London real estate agents Benham & Reeves explains why…
A little over a decade ago, a major push to build more residential property was instigated in the area around Canary Wharf a location usually associated with high-tech office buildings. Lanterns Court was one of the developments at the forefront of this bold move to give the neighbourhood a renewed sense of community, energy and place.
At the heart of London’s financial powerhouse
Situated within the dynamic Millennium Quarter area that lies just south of Canary Wharf’s main square, Lanterns Court E14 continues to provide corporate professionals with good-quality accommodation and walk-to-work convenience. Made up of a selection of attractive studio, one bedroom, two bedroom and three bedroom apartments, the development offers views of a landscaped courtyard, the Millwall Outer Dock and across to the iconic towers that make up the famous Canary Wharf skyline. The whole peninsula has taken on a new life over the last ten years as restaurants, cinemas, art galleries and gastropubs have contributed to a growing culinary scene and a sophisticated nightlife culture. Canary Wharf now has over 845,000 sq.ft. of retail space as well as Europe’s largest health club. Individuals and families now see the district as a long-term choice when deciding where to live and work in the Capital, a fact that is good news for potential rental investors.
There are several buildings that make up the Lanterns Court site, the most notable being two distinctive high-rise blocks and an eye-catching 17-storey tower. Large windows allow plenty of natural light to enhance the bright, modern open-plan interiors. Most apartments have balcony views towards the dock. Denison House, Cobalt Point and Trinity Tower phases are bordered by Millharbour Street which leads to neighbouring property schemes South Quay Plaza and Pan Peninsula, the most residential prominent landmarks.
Great investment potential
Facilities at Lanterns Court include a daytime concierge at Cobalt Point and a 24-hour concierge service at Denison House. All residents have access to an on-site gym and fitness centre and some apartments (not all) have secure underground parking. With over 100,000 professionals earning an average of £100,000 per annum within the Canary Wharf district, demand for good quality accommodation is always high from local professionals and corporates.
A development like Lanterns Court ticks plenty of boxes for rental investors as it provides residents with a convenient location, on-site facilities and an array of local amenities. Studio and one bedroom apartments offer fantastic investment opportunities as they compare favourably with brand-new properties in the same area or those that offer more commanding views of the Thames and landlords can expect yields of between 4-5%, together with short void periods. The construction of developments like Lanterns Court helped kickstart a housing boom that has seen average house prices in the London Borough of Tower Hamlets increase by an impressive 60% over the last ten years. A 7.5% rise over the last 5 years indicates the area’s continued potential for growth.
International travel on your doorstep
The nearest station is South Quay DLR, a 5-minute walk away with direct trains to Canary Wharf, the City of London and London City Airport. All the main retail and recreational destinations that are clustered around Canary Wharf are within walking distance. A new multi-level transport hub will house new shops, a roof garden and the hyper-fast Elizabeth Line which will transport passengers through Central London and on to Heathrow in just 40 minutes. London City Airport is currently increasing its capacity and expects to be handling over six million passengers by 2023. It will also soon be open to flights from Russia and South Africa as well as being London’s short-haul hub of choice. Both of these transport infrastructure improvements are set to revolutionise an area that is already well known for innovation and brilliance
A prosperous future
It was an irresistible combination of emerging talent and economic necessity that first attracted investment to a riverside area that held such vast potential. The desire to upgrade and improve shows no sign of slowing down and Canary Wharf is still an important component of the London property market’s ongoing success. Investing in Lanterns Court is the ideal way to expand your portfolio or start one. If you are interested in receiving more information, please get in touch with our Sales team who will be happy to assist you.
Current investment opportunities – 4-5% yield
For more information contact Benham & Reeves