Canada Water tower rises

In the past 3 or 4 years Canada Water has changed a lot. The regeneration of the area looks set to continue too, with much more of it still to be developed. The wider Canada Water / Surrey Quays area was also recently included in the 2011 London Plan as an ‘area for intensification‘, not a bad piece of planning policy if you happen to sit on any large swathes of land in the vicinity. 

Anyway, the main bulk of development currently under construction is that situated around Canada Water tube station by Barratt and British Land. Sitting opposite the recently completed new library is Barratt’s Ontario Point, the only new building with any real height; 26 storeys in fact. Below (left) is taken from my site visit, going back a couple of weeks now and below (right) what it will look like, taken from JLL.

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Now up to around 5 storeys, the concrete frame should rise fairly swiftly. Here’s another view of the development, this time from inside Canada Water tube station.

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This really is a great location, one stop to the east you have Canary Wharf, a couple to the west and you have London Bridge, a few more and you’re on to Green Park, Bond Street and the rest of the west end. The old East London line, now the overground also runs north to south, with Shoreditch and soon Clapham Junction a short train ride away. It’s not surprising then that the overall scheme has sold pretty well. This tower element has yet to go on the market however; at least in the UK that is.

Here’s the view from the communal roof terrace…

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                                                                                                               Picture from JLL  
And another from an apartment looking east towards Canary Wharf…

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                                                                                                                  Picture from JLL.

Expect Ontario Point to sell well and for good value too. This is Canada Water, SE16 and south of the river so a lot of investors won’t even consider it. This is still an area on the rise and so probably not a bad long term investment. To view the LRR building record, click through here.

About Paul Wellman

Follow Paul for commentary and updates on the London Residential Market on twitter here @PaulWellman_EG

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