Finds shared-ownership deals on the Elizabeth line in E16
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. email@example.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)