SNAPSHOT RESIDENTIAL INSIGHT REPORT and city

WAPPING IS LONDON’s BEST KEPT SECRET.

Property available in areas we cover Wapping Characterful warehouse and factory conversions, modern glass fronted riverside developments, some with fabulous views of the river and or . Many developments sprung up in the 80’s to serve the expanding demand for housing, and inland Wapping has many private developments offering better value for money than the riverside properties. City Wapping is located to the east of London’s business district, on the north Smaller lateral flats in converted side of the Thames next to Tower Bridge, in the London Borough of Tower banks or purpose built Hamlets. Forming part of the Docklands, Wapping’s proximity to the developments. The City is still largely river has given it a strong maritime character, which it retains through its a weekday residence prized for ancient riverside public houses and time-trodden stone steps. The area its convenience and generally the is characterised by warehouse conversions and cobbled streets, contrasting properties are small but perfectly with stunning new glass structures. formed. Spitalfields Georgian houses, some with Victorian additions, quirky flats over shops, some purpose built developments between old terraces and funky penthouse flats atop existing conversions. Shad Thames Converted warehouses and factories with contemporary finishes, purpose built developments built in the style of nearby conversions, superb river views, some of Tower Bridge and high up flats with far reaching views of London.

To view all the available property for sale and to let in Wapping visit KnightFrank.co.uk/wapping You can also follow us on twitter @Wapping_E1W Call us on +44 (0)20 7480 6848 Or email us on [email protected]

KnightFrank.co.uk/wapping wapping and city snapshot SNAPSHOT RESIDENTIAL lettings REPORT WAPPING and city

Gary Hall, Lettings Manager, discusses how the area’s rental Wapping lettings market at a property market has been performing, who’s looking to rent glance there and what’s coming onto the market.

How has your market performed What is the most exciting Figure 1 so far this year? emerging hotspot in your area for What do our applicants want to spend? While we saw a reduction in the number tenants? of tenants in the financial sector working The Southbank continues to grow and in the City and Canary Wharf towards improve. The new developments along the end of 2012 and the start of 2013, the south side of the river, such as One the rental market has remained active Tower Bridge and One Blackfriars are with many law and accountancy firms, very exciting and will offer stunning insurance companies and oil firms apartments with the best finishes and relocating executives to London. The tenant facilities. requirement for rental properties in Wapping, the City and Southbank The worst mistake a Landlord can continues to be dominated by singles make is… and couples on assignments in London With the number of properties on the for 2-3 years. rental market being high at the moment, What is your outlook for the prices need to be realistic to find a tenant quickly. Tenants will look at a Wapping and City rental market in number of properties and go for the the coming months? one they believe offers the best value The City and surrounding areas continue for money. to grow in popularity year on year. With the specification and facilities of the new What is the most in demand type developments increasing with every new of property in Wapping and the block being built, there has been a shift City? in the number of new tenants deciding The most in demand property is a to look in this area as an alternative to two bedroom apartment with a river west and central London. The Olympics view and balcony. Tenants are keen to Figure 2 did affect the rental pattern in 2012, so make the most of the riverside location Nationality of our tenants hopefully we will see conditions return so having a river view comes into to normal this year. prominence. Have any particular trends emerged recently in your rental market? We are definitely seeing the quality of rental properties coming to the market improve. Developers and investors are looking at the rental market as a first choice instead of falling back on the rental side if they can’t sell the properties in the first instance. What types of renters are attracted to the area – and why? Single international corporate tenants in their 30’s and 40’s working in the City and Canary Wharf and coming to London for 2-3 years on assignments.

Gary Hall Lettings Manager +44 (0)20 7480 6848 [email protected]

KnightFrank.co.uk/wapping wapping and city snapshot SNAPSHOT RESIDENTIAL sales REPORT WAPPING and city

Sarah Shelley, Sales Head, discusses house prices in the area, Wapping sales market at a who’s looking to buy and offers some advice to prospective glance vendors.

What different types of buyers are What property types are most in Figure 1 attracted to this area? demand? SSTC by price band The area attracts a huge range of The most in demand properties tend to buyers varying from young professional be in a converted warehouse or a period first time buyers, young families building or properties on the river, wishing to be close to the City but especially if they have outside space and also to live in an area with a “villagey” a view of Tower Bridge. We also have atmosphere. Wapping and The City are great success with the perfect pied-à- also increasingly popular with those terre, a classic example being a one or wishing to plan for retirement in an area small two bed apartment in an easy accessible to the West End and maybe a “lock up and leave” development with peaceful riverside balcony. parking and low service charge. What nationalities are buying in What’s the most interesting sale the area? you and your team have been European and British with a smattering involved in recently? of North American. This area is We have recently sold the most increasingly popular with the French but expensive property in St Katharine we also sell to many Italians, Spanish Docks and as a result of finding the and Germans, all of whom wish to live buyer took instructions on his smaller close to the banks they work for. flat on the river opposite the Tate Modern. Both flats were fabulous and House prices have been increasing, examples of what incredible properties do you think the trend will you can buy for a comparatively less continue? costly amount by moving slightly to the Prices in Wapping and The City are East. still “affordable” compared to many Figure 2 What advice would you give to other parts of central London and the Guide price achieved proximity to the big banks and insurers a homeowner thinking about means that many people trying to selling? maintain a healthy work/life balance Always ask a good friend to comment with a minimal commute choose to honestly on your property and ask them live here. To many the areas are still questions like: Does the flat/house unknown but the huge amount of new appear fresh and airy? Is there anything builds in the City and its fringes is really I ought to hide from sight or move putting the spotlight on the area. around? Try to create as much floor space as you can, push furniture back Is there anything in the pipeline and clear surfaces. Keep in mind that that may boost demand? you are selling a lifestyle, not just bricks Crossrail is an excellent addition to the and mortar. People want to buy in to already good transport links to the the lifestyle the property will bring them area, dramatically faster travel times be it the local restaurants you visit or will be possible once Crossrail opens. the culture magazines you read. Leave Crossrail’s central ‘hubs’ will become your favourite books on the coffee more attractive for residents given the table and your best dress at the front of increased ease with which they will be the wardrobe and don’t stay home for able to travel across the City and to viewings. Heathrow.

Sarah Shelley Sales Manager +44 (0)20 7480 6848 [email protected]

KnightFrank.co.uk/wapping wapping and city snapshot SNAPSHOT RESIDENTIAL insight REPORT WAPPING and city

success story

SOLD LET

CINNABAR WHARF, WAPPING E1 JACANA COURT, E1W Three bedroom riverside duplex penthouse Guide price: £1,625,000 Newly refurbished two bedroom apartment Guide price: £775 per week

WHAT OUR CLIENTS SAY ABOUT US ”Achieving the asking price was a big positive for me and ”Sarah & Jo were a brilliant team, they have in depth local having a number of purchasers to choose from provided me knowledge and are a pleasure to deal with.” with comfort that I had chosen the right agent to market Mrs S the property on my behalf. All the work that Knight Frank ”You have been a pleasure to work with, at all times I have felt undertook for me was done very diligently and I was very supported and received excellent help together with friendly, happy with the service.” professional service.” Mr M Mrs T ”Responsive, Remembered my requirements and pleasant interaction.” Mr G meet the team

Sarah Shelley Joanna Beale James Braddon Mandy Deacon Sales Manager Associate Sales Negotiator Office Co-ordinator

Gary Hall Rahna Stroud Rebecca Wood Mark Batty Georgina Eldridge Lettings Manager Associate Senior Lettings Senior Lettings Lettings Administrator Negotiator Negotiator

Knight Frank Wapping +44 (0)20 7480 6848 [email protected] 1 Wapping High Street, London E1W 1NR KnightFrank.co.uk/wapping

If you have any queries or would like to obtain additional information on the UK or international housing markets please contact: Liam Bailey, Head of Residential Research, +44 (0)20 7861 5133, [email protected] © Knight Frank LLP 2011 - This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Residential Research or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Residential Research. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8AN

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