Tidal Basin Road, Royal Victoria Dock, London, E16 1AD
Royal Victoria Residence is ideally located to take advantage of the transformation of this historic Thame side district. Just minutes from a future Crossrail station at Custom House, this towering new development is at the gateway to a Royal Victoria Dock that’s being refashioned for the twenty-first century as a vibrant commercial, residential and leisure hub.
- Luxury modern 1/2/3-bed apartments
- Balcony, terrace or sun lounge and panoramic views from very unit
- New-build development featuring spectacular curved architecture
- Premium amenities including 24-hour concierge
- Minutes from DLR and Crossrail stations – just 8 minutes’ to Canary Wharf
- Key position amid the wider redevelopment of the Royal Docks
- GBP22 billion of surrounding investment potential including landmark projects such as Silvertown Quays, Royal Wharf and the Asian Business Port
- Investment expected to spur 30% local employment growth
- Apartment sizes from 644 to 1,414 square feet
- 175-year leasehold title (from 1999)
- Completion expected in Q4 2017
- Up to 70% LTV financing available
- Projected gross yields of up to 4%
Prices across the London Borough of Newham were up an impressive 15.5% in the year to August, while properties within ten minutes of the future Custom House Crossrail station saw prices rise by 46% between Q1 2013 and Q2 2015. The improved connectivity Crossrail is set to deliver combined with the huge scale of regeneration going on around the docks are driving growth even higher. The area around Royal Victoria Residence is forecast to see further growth of some 40.5% by 2020.
Take a look at the information and links to find out more about the wider regeneration of the Royal Docks, and please feel free to get in touch if you’d like to know more about how this investment could work for your portfolio.
Royal Docks Investment Case
The work that’s already underway around the Royal Docks has already been named the UK’s number one regeneration project for the next 25 years, with GBP22 billion of investment potential identified in an area which is attracting the biggest names in international commercial development.
Inspired by the success of Canary Wharf, the masterplan for the Royal Docks will create a third major financial district for London, one that is supported by a thriving residential neighbourhood and connected by advanced transport infrastructure.
One of the key investments driving confidence in the development of the Royal Docks is the Asian Business Port (ABP) Enterprise Zone, a new GBP1 billion centre for commerce that is being backed by Mayor Boris Johnson. You can read more about the ABP in our recent blog post.
Other major investments around the Royal Docks include the GBP3.5 billion Royal Wharf, a mixed-use development on the banks of the River Thames, and the GBP1.5 billion Silvertown Quays, which will deliver a new innovation quarter that is expected to create over 9,000 new jobs and boost the UK economy by GBP6.5 billion. A wider regeneration masterplan for Canning Town and Custom House will see a further GBP3.7 billion of investment transform the area to the north of the docks over the next few years.
And all this is happening directly across the Thames from the Greenwich Peninsula, home to the now iconic O2 Arena. Fast becoming a major attraction in itself, the Emirates Air Line cable car spans the Thames between Greenwich and the Royal Docks, which at peak hours carries nearly 2,500 passengers an hour between these two thriving cultural centres. Newham already stands out among London’s boroughs, boasting the youngest population in the city – 41% are below 25 – and enviable cultural diversity demonstrated by the over 100 languages spoken in the area. The development underway in the south of the borough will leverage this demographic profile, attracting swathes of London’s young professionals with modern convenience laced with vibrant culture.
Connectivity and reduced journey times
The Royal Docks are already on the DLR network as well as the Underground’s Jubilee line, but a new Crossrail station at Custom House will connect the district with more of London than ever before come 2018. The project encompasses some 100 kilometres of track connecting 40 stations along a route that is expected to carry 200 million passengers a year.
The new GBP35 million station at Custom House, on which construction was completed in the first half of 2015, will soon be the main stop for the many visitors to the ExCeL conference centre, as well as the many new residents and workers set to take up residence at the docks over the coming years.
The station will have a significant positive effect on connectivity in this part of London, with Custom House placed third in JLL’s ranking of the 40 Crossrail stations set to see the greatest travel improvement from Crossrail. Journeys to a key destination such as Paddington for example will drop from a current 40 minutes to just 20 minutes once the new service begins operating.
And rail isn’t the only transport option that makes the Royal Docks stand out as connectivity hub: London City Airport retains a central position on the docks, making this a key area for London’s international workers. The airport currently serves over 40 key business and leisure destinations, including Paris, Rome, Zurich and New York.
Crossrail is a game-changer when it comes to transport in London, and with its impact on commuters expected to be huge, the project has already begun to have a profound effect on house prices across the city.
While the western Crossrail locations have averaged stronger property growth than those in the centre of the city and to the east, Custom House stands out as one of the notable exceptions to this trend. Prices within ten minutes of the new station rose 46% between Q1 2013 and Q2 2015, more than two-and-a-half times the average growth recorded across all stations on the route.
This impressive growth extends across the borough, with Newham prices up 15.5% over the year to August 2015 – significantly higher than the 6.6% average across London. The borough is also ranked by HSBC as one of the top 20 best buy-to-let hotspot in the UK.
With all the regeneration going on around the Royal Docks it’s very clear that this excellent performance will continue as the area develops into a new premium district for the capital. While residential capacity in the area is certainly on the rise, supply is thought to be well within the limits of expected demand; the area’s popularity is already growing among buyers and renters attracted to luxury living at a prime waterfront location within easy reach of Canary Wharf and the City. As such forecasts remain strong, with price growth of 40.5% expected to 2020.
Royal Docks Market News
- Latest market update takes a more in-depth look at how the massive investment at the Royal Docks is transforming the area and its property investment potential. Read more >
- The Independent produced this short film of the Royal Docks regeneration work following a visit this summer. Read more >
- The impact of the forthcoming Asian Business Port was explored by the International Business Times earlier this year. Read more >
- Explore the massive regeneration potential of the Royal Docks on this interactive website. Read more >
- More about what’s going on at the Royal Docks right now at londonroyaldocks.com. Read more >
- The London government’s vision for the Royal Docks. Read more >
- Take a look at what exactly Crossrail will deliver from 2018 at the project’s official website. Read more >
- Check out this fantastic tool from JLL for an in-depth look at how Crossrail is expected to effect London real estate. Read more >