Bow has turned out to be the biggest winner of the London Olympics, with billions of pounds of regeneration money pouring into the E3 postcode.
Glue factories and slaughterhouses have been replaced by smart new flats perfect for Canary Wharf workers, and fashionable bars are being hewn out of East End boozers.
Average local property prices now stand at about £400,000 but a new waterside scheme from housing association Peabody will provide starter homes from just over £100,000.
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Lock Keepers: one-bedroom flats from £106,750
A 35 per cent share of a one-bedroom flat at Lock Keepers, with a full price of £305,000, will come in at £106,750. The estimated monthly outgoings including mortgage, rent and service charge will be about £1,175.
A 35 per cent share of a two-bedroom flat is £140,000 and there are also some three-bedroom duplex properties priced at £178,500 for 35 per cent.
The area is rather industrial, a little too close to the traffic-clogged A12 and Blackwall Tunnel approach for comfort, and on-the-doorstep facilities are limited.
But Sarah Butler, sales director at Peabody, says: “There is a lot of regeneration going on in the area. There are two new developments going up, and it is only 10 minutes by Tube to Westfield. It benefits from waterside living — it is beside the Limehouse Cut — and the tie to the outdoors. You are also alongside the River Lee and it is a 10-minute walk to the Olympic Park at Stratford.”
Devons Road DLR station, in Zone 2, is a short walk away, with direct links to Canary Wharf in 10 to 15 minutes.
Lock Keepers, with 109 flats in three blocks, is also close to Bromley-by-Bow Tube, with District and Hammersmith & City line trains to the City in about quarter of an hour, and services beyond.
The old Bryant & May match factory, now called Bow Quarter, holds 700 homes, and the Georgian townhouses of Tredegar Square sell for several million pounds. Berkeley Homes and Barratt London both have major local projects and Crossways estate has been revamped and renamed Bow Cross.