Canada Water is a former London dock but sits just one Tube stop away from the bustling business district of Canary Wharf. Surprisingly this means it is the focus of ambitious redevelopment plans as prices and demand continue to rise. If these go ahead it could see the creation of a multitude of new high and low-rise structures in the area.
The first phase of the redevelopment of the area is being planned by British Land. The plan is expected to be revealed in spring 2018. It will detail work on a 46 acre site that will create 650 homes. If all goes to schedule, construction could begin in 2019 and the first sales could follow in 2020.
This would only be the first step in the regeneration of Canada Water. As well as phase one details of the wider masterplan may also be revealed in the coming months. Although they may not be as detailed, it is expected they will include information about the project that would cost an estimated £2billion. In total this could create 3,500 homes, a new high street, and various amenities including a potential new campus for King’s College London.
Over the years there have been a number of plans for the area. The docks sadly closed in the 60s and were neglected for many years. The development of a new shopping centre and an iconic library were good for Canada Water but didn’t inspire the anticipated additional development. It looks like this will finally end though, giving rise to a new community.
If the substantial number of new homes is created, the area could be attractive to a number of buyers and investors looking at buy to let. The close proximity to Canary Wharf is a huge selling point, especially with the good transport connections. There is also a plan in place to create a new pedestrian bridge to connect the areas. This will offer even more connectivity.
The Finefair team looks forward to seeing what the plans will be for Canada Water. We will be on hand to provide help for investors in the future if they target new homes being built. We are the best for block management Tower Hamlets has so we can work with clients with portfolios of various sizes.
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