Canary Wharf Rising

London has long been one of the economic and cultural centres of Western Europe and has recently been leading the way in trading, stocks, commerce and real estate. It has even been noted that technology companies based in the city are beginning to rival even those of California’s silicon valley and this economic leadership has generated soaring real estate values, especially in the central parts of the city and has led to surges in real estate developments which is fast changing the skyline of the city. Most notably in Canary Wharf, which for years has been known for it’s iconic skyscrapers and the new developments are no exception as Irish property developer ‘Tom Ryan’ is constructing a one billion pound residential skyscraper called ‘The Hertsmere Tower’ which will stand seven metres higher than Canary Wharf’s tallest office building ‘One Canada Square’ which itself is 235 metres high. The luxury development will be residential use with 714 apartments which have been already valued at over £1000 per square foot.

This comes as a significant change in the placement of luxury residential developments in London which traditionally have been in the west London boroughs of Mayfair and Knightsbridge, where as Canary Wharf lies in east London in the Docklands area which has typically been majority commercial buildings.

This new tower along with the other proposed developments in the city are rapidly creating a skyline which shows the progression of the city into the 21st century while emanating an image of London’s freshly renewed wealth and prosperity while this development does show the beginnings of change in the images of the London Boroughs as many buyers wish to be closer to their workplaces and businesses. Other developments in the area include ‘The Heron’ in the city centre and ‘One The Tower’ at St George’s Wharf in Vauxhall, these new developments show a distinct shift towards the east of the city, particularly the Docklands’ which is fast becoming the modern face of London.

Crossrail Driving Prices

As the City of London continues to grow at an ever increasing rate, vast improvements to its infrastructure and transport systems have become necessity. The largest currently undergoing development and construction is the Crossrail, which consists of an entirely new train line through the centre of London stretching from Maidenhead (Berkshire) in the west to Shenfield (Essex) in the East, incorporating both above and below ground sections. The new line will allow for greater speed and ease in commuting and visiting the centre of the capital city and opening up new areas for potential development as commuters seek new areas to live close to Crossrail stations.

Recently prices have increased notably in areas that lie in close proximity to the new stations as developers and opportunists buy up the property even though the new line is not yet completed. This is due to the expected gains in property values entirely due to the Crossrail scheme which would produce incredible returns to those who brought before the new line opens. In fact it has been predicted that the new train line will increase London property values by £5.5 Billion ($9 Billion US) in both the residential and commercial sectors. Already new developments have produced 57,000 new homes and 3.25 million square metres of new commercial space.

One of the most beneficial effects of the Crossrail is the distance the line extends into Berkshire and Essex, promoting commuting into London and new developments in these counties outside of central London. These areas have already seen rises in property prices but it is expected that values will increase vastly when the new line is open. Not only is London’s new train line boosting it’s own economy but it is driving and improving the economies of its neighbouring counties. This coming at a time where we as a nation are emerging from recession it provides welcome opportunity for both those intending on commuting to jobs in the capital but also giving opportunity to those looking to develop and profit from property in this city.

Isle of Dogs proposed station