2012 Olympics demands East End investment

Published 07th Sep 2007

The London Olympics are five years away but now is the time to buy, says Sheila Prophet
The countdown has begun for the 2012 Olympic Games and with less than five years to go, London's East End is already feeling the buzz, with investors flocking to locations around the future Olympic Park and its huge regeneration area.
We train the searchlight on the six boroughs surrounding the Olympic site to find the most sizzling spots for buyers.
WALTHAM FOREST
The borough: The most northern chunk of East London affected by pre-Olympic investment, an established residential area between Epping Forest and the green corridor around the River Lee, is now seeing its first influx of developments offering apartments aimed squarely at the young professional market.
What's there: Barratt is first into Walthamstow with Forest Place, consisting of148 one- and two-bedroom apartments at the heart of a community regeneration scheme, with prices from £164,995.
In Leyton, Telford Homes will shortly release the remaining sixth and seventh floor apartments at Stadia, on the south side of the Leyton Orient football ground, with prices to be announced. Telford Homes also has Queen Mary's Gate in nearby South Woodford, with a new phase of one- and two-bedroom apartments released this month, prices to be announced.
Coming soon: Higgins Homes' Uber launches in Erskine Road, Walthamstow this month, with studios and one- and two-bed apartments expected to start at about £150,000.
Intro Homes' newest development at Beaumont Road in Leyton will launch next year, with 124 apartments to be released in two phases.
Who's buying, who's renting: Popular with play-it-safe investors looking for steadily growing returns from young people loyal to the area but not yet ready to buy.
HACKNEY
The borough: Hackney itself, with its famous Victoria Park, already revitalised high street and widespread regeneration, has long been regarded as chic, but shabbier neighbouring districts are still definitely on the up.
Prime spots: Hackney, Clapton.
What's there: Niche developer Modern City Living is creating Queensbridge Quarter, part of Hackney's Holly Street regeneration scheme, with 84 studio to three-bedroom apartments, priced from £265,000.
In Clapton, three miles from the Olympic site, Intro Homes has parkside development Millfields on the edge of the River Lee, with 70 one- to three-bedroom apartments from £217,500. George Wimpey is also in Clapton, with one- to three-bedroom apartments from £214,995 at Altius on Mount Pleasant Hill.
Coming soon: In Amhurst Road, close to Rectory Road train station, is a new development of one- to four-bed apartments from John Laing Homes, prices to be announced.
Who's buying, who's renting: Investors with a keen eye for remaining affordable areas within easy reach of the City, snapped up for rental by younger City workers.
TOWER HAMLETS
The borough: An area of huge contrasts, with the gleaming offices of Canary Wharf and expanses of run-down housing estates, plus pockets of reasonably priced development.
Prime spots: Bow and Poplar especially.
What's there: Lovell Homes' successful Heart of Bow is now selling two-bedroom penthouses from £630,000.
Berkeley Homes' Caspian Wharf, 82 studio and one- to three-bedroom apartments by the Limehouse Cut, close to the new Langdon Road DLR station; priced from £215,000.
Barratt's Elektron consists of three 25-storey towers at Leamouth, with one- and two-bedroom apartments from £285,000.
Coming soon: Barratt plans to redevelop the site of St Andrew's Hospital by Bromley-By-Bow tube station to create up to 800 homes and, as part of the Key London Alliance, will build 900 homes in 38-storey towers on East India Dock Road.
Who's buying, who's renting: The highly-paid, transient workforce of Canary Wharf on the doorstep provides a ready rental market for both seasoned investors and newcomers in search of a bargain.
GREENWICH
The borough: Blessed with miles of waterfront, leafy hills in stunning parkland and the UNESCO World Heritage Site of Greenwich itself, the area, including scruffier neighbour Woolwich, is a hive of activity with thousands of new homes in the pipeline.
Prime spots: Greenwich Peninsula, Woolwich.
What's there: Greenwich Millennium Village, a joint venture between Countryside Properties and Taylor Woodrow, is creating 1,300 new homes over 10 years, with the current phase Uniontwo offering one- to three-bedroom apartments close to the O2 entertainment centre; from £300,000.
Berkeley's vast Woolwich Arsenal regeneration project has 70 studios, plus one- to three-bedroom apartments in current phase The Armouries, priced from £250,000.
Mast Quay, also on Woolwich waterfront, has two-bedroom apartments from £275,000 and three-bedroom 13th and 14th floor penthouses from £650,000.
Coming soon: Later this month Galliard is launching the giant Greenwich Reach project, featuring 980 riverside homes and a raft of facilities within walking distance of the Cutty Sark.
Durkan is creating an urban village of 334 apartments and houses as it transforms Woolwich's famous Royal Military Academy.
Who's buying, who's renting: Genteel Greenwich is ever-popular with well-heeled buyers and renters, and grittier industrial Woolwich suits younger renters and investors looking to the long-term.
BARKING AND DAGENHAM
The borough: On the far eastern fringes of the boroughs surrounding the Olympic Park, this area remains rundown and dominated by sprawling council estates, but its revival is now underway with plans for thousands of new homes and reopened access to the riverside.
Prime spots: Barking town centre, Barking riverside.
What's there: Riverfront development Benedicts Wharf has one large three-bedroom duplex apartment left, priced £299,995.
The first phase of Redrow Regeneration's Barking Central has now sold out, with a new phase of one- and two-bedroom apartments about to be released. Prices to be announced, call 020 7473 6820 or visit www.barkingcentral.com.
Coming soon: Bellway and English Partnerships' huge new project at Barking Reach, to be called Barking Riverside, promises more than 10,000 new homes built within a sustainable community.
Who's buying, who's renting: Despite being the most distant borough, its good Tube links, reasonable prices and exciting future plans are making Barking a prime target for eager early-bird investors and young renters who have been squeezed out of more central locations.
NEWHAM
The borough: With Stratford at its centre, this area will be the biggest beneficiary of the arrival of the Olympics, and although areas such as East Ham are still down at heel, Newham also contains the thriving Royal Docks, with hundreds of new homes being built close to the ExCel Exhibition Centre and London City Airport.
Prime spots: The Royal Docks, Stratford.
What's there: Barratt's Capital East offers high-level one- and two-bedroom apartments, all with dock views, priced from £255,995.
Further east in the borough, Gladedale Homes' Royal Quay marina development features one- to three-bedroom apartments overlooking Royal Albert Basin, from £270,000.
Coming soon: Crest Nicholson's One Gallions at Gallions Park at the eastern end of the Royal Docks will be a zero carbon development launching in 2008. On Stratford High Street, Irish developer the McFeely Group's spectacular 26-storey building will feature 298 apartments.
Who's buying, who's renting: The Royal Docks' unique open environment and proximity to Canary Wharf means a buoyant rental market, with secure prospects for experienced investors and first-timers.
Stratford's position near the Olympic Park means it is an equally safe bet.
Investing locally
Chris Christodoulou firmly believes that Walthamstow has a bright future. Chris, 44, has lived locally for 15 years, has a hairdressing salon in the high street and has recently invested in a brand new two-bedroom apartment in Barratt's Forest Place development.
Chris says: "My three-bedroom terraced house suited me well, as it was just 10 minutes from the hairdressing salon I own in Walthamstow High Street. I only went to the show apartment at Forest Place out of curiosity, really, but I thought it was very nice. They had a model of the development and I just liked the look of it."
In fact, Chris liked it so much he decided he wanted to live there.
"Originally I was looking for an investment, but I decided to move into the flat and rent out my house instead," he says. "It was time for a change - it just felt right to move. I liked the fact it was a new place, though I never thought I would buy a new property before this." Chris's apartment cost £249,995 and has two-bedrooms, two-bathrooms, an open-plan living and dining area and a large corner balcony.
Forest Place, which has its own private parking, residents' gym and concierge service, is in a good position close to Wood Street Station and to Walthamstow high street, with its busy shopping mall, 120-year-old street market and dozens of pubs and bars.
"The location is great and I can still walk to my salon in the mornings," says Chris.

Source: ' Telegraph '

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