Canary Wharf is globally recognised as a leading European financial and business district. However, a new report from international real estate agent Knight Frank shows that the Tower Hamlets location is set to develop into a leading residential area due to a new wave of developments. A new infrastructure and a range of local amenities have been planned with the intention of reinforcing the area’s position as a prime residential address.
Canary Wharf currently boasts one of the biggest shopping malls in the capital along with more than 300 cafes, restaurants, bars and supermarkets. Residential research by Knight Frank has revealed plans for a primary school which will broaden the appeal of the area and attract families as well as professionals. The area’s connectivity to other parts of London will also be enhanced by the opening of Crossrail.
The various activities available in the East of Canary Wharf, such as cultural arts and events programmes, are contributing to the location’s reputation as an emerging hot spot of entertainment and culture. The programme offers outdoor dance performances and live music shows, sporting events and open air exhibitions and theatrical productions.
The construction of Canary Wharf Residential, a diverse scheme of more than 3,000 new homes, medical centre and school is currently underway and when completed will expand the area from 100 to 122 acres. The residential tower that is being built on Marsh Wall will stand as the tallest residential structure in the UK and Wardian will also benefit from twin residential towers.
The current forecasts highlight a steady and sustainable growth across the city, and although Canary Wharf presently houses younger renters and buyers, the introduction of the new amenities and office space for creative and technological firms will cement its place as a leading London business and residential location.
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