The UK Government’s levelling-up plan has announced 12 new investment zones, labelled ‘Canary Wharfs’ by Chancellor Jeremy Hunt, in a bid to regenerate key areas across the country.
This timely news has prompted experts to assess the effects of regeneration on property prices in neighbouring residential markets, and the results are promising.
According to research from CBRE, regeneration ‘hotspots’ in London have experienced annual price growth of 2.2% on average. Additionally, properties neighbouring Canary Wharf have increased in value by an impressive £454,000 since 2004, compared to the £296,000 increase for properties within the zone, demonstrating the investment benefits of these areas.
The research has also identified the key components of successful regeneration, including access to good education facilities, transport and connectivity, heritage, and green space.
With Canary Wharf being described as a mould-breaking regeneration scheme, it is clear that this area is leading the way. But, what about the other regen areas and schemes in London that are worth keeping an eye on?
In this article, we will highlight some of the most exciting regeneration schemes in London that are set to offer future property investment opportunities.
Wood Wharf, Canary Wharf: A New Neighbourhood
Wood Wharf is a new 23-acre neighbourhood within the Canary Wharf estate. It is set to become a vibrant community with up to 3,600 new homes, 350,000 sq. ft. of shops and restaurants, 2 million sq. ft. of office space, a new NHS doctor’s surgery and two-form primary school, as well as lively high streets, green public spaces, and walkways.
The development also features a range of housing tenures, including open market sale, build-to-rent, intermediate housing, and affordable housing, which is owned and managed by Canary Wharf Communities. Moreover, residents will benefit from a year-round programme of arts, music, sport, and events, many of which are free.
With access to the wider amenities found across Canary Wharf, including 300 shops, bars, and restaurants, the UK’s largest free-to-visit award-winning public art collection, and over 100 culturally inspired events each year, Wood Wharf is an exciting prospect for future property investment.
East Wick & Sweetwater, Queen Elizabeth Olympic Park: A New Community
East Wick + Sweetwater is a new, residential-led mixed-use community on Queen Elizabeth Olympic Park. Designed by a team of leading architects and landscape architects, this development seeks to create a new community that seamlessly connects the park with Hackney Wick & Fish Island. It aims to bring more than 1,800 homes, new green spaces and play areas, alongside an eclectic range of commercial opportunities for local businesses to thrive.
Phase one is already complete, including over 300 homes, a nursery, commercial spaces, and new open spaces. As part of this first phase and in partnership with Makeshift, EW+S has opened Hackney Bridge – an exciting new canalside public destination, featuring workspaces, events, markets, restaurants, and bars.
North West Quarter, Brent: Homes Alongside a Thriving Community
Located in Kilburn, North West London, North West Quarter is Countryside Partnerships’ new regeneration scheme. It will form a large part of the South Kilburn regeneration project – a fifteen-year programme that is currently halfway through.
Residents at North West Quarter will benefit from being just a 15-minute walk to three Underground stations and only a 5-minute walk to vibrant Salusbury Road with plenty of shops, restaurants, and cafés.
Moreover, they will have access to a new health centre, community hub, affordable gym, affordable workspace, other retail and commercial uses, a market square, significant public realm, landscaping, greening, and future connection to the emerging district heating network.
The first release of 1, 2, and 3-bedroom apartments will be ready to move into from this Winter. With its Zone 2 location and excellent transport links, North West Quarter is an attractive proposition for those looking for affordable yet stylish homes in a thriving community.
Clarendon, Wood Green: The Best of Work, Rest and Play
Clarendon is a major regeneration scheme in North London, set to provide over 1,700 new homes, 125,000 sq. ft. of commercial space, and five acres of green open space once complete. The latest collection of homes is Cavendish House – the premium collection of 93 suites, and one and two-bedroom apartments which provide direct access to the extensive facilities in The Park Club.
Bringing together the best of work, rest, and play, The Park Club features a 16-metre swimming pool, sauna, steam room, spin cycle studio, yoga room, a fantastic gym, and treatment room. For those working from home, there are flexible workspaces which include private meeting and dining areas, as well as a striking residents’ lounge and lobby area. A 24-hour concierge service is also readily available for added peace of mind.
Designed by LDA Design, Clarendon will provide 22 pockets of public space and private courtyards for both residents and the local community to enjoy, including a new park (Hornsey Park) which is now open to the public.
Furthermore, the new neighbourhood benefits from outstanding links to public transport, with Alexandra Palace, Wood Green, Turnpike Lane, and Hornsey stations all within a 12-minute walk, making key London hubs easily accessible. King’s Cross can be reached in 14 minutes, and Moorgate and Old Street in 20 minutes, while London Heathrow, London Stansted, and London Luton airports are all under an hour’s drive away.
Conclusion
With the UK Government’s investment plan focusing on regeneration and levelling up, the prospects for future property investment in London are looking bright. From the new 23-acre neighbourhood of Wood Wharf to the mixed-use community of East Wick & Sweetwater, and from the thriving community of North West Quarter to the best of work, rest, and play at Clarendon, there are plenty of exciting regeneration schemes worth keeping an eye on.
As with any investment, it is essential to do your research and work with trusted professionals to ensure that you make the most informed decisions. However, with the promising results of regeneration on property prices in neighbouring areas and the UK Government’s commitment to levelling up, it is an exciting time for property investment in London.
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