Residential activity in Canary Wharf is booming, according to new figures from property consultants JLL today which show that the business-focussed district enjoyed one of the highest levels of sales of new homes last year.
New unit sales have increased from 400 in 2012 to 1,050 in 2013, pushing values up to an average of £750 per square foot, with some of the higher-end homes selling for £1,100 per sq ft.
Annual price growth has accelerated to 14.4 per cent – significantly higher than the 12.1 per cent average seen across the whole of Central London.
Canary Wharf has been shaking off its image as a office district and in December its developers Canary Wharf Group unveiled plans to expand its east London estate by more than 3,000 homes, shops and offices.
The masterplan for converting New Wood Wharf – a 20-acre semi-derelict site next to Canary Wharf that was used for shipping – includes a 57-storey luxury tower as well as affordable homes and two parks, will mark the first major residential development for the group.
Max Wilkinson, city & east London development director at JLL said: “Canary Wharf has proven to be a particularly robust residential market over the last five years; however it is only recently that it has emerged from a pure commercial district to a truly mixed-use environment with a real sense of vibrancy and community feel. Already benefitting from excellent transport links, the addition of Crossrail in 2018 will only enhance residential values further.”
Overall activity in the central London has reached post-crisis peaks thanks to returning confidence in the development market, with sales of new homes up by 63 per cent during 2013 to 12,000 units.
New home starts have soared by 97 per cent to over 13,500 last year and there are now over 20,700 units under construction in central London, JLL said.