Ruth Bloom­field

Finds shared-own­er­ship deals on the El­iz­a­beth line in E16

Evening Standard - West End Final Extra - ES Homes and Property - - First-time Buyers -

THE launch of the east Lon­don sec­tion of the El­iz­a­beth line will make this a big year for the £3.7 bil­lion re­gen­er­a­tion of Canning Town. Trains from nearby Cus­tom House sta­tion will whizz lo­cals to Ca­nary Wharf in just three min­utes and pro­vide a di­rect link to the City, West End and Heathrow air­port, adding to the ex­ist­ing Ju­bilee line and Dock­lands Light Rail­way ser­vices from Canning Town sta­tion, in Zone 3.

Over the next 10 years, about 10,000 new homes could be built in the area. Ne­wham coun­cil says 1,200 have been com­pleted so far with an­other 1,200 on the way. New shops, a cin­ema and a gym are planned at Hallsville Quar­ter, right by the sta­tion, cur­rently hid­den by hoard­ings and guarded by cranes but de­signed to be­come very much the town cen­tre of this re­gen­er­a­tion zone.

Cafés and restau­rants are al­ready open­ing around Sil­ver­town Way which leads to­wards the Royal Docks, an­other re­gen­er­a­tion-in-progress with more homes plus shops, bars and restau­rants planned. Buy­ers will­ing to ex­er­cise a lit­tle pa­tience could buy into this nascent neigh­bour­hood from as lit­tle as £78,750 for a 25 per cent share in a onebed­room flat in the Lex­i­con build­ing at one of the area’s larger de­vel­op­ments, East City Point. Work started on this site in 2011, and even­tu­ally it will con­tain al­most 650 new homes just north of the A13 Ne­wham Way.

En­try costs are, by Lon­don stan­dards, highly rea­son­able. The min­i­mum de­posit will be just un­der £4,000 and monthly costs will in­clude rent at just over £540, ser­vice charge of just over £100, plus mort­gage re­pay­ments. The min­i­mum house­hold in­come re­quired is £39,170.

GET IN ON THE GROUND

The homes are be­ing sold by hous­ing as­so­ci­a­tion Clar­ion Hous­ing, which will also have a range of two-bed­room flats for sale at the site. Would-be buy­ers of flats at Lex­i­con should email shared. own­er­ship@myclar­i­on­hous­ing.com or call the Clar­ion sales team on 0300 100 0309.

Canning Town is, right now, not the pret­ti­est sight, un­less you like streets of part-built tow­ers and raw build­ing sites over­look­ing squat streets of post-war coun­cil houses, en­closed by busy A roads. The only parks are the mod­est Keir Hardie and Canning Town Recre­ation Grounds. But thou­sands of new res­i­dents — not to men­tion English Na­tional Bal­let and Lon­don Film School up the road at Lon­don City Is­land — will breathe fresh life into the area. By the time Hallsville Quar­ter is com­pleted in 2024 it should be un­recog­nis­able. Even in a hous­ing mar­ket as frag­ile and un­cer­tain as Lon­don’s is now, it is hard to imag­ine how all the in­vest­ment flood­ing into Canning Town won’t re­sult in price rises for those will­ing to stay put for the medium term.

Clar­ion Hous­ing: clar­i­onhg.com AS ONE of Lon­don’s ma­jor re­gen­er­a­tion zones there are plenty of mod­ern flats to choose from in Canning Town, at de­vel­op­ments in­clud­ing Sil­ver Quar­ter (site-sales.co.uk); East City Point (coun­try­side-prop­er­ties.com) and Hoola Lon­don (hoola-lon­don.co.uk).

Prices hover around £425,000-£450,000 for a two-bed­room flat. Sim­i­lar-size homes in pur­pose­built, slightly older blocks are a bit cheaper. Mor­gan Ran­dall es­tate agents is sell­ing a two-bed­room top-floor flat at He­lene House for £370,000.

Choices: Hoola Lon­don is among Canning Town’s smart new schemes of flats (hoola-lon­don.co.uk)

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