London's navigable rivers have historically been among the world's most important waterways. Now, with the Olympics just over two years away, east London's maritime quarters are undergoing a renaissance with projects such as Pacific Court, part of the Caspian Wharf development, on the banks of Limehouse Cut in Bow.
James Talbot, a King Sturge partner responsible for marketing Pacific Courts apartments, said there was a new passion for living in the waterside area, fired by London's successful 2012 Olympic bid. He said improvements to the Limehouse and Bow districts were happening in tandem with the Olympics, with Limehouse Cut becoming a key transport route into Olympic Park.
With views of London and a landscaped courtyard, Pacific Court, the next phase of the Caspian Wharf development that is due to be released in two years, comprises studio, one-, two- and three-bedroom apartments, many of which benefit from having a balcony, terrace or private garden. Developed by Berkeley Homes, the apartments feature fully integrated appliances, high-quality finishes and flexible open-plan layouts designed for contemporary living. Berkeley Homes is part of the Berkeley Group Holdings, one of the largest developers in Britain.
Kitchens come with integrated Siemens appliances and units with white glass doors and a handle-free profile, giving a sleek finish. Underfloor heating is standard in all the apartments. Security is also a priority, with electronic audio door entry, pre-wiring for security alarms, mains supply smoke/heat detectors and multipoint locking entrance doors.
Talbot said given Pacific Court's position between the City of London, Canary Wharf and the Olympic Park, it holds a commanding position for high rental demand. 'Based upon other completed units at the same development, we are seeing returns for investors of between 5.5 and 6 per cent, depending on the unit type and position within the building,' he said.
Prices start at ?164,950 (HK$2.1 million), having been adjusted to take into account the price falls of the past two years, yet the quality and specifications of the development have not been compromised.
Talbot said given that the completion of Pacific Court was still two years off, advising on mortgages at this stage was difficult. 'This being the Olympic hotspot as well as being within easy striking distance of both the City and Canary Wharf, the area offers strong rental potential,' he said.