Drop an­chor in a Royal Docks vil­lage for £115k

Shared own­er­ship gets you close to Ca­nary Wharf and on Cross­rail for the West End, says

London Evening Standard (West End Final B) - ES Homes and Property - - First-time Buyers -

PART of the £6 bil­lion re­gen­er­a­tion of the Royal Docks is Royal Wharf, com­ing right on time for the launch of the El­iz­a­beth line, and su­perbly lo­cated for Lon­don City air­port.

As hous­ing de­vel­op­ments go, Royal Wharf is a whop­per. Up to 3,500 homes are be­ing built on a site at Sil­ver­town, E16, trans­form­ing an in­dus­trial zone where sugar once ar­rived into Bri­tain. Sand­wiched be­tween the Ex­CeL cen­tre and the Thames Bar­rier, next year Cross­rail ser­vices will start to run from Cus­tom House sta­tion, of­fer­ing lo­cals quick links to the City and West End.

The first res­i­dents moved into Royal Wharf last year and over the next five years an an­tic­i­pated 20,000 peo­ple, many priced out of Ca­nary Wharf, will call this mega devel­op­ment home.

While Royal Wharf is af­ford­able be­side Ca­nary Wharf, homes there aren’t ex­actly a give­away. Stu­dio flats at the Ox­ley and Bal­ly­more devel­op­ment start at £325,000, and one-bed­room flats the old Royal Docks, above, will again be a huge, vi­brant com­mer­cial hub, with thou­sands of new jobs and homes

a twobed­room flat in Gar­vary Road, E16, near Cus­tom House sta­tion which will have the El­iz­a­beth line. Call Dex­ters (020 7517 1199) from £364,000. How­ever, Not­ting Hill Hous­ing as­so­ci­a­tion can of­fer just over 50 flats from a sig­nif­i­cantly more re­al­is­tic £115,000 in two build­ings at Traders’ Quar­ter in Royal Wharf — Cor­sair House and Cape House. That sum buys a 30 per cent share of a one-bed­room flat with a full price of £385,000. Buy­ers must raise a 10 per cent de­posit of £11,550. Monthly costs will in­clude mort­gage re­pay­ments of about £607, rent at £618, and £170 ser­vice charge.

Two-bed­room flats start at £131,250 for a 25 per cent share, which means rais­ing a de­posit of £13,125. Monthly costs in­clude mort­gage of about £690, rent of £804, and £250 ser­vice charge.

Three-bed­room flats are priced at £164,375 for a quar­ter share, re­quir­ing a £16,437 de­posit, with monthly mort­gage re­pay­ments at about £874, rent at £822, and ser­vice charge at £380.

At 38 acres, Royal Wharf will be an “ur­ban vil­lage”. With a high street, mar­ket square and a river­side park, the lay­out is in­spired by the side streets and mews of Bel­gravia and Blooms­bury. Trans­port links are pretty good even pre-El­iz­a­beth line. The near­est sta­tion is Pon­toon Dock on the DLR in Zone 3. There’s also the Emi­rates Air Line cable car link­ing the Royal Docks with Green­wich, while City air­port makes week­ends in Europe a breeze.

SIT­TING be­side Thames Bar­rier Park, Royal Wharf passes the green space test. For now, though, it lacks much to do. There are a few restau­rants, cafés and bars in and around the Ex­CeL con­fer­ence cen­tre but th­ese are very much of the “busi­ness trav­eller” va­ri­ety, and while there are plenty of shops at Ca­nary Wharf, it’s a bit soul­less.

But big plans are afoot and when re­gen­er­a­tion beds in the area has huge po­ten­tial as a place to live, and to ex­pect price growth. Buy into it to­day, and be pre­pared to ex­er­cise pa­tience un­til the big­ger pic­ture is de­liv­ered.

Visit nhill­sales.com

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