INVESTMENT
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ROYAL DOCKLANDS
Thames
Barrier (left) and proposed bridge to link Barrier Park to Royal Victoria
Dock
This is the new area to the far east of London Docklands where all the major real estate activity is about to take place as the ripples of earlier regeneration successes eddy around the bend of the Isle of Dogs and along the River Thames to the wide open spaces of Royal Docklands.
This has been the dirty and smelly area of East London where all the animal feedstuffs factories, chemical plant and industrial mayhem has been located for 100 years or more. Now with new transport links playing their usual regeneration role in London Docklands and a insatiable demand for a new waterside lifestyle home, the industrial heritage is being swept away to make way for homes, hotels, waterside restaurants and an international exhibition centre
Already 1,000 new homes have been built and sold and scores more in the pipeline have been sold off plan for delivery next year or the year after. If you work at London City Airport or Canary Wharf living in Royal Docklands is convenient, but there's no socialising because the old Docks pubs remain uninviting or derelict or, in some cases, both.
One oasis is the Sir Henry Johnson, a spacious Dutch clipper with a bar, lounges and awninged deck with water views all round. For residents at Britannia Urban Village it's a short stroll along the Royal Victoria Dock to the gangplank and a warm welcome from mine host, Peter Chilvers. As it's located by the ExCeL West entrance, it has also been discovered by exhibitors and visitors to the nearby international centre.
Apart from that, don't expect to much in the way of amenities just yet. Beckton with two supermarkets, two reasonable pubs, retail parks, multiplex cinemas and bowling alleys is just a short drive away and terminus for the DLR Beckton Line.
Housebuilders are providing well designed condominiums built on a large scale to match the terrain of Royal Docklands. All 700 homes at Wimpey's Britannia Village have been sold and resales are still good value but check out the social aspects of living there as some of the promises relating to the "affordable" housing are not being enforced.
This may not affect buyers at the latest phase of the village, Western Beach, a contemporary-designed condo of 119 apartments with expansive Dock views...but ask around if you are buying for self occupancy. Prices from £262,500 for 2-bed/2-bath apt to £445,000 for something more spacious. Coming up in the autumn of 2001 is a "matching" condo at the opposite end of the 28-acre village. It will be marketed as Eastern Quay, but definately check out the current social pattern at that time.
Barratt Homes have made a bomb from Barrier Point, a spectacular Euro-style condo wedged between the bank of the River Thames and a brand new Euro-style Barrier Park that cost £12M to construct. It sold out in record time and the final handful are being eased into the market at record prices for the London Borough of Newham. Early buyers are also making a lot of profit - some bought at £93K a year ago have sold at £167K-£170K. The last of the housebuilder's stock are in the riverside Tower, priced £230K-£800K for the stunning penthouse.
Some owners there were at the front of the queue to snap up the first offerings at Tradewinds, another spectacular condo at the opposite end of Barrier Park, which, buyers beware, will not enjoy wide expansive views across the rolling parkland. Another industrial site between Tradewinds and Barrier Park has recently been sold for residential development. Have your lawyers check or email London Docklands Online for the latest info.
Fairview Homes have built and sold out at Galleon's Lock, North Woolwich and their efforts have brought some sparkle of 2001 urban life to a forgotten corner of London Docklands. There are already resales on the market as buyers take a small profit and move on.
Only buyers with vision should be connecting with Royal Docklands at this time, but in five years it will probably be the "in" place to live, especially now major developers have at last spotted the potential for what is, Docklands Jewel in the Crown.
Househunters will come across other developments, but contact us before you commit! Your amendments to our ratings/price realisations are welcome by email or fax.
See also Take a Tour sections on City East, Wapping, Tower, Isle of Dogs, Surrey Quays and Greenwich.
Info@london-docklands.co.uk Fax 44 (0)20 7537 1606.