A few months ago we predicted Canary Wharf was about to become one of the most sought after locations in London. We were right. It’s the site of the capital’s latest buying frenzy.
In July a development of unbuilt luxury flats went on the market. Within a matter of hours the properties, worth a total of £140m, had been snapped up. They won’t be built for another three years.
It happened at the launch of Maine Tower in the Harbour Central Development. Standing at 41 storeys high the block will be one of the most eye catching in the new regeneration. Those looking to buy or invest queued for up to 36 hours to get the chance to buy. It broke a new record, the developer Galliard Homes said they were making £35m sales each hour.
Starting at £350,000 and rising to £1.25m the development consists of nearly 300 apartments ranging from studio, one, two and three bedroomed flats. Half the buyers were from overseas while a sale day in Hong Kong resulted in 50 of the sales.
The location is one of the ones most growing in demand in London. With shopping, bars and restaurant choices (our favourite is Bella Cosa) it’s rapidly a place to both work and live. It’s long been home to the capital’s financial centre alongside the City of London but the Isle of Dogs site is increasingly popular with its high rise apartments, unparalleled London skyline views and connectivity. The new development in particular is close to South Quay and Canary Wharf Stations. The latter will get a boost from Crossrail over the coming years.
Maine Tower isn’t the only new development being built in Canary Wharf with new apartments. However while they have followed in the tried and tested method of appealing to overseas investors like the Chinese, the Canary Wharf Group recently put a tower on sale offering first refusal to Londoners. Although admittedly expensive (two bedroomed homes start at £795k) the move is being seen as a positive one to encourage regular Londoners to be able to afford to buy in their own city and not to get pushed out by overseas investors who ramp up the prices.
At Clarendon we’ve long seen the potential of Canary Wharf, especially for those relocating or working on contract at one of the major financial institutions based in the area, who need a place to stay but don’t want to buy. Our Discovery Dock East and West along with Lanterns Court provide a stylish and comfortable place to stay close to all of Canary Wharf’s amenities like the Jubilee Place Shopping Mall as well as its offices.
Canary Wharf has changed a great deal in a generation. Its popularity is an indication of the growing international attraction of London as a place to live, invest and do business.