Canary Wharf’s allure lies in its prime location – renowned as London’s financial centre and business district, it has always been a focus of global status. As the area currently experiences a renaissance in terms of regeneration, we discuss the five reasons to invest in Canary Wharf; whether you’re looking to buy, sell, rent, or let a property:
- Ongoing regeneration
In 1802, the UK’s capital city played home to one of the busiest shipping docks in the world. But with its eventual closure in 1980, the docks were able to undergo extensive regeneration – a move that ultimately transformed the area. Gone are the vast ships for which the area was once familiar with, leaving in its place a skyline dominated by One Canada Square – the iconic building that is home to Kingsley Hamilton Estates.
At the time, Paul Reichmann, Chairman of Olympia & York, described the completion of One Canada Square as “the start of a new beginning. It will breathe life into Canary Wharf, allowing us to continue our transformation.” Two decades later, this is evidential what with the ongoing developments that serve to strengthen the area’s infrastructure, business, and leisure links.
- Redevelopment scheme
Canary Wharf is fast becoming home to numerous luxury residential developments, including Lincoln Plaza, South Quay Plaza, and North Quay Plaza. Last year, Tower Hamlets Council granted Canary Wharf Group (CWG) planning permission for the 10 Park Drive development, formerly known as Wood Wharf. Alongside parks, a primary school, and a medical centre, the masterplan will deliver up to 3,600 new homes (including affordable housing) and office spaces – a demand underpinned by new research that reported 77% of Londoners would be happier living closer to their office.
The introduction of a road and bridge network is set to increase accessibility between the new development and Canary Wharf. The scheme as a whole will transform the latter’s potential as a mixed use space where people enjoy living, working, and visiting.
- Vast transport network
Canary Wharf’s east London location is ideal. Thanks to its numerous transport links, residents, visitors, and workers alike can easily access the area from the rest of London and vice versa. Canary Wharf is served by the Docklands Light Railway (DLR). One of the line’s main routes connects the area to the city’s other financial hub, situated in Bank, making for convenient commutes between office branches.
The Jubilee Line is another Transport for London (TFL) service that allows for easy access to and from Canary Wharf; whether for work and/or leisure purposes. With the impending introduction of a weekend-only all-night Tube service, the area is set to become even more of a popular destination of choice for visitors. The upcoming completion of Crossrail in 2018-19 will also highlight Canary Wharf’s charm as transport links will be thoroughly improved, therefore opening the area up to a widespread reach of people.
The other transport option is London City Airport. Located a mere 3 miles from Canary Wharf, the airport runs flights to 32 destinations in Europe alone which makes weekend breaks and last-minute business trips all the more viable. The airport can be reached from Canary Wharf via a 14 minute DLR journey, reinforcing the convenience of the area’s public transport network.
- Leading hub of business
According to research by the Financial Times, Canary Wharf is now the financial centre ahead of the City of London. When American investment banking firm JP Morgan moved to the Wharf in 2014, it overtook the City’s number of employed bankers by 1,200 to 44,500.
The influx of businesses to Canary Wharf has recently continued with global accountancy firm Ernst & Young (EY). As of this summer, the firm has taken up residency – spanning eight floors and totalling 207,000 square feet – at 25 Churchill Place which is the latest in Canary Wharf Group plc’s office developments. The increase in job opportunities and, in turn, the working population will inevitably give rise to those wishing to reside in this particular part of London, thereby boosting its attraction.
- Leisure and amenities
Canary Wharf is the ultimate example of what a metropolitan city like London has to offer its diverse residents: a prestigious working environment offset by a variety of lifestyle choices that ultimately help nurture the much sought-after work-life balance.
One Canada Square sits atop Canada Place which is one of four shopping malls, comprised of over 300 shops, cafes, bars, and restaurants. Accompanying this extensive choice of eating and drinking places are the various programmes of music, film, theatre, dance, art, and fashion that take place throughout the year. It’s no wonder that Canary Wharf plays such a hospitable role to its employees and visitors post-work.
Further to this hospitability, the projected completion of the Crossrail development in 2018-19 is set to power growth in Canary Wharf – raising its profile as a much in-demand place. In the meantime, however, Crossrail Place marks another Canary Wharf milestone. Revealed as the project’s first retail and public space, it offers an additional array of shops, restaurants, and, more interestingly, a Roof Garden – an ideal alternative to the City’s Sky Garden at 20 Fenchurch Street, more commonly known as the Walkie Talkie building.
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