New residential schemes are replacing areas to the east of the City that were previously second-tier commercial districts consisting of tatty shops and run-down buildings. Now they are rapidly becoming first-choice residential addresses for walk-to-work financial district employees.
Seven-acre Goodman’s Fields (E1) is in Tower Hamlets borough but is only a 10-minute stroll from the Bank of England. Once it was a dreary Royal Bank of Scotland depot, but Berkeley is building 920 new homes there, with 24-hour concierge, a spa, gym and private cinema.
Silk House, with 182 apartments, is due for completion in September 2015. Two-bedroom flats with glass-walled winter gardens cost from £850,000. Former headquarters of the Co-operative Wholesale Society on Leman Street is part of the development and duplex penthouses are for sale in this impressive listed Edwardian building. Prices from £1.6 million. Call 020 3217 1000.
The dramatic effect continues east. Improved transport and huge injections of Olympics cash means that East London is becoming a des-res for Londoners, both for renting and buying. Particularly hot areas are around Stratford, Bow, Stepney and the new East Village, E20 - the first residential village nearing completion in the Olympic Legacy’s £6 billion makeover of the Lower Lea valley.
East Village has about 1,400 homes to rent privately and a similar number through housing association Triathlon homes (triathonhomes.com). With prices starting at £67,500 for a quarter share of a £270,000 one-bedroom flat.
It is using slick journey times as an enticing marketing tool: 20 minutes to the West End; six minutes to King’s Cross. When Crossrail completes in 2017, still tatty Whitechapel, occupying a large area between Aldgate at the city fringe and Stepney, is tipped to boom too, with big new residential developments in the pipeline and dramatic price hikes per square foot. Whitechapel to Bond Street wil take 8 minutes by Crossrail.
To register interest in East Village email firstname.lastname@example.org.
See Homes & Property next Wednesday July 3 for more on the new homes at East Village