Change is afoot: Crossrail is set to turn nearby Aldgate into one of central London's best connected districts with thousands of new homes on the way

Even in a city as commercial and urban as London, our go-to image of a residential hotspot often comes with certain expectations of homeliness. Some green space, perhaps? Or a public square. A smattering of Victorian terrace side-streets? Even just a friendly local bar or restaurant would be a good start.

If there is one area of the capital where you might struggle to find any of the above, it’s the Square Mile — and Aldgate in particular. Traditionally dominated by insurance brokers and commercial high-rises, the City’s easternmost ward is not known for its convivial village atmosphere. And why should it be? A warm, welcoming vibe is not a prerequisite for a thriving business district.

But anyone ready to dismiss Aldgate out of hand would be wise to think again. Change is afoot here at blink-and-you’ll-miss-it speed as the residential developers are piling in with plans for 3,500 new homes in this City enclave over the next seven years.

“The amount of new building highlights the high level of confidence and investment being piled into the area,” says Stephen Porter, head of new homes at Stirling Ackroyd.

The incentive behind the creation of so many homes is pretty clear. When the new Crossrail station at Whitechapel opens at the end of 2018, Aldgate will be one of the most connected districts in London, with journey times of 10 minutes to Bond Street, three minutes to Canary Wharf and 38 minutes to Heathrow. And the area’s connectivity goes beyond traditional infrastructure.

Aldgate’s proximity to a major internet exchange on the Isle of Dogs means it is served by a key fibre artery — gold dust in a tech-enabled age when a decent wi-fi connection is becoming increasingly non-negotiable for office workers and homeowners alike.

The big question is whether the creation of so many new homes in a relatively short space of time will be part of a considered, sustainable plan to integrate residential development into an area still very much tailored to its commercial function. If not, we could see the emergence of a confused, mismatched district.

ALDGATE PARTNERSHIP

It’s a fair concern and one that has, to some degree, been addressed by the creation of the Aldgate Partnership. Members include some of the area’s biggest developers, including Barratt, Derwent London and British Land, and the group’s goal is to ensure that cohesion is at the heart of the transformation.

Without this focus on considered growth, Aldgate could easily become something of a runaway train. A report released by the partnership revealed that the ward will create 20,000 new jobs and see the arrival of 6,000 new residents by 2020. But with plans to run a strategy alongside that to create 3,300 hotel rooms, 2,700 student accommodation rooms and seven public squares and accompanying open space by 2025 on top of the 3,500 new homes, it looks as though the commitment to adapting the urban fabric to match the changing demographic is in place.

Beyond the raw stats, the partnership will also look to stitch Aldgate’s new developments into the area’s existing layout. Something chairman Ian Mulcahey knows will be vital to the district’s future success. “We want to unlock the area’s further potential and make it one of the most exciting places to live and work in Europe,” he says. “We’ve worked on community initiatives such as Art Night 2017, where a residents’ mural was made, the establishment of the Aldgate Gardening Club and the launch of the Absolutely Aldgate loyalty card for local residents to use locally.

“Crossrail will be arriving next year, and there are plans to expand London’s most famous street markets — Petticoat Lane and Brick Lane — into prosperous markets once more.”

It is not just an influx of new homes providing such an uplift in Aldgate. With the likes of forward-thinking developer Derwent London making its mark on the area with the redevelopment of the Whitechapel Building and flexible workspace provider The Office Group taking space at 133 Whitechapel High Street, new life is being breathed into the area.

INNOVATION HOTSPOT

John Sanders, boss of Berkeley Homes in north-east London, says: “Aldgate has become a hotspot of innovation and enterprise, with industry pioneers such as Uber moving in, as well as a series of tech start-ups and innovative hotels, plus established media and advertising agencies who have migrated east from their status addresses in Soho or the West End.”

Key residential developments include Aldgate Place, by Barratt Homes, with prices starting at £725,000, and Taylor Wimpey’s The Denizen in the neighbouring Barbican — a 99-flat scheme launched last week with prices starting from £695,000.

Another one to watch is Berkeley Homes’ 1,000-plus-home Goodman’s Fields masterplan complete with squares, landscaped courtyard gardens and an art space created in collaboration with the Whitechapel Gallery. The current and penultimate phase, Neroli House, includes 123 homes with prices starting from £735,000 for a studio apartment and first completions scheduled for the last quarter of 2019.

The eastern edge of one of the most hard-nosed commercial hubs in the world might not be everyone’s first choice for a place to live. But for fast transport, internet and City life, you will be hard pushed to do better.