The east end isn’t the only area under major regeneration. Aldgate, which lies within the City Fringe, a transitional area between the financial district and east London proper, is quickly becoming a prime residential spot and is set to be home to 2,000 more people by the end of 2018.
Once deemed the least lived-in postcode in London, Aldgate has been under a great deal of pressure to develop as the need for new offices and housing has increased. In 2007 it became the subject of an ambitious regeneration plan. Offices are being built there in response to the outward expansion of the City and developers have responded by creating high spec residential accommodation for City workers looking to live close to the office.
The area is proving popular among sharp-eyed investors because the relatively low supply of homes for those who want to live in the City is expected to help bolster values.
“Aldgate is emerging as an investment hotspot as it is within walking distance of the City, close to fashionable neighbourhoods like Shoreditch and prices are expected to rise thanks to enhanced transport links,” says Berkeley Homes sales and marketing director, Jon Hall. “As a newly regenerated area, people who are looking to invest will expect to find a high rental yield, approximately 5-5.5 per cent more than traditional super prime areas such as Kensington and Chelsea.”
Its positioning is proving attractive with prospective buyers too, he says. “The location is one thing that will never change, so areas like Aldgate, where City professionals will be able to walk to work, will always prove popular with rental tenants and therefore buyers.”
Aldgate also benefits from having unrivalled transport links. Aldgate and Aldgate East underground stations are served by four tube lines: the Circle, District, Metropolitan and the Hammersmith and City lines. Crossrail will be completed in 2018 and will allow direct access to three airports from the nearby Whitechapel and Liverpool Street stations. The close proximity of Liverpool Street means Canary Wharf and City Airport are just a 30 minute journey away. Kings Cross St Pancras is 10 minutes away by underground making access to mainland Europe convenient.
Many developments are expected to add to the skyline but at the moment, these are the three most interesting:
Goodman’s Fields is the development everyone is most excited about. There’s been lots of talk about it since Tony Pidgley’s Berkeley Group stepped in to buy the site last year. The seven-acre site, which was originally a Royal Bank of Scotland cheque-clearing centre, has been transformed and is leading the way in redefining City living.
There’s more to Goodman’s Fields than quality accommodation. The development has been designed to be a real mixed-use urban quarter. Residential properties sit alongside commercial spaces, a hotel, a landscaped park with public art, water features open to the pubic and a central piazza with high-end shops, restaurants, bars and cafes.
Residents in any of the studio, one, two, three bedroom apartments, or penthouses all benefit from a 24-hour concierge service, a private cinema and a health club, which includes a pool, gym and spa. Each apartment comes with a balcony offering spectacular views over London, interiors designed by Johnson Naylor, fully-fitted kitchens, oak timber floors and under floor heating.
Located north of Tower Bridge and east of the City, Goodman’s Fields is within walking distance of the Gherkin, the Lloyds Building, Natwest Tower, the London Stock Exchange and the Bank of England.
Silk House will be the first section of the development to be completed and is scheduled for 2015, with prices starting from £705,000.
For more information contact the marketing suite on 020 3217 1000 or contact Knight Frank on 020 7861 5499.
Cityscape is the latest project from Telford Homes. The 12-storey development is located on Commercial Street so is perfectl for socialising too. Spitalfields Market is close by, as are the bars, restaurants and art galleries in Brick Lane, Shoreditch and Hoxton.
The development offers one, two and three bedroom apartments and penthouses. Each comes with all the modern features you would expect from a new development and also benefit from access to a roof terrace overlooking the City and access to a car club facility, secure bicycle store and underground parking.
Prices start from £700,000 with first completion scheduled for early 2015.
For more information contact Telford Homes on 020 3620 8003 or register your interest at telfordhomes.plc.uk/cityscape.
The new 27-storey residential tower is a great example of the new multi-use living model being embraced by developments in the area. Located on Alie Street, the building will house residential properties, offices spaces and a ground floor retail space with a café open to the public. RMA Architects, who specialise in designing and regenerating urban sites, has been brought on board and tasked with creating something that is modern and iconic but also complimentary of the local architecture.
Each apartment will have oak flooring and floor to ceiling windows, allowing for floods of natural light, while kitchens will be equipped with Siemens appliances integrated into stylish contemporary layouts. Prices start from £510,000.
For more information contact Barratt Homes on 020 7264 0170.