Rising in the East: Canary Wharf’s 45 Storey Residential Landmark
September 01, 2007 (PRLEAP.COM) Business NewsYoung Group announces the launch of The Landmark East Tower in Canary Wharf (www.thelandmarke14.com). The iconic 45 storey tower will rise to 140 metres, making it one of Europe’s tallest residential buildings, and apartments are available from £355,000.
The release of the first apartments in The Landmark East Tower follows the overwhelming response to Young Group’s launch of its sister tower, the 31 storey West Tower, in December 2006 (which is now fully sold out).
Situated adjacent to the West Tower, apartments in The Landmark East Tower will be finished to an equally high standard with floor to ceiling glass, integrated kitchens, quality appliances, marble bathrooms, comfort cooling throughout and wooden floors. The two towers also share equally generous layouts.
Due for completion at the end of 2010, it is the aspect of the stunning East Tower at The Landmark which differentiates it, with a large proportion of one bedroom apartments benefiting from east/west orientation and river or Canary Wharf/dock views.
The Landmark is situated at 22 Marsh Wall, only 4 minutes’ walk from Canary Wharf’s financial centre. It is ideally positioned to appeal to the area’s burgeoning workforce, which is set to more than double, to 200,000 within the next 10-12 years, making it an excellent investment proposition.
Furthermore, the Landmark will be a destination in its own right, featuring a central piazza with a choice of quality restaurants and shops, a residents’ gymnasium, secure underground parking and 24 hour concierge/security.
Neil Young, Young Group’s CEO, points out, “The tremendous interest already generated by The Landmark is testament to its premier location and quality, and highlights the stark difference in value offered at comparable residential developments in Canary Wharf.”
Canary Wharf’s strength as a global financial centre is already cemented and there is no respite in the demand for commercial space. In April 2009, KPMG will move into a new 15-storey headquarters to be built at 15 Canada Square, and Fitch Ratings, the global credit ratings firm, will move into £290m purpose-built offices at the end of 2010.
Young explains, “We believe that the fundamentals for investing in Canary Wharf remain strong; in particular a lack of development land in the prime are and an ever-growing pool of eager purchasers and tenants a ensures that The Landmark represents an excellent opportunity for long term wealth creation.”
All 276 apartments in the 31 storey West Tower have now been reserved and The Landmark development is already gaining a reputation as one of the most desirable residential locations in Canary Wharf. Indeed, three years ahead of completion, the project is to receive two national awards in the prestigious Daily Mail UK Property Awards 2007, in the categories of Best High Rise Development and Best High Rise Architecture.
Young Group has released an initial four floors within the East Tower, (11th, 19th, 26th and 34th), offering purchasers a wide choice of suites, 1 and 2 bedroom apartments, priced from £355,000.
Designed by award-winning architects, Squire and Partners, The Landmark is being developed by Chalegrove Properties and will incorporate the latest in energy saving green technologies including a wood-burning biomass heating plant to reduce carbon emissions.
Canary Wharf: The Future
The growth continues and Canary Wharf Group is developing Canary Riverside South, situated within minutes of The Landmark, a 3 million square foot commercial, office and retail development in 2 towers, each approximately 200 metres high. Additionally, another 4 million square feet is set to come online at Wood Wharf, directly adjacent to Canary Wharf, as well as commercial developments at North Quay and Arrowhead, across Marsh Wall.
Mid level, smaller, apartments in nearby Pan Peninsula are selling in excess of £1,000 per square foot. A 581 square feet one bedroom apartment on the 5th floor at The Icon is being offered for £450,000 (£775/sqft) and a 670 square foot second floor two bedroom apartment at New Providence Wharf is priced at £550,000 (£811/sqft). Comparable prices at The Landmark, East Tower on the, higher, 11th floor start with a one bed at £355,000 (£754/sqft) and a two bed £570,000 (705/sqft), demonstrating excellent value for this superb quality and location.
• Underground – Jubilee to Stratford, North Greenwich, and the West End.
• DLR – Services to Bank, Tower Gateway, Stratford, Beckton and Lewisham.
• Air – London City Airport lies only 3 miles away.
• Buses – D3, D7, D8, 277, 395 and N50.
• River – River boat service to Blackfriars, Bankside, St Katharine’s, Surrey Quays and Masthouse Terrace.
The Landmark: At a Glance
• 368 private apartments (East Tower) and 276 private apartments (West Tower; now sold out)
• Prominent position to prime Canary Wharf
• Designed by award winning architect Squire and Partners
• One of the tallest residential buildings in Europe
• Young Group has purchased the entire development
• Residents gymnasium and 24hr concierge
• Easy access to London City Airport, the Olympic Site at Stratford and fast links to Stansted
• Working population due to more than double over the next 20 years
• Located minutes from the planned 3 million square foot office development, Canary Riverside South and Arrowhead (Ballymore)
• Ground and first floor shops and restaurants, and a central landscaped piazza
• Young Group owns the freehold, enabling us to maintain the quality of the development
About Young Group
Young Group specialises in providing Property Portfolio Management services to private investors, identifying the best off-plan opportunities in London on their behalf and managing the entire investment process - from sourcing the property through to financing, furnishing and letting.
Young Group is a wealth manager with a focus on property as an asset class. Young Group owns all the property it sells, and also retains a number of properties for its own portfolio. As the principal in every transaction, Young Group does not realise any profits until completion, giving investors 100% confidence that properties will ‘value up’ and that financing will be secured.
Young Group has transacted in excess of 1,500 apartments, with a retail value of £630m. The majority of our units are bought by clients for their private portfolios. The Group’s lettings division, Young Lettings, has successfully let all investors’ apartments within a week of completion.
For each property exchange, Young Group donates £50 to Children with Leukaemia, the UK’s leading charity dedicated exclusively to fighting Britain's biggest childhood cancer through pioneering research, new treatment and support of children with Leukaemia and their families, and to Norwood, the Children and Families First charity which provides support to families facing social difficulties.