Looking for more space in London and a move to the beach? Why not have both! A new development at Royal Victoria Dock highlights how decades after the original flagship docklands regeneration, the city continues to push out to the east, with builders keen to entice potential residents with the prospect of waterside living.
With thousands of new flats being built in London, it would seem impossible to find another space with a “beach” view.
Developers Mount Anvil are building 105 new flats on the land found on Western Gateway, in Royal Victoria Dock. It is found out past Canary Wharf, by the ExCel exhibition center and across the River Thames from the O2, in North Greenwich.
The development called Royal Docks West will include one, two and three-bedroom flats, including 26 affordable homes. There will also be a new shopping area and a public landscaped garden.
Construction of the flats is due for completion at the end of next year, to coincide with the opening of Crossrail in the area.
The asking Prices at Royal Docks West start from £465,000 for a one-bedroom flat, rising to £1,265,000 for a three-bedroom apartment, with the homes scheduled to be ready to move into from the end of 2018.
This area of London is seeing heavy investment over the last few years with a £3.7 billion regeneration in Canning Town. What used to be a hard-to-reach location, starved of public transport, is now plugged into the Docklands Light Railway while on the horizon is a London City airport Crossrail station, part of the Canary Wharf to Abbey Wood spur.
Chinese developer ABP pledged to invest £1.7 billion over the next eight years in its Victoria Dock project, alongside its partners.
Richard Divall, head of EMEA capital markets at Colliers International, said: “Chinese investors are drawn to areas of infrastructure improvements where they can buy and develop large areas of land. East London has the fundamental elements that Chinese investors want both in terms of land availability and infrastructure.”
Emoov founder and CEO Russell Quirk said, “While prime central London has hit something of a wall, outer London boroughs are still recording double-digit price growth,” he added. “The Crossrail effect and certain regeneration areas seem to be having an impact. The closer we get to the stations opening next year, buyer demand should intensify by the attraction of shorter commuting times.”
DMZ thinks that east London has seen a revival over the last 10 years and loves the idea of a flat / house near a “beach” which also has water activities nearby! Prices in this area also seem to be resilient and have great potential to grow over the next 2-3 years.