If you’ve been wandering around London recently, here’s one thing you would’ve probably noticed: the city is moving eastwards. Thanks, in part, to the London Olympics, the population is booming in east London with growth projections of a further 600,000 in the next 15 years. Today, more Londoners live to the east of the Tower Bridge than west of the city as a wave of regeneration sweeps the area.
Amazingly, east London – which encompasses Canary Wharf (London’s financial centre today) and the London Docklands – was once considered undesirable! It is now one of the city’s most eclectic spots, populated by finance sector workers; the design, digital and creative communities; and families. Transport for London has unveiled proposals for 13 new river crossings, most of which is in East London, beefing up the existing transport network which includes Crossrail links and the DLR.
According to Jones Lang Lasalle, property prices in East London for the year to Q1 2016 has shown a 7% growth compared to the city centre’s 1.3%. The chart below illustrates the price growth in various areas of London city.
During a recent trip, we explored East London by car, DLR/Tube and on foot. Signs of regenerative work are visible, particularly on the DLR and Tube rides from the heart of the city to the Excel International Convention Centre at the Royal Victoria Dock (travel time: 40 mins). A drive in the opposite direction on our return journey took about 40 mins in clear traffic – very similar to the time taken to drive/ride the LRT from Kelana Jaya to KLCC.
Shadwell is also a place to watch. Walking from Limehouse Marina to Tower Bridge, we noticed this industrial area has seen an injection of residential developments along the main thoroughfare.
London’s Docklands area, which includes the Limehouse Basin, Royal Victoria Dock, The Royal Albert Dock and Silverton Quays are transforming, too. The Royal Docks is set to be East London’s next first-time buyer hotspot with plans for 24,000 homes and 60,000 jobs to be created in the area. The Royal Albert Dock, particularly, will become London’s centre for Asian business thanks to the development of the Asian Business Port, creating 20,000 jobs, and generating £6bn to the London economy.
We spent some time at the Royal Victoria Dock, one of London’s fast-growing areas (Zone 3), which looks extremely promising.
The first of the royal docks, the Royal Victoria Dock has undergone massive regeneration and is extremely accessible by the Emirates Air Line (cable car), DLR, Underground and forthcoming Crossrail.
Residents living within the area enjoy access to the Thames waterfront and great quality of life minutes from the city centre, Canary Wharf, the O2 Arena, the forthcoming Asian Business Park and London Airport.
The surrounding areas of Custom Excel is well established, with several hotels and waterfront residential apartments co-existing peacefully with the convention centre and commercial developments.
The forthcoming Crossrail will be a major game changer. Aside from increasing property values along the route, the Crossrail, which will also run through Canary Wharf and East London, will improve connectivity within the city. Travel time will be more efficient as the Crossrail connects Reading to Shenfield while Crossrail 2 runs from Broxbourne to Epsom.
The area is indeed looking up. With improved transport links and gentrification arising from infrastructural investments worth billions, East London is a place to watch.
To know what the government is doing for East London: http://bit.ly/2bY8G9w
East London’s post-Olympics boom towns: http://bit.ly/1SaQYNV
Numbers: Canning Town & Newham areas: http://bit.ly/1SaQYNV
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