019.jpgIt is this demand for flexible, purpose-built environments that 25 Cuba was designed to meet, with a whole level dedicated to work and collaboration, featuring areas for focus, study, networking and collaboration that act as an extension of the home.
This includes the Reading Room and Library, twin production studios with professional podcast equipment, such as mics, mixing decks and digital cameras, and a screening room to showcase content created.
Brian De’Ath, Managing Director of Sales & Marketing at Ballymore, comments: “We spend a great deal of time understanding how people actually want to live, how they work, how they rest, how they connect. Every decision at 25 Cuba comes from that understanding, informed by the insights we have gained from listening to our residents through internal surveys and observing how they use our neighbourhoods.
“People are doing so much more than their primary job, they are building businesses, creating content, freelancing, investing, learning. They are ambitious and our research shows that their homes need to keep up with them, and become a place where they can feel productive, focused and creative. At 25 Cuba, we are creating a space that genuinely supports the full breadth of how these people want to spend their time.”
The research found that more than a third (37%) of respondents currently pay for access to spaces to work beyond their main workplace, rising to 55% for those running a business and 47% for content creators. For the 42% of those who said they spend between two and six hours a week specifically building their business, they could be paying at least £45 a day on coworking passes1.
The research also revealed that outside the home, respondents feel most creative in parks and outdoor spaces, with 70% of respondents identifying these as places where they feel inspired. This finding reinforces the importance of outdoor space at 25 Cuba, which will feature a new one-acre public park, Cuba Street Gardens, the largest of its kind to be delivered in this part of London for almost 30 years.
From the park, residents will be welcomed into 25 Cuba through a curated Reception Gallery with a 24-hour concierge team, alongside a relaxed Garden Bar open from morning to night.
Above, the 32nd-floor fitness suite with views of the park, the Thames and the City provides access to first-class equipment within the weights section, cardio area, dance studio and yoga terrace.