Wapping is one of the most interesting areas in London, with a fascinating history. Located in the borough of Tower Hamlets, it was originally a slum and known for being the home of many disreputable characters. Charles Dickens would visit the area for inspiration, and spend time writing in the Prospect of Whitby pub. However, the area has well and truly moved on from its former reputation, and today it could not be more different.
The regeneration of Wapping came because of its close proximity to the City, the financial heart of London and one of the most important centres of finance in the world. Land is highly sought after here, especially this close to the centre of the city, so it is understandable that developers would see the advantages that Wapping offered. A great deal of development has now taken place, transforming the former slum into a highly sought after, high end location.
Countless projects have taken place in the area, including transforming old warehouses into luxury apartments and high end restaurants. The first developers took inspiration from New York and began investing in turning these disused warehouses into homes in the 70s. The result has been incredible, with property prices in the area rising by an amazing 90% since 2005. This has outstripped the average for the whole of London by an impressive 9%.
Wapping has become a completely new area. The housing stock is largely apartments so it is particularly attractive to young professionals, such as those working in the financial district. Overseas buyers are also drawn to the area. Estate agents Foxtons claim around a third of purchases are made by overseas investors.
One of the largest developments to come to Wapping is the redevelopment of the News International building, formerly the London headquarters of the company. The 15 acre site is to be transformed into 1,800 new homes and will also feature luxury facilities for residents including a private screening room and concierge service. It is called London Dock and the first residents will be able to move into their homes in 2016.
If you are looking for an investment opportunity Wapping could be the perfect area for you, especially if you can snap up a property on the riverside for a great price. We specialise in property management, purchases, sales and council leasing in Tower Hamlets as well as the rest of London, so get in touch with us and find out how we can help you to make the most of Wapping.