The UK economy as a whole has been slow during the last six months due to the pandemic. However, this presents an opportunity for investing in real estate, as now is the right time to catch a bargain.
Buyers who are interested in investing in the new builds in Canary Wharf are in for a real treat, as there is a spectrum of options to choose from.
If you are thinking about investing in a property in Canary Wharf, you will be glad to know that experts are predicting a steady growth – all you have to do is grab the right opportunity that’s knocking on your doorstep.
1. 10 Park Drive
One of the most exciting new builds in Canary Wharf, 10 Park Drive, is to be comprised of 74 studio apartments, 115 one-bedroom apartments, 141 two-bedroom apartments, and 15 three-bedroom apartments. Slated to be made available to buyers, starting this year, the project will be a thriving hub of socio-cultural and commercial activities. Plans of a train station and other transport amenities offer vibrant connectivity, further amplifying the charm of this place. Not to mention there is a host of amenities and luxuries awaiting you here.
2. The Madison
The Madison is one of the premier property development projects in Canary Wharf. The high-rise comprises 53 storeys, designed to deliver an excellent living experience to its residents. Even though the project is fairly central to the bustling business and financial region of London, it still manages to provide a tranquil atmosphere.
The one-of-a-kind facilities being provided here include a private lounge, with an open kitchen and bar, seating area, gym, and 3 superb terraces. The complex also has a private spa with a heated pool, steam room, sauna, and rain shower. If you are looking for a true taste of luxurious living, then this project is probably your cup of tea.
3. One Park Drive
This impressive 58-storey tower is slated to comprise 483 apartments and penthouses. If you are to purchase a property here, you would be getting truly remarkable amenities such as 24-hour concierge services, a library, a cinema room, and a lounge on the ground floor. Moreover, the first floor boasts of an exclusive residents-only health club. Other state-of-the-art facilities provided by the health club include a 20-metre pool, gym, studio space, and spa.
This architecturally brilliant project contains two towers that are of 50 and 55 storeys. The Wardian offers a plethora of amenities, including a Sky Garden on the 53rd floor, a gym, a swimming pool, a cinema hall, and a resident lounge. The towers contain a total of 766 homes, including suites, one and two-bedroom apartments, and penthouses. Situated right at the centre of Canary Wharf, there is a huge locational advantage associated with this under-development project. Also, the substantial investments in Docklands’ transport have made the towers easily accessible from all parts of the city.
In terms of property in Canary Wharf, there are several other options for you to pick from, besides the ones mentioned above. But what often worries people is how much they can trust the continuing viability of the area they are about to invest in. And it is a valid question.
A Haven of Opportunities
One of the great comeback narratives of London, Canary Wharf, was once considered to be one of the least desirable areas of the city and continued to be perceived as such until its redevelopment began in the 1990s.
The region is a clever amalgamation of both commercial and residential buildings and luxury complexes. The right balance is incentivising employees to look for accommodation near their workplace.
Even though property prices in Canary Wharf, just like every other region in the country, have gone down during the pandemic, the government has plans to ease restrictions and reopen the real-estate market.
Furthermore, the government is continuing its support for businesses that are looking to develop housing and commercial projects across the nation, including Canary Wharf.
Why Canary Wharf Is a Safe Bet for Real Estate Investment
Because of COVID-19, the economy has taken a hit. And it seems like people are not able to quickly return to their jobs, as was expected during the early stages of the pandemic. On the surface, it seems as if there are a lot of new real estate projects developing in the region, without the workforce returning to offices.
But the fact remains that many businesses and enterprises have already housed themselves in Canary Wharf, investing a ton of resources in the region.
This is why the average rate for office rentals is relatively competitive when compared to other parts of the city. According to experts, the regional population is expected to spike up by 15% over this decade. This is almost twice the increase that was estimated for the entire city.
Hence, it is safe to say that investing in Canary Wharf is a prudent decision right now. As long as the region remains a cluster of commercial activity, it is likely to keep employing a large number of people who will continue driving the residential market in the region as well.