First there was Silicon Valley, then the Roundabout, followed by the Fen. Now Slough's M4 corridor has been christened with a new name by a property developer: Silicon Alley.
Galliard Homes wants to take advantage of Slough's new status as a tech hub, home to the likes of McAfee, O2, and Nintendo, and is trying to rebrand the town as the new Shoreditch.
It follows the well-trodden path of many estate agents who have coined new names for London's neighbourhoods as quarters, villages or new-fangled acronyms.
Galliard is launching 90 apartments in The Skyline, based in the former Fujitsu office building, which it claims was the inspiration for iconic comedy show ‘The Office’. Prices start at £199,995 for a studio flat and £270,000 for a one-bedroom. Galliard has also promised that if the UK votes to leave the EU on June 23, buyers can give up their flat and keep the deposit.
Galliard said there had already been more than 1,800 reservations at The Skyline, of which 50pc are investors. The project is launching on Thursday, with a deposit of just £2,000 for people who exchange on the day.
As a result of its location, transport connections and buoyant jobs market, house prices in Slough grew by 22.1pc in the year to March 2016, according to the Land Registry. House prices in the town are expected to rise by at least 33pc once its Crossrail station opens in 2019.
Slough is the UK's fastest growing city, and is attracting new business at a faster rate than anywhere else in the UK, growing its corporate presence by 29pc in the five years to 2014.
According to the Centre for Cities, Slough has the third highest weekly income of any city in the UK, behind Crawley and London.
First-time buyers, developers and investors are flocking to what in the past may have been viewed as less desirable locations - such as Luton and Hounslow - because of their quick connections and the resulting possibility of high house price growth.
There has been a huge demand for these types of developments: Galliard's launch of a block of flats in Luton was sold out in four hours; all the flats in a development in Hounslow were nabbed in three hours; and properties in Stratford and Canning Town were picked up in an afternoon.
It is 10 minutes' walk from the station, where trains to London Paddington take just 23 minutes.
David Galman, sales director for Galliard Homes, said: “The interiors offered at the building evoke ‘industrial-chic’ with clever use of space and finishes including bespoke chandeliers crafted from metals and blown glass," while some of the apartments even have a steel bath.
Referemce: http://www.telegraph.co.uk/property/house-prices/first-time-buyer-homes-go-on-sale-for-199000-in-silicon-alley-th/