Canary Wharf is home to some of the most valuable investment properties Tower Hamlets has to offer. Although the area is renowned for being the base for countless high profile companies, particularly those involved in finance, there are plans to create a number of residential properties in the area. These homes could prove to be very popular with people who want to live very close to where they work.
The area was not always as you see today. In fact from 1802 until 1939 it was a busy industrial dockland filled with all of the smog and dirt you would expect in such an area. Sadly a decline in the industry saw all of the docks closed in 1980.
The future for the area was uncertain at the time until a plan to regenerate it was revealed. The London Docklands Development Corporation was born in 1981. Plans for redevelopment were revealed and work began in 1988. The first properties were finished in 1991. This included the now iconic One Canada Square, formerly the tallest building in the UK.
The focus from the outset was to create a business district. Development of residential units came a little later with the purchase of the 23 acre Wood Wharf in 2012. Several projects are currently ongoing to create these new homes. The Ballymore and Eco-World towers are scheduled for completion in 2019, offering 764 units. South Quay Plaza, the two new towers of One and Ten Park Drive, and Landmark Pinnacle are all set to be finished in 2020.
In total an impressive 3,300 homes will be created in the area by 2023. These properties are designed to be high end but reports from Savills suggest they can still offer some good value, particularly in comparison to prices in east and north London when looking at per square metre. This has translated to interesting growth in demand but there is still plenty of availability.
Finefair is always on the lookout for the best investment properties Tower Hamlets has to offer for our clients. That way we can help them devise the perfect strategy, especially if they are looking to expand their portfolio.
If you would like to find out more about the potential residential properties in Canary Wharf can offer, please let us know.