Chelsea Bridge Wharf is a two-minute walk over the river in Battersea

THE most controversial development in London comes up before council planners next week. The modernist design for Chelsea­ Barracks has caused a furore, with protesters led by Prince Charles favouring a more traditional design for the ex-army site.

But regardless of architectural tastes, the project will inject one of the capital’s priciest postcodes with sought-­after affordable housing.

SW3 may seem as impenetrable as Alcatraz with the ­average asking price an eye-watering £862,000, but there are affordable developments blazing a trail for the £1bn Chelsea Barracks.

Take Chelsea Bridge Wharf, a new development hugging the Thames. Technically, it’s in Battersea but at a two-minute walk from the King’s Road, who’s quibbling?

Of its 1,069 properties, 85 are one- and two-bed flats earmarked for ­affordable housing on a part-buy/part-rent basis, which ­allows you to buy a share in a property and pay a ­subsidised rent on the rest.

One-beds start at £300,000. You pay a minimum of £75,000 for a 25 per cent share and rent the rest. Two-beds start at £475,000, so you fork out £118,750 for a 25 per cent share.

David Taylor, of Genesis-homes, which is providing the part-buy/part-rent ­properties, says: “This ­development shows that it is possible to buy affordable property here. It can end up being substantially cheaper than a rental property.”

Project manager Ranse Howell has just moved into a two-bed flat in the development. It’s worth £445,000 and he bought it through the part-buy/part-rent scheme.

“The proximity to Sloane Square was one of the main draws. I walk out of my building and I’m there in no time. I work in the City, so I could even get a boat down the Thames,” he says.

Another project is The ­Gallery. It’s a boutique gated development on the former site of the Chelsea College of Art in neighbouring Fulham. Almost half of its 109 ­properties are on sale on a part-buy/part-rent basis. It has one-beds from £265,000 and two-beds from £385,000 – you can pay ­between 25-50 per cent of the full price.

Sales director Yvette ­Ruggins says: “We’ve had a huge amount of interest. The proximity to the King’s Road is a big factor – people want the benefits of Chelsea ­without the price tag.”

But what about private sales in the heart of SW3? Are there any bargains tucked among the stuccoed mansion blocks? Simon Rose, from ­estate agency Strutt and Parker, says: “Realistically, ­anything under £500,000 is hard to find. Some properties on main roads, like Gunter Grove, will be a bit cheaper. But for a Chelsea address, prices are shocking. Your only hope would be a studio.”

But Ian Brownridge, of ­Foxtons in Sloane Square, is optimistic. He says: “There are ex-local authority flats, short-lease properties and studios for under £250,000. The ­studios are about the size of a hotel room, but it is feasible for first-time buyers.”

Chelsea Barracks should hopefully change things. But affordable living in SW3 is still possible if your ­expectations are realistic.

‘I’m able to walk to work’

Dan Bassford, 35, bought a 25 per cent share of a two-bed apartment worth £425,000 in the Vanston Place development in Fulham Broadway.

“I used to come to the area a lot for the shops and restaurants, but I never expected to be able to live here. The location is also great because I am able to walk to work, which is rare in London. Although I’d heard of shared ownership, I thought it was only for key workers. But Hammersmith & Fulham Council provided a lot of help. Without this scheme, I wouldn’t have been able to buy a place, and certainly not in this location.”