Londonewcastle, a London-based property developer, has announced that planning permission has been granted for the Dollar Bay development (pictured) in Canary Wharf, E14.
Jointly developed with UK and European Investment, Dollar Bay development comprises 121 high specification apartments and penthouses designed by the award-winning Ian Simpson Architects. It will feature a double-height reception area with 24-hour concierge service, a landscaped garden, private dining facilities, fitness studios, secure basement car parking and a residents’ cinema.
“This is an exciting project for us and provides high quality residential units for the Canary Wharf market. This project, alongside our recently developed 1 Kingsway project, is part of the exciting ongoing property development taking place across the capital,” said Barney Kelham, Head of UK and European Investment.
Located at West India Docks, the 31-storey luxury residential tower will be a world-class addition to the London skyline, offering uninterrupted views of the river with the City and Canary Wharf in one direction and O2, Greenwich Peninsula and the Olympic Park in another.
Not only is the project situated in an internationally established financial district, it has got strong transport links and is becoming the preferred area among Far Eastern buyers for investment and rentals.
“Canary Wharf, as both a business and residential area, is thriving, with around 100,000 people working in the district and occupancy rates over 95 percent for commercial property,” noted Rob Soning, Director of Londonewcastle.
He added that the area has a strong residential leasing market and a large number of new residential developments are being built or are in the pipeline, including Dollar Bay.
“There’s a lack of top bracket residential stock and we see Canary Wharf as an area that will only get stronger – it’s been one that has stood the test of time through the recent recession and more recent threats to move head offices to lower tax environments like Geneva.”
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