Are you hallucinating, or is the car on blocks on that council estate a

Ferrari and not a Ford Cortina? My guess is that you are seeing things,

unless the local authority is the Corporation of London, and the estate is

the Barbican. Such is its cachet and convenience that "many of our clients

ask for the Barbican and only the Barbican," says Adrian Bagnall, sales

manager at Hurford Salvi and Carr.

Barbican aspirants need patience as well as flexible dosh. Estate agent Frank

Harris says that "in 21 years, I have never had so few properties available.

It is much worse than 1988/89. This is far more scary in terms of price rises

than the 1980's boom. The Barbican has gone up 20 per cent since January

alone."

Officially opened by the Queen in 1982, the Barbican's 35 acres comprise

theatres, concert halls, galleries and other arts facilities, a conference

and exhibition centre, shops, a large lake, and more than 2,000 residential

units in three massive towers, several low-level buildings, and a smattering

of terraced houses.

Many occupiers are, or were, high-fliers in finance, law, politics and the

arts. As a significant number of these are retirees, residential units do

become available periodically. In addition, the approximately 300 flats still

owned by the Council are sold when they become vacant. For the latter, the

price range starts at £70,000 to £100,000 for a studio, and jumps to

£550,000 to £800,000 for a seven-room penthouse. In between are flats

containing from two to six rooms, and town houses.

Golden Lane is another Corporation of London estate in EC2 which, notes Simon

Dew of Hamilton Brooks, "is largely overlooked. Flats occasionally become

available. Recently we had a one-bed 7th-floor flat for £110,000." On the

Barbican's north border, Golden Lane has 557 flats and maisonettes, is Grade

II listed, and any resemblance to its illustrious neighbour is not

coincidental. Both estates were designed by architects Chamberlin, Powell and

Bon.

Property developer St George's London House is nearing completion on

Aldersgate Street, EC1, between Barbican and St Paul's underground stations,

and opposite the London Museum. "We felt that the City was underprovided for

residential housing. The Barbican has done quite well, and with more and more

people working longer hours, we thought that there would be greater demand

for one and two-bedroom flats," says md Tony Carey. "Some purchasers are

looking for a main residence, others for during the week, and a third group,

investors, are buying to let to the first two groups."

Estate agents on the coal face are seeing a similar shift: "We've been

getting a different type of buyer in this area in the last 12 to 18 months,"

says Mr Harris. "Many are buying as their main residence, not a pied a terre.

Many work in the City or West End and have had enough of commuting." This

heightened emphasis on primary residences should mean a bull market for the

City's larger flats.

THE LOW-DOWN

Transport:

The Barbican is between Barbican and Moorgate Stations, for the Circle,

Metropolitan, and Hammersmith and City lines. Barbican station also serves

ThamesLink, and Moorgate serves the line to Cambridge, Peterborough and the

northeast. Numerous buses converge at Moorgate, while more slender pickings

are available on Goswell Road and City Wall.

Prices

In any category, Barbican flats are variously sized, shaped and, hence,

priced: flats range from £85,000-90,000 for a small studio to £100,000 for a

large one; £140,000-180,000 for one-bedroom, £180-220,000 for two bedrooms,

and £220-400,000 for three. Penthouses are in seven-figure territory.

A Barbican Rarity

Frank Harris is selling a five-bedroom leasehold house on Monkwell Square.

The property features an integral garage and 37-foot roof terrace, and is

located within a private square near City Wall. Barbican leases are for 125

years and still have about 100 years to go.

Life Guards

The Barbican has relatively high service charges (which vary from block to

block), in part to pay for security guards who are largely responsible for

the estate being virtually crime-free. Golden Lane's recreation centre boasts

a 20m indoor swimming pool, two tennis and one badminton courts "which are

available for residents to use at preferential rates."

London House

Approximately half of London House's 81 flats (one, two and three bedrooms)

and penthouses are still available. This is a tiered, irregularly shaped

building in which flats have no balcony, a small balcony, or a large balcony

or terrace, although the roof terrace is open to all residents. A limited

number of basement car park spaces will be sold. £239,950 for two bedrooms,

£373,950 for three.

Wining and Dining:

Plenty of choice these days, within the Barbican and without, including

Searcy's, Bleeding Heart, Café du Marche, Chez Gerard, East One, Maison

Novelli and Stephen Bull's Bistro. For liquid refreshment, Betjeman's, The

Eagle, The Leopard, The Peasant, and Three Kings.

Eminent Jacobeans

The Royal Shakespeare Company acts up in the Barbican. Milton is buried in

the oft-rebuilt St Giles without Cripplegate, where Oliver Cromwell was

married and Holman Hunt was christened.

Council Sans Frontieres

The Corporation of London's holdings and operations extend beyond the Square

Mile to include Hampstead Heath, Epping Forest, several picturesque

cemeteries, and council estates in Hackney, Islington, Lambeth, Lewisham,

Southwark and Tower Hamlets. Its Middlesex Street estate in the City is east

of Liverpool Street Station.

Estate Agents

Hamilton Brooks 0171 606 8000; Frank Harris, 0171 600 7000; Hurford Salvi and

Carr, 0171 250 1012.

END