Wharf Life Property Supplement - Jan 25-Feb 8, 2023

Above, an artist’s impression of how The Galleria phase of Greenwich Millennium Village on Greenwich Peninsula will look when work is complete

ways to buy in the

We are both environmentally cautious, so it’s a great comfort to have the energyefficient benefits of a new-build home

Ted, GMV buyer

Minutes to get to Canary Wharf from Greenwich Millennium Village using public transport

Left, a show home interior at Greenwich Millennium Village

by Jon Massey

Greenwich Millennium Village is a major regeneration scheme located about 15 minutes from Canary Wharf via public transport. Launched in 2000, the project is a joint venture by Countryside and Taylor Wimpey in association with the Mayor Of London. The development is expected to deliver a total of 3,600 new homes for London, when the project reaches completion within the next 10 years.

In the first of a series of articles focussing on the scheme, we take a look at what’s currently on sale and the purchasing process.

Homes in two phases of the development are currently available. Prices at The Galleria start at £449,995, with apartments and maisonettes both on offer.

Prices at The Observatory start at £499,995 for the final few homes remaining. These are ready to move into immediately.

Whether it’s a one, two or three-bed that appeals, here’s a little more detail on how to buy at Greenwich Millennium Village:

why buy new?

New-build properties come with several advantages when it comes to making a purchase. Those buying newly constructed homes do not, for example, need to contend with the long chains of buyers and sellers associated with older housing.

These are prone to delays as parties pull out and can lead to months – even years – of worry and uncertainty, making chainfree homes extremely attractive in contrast. Buyers of properties at Greenwich Millennium Village get further peace of mind with every property covered by the National House Building Council’s Buildmark warranty and insurance policy. This provides 10 years of cover in the event of structural defects, protecting buyers should any damage occur due to build failures in their property.

financial support

Once buyers have found a home they’d like to buy at Greenwich Millennium Village, the developers can introduce them to an independent financial advisor who can assist them in finding a

mortgage, should one be needed.

The developers are currently operating a scheme that rewards buyers’ family members for supporting the purchase.

Relatives contributing 5% or more to help their relation buy a home, will receive around £2,000 as a thank you on completion.

green credentials

Located on the banks of the Thames, Greenwich Millennium Village includes ample open space including a four-acre ecology park and copious parkland throughout the site.

Little surprise then, that the environment has been at the forefront of architects’ designs for the site since the project’s inception.

The latest phases come with energy performance features that go over and above the requirements of standard building regulations.

These comprise high-performance glazing, high levels of insulation and a focus on superior air-tightness that all work to minimise heat loss in the property.

A-rated boilers, low energy LED lighting, smart thermostats and energy efficient appliances are also included.

The developers say these measures all contribute to make new homes about 56% more energy efficient than Victorian properties with buyers potentially saving about £1,200 on bills every year.

ongoing contact

Those making a purchase at Greenwich Millennium Village will be in regular contact with the development’s dedicated sales progression team.

It’s their job to help buyers at every stage of the process from reservation, right through to completion.

For those who have moved in, the development’s customer service team is available to residents for their first two years in the property to deal with any after care issues and to help new owners get established.

For more information go to greenwichmillenniumvillage.co.uk or call 020 4586 3546

For more about Greenwich Millennium Village homes, scan here

case study why we bought at Greenwich Millennium Village

After renting in Limehouse, for three years, Ted and Ellie decided it was time to buy a home of their own.

Set on purchasing a new-build property, the couple secured a one-bedroom apartment at The Observatory at Greenwich Millennium Village.

Ted said: “We are both environmentally cautious, so it’s a great comfort to have the energy-efficient benefits of a new-build home included as standard.

“We are sure it will also positively impact our bills, especially in the current climate”

Ellie added: “When we moved in, we received a welcome gift set which was a lovely personal touch for us to celebrate arriving in our first home. There was also an event which was organised for all new buyers, so we were able to meet our neighbours and instantly become part of the community here.”

Top, the couple have bought a home at The Observatory following a spell renting in Limehouse

Left, the prospect of an energy efficient home proved attractive to Ted and Ellie

how new homes at Greenwich Millennium Village offer multiple attractions to buyers plus support through the purchasing process

building the future

by David Galman

For around about a month after the TrussKwarteng debacle, not only did it look like rising interest rates would scare off the individual buyer – be they owner occupier or buy-to-let investor – the rate shock spooked the institutions too.

Yields began to move quite dramatically as short, long and medium-term rates rose many build-torent institutional forward fund transactions were put on hold. Thankfully, the markets settled fairly quickly with gilts and swap rates returning to a more normal pattern.

For the private individual, however the damage was done. As well as new mortgages being a little scarce, the cost of borrowing a long-term mortgage has doubled. Add to this the 1.8millon people coming off a fix of below 2% at some stage this year and the future for the individual owner looks tough.

We dined out on incredibly low borrowing costs for too long and there is a generation that knows no different, hence the shockwaves.

The funds and institutions in the build-to-rent market, however, have recalibrated their yields, pushed the returns out a year or two and re-entered the market.

The European and American private rental model has now taken hold. It is no secret that we at Galliard have been at the forefront of volume private sales to the owner occupier and buy-to-let investor for 30 years. If we are any kind of barometer there is a mood swing afoot.

Much of our current development pipeline is in partnership with this type of forward funding for the rental market – from Nine Elms to Canary Wharf and Surrey Quays to Deptford.

We are creating large scale, high quality private rental stock to be run and administered by institutional investors and the same applies with us in Bristol, Ipswich and Birmingham.

It is not only high-rise apartment blocks that are in demand. The institutions are buying housing developments as they look to the single family living as long-term tenants.

Property markets fluctuate and move in cycles and no doubt there will be a return to owner occupier demand.

For now, however the rental companies will continue to forward fund whole developments and dominate the residential marketplace.

I can only think that this will affect the supply of new homes for sale yet again, potentially fuelling house price inflation as shortage of supply inevitably leads to a greater demand!

I am determined, however, to look forward with positivity for the year ahead. A belated Happy New Year to all.

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Go to galliardhomes.com or follow @GalliardHomes and @DavidGalman on Twitter

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Above and below, show home interiors and balcony at Brunel Street Works in Canning Town

Much of our current development pipeline is in partnership with this type of forward funding for the rental market

David Galman, Galliard Homes

David Galman is sales director at Galliard Homes which is delivering developments including Orchard Wharf, Harbour Central and The Stage

Minimum share of an affordable property that can be bought at Brunel Street Works with L&Q

by Jon Massey

Well located” is the phrase L&Q sales and marketing director Claire Brenlund uses to describe the shared ownership homes at Brunel Street Works.

The housing association is marketing a selection of affordable homes at the Canning Town development with one, two and three-beds on offer as well as maisonettes.

Built on a strip of land between Silvertown Way and the snaking DLR lines that connect the nearby station with Royal Docks and Woolwich, overlooking London City Island and the River Lea, the scheme has much to recommend it for prospective buyers who need to travel towards the City.

Located in TfL’s Zone 2/3, Canning Town offers cheaper journeys in the direction of central London than stops in Zone 3 itself. Canary Wharf is about five minutes from the transport interchange via the Jubilee line. L&Q’s properties lie about three minutes’ walk at a brisk pace from Canning Town’s platform.

From there, the Elizabeth Line is only two stops away on the DLR and destinations such as Stratford, Bank and Bow are all directly connected.

But what of the location itself?

Canning Town has seen a substantial amount of development in recent years as part of efforts to regenerate the wider Royal Docks area.

New residents, businesses and amenities have all arrived in significant numbers over the past decade with much more in the pipeline.

That means facilities such as Tian Tian Oriental Market, Rise Climbing Wall, Yapix wine bar, Chill #08 Bar and numerous gyms are now all within easy walking distance. Up the Lea, Bow Creek Ecology Park and further upstream, Cody Dock, offer further riparian attractions with a focus on wildlife and healthy living.

To the south Royal Docks is awash with water sports, bars, places to eat and an ever expanding community of its own, plus the cable car over the Thames to Greenwich Peninsula for those

who would rather eschew one stop on the Tube.

It’s cheaper than Zone 2 as well. Prices for a newly built shared ownership property are around £9.35 less per square foot at Brunel Street Works than for a similar, albeit less well connected, home on the Isle Of Dogs with a comparable commute time to Canary Wharf.

That might not seem like much, but it’s more than £5,600 for a 606sq ft property – incidentally the size of the entry level one-bed at Brunel Street Works.

Prices start at £98,750 based on a 25% share of an apartment with a full market value of £395,000. Buyers would expect to pay a monthly rent of £568 on the remainder of the property. The minimum deposit is £9,875.

So what do you get for that? All shared ownership properties at Brunel Street Works are built to L&Q’s New Build Quality Standard, meaning buyers can expect integrated appliances in kitchens and bathrooms, large windows, video door entry systems, carpets in the bedrooms and lift access to all apartments. The development also has a 24-hour concierge service

Claire said: “The transformation of the Canning Town area forms part of a £3.7billion regeneration programme which is bringing new homes, public spaces, restaurants, cafés, shops and creative workspaces to this well-located area of London within a short walk of the Royal Docks.

“L&Q at Brunel Street Works has been designed by award-winning JTP Architects to provide modern, well-engineered homes which are built to stand the test of time.

“The industrial history of the area is reflected in the architecture of the buildings, which are punctuated by public green spaces for new buyers to enjoy, including rooftop gardens, which offer sweeping views across the east London skyline for residents to enjoy.”

For more information about homes at Brunel Street Works go to lqhomes.com

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how new-build, shared ownership homes at Brunel Street Works in Canning Town offer connectivity, amenities and value in Zone 2/3

Brunel Street Works in Canning Town

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