Time to put down roots in the Capital? Have a look at Royal Albert Wharf, part of one of London's most significant regeneration zones.
What is it?
Royal Albert Wharf is a new riverside development in the historic Royal Docks, one of London’s most ambitious regeneration zones.
By the time it is completed in 2022, the once-derelict brownfield site will be transformed into more than 1,500 waterside homes and 87,000 sq ft of commercial, retail, community and leisure space grouped around the dock and an Edwardian pump house.
The entire east London development, made up of Great Eastern Quays and Gallions Quarter, is being carried out by Notting Hill Housing. Types of homes will be divided as follows:
- 928 private sale
- 300 shared ownership
- 257 affordable rent
- 73 private rent
What do prices start at?
Private sale homes at Royal Albert Wharf start at £330,000, although this will only buy you a one-bedroom apartment. Some 90% of the first phase of 350 homes at Royal Albert Wharf have sold following a soft launch last October and the official release of homes in March. Construction on this tranche of homes will be complete by 2017.
Where is it?
Royal Albert Wharf sits next to London City airport’s runway. It’s just a five-minute walk from DLR train station Gallions Reach, which runs services to Canary Wharf (15 minute journey time) and the City (30 minutes).
The development is part of a wider vision for the historic Royals Docks, which comprise Royal Albert Dock, Royal Victoria Dock and King George V Dock. They form the largest enclosed docks in the world, surrounding nearly 250 acres of water.
Sounds interesting. What else is planned for the area?
Work starts later this year to create a large financial and business district at Royal Albert Dock. And construction is already underway to deliver more than 3,000 new homes and creative workspace at the iconic Millennium Mills at neighbouring Silvertown Quays.
Major transport projects, such as Crossrail and new crossings over the River Thames, are also poised to open up the area even further.
Little wonder then, that London Mayor, Boris Johnson has this patch of London firmly in his sights. In March 2016, he launched proposals to regenerate more of the Royal Docks and adjoining Beckton Riverside, turning it into a 'world class business destination'. His plans include 24,000 new homes as well as new transport routes, a river walk and more open spaces.
These form part of the Mayor's even bigger plans to create a ‘City in the East’ which will span from London Bridge to the Isle of Dogs and Greenwich Peninsula, to Ilford in Essex and Dartford in Kent.
Who will the development appeal to?
Royal Albert Wharf's proximity to London City airport, ExCeL London, the international convention centre, and Canary Wharf will no doubt make it a consideration for professionals.
And with prices at a more affordable level than central London, it could also attract affluent first-time buyers and buy-to-let investors.
The first phase of Royal Albert Wharf has already attracted a mix of buyers, including seasoned investors and first-time buyers. A lot of interest has come from buyers outside the commuter belt, particularly Essex.
Notting Hill Housing believes the range of new-build homes on offer across its development will suit different needs and budgets.
What are prices in the neighbourhood like?
Homes in this pocket of London typically cost £365,649, considerably below the £411,766 London average, according to Zoopla. But property values have risen by £112,435 (or 44%) in the last five years alone.
While the transformation of the Royal Docks is already well underway, a degree of vision is still required if you want to call this relatively undiscovered corner of London ‘home’. But in a few years' time, the area and its infrastructure will start to look very different.
Royal Albert Wharf is close to a number of nursery schools, as well as ‘Outstanding’ and ‘Good’ Ofsted-rated primary schools and secondary education. And the University of East London has campuses nearby too.
The Royal Docks was a thriving commercial hub in the 19th and early 20th centuries and Johnson wants to restore the area to its former glory. With the regeneration of Royal Albert Dock and Silvertown Quays, the transformation has already begun.
Retail therapy and where to eat, drink and make merry
Royal Albert Wharf is a stone’s throw from some major shopping and leisure destinations, including Westfield Stratford, Canary Wharf and Gallions Reach retail park.
What else is on the market?
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