Royal Docks London
Whilst reviewing the introduction page of our website I found myself smiling at its reference to memories of Docklands when we first opened more than 20 years ago when it was nothing more that a windy wasteland. I now look at Canary Wharf and it seems almost surreal how fast and dramatic the change has been. I recall sitting at my desk in Westferry Road watching the Millennium Dome being constructed. Now thousands of people work in stunning offices in the space that once provided this sightline.
The Royal Docks has brought back these memories, only this time the change is even faster and is happening over a much larger geographic area. Everyone from residents to marketing guru's have theirown opinions as to why.
One reason is that of confidence. The Isle of Dogs and Canary Wharf have proved hugely successful and indeed lucrative. In the early days, it was hard to convince people to move East. Communications were poor, shops limited, and the social scene non-existent. There was little to attract new residents. Now, investors compete to buy from plan, a flood of young professionals seek out there first city pads and despite the much publicised quieting in the property market, Docklands is selling - but don't tell the Chancellor!
The location of the Royal Docks is a key issue. The new DLR extension is a fabulous asset for the Royals. Rail links join with Canary Wharf, The City and beyond whilst road links lead to motorways, shopping centres and, lets not forget, Ikea. To top it all, The Royal Docks even has its own airport and the state of the art exhibition venue, Excel.
The geography of the area gives a rather unique feeling of space, a concept previously unexpected in London. In time developments will fill in many of the open spaces, but the swathes of water bisecting the area together with the existing parks will ensure this feeling is maintained. Furthermore, developers are conscious of the need for open space to entice buyers and perhaps more pertinently, the planners demand it.
Our involvement in the Royal Docks is growing. For some time we have been successfully selling and renting in the established developments such as Virginia Quay, Western Beaches, Barrier Point, and Tradewinds to name but a few. Recently, we have acquired a substantial new development site for clients. This major project will be unveiled in due course. Additionally, we have just been instructed to sell a new development of 11 apartments, again details will follow shortly.
The original landmark developments have proved extremely successful with homeowners and investors. Their faith in the new area will pay off as the new DLR extension does for the Royal Docks what the Jubilee line did for the rest of Docklands in the late 1990's. These rising values will be underpinned by the ever increasing prices being sought, and indeed achieved in E14. Incredibly, developments in Thamesmead have jumped on this bandwagon and are achieving prices beyond anyone's expectation, a fact which leaves me with nothing but admiration for the marketing guys responsible.
Ten years ago, Tower Bridge and Wapping were seen as the best addresses in Docklands. Now, they appear to have been absorbed into the City and have forgotten their Docklands roots. Perhaps this is because Docklands has always been associated with new development and design, or maybe its because City Hall is but a stones throw away. Personally, I would like to blame Ken, but whatever the reason, Docklands is moving east. In fact, London is moving east. As you watch many TV dramas, the scenes are increasingly familiar. They are the places Docklands residents work and socialise. Even the adverts leave a feeling of deja vu.
Now the Royal Docks is the new kid on the block - well lots of blocks actually. It will grow and will prove hugely successful. Estate Agents are the business equivalent of lichen, colonising areas before stylish shops, restaurants and, in many cases, even before McDonalds. They have already appeared in numbers and more will certainly follow as the number of properties increase.
My hope for the area is that as developments are added, a focal point is created giving a sense of community. Any area needs a heart, a centre that defines it. Shad Thames has its riverside eateries, Islington its bustling high street, Borough a world famous market, The Isle of Dogs has Canary Wharf, and it is these features that create an identity which people buy into. It would also be a great place for our new office.
So, is this the time to buy? We may see a small increase in interest rates, but only in the short term. The facts are simple. Inflation is stable, economic growth sustained. A few adjustments may cause the all important tide of confidence to ebb and flow, but ultimately more homes are needed. More and more people are moving to work in the area and even more jobs will be created on the business parks planned around the Royals. This, in addition to the myriad of new jobs already generated through new business and corporate relocations at Canary Wharf. Prices westward are prohibitive to all but the already successful and established. New, young professionals don't want to spend half their lives on a train. Investors want reasonable yield and capital growth.
Love the Royals or not - try and find an alternative area with so many assets and such a great future.
