Docklands News

Americans are showing a strong interest in UK properties, particularly in London, despite their lack of knowledge or concern about British politics. US buyers have been purchasing trophy mansions, penthouses, and lateral apartments in some of England's most prestigious addresses. Last year, four in ten London homes valued at £15m and above were sold to American buyers, totaling over half a billion pounds. The upcoming change in the non-dom tax regime, which may affect foreign investments, does not seem to deter American buyers. They are said to be attracted to the quality and charm of traditional British homes, as well as their proximity to Europe. American buyers have also started to diversify their purchases, including new-build properties.

The Times  

Renters need to save £391,000 more than homeowners to afford a basic lifestyle in retirement, according to the Pension and Lifetime Savings Association. Couples with no housing costs require an estimated £22,400 a year of post-tax income to secure a "minimum" retirement lifestyle. To provide that income over a 20-year retirement, a couple with no housing costs would need savings or a pension pot of £448,000. However, renting couples will need almost twice as much, £839,000, to afford the same lifestyle. The figures are based on the average monthly rent of £1,246, assuming a 2.5% annual rent increase. The number of people aged 45-64 expected to still be renting by 2041 is estimated at 3.6m. Caroline Abrahams from Age UK warns that many private rented tenants aged 45 to 64 have no savings and may be unable to afford their home in retirement. 

The Sunday Times (30/06/2024)  

An open water swimming spot is to reopen at Middle Dock, in Canary Wharf’s business district, this weekend for a third summer. Love Open Water, which runs the swim sessions, said tests have shown the water levels had "consistently exceeded the minimum requirements for bathing standards" and are "completely clean and safe to swim in". The facility first opened to swimmers in 2022 and is back this year until October due to "overwhelming demand" from workers, residents and visitors, Canary Wharf Group (CWG) said. "During the early development of Canary Wharf, a cofferdam was put in at the entrance of Middle Dock, fully closing it off from the surrounding docklands and the River Thames", it explained. "It is entirely enclosed and totally untouched by any overflows or waste". Every session is lifeguarded and can be enjoyed by competent open water swimmers over the age of 10.

BBC News (03/07/2024)   Evening Standard (03/07/2024)  

Places for London, Transport for London’s commercial property company, is searching for a new joint venture development partner to work with on a 1,500-home scheme on the Limmo Peninsula, near Canning Town tube and DLR station. The site covers around five hectares of land, with 600 metres of river frontage, and sits within the Royal Docks and Beckton Riverside Opportunity Area. “We are excited to be searching for a joint venture partner to help us deliver a residential-led scheme at Limmo Peninsula in the heart of East London. With the ability to build up to 1,500 new homes, including affordable housing, alongside a range of other improvements, this is a unique opportunity for a partner to help us transform this site into a sustainable development that will benefit the local community", commented Ben Tate, head of property development at Places for London. This partnership will form part of our wider programme, which seeks to build the homes and commercial spaces the city needs, while also generating vital revenue that can then be reinvested into the transport network".

Showhouse (27/06/2024)  

London Legacy Development Corporation and Ballymore have secured detailed planning for 700 flats in a quartet of towers on Stratford Waterfront, next to the new V&A East Museum. The buildings, designed by Howells alongside O’Donnell+Tuomey and LDA Design, will rise to 27 storeys. “East Bank is transforming Queen Elizabeth Olympic Park with the most ambitious cultural project in a generation", said Ballymore development director Simon Ryan. “So, this site demanded new homes of design excellence – in keeping with the bar that has already been set by our cultural and academic partners and neighbours and the site’s most incredible setting by the water and on the park". Construction of the towers is scheduled to start in spring 2026 and complete in late 2029.

Building (27/06/2024)   Construction Enquirer (27/06/2024)  

Energy group E.ON has joined forces with Lendlease to develop a low-carbon heat network across Silvertown, at the Royal Docks in Newham. The "ectogrid" system uses local energy sources such as air and water to facilitate an energy exchange where buildings contribute or draw heating and cooling as required, optimizing energy use across the network. The developers estimate that once operational, the network could cut CO2 emissions by about 4,000 tonnes annually, achieving an 88% reduction compared to traditional gas boilers. It will serve approximately 6,500 new homes and business units.

Sustainable Times (25/06/2024)   Utility Week (24/06/2024)