Lower Lea Valley: the next chapter of East London's success story
New residential, commercial and cultural districts are connecting the dots between East London's powerhouses.
London is moving East. More than half the city's population now lives east of Tower Bridge, as extensive redevelopment projects such as Canary Wharf and the Stratford Olympics regeneration have turned former industrial areas into some of the world's most profitable real estate. This regeneration has now entered its next phase: developing the wider area between Stratford and Canary Wharf to establish the Lower Lea Valley as a world-class commercial and residential district surrounded by pristine nature.
Now firmly established as London's second major financial center, Canary Wharf attracts global corporations, creatives and entrepreneurs from all over the world, creating high demand for competitively-priced homes for rent with convenient transport links. The ongoing redevelopment of Stratford's East Bank and Bow Creek into high-quality residential areas is addressing this need, while also creating new business, cultural and educational opportunities to make London's creative East an even more compelling place to live, work, study and invest.
Stratford Olympic Park regeneration
London's Olympics investment is continuing to pay off in Stratford. Facilities and infrastructure built to host the 2012 events are enjoying new life as hotels, apartments, offices and community facilities, enhancing the area's appeal for residents and investors alike. House prices have risen 82 percent over the last five years, according to Land Registry data, and residential price growth is forecast above the Greater London average for at least the next 20 years.
The ongoing Olympic Park regeneration is expected to create more than 20,000 new homes in Stratford in the next few years, within easy reach of the new Crossrail station, world-leading sports venues and the new commercial district. International Quarter London (IQL) will bring four million square feet of commercial space to Olympic Park by 2022, with another 1.9 million square feet of retail and leisure space already open at Westfield Stratford City, one of the largest shopping malls in Europe.
The regeneration is expected to create 100,000 jobs, while four university campuses and a £1 billion science and technology center also bringing more than 30,000 new students to the area. Living in Stratford puts all of London within easy reach from one of the city's busiest rail stations, soon to be upgraded when the high-speed Crossrail Elizabeth Line arrives to shorten commuting times from 2019.
Bow Creek regeneration
A peaceful sanctuary just minutes from bustling Canary Wharf and Stratford, Bow Creek on the edge of 10,000-acre Lea Valley Regional Park is being developed into a new commercial and residential center to attract professionals and students who prefer to live in close to nature.
Transport for London, Tower Hamlets Council and the London Legacy Development Corporation are investing more than £9 million to upgrade infrastructure in Bow Creek, which includes making nature and waterways more accessible for residents. As well as adding over 20,000 new homes, the new district center will feature 1.2 million square feet of commercial space, new schools, riverside parks and cultural venues, including the new home of the English National Ballet and London Film School.
House prices in Bromley-by-Bow are already higher than the borough average, and price growth is projected higher than the London average when the new facilities start to open in the next few years. Construction is already underway on a number of exciting residential projects in the area, from Mount Anvil and Peabody's Three Waters development to ventures from other leading UK and overseas developers including Ballymore, Berkeley and China's Country Garden.
Peter Gibney, Director of Central and East London Residential Development at Jones Lang LaSalle (JLL), explains: “This new and unique regeneration area between Canary Wharf and Stratford has attracted some of the world's largest developers, making it one of the most exciting residential-led regeneration areas in London. The combination of rivers, canals, parks and leisure pursuits together with the connectivity and affordable price has the potential to make this area one of London's sought-after hot spots.”