Canning Town is fast becoming London’s new investment hotspot, as new developments launch and prices rise.
The East London district was put on the property map in 2012, when the Olympic Park opened to the world for the first time. Since then, new developments have sprung out of the ground, from offices and homes to luxury apartments.
One project is London City Island, which will transform 12 acres of land opposite the O2 into a district brightly-coloured apartments and shining offices. The Docklands development will introduce over 1,700 new waterside homes, as well as shops, restaurants and leisure facilities. The English National Ballet has even jumped gracefully into the neigbourhood, with a bespoke 88,000-square-foot rehearsal studio planned.
The overall Canning Town and Custom House Regeneration Plan includes new homes, two larger, improved town centres, new or improved schools, creation of more jobs with training for local people and better quality streets and open spaces.
One new development on Barking Road will bring several attractive, bohemian apartments to the market. Pre-release prices start from £324,995 for a one bedroom and £439,000 for a two bedroom apartment.
Such rampant regeneration in East London has put the borough of Newham at the top of the property pile: new figures from the Land Registry show that property prices in Newham soared 19.8 per cent in the year to March 2015, the fastest growth in the country.
Indeed, with London’s new Crossrail line currently under construction, property values along the route are expected to soar. The Barking Road development is predicted to see prices increase by 25 per cent prior to completion, adding to the 5 per cent return already anticipated from rental yields.
Now, investors are racing to benefit from the Crossrail effect in areas such as Ilford, Canning Town, Stratford and Canary Wharf.
“There are only 9 apartments in total in this building,” says a spokesman for the Barking Road development, warning that they are “likely to sell out before we receive the final artists impressions and brochures”.
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