City-fringe Properties Hold Promise for Next Phase of Londonâ€™s Growth
Published By : 11 Aug 2015 | Published By : QYRESEARCH
The massive Silvertown development that is coming up could be something that buyers may be looking up to, as stated by a senior property consultant.
The development located in the Royal Docks area in East London, is underway a US$7.5 billion development plan is constituted of three-way partnership Chelsfield Properties, Macquarie Capital, and First Base.
The 25ha construction site will be for mixed-use that will include offices, retail facilities, leisure, and about 3,000 residential units.
The first phase of the projected is likely to be completed by 2018.
As commented by a senior director at CBRE of central London developments, the West End, Canary Wharf, and the City of London were anticipated to be major real estate centers. But, due to the booming demand all over London, the fringe areas are also regarded for next generation of growth.
The fringe areas of the city are in competition with traditional centers with robust growth and Silvertown is expected to be a game changer as well.
The senior director who was on a visit to Singapore for meetings with potential investors for the project further stated, the skyrocketing prices of residential properties and offices in central London has made it unaffordable for people to live there.
The average price of a residential unit in the West End can be close to US$4770/ sq ft, whereas a similar size unit in City of London could be priced at US$2440 / sq ft. He also said that the residential units in Silvertown are expected to be more affordable by both foreign and domestic buyers, though he did not comment on the figures.
The construction of Silvertown will also meet the rising demand for London property among Asian investors- who already form the largest group of overseas investors in that part of the city.