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London City Island : GBP 700 psf and up

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London City Island : About GBP 700 psf and up

 

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Have you got an opinion on London City Island*?

Properties have gone on sale in HK this week

 

*image : / site: http://www.LondonCityIsland.com

93ab6698ec3b1a3444fba1c8f50a3d2efbe5d9d0

The walking bridge leads to Canning Town station

 

Description :

  • Developed by famous U.K. high-end developer Ballymore
  • Located between Canary Wharf, the new financial district and the Royal Albert Dock,where ABP planned to invest GBP one billion to build thier global headquarter
  • Only 2 minutes walking distance to Canning Town tube station and from Canning Town only 4 minutes to Canary Wharf, 15 minutes to Westminster
  • With facilities of GYM, Swimming pool and Spa
  • 24 hours concierge 7 days a week
  • Completion in 2016
  • Only 10% down payment
  • 999 years leasehold
  • Price starts from GBP 320,000 (note: some 1 BR properties offered in HK, were less than 300,000 )

londonislandmap_02_zps140a93be.jpg

 

Brochure : http://www.londoncityisland.com/brochures/city-island-brochure

 

Diamond Geezer's comment

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City Island is a Ballymore project. They're building a "dramatic new cityscape" which they describe as a "mini-Manhattan", or in other words a lot of tall buildings. They claim it's "inspired by the landscape and heritage of the area", by which they mean the buildings will use colours that used to exist round here when there were shipyards. They plan "a swimming pool which will glow red", and so many gingko trees that "City Island will be a lush, almost exotic presence." And of course it's surrounded by water on almost all sides, which means it'll be all the more exclusive and easier to keep the riffraff out. Fancy buying in?

There's a website for potential purchasers, as you'd expect. A video leads viewers from central London to Leamouth where a swarm of coloured boxes land to create a stack of towers. We're offered a glimpse of the exclusive services that residents will be able to enjoy and take a glimpse inside a furnished apartment. City Island's location is showcased with a map that shows several local highlights, although most of Newham appears to be entirely attraction-free. The Driftwood Cafe and Fatboys Diner at Trinity Buoy Wharf appear high up the list, and righly so, although the photos fail to depict their less than luxurious surroundings. I laughed when I saw Chrisp Street Market in the top 10 - the photo shows a well-to-do woman buying vegetables, whereas the reality is considerably more downmarket. And there's a 144 page brochure you can flick through, either online or in glossy thick hardback form. A series of Shoreditch-style couples pose in effortlessly urban locations. The heritage, connectivity and creativity of the area are emphasised. Apartments are modern and spacious. Somebody can't spell "Trinity Bouy Wharf". By the end of the brochure you're being invited to pick your fixtures and fittings. And up front in chapter 1, Ballymore's chairman offers "A private island in London to call your own."

This isn't a development for local people.

There's nothing for residents struggling on the nearby Aberfeldy Estate, nor will those on Newham's housing list be encouraged to move in. You discover this when you click on the tab to "register your interest". Five national options are presented, the first of which is a sales office in London UK. But none of the others is in Europe. There's Kuala Lumpur, there's Hong Kong, there's Singapore and there's Beijing, because Ballymore have made a very deliberate decision to target Far East purchasers.

. . .

City Island isn't an island, it's very much attached to the mainland. And it isn't really going to be part of the East End, more another enclave of privilege like the area round Nine Elms. Here we go again, London, building much-needed housing and then offering it up as an investment to overseas buyers. Will our next Mayor fight against, or lead the headlong rush for profit?

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> http://diamondgeezer.blogspot.hk/2013/10/london-city-island.html

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Based on THIS chart ... the Timing seems to be completely wrong to be buying property in London

 

(Especially in a "new" location like this, at a price like GBP 700 psf - it seems expensive.

Will locals really be willing to Rent these flats at a reasonable yield for investors?

The think I do like is the short walk to Canning Town, and the "protected" status of the island enclave)

 

BDEV - the bellwether ... update

 

BDEV_zps97ab416c.png

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In response to my post on his thread

 

We are at peak London property prices imo. The asking prices bear NO relation to reality at all. It's pure kite-flying.

The people I know buying are very high-income, or friends sharing a mortgage with friends. The normal buyer has no chance at all.

 

The market is softening already.

http://www.thisismoney.co.uk/money/mortgageshome/article-2785306/London-house-prices-dive-time-nearly-four-years-says-Rics.html

 

 

Actually, it is selling like hotcakes here.

 

They sold over 60 flats before the showroom officially opened today.

Only one single 1BR flat was left when I had a look this Friday afternoon.

(the 3% discounts were eliminated for flats below GBP 400k, given the strong demand.)

The style of these highrise flats seems to appeal to Asia buyers - reminds them of home, perhaps

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(Now - almost two years later, they are promoting THIS):

Launching the tallest and final building at City Island, London E14

Exhibition: 3rd - 4th September 2016 (Sat/Sun), 11 am - 7pm, Alexandra Room, 2/F Mandarin Oriental Hotel, HK

Exhibition

3rd - 4th September, 2016 (Sat/Sun)

11 am - 7pm

Alexandra Room

2/F Mandarin Oriental Hotel

5 Connaught Road Central, Hong Kong

Join us for the launch of the tallest and final building at London City Island with stunning panoramic views across London!

Price from £388,500

A new island neighbourhood for London with

Contemporary suites, 1, 2 &3 bedroom apartments

4 minutes from Canary Wharf via Jubilee Underground Line

| On-site grocer & arts club | New parks, squares & river walkways

| Residents signature outdoor heated pool | New home of English National Ballet

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