London, United Kingdom (PressExposure) November 18, 2009 -- In the early part of 2009 the E14 market - and Canary Wharf in particular - was still suffering from the impact of uncertainty in the financial services sector in the wake of a wave of redundancy announcements. This translated to relatively low numbers of tenant applicants. However, since then, the tide has turned.
Mirroring the national and London-wide picture, demand for property within walking distance of Canary Wharf has increased; particularly for brand new developments that are coming to the rental market for the first time.
During the spring/summer, Canary Wharf has seen apartments completing at Ability Place (formerly known as The Icon) and the long awaited Pan Peninsula. Young Group's estate agency, Young London, has rented a number of apartments within these developments, recently signing, referencing and moving a tenant into a 2 bedroom apartment in Pan Peninsula within just 10 days of being instructed on the property. There is a good demand for these new developments.
Also of note is that the completion of these two major developments failed to satisfy the resurgence in demand for good quality apartments within walking distance of the financial centre, and demand continues to grow. Corporate clients are returning to the market and tenants are more confident about their job prospects, ready to commit to new tenancies. Recent Bank results are adding support to this sentiment.
Tenants are no longer able to bargain hard for property. Neil Young, CEO of Young Group, comments; "Back in early 2009 the relatively low number of tenants who were looking to rent in Canary Wharf were in a strong position to negotiate. But the situation has reversed dramatically. Tenants have seen rents in the area stabilise and are now keen to renew or move into the area before rents rise.
"Like our prospective tenants, we're excited by rental opportunities that The Landmark presents. The development's position is second to none and it has spectacular views. Add to this the cache of The Landmark being the newest luxury development on the block and we're confident that rental demand will be high."
Example Property Details: The Landmark, E14
The Landmark truly lives up to its name, offering the highest residential accommodation in Canary Wharf. Views from the development are towards Canary Wharf & the Olympic regeneration zone, The City & West End and Greenwich & The Thames. As you'd expect from such a high profile development, the internal finishes are second to none. The apartment features floor to ceiling panoramic windows, comfort cooling, luxury bathrooms and fixtures/fittings by quality respected brands including Villeroy & Bosch, Grohe and Siemens. 1 bedroom apartments are available for long term rent, priced from Â£300 per week.
Nearby Supermarkets abound; Waitrose and M&S can be found at Canary Wharf. Canary Wharf is just a short walk away and is a hub of popular bars, restaurants and outdoor waterside eateries. The area caters well for residents as well as those working in the area and beneath the office blocks there are four shopping centres with every facility that you could need.
Transport Located in Zone 2, the Jubilee underground line is just 500m away at Canary Wharf (London Bridge in 7 minutes, Waterloo in 11 minutes and Bond Street at the heart of the West End in 17 minutes) and the Docklands Light Railway South Quay station is 450m to the east (Bank in the City in 14 minutes). Riverboat services run from Masthouse Terrace and Canary Wharf Piers, both less than a mile away and London City Airport lies only 3 miles away specialising in business travel to Europe.
Canary Wharf, E14 Along with the square mile, Canary Wharf is the financial hub of London as well as a residential location in its own right with every facility and amenity imaginable. The district's four shopping centres cater for everyone and include supermarkets, high street names, specialist boutique retailers and a wide choice of bars, cafes and restaurants to suit every taste. The West End can be reached in 17 minutes by tube and the neighbouring O2 centre offers a further vast selection of leisure and entertainment facilities.
Canary Wharf's transformation from a weekend virtual ghost-town to a bustling residential location is complete! The Landmark is ideal for those eager to enjoy the luxury of waterside living, cutting their commute and increasing their leisure time. This level of luxury has never been so affordable.