There are currently 100,000 people who work on the Canary Wharf Estate and zero residents. The Canary Wharf Group has spent the last 15 years building, what is, the financial hub of Europe and have decided that it is now time to build a community to sit alongside. ‘Wood Wharf’ is the name it has been given and it will enable some of the world’s wealthiest to live and work in the same district, allowing for ultimate convenience. As well as a shopping mall featuring all the high end brands, fancy restaurants, cafes, bars and local schools, the area will benefit from impeccably kept streets and 24 hour security with patrolling guards.
There are two parts to Canary Wharf, and for many, which part you live in is the most important factor. What could be described as ‘postcode snobbery’ is in fact something that is reflected across most of London. The Canary Wharf Estate is certainly the most desirable area to discerning buyers and all commercial activity takes place here. Buyers are willing to pay large premiums to secure a property on the Estate.
The Isle of Dogs is the wider Canary Wharf region and includes everything within the ‘U’ shape bend in the river Thames. As it stands there is no residential property within the Canary Wharf Estate and so traditionally the best parts of Canary Wharf have been the top of Westferry Road (Canary Riverside, West India Quay, Four Seasons Hotel etc.) and South Quay (Pan Peninsula, Hilton hotel etc.). The further south you go, the more mixed the environment, with council and ex-local authority buildings which can detract from its appeal.
As the Canary Wharf Group begin to establish Wood Wharf which is an extension to the Canary Wharf Estate, this will be the prime part that buyers will focus on. The first building has just sold for anywhere between £1,000 and £1,2000 per sq ft. Traditionally older buildings in Canary Wharf have struggled to break £1,000 per sq ft.
Compared with other parts of the city, this presents good value given the communication links that are available such as Crossrail, the Jubilee line, Thames Clipper and the easy proximity to City Airport and the DLR.