New homes in Canary Wharf: shared-ownership flats in £1 billion development with theatre, restaurants and new schools
Right on the cusp of Canary Wharf and the Isle of Dogs, a selection of waterside homes aimed at first-time buyers has launched with prices from just over £120,000.
The shared-ownership flats are within the vast £1 billion Millharbour development, where more than 1,500 homes, plus shops, restaurants, a theatre, park, square and two new schools, will create a six-acre London micro-neighbourhood featuring half a dozen 30-storey towers.
The homes are brilliantly located for those who work in or around Canary Wharf, a pleasant 10-minute walk away over South Dock.
And from Canary Wharf station in Zone 2, the City and central London are easily reached. Once Crossrail launches, journey times should be reduced.
A 25 per cent share of a one-bedroom flat at Dockside at Millharbour costs £121,250, with estimated monthly outgoings of £1,564 including mortgage repayments and a total £988 in rent and service charge.
A deposit of £12,125 is required and minimum household income must be £56,361 to apply.
For two-bedroom flats a 25 per cent share will cost from £166,250. Mortgage, rent and service charge come to an estimated £2,038 a month, and buyers will need a household income of £73,424.
The deposit for these larger properties is £16,625.The apartments launched recently and will be move-in ready next month.
Knockout views: private balconies of Dockside at Millharbour flats offer a sweeping vista of the City, Thames and docks, available to first-time buyers on the 17th to 25th floors
The best thing about these new homes, apart from their price tags, is the view, which can be enjoyed from private balconies.
The homes are set on the 17th to 25th floors of the Salvor Tower and take in views of the docks, the Thames and the City skyline. A salvor, in nautical terms, is a person who salvages lost ships and cargo.
While Canary Wharf’s shops and restaurants are just north of the scheme, the city farm at Mudchute Park and also Millwall Park are just to the south, so the area is surprisingly green.
“Being able to offer this scheme here provides a fantastic opportunity for buyers to own a home that would otherwise be completely out of budget,” says Jim Munson, head of marketing at Notting Hill Genesis.
“Dockside at Millharbour offers a terrific location in a prominent area, a great specification and some incredible views.”