Hitherto, all the tall buildings have been for commercial & retail space.
The proposed 58-storey building on the Newfoundland site will be comprised of 566 suites, one-, two- and three-bedroom apartments. These apartments will span 11ft in height ‘floor-to-floor’, allowing for higher floor-to-ceiling heights than those at other residential towers planned in the surrounding area. There will also be 14,360 sq ft of retail space; as well as 36,300 sq ft of external and 16,000 sq ft of internal amenity space which will incorporate a health club and spa that will offer superb views of London.
Why Called Diamond Tower?
The 58-storey Diamond Tower takes its name from the repeat pattern of the shell supporting steelwork, which will soar 218m into the sky. The precise location of the plot is the land bounded by Park Place, Westferry Road & Heron Quay Road, (Newfoundland) London.
The development marks a new stage in the evolution of Canary Wharf, which first opened in the early 1990s. It is the first of several major residential tower block schemes to get the green light that are planned around Canary Wharf on the Isle of Dogs. Completion is expected in 2018.
Location
You can't beat this one for location. Canary Wharf is home to more than 100,000 highly paid employees in the financial industry. Futhermore, Canary Wharf is growing. More commercial space is planned and the outlook is very positive.
Up till now, there is no residential block on the actual Canary Wharf estate, though there are many residential developments nearby and within walking distance.
For example, our unit at Lanterns Court has had zero problems letting out to Corporate Lets since Day 1, at fantastic rental rates. Our unit is a 10 minute walk to Canary Wharf Tube station. This Diamond Tower is right in the commercial area itself. Think of it like a residential tower just next to Raffles Place MRT.
Planning Permission Given - Expect the Launch Soon
We can expect this development to be launched soon. It will definitely be pricey (I think north of £1,000 psf), but hey, look at where this place is located!
Any views on this development? Please do share your thoughts on my community forum here.
Happy Investing!
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Important Disclaimer - . The views contained in this blog and blog post are entirely mine. We cannot be made responsible for any investment decisions you may, or may not, take. Nothing in this blog can be construed as professional investment advice, as we are NOT professional investors and we are ill qualified to give you any advice. Read the blog at YOUR own risk
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