The term ‘Silicon Roundabout’ is a term that has become familiar to us over the past 10 years; from roundabout to revolution, the boom of startup tech companies in Old Street gave London its reputation as one of the most successful, well-respected and powerful digital clusters on the globe.
Over the past 10 years, despite the unsolicited volume of political uncertainty that has been hurled our way, it’s telling that London, east London in particular, is still on top of its game when it comes to entrepreneurial investment. The 2018 Tech Nation report revealed that the UK technology sector is still expanding faster than the rest of the UK economy and the capital remains the second most-connected tech ecosystem globally, behind only Silicon Valley.
Inevitably, with success comes growth and with growth comes the escalation of cost for renting office space, something that has undoubtedly occurred around Old Street Roundabout. The result? The surrounding neighbourhoods of Hoxton, Stratford and Dalston have been the subsequent destination for new tech businesses to settle, bringing a whole host of benefits with them. These areas in the City Fringe are now coveted areas to work, live and play and are now hotspots for both business and property investors and the future is only looking brighter.
One pocket of Hackney that has recently been in the spotlight, is the trendy district of Dalston. Acknowledged as being substantially cheaper, for places to live and work, than neighbouring Islington and Shoreditch, the appeal to be part of this community is something that can’t be ignored; It’s proximity to Tech City and the Square Mile, plus the surrounding transport networks make Dalston a clear choice for any budding businessperson who wants to make their mark and be part of the tech scene.
Looking a little further east to Stratford and we see the trend continue. One of the newest kids on the block, Here East, at the Olympic Park has one of the biggest success stories of the last few years, at least. Initially intended to be a data centre site, this scheme (which cost around £100m to create) accommodates a multitude of eateries, independent cafés, co-working spaces and much more. A whole host of events are also held here as an extra way to boost creativity in the area and accentuate it as another main cultural hub in London.
CEO at Here East, Galvin Poole, says: “To us, having culture embedded within the new era of technology is really important and we just thought we’ve been cut off from these areas for too long, so our aim is to make sure we can transform this.”
Tech and creative culture aside, a new era of business is coming to a head and Queen Elizabeth Olympic Park is at the forefront of it all. This summer saw the launch of the world’s first £13.5m cyber innovation centre and it is intended to act as a driver for more startups to gravitate towards the area of east London and to encourage the growth of the cyber security industry in the country.
It’s safe to say that the tech industry and the forever-growing upsurge of startup companies are an asset, not only to the capital, but to the whole country. Last year, a tech company was formed every hour in London and businesses attracted an impressive £3bn in venture capital investment. Now has never been a greater time to look at Tech City and its neighbours as a place to work and live.
If you want the best of both worlds then the latest development by Londonewcastle is the perfect option. Surrounded by cultural diversity, a thriving independent community and creative spirit, The Otto is a new residential scheme at the heart of it all. Located in an enviable spot adjacent to Hackney Downs, this collection of 89 apartments is only a 10 minute walk away from Hackney Downs station, where destinations such as Tech City are reachable within half an hour and the financial hub of the City accessible in less than 15 minutes.
For more information about apartments at The Otto and the neighbouring area, please visit www.theotto.co.uk and register your interest now.