Mixed-use properties once again capture buyers’ hearts, now in the Royal Docks suburbs in East London. A new mixed-use development led by the partnership between Chelsfield Properties, First Base and Macquarie Capital will house 3,000 residential units, amidst offices, recreational and commercial spaces all housed within a 25 ha site.
Photo Credit: Silvertownlondon.com
Named Silvertown, it is situated in the fringe of the city, where new properties are sprouting aside from the usual real estate hotspots such as Canary Wharf, City of London and the West End. As property prices climb in London, a home in the City of London could come up to ￡1,500 psf. in the West End double that at ￡3,000 psf. In comparison, city fringe properties are structured to be more affordable for local as well as foreign buyers. Developers are hoping to target Asian investors in particular as they are a growing group of overseas investors in the UK, spending up to￡5.98 billion over the last year and a half.
The clarity of property rules and the relative ease of property buy-and-sell for foreign buyers have built the confidence of overseas buyers in respect to properties in London, as compared to other cities in the Euro Zone.
Photo Credit: Silvertownlondon.com
The Silvertown development will be will linked to other areas in terms of transportation options. The much-waited London Crossrail rapid train project will be connected to it, and it is also pegged to the Royal Docks’ plans for refurbishment of the historic Millennium Mills, an old mill building which will be transformed into office spaces.
