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“A stable legal and economic framework and transparent business regulation make London the most important city in the world economy” As an area of significant growth, Canary Wharf continues to go from strength to strength. It has already overtaken Frankfurt, home of the European Central Bank, as Europe's premier financial centre, in a city that is widely predicted to wrestle the global financial top-spot from New York. There is no respite in the demand for commercial space within the prestigious 100 acre Canary Wharf district, as the local authority continues to work towards its Master Plan. The planning framework will see upwards of 11 million square feet of commercial office space developed in the area over the next 10-15 years, accommodating 100,000 additional workers. In April 2009, KPMG will move into a new 15-storey headquarters to be built at 15 Canada Square, alongside HSBC and Barclays and Fitch Ratings, the credit ratings company, will move into a £290m purpose-built Kohn Pedersen Fox-designed building the end of 2010. Canary Wharf Group has also secured new tenancies on over 225,000 square feet in One Canada Square from Moody's Investors Service, the Financial Services Authority and Abbey Business Centre. Most recently, global investment bank JP Morgan selected the Richard Rogers-designed Riverside South development, which neighbours The Landmark, to be the new 1million sq ft consolidated base of UK operations. Against this background of growth, and the 14 million square feet of commercial space already housing international companies such as Citigroup, HSBC, Coutts and Co and Reuters, Canary Wharf is truly one of the worlds' largest business centres. Property prices are yet to fully reflect this fact, but in our opinion this cannot continue. Situated barely a 5 minute stroll from Canary Wharf's vibrant heart, The Landmark East Tower, rises 45 storeys, to a height of 140 metres to tower above the majority of residential developments in Europe and will complete towards the end of 2010, 6-9 months after The Landmark's first tower, The Landmark West Tower. This will not only be a place to live, but The Landmark will also be a destination in its own right with restaurants, cafes and shops occupying the ground and 1st floors around a central landscaped piazza. A 24 hour concierge and residents' gymnasium are also among the development's features. The Landmark will set a new standard in city living, and sustainability and ecology are also high on the agenda with the development boasting a biomass heating plant (a renewable energy source).
The tremendous interest already generated by The Landmark's initial tower is testament to its premier location and quality, and highlights the stark difference in value being offered at comparable residential developments in Canary Wharf. All 276 apartments in the 31 storey West Tower have now been reserved and the award-winning development is already gaining a reputation as one of the most desirable locations in Canary Wharf. Currently there are around 90,000 people working within the Canary Wharf Estate and under recently announced regeneration proposals this is set to rise to 200,000 over the next 20 years. There is over 14 million sq ft of office space, this is set to increase as Canary Wharf Group is about to start its Canary Riverside South development, which will be situated within minutes of The Landmark, and will be a 3 million sq ft commercial, office and retail development in 2 office towers, each approximately 200 metres high. Additionally, another 4 million will come online at Wood Wharf, directly adjacent to Canary Wharf (which has now received approval in principal from the Mayor's planning team), as well as developments at North Quay and across Marsh Wall at Arrowhead. Development
Comparables A 787 sq ft two bedroom, 2 bathroom apartment on the 9th floor at The Icon is being offered for £700,000 (£890/sq ft). In Ontario Tower, a 12th floor 560 sq ft one bedroom apartment costs £430,000 (£768/sq ft), whereas a one bedroom, 5th floor apartment of 510 sq ft in the Pan Peninsula development is priced at £415,000 (£814/sq ft). An 800 sq ft, 11th floor, two bedroom apartment in Pan Peninsula is priced at £650,000 (£812/sq ft), whereas apartments on the 11th floor of The Landmark East Tower represent excellent value for their superb quality and location; a one bedroom 551 sq ft apartment costs £389,000 (£706/sq ft). A two bedroom, two bathroom 808 sq ft apartment is priced at £570,000 (£705/sq ft).
Transport
Conclusion Many consider The Landmark to be the best located new residential development in Canary Wharf, 5 minutes from the heart of the Wharf. There is already a shortage of good housing stock within the prime area and with an ever growing pool of eager purchasers and tenants, The Landmark offers investors an opportunity to own an apartment in the heart of the World's fastest growing financial district. Young Group purchases all the apartments itself before selling them into our investor clients' portfolios We do not charge any commissions or fees
t: +44 (0)845 356 1000 e: info@younggroup.co.uk
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Located on Marsh Wall close to West India Dock South, The Landmark is ideally positioned to appeal to Canary Wharf's burgeoning work force and thanks to stunning design and a superior specification the apartments will meet the most exacting of standards. The kitchens will include high gloss contemporary units, glass splash backs, and integrated Siemens appliances. The bathrooms will be of an equally high standard with marble floor and wall tiles, stylish bathroom suites and stunning fittings. Every bedroom will have built in wardrobe space, and all the apartments will enjoy comfort cooling throughout as well as floor to ceiling glass aspects.
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