The great docklands fire sale

Hundreds of never-lived-in new apartments — all failed completions in the same Docklands development — are to be sold at 40 per cent less than their original owners paid for them two years ago
Indescon Court
From £160,000: Indescon Court, a new apartment complex only five-minutes’ walk from the Canary Wharf business district
Galliard Homes’s February “liquidation stock sale” is at Indescon Court, a new apartment complex only five-minutes’ walk from the Canary Wharf business district. Prices start at £160,000.

Many of the original buyers were buy-to-let investors who have been unable to secure mortgages on the properties and have therefore defaulted.

“This is no gimmick,” says Galliard’s Madeleine Flower. “We need to sell quickly to keep our bank happy.”

Galliard conducted a similar “fire sale” of flats at a block in Poplar in the summer of 2009. Then, a queue of 500 people clamoured to buy a property, enticed by adverts claiming discounts of up to 50 per cent below original contract prices. Two-thirds of the flats were purchased by owner-occupiers.

“The reduced prices at Indescon Court represent a big saving, and are probably the lowest the Canary Wharf area has seen for a decade,” she adds. “This could be the last opportunity to buy at the bottom of the market.”

On average, the revised prices equate to about £500 per sq ft. At the peak of the boom in 2006, values in this part of Docklands reached nearly £1,000 per sq ft.

Apartment interior at Indescon Court
Would-be buyers will be able to view the finished flats at Indescon Court
Would-be buyers will be able to view the finished flats and exchange contracts by paying £1,000 on the day and committing to pay the full 10 per cent deposit within 21 days. Galliard says both the new price and the “previously exchanged price” will be displayed on the door of flats for sale. Original prices can be authenticated by on-site lawyers.

Underground parking spaces are available by separate negotiation. Call 020 7620 1500 or visit www.galliardhomes.com.

A second phase of Indescon Court, yet to be built, will bring the total number of apartments to 364.

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