As the River Thames makes the first of several extravagant loops on its way to the sea, the North-South divide that seems so marked in central London starts to look less pronounced. Surrey Quays and Canary Wharf can be viewed practically as East London neighbours and the Jubilee Line Tube extension has successfully transformed the former from a derelict backwater into a thriving addition to the Docklands regeneration story.
After the old docks closed in the 70s, several half-hearted attempts were made to revitalise the area but unreliable transport links were always going to be a major obstacle. A combination of government planning and private initiative has revitalised Surrey Quays by absorbing the old East London line into a new London Overground orbital rail system. A short stroll away is the link to Canada Water station, located just one stop away from Canary Wharf. This two-pronged infrastructural overhaul would have been exciting enough, but the options don’t stop there. In addition to the Underground lines, there is a riverboat service that has become immensely popular with London commuters, students and sightseers alike. Additional Thames Clipper routes are scheduled to be rolled out in the near future. As developers push outwards in search of space, it’s easy for neighbourhoods like Surrey Quays to get left behind. Transport is the key to this area’s success; not just fast, but comfortable, clean and reliable. Choices of train, Tube or boat journeys make travelling from Surrey Quays not only easy, but fun as well.
Geographically, Surrey Quays occupies the eastern side of the Rotherhithe peninsula, which has plenty of land to build on in the form of old dockyards and disused warehouses. The 529 new homes that make up Marine Wharf are typical of the kind of energetic progress that high-end developers like Berkeley can bring to a neighbourhood. Innovative exteriors that reflect the maritime past of the area enclose discreet courtyards that look out over the Thames. Inside, there are full-height doors, recessed lighting in the ceilings and clever details such as easy-to-use radiator valves mounted at waist height. One bedroom flats start at £430,000, with two and three bedroom flats going for £537,000 and £665,000. Rental prices are £300, £425 and £550 per week, respectively. The latest phase in the development, Marine Wharf East, will be the home to our 14th lettings office in London, providing a lettings and property management service to landlords and tenants.
Greenland Place on the east side of Surrey Quays in Deptford is a Barratt scheme situated close to the river, overlooking Greenland Dock which is the largest wet dock in the capital. Like Marine Wharf, it offers appealing amenities in the form of a private gym, underground car parking and a 24-hour concierge service. Homes here are slightly cheaper with one and two bedroom properties available from £370,000 and £511,000 respectively. Higher specification two bedroom flats are to be found in the latest phase at Oslo Tower for £559,000. Barratt are currently advertising rental yields of between 4 and 4.5% and offer more cost-effective investment opportunities than Shad Thames or Greenwich together with better transport options.
Currently, Surrey Quays has a nice balance of old and new structures. Many of the Victorian wharf buildings overlook the Thames and there are several old pubs still serving customers in the side streets. Marychurch Street is an address of some significance, as it was from here that the Pilgrim explorers sailed in search of the New World (150 years before it became the USA). All around Surrey Quays, Canada Water and Rotherhithe, there are similar pockets of history just waiting to be discovered. New builds have been sympathetically blended in, giving the area an historical feel together with an optimistic sense of purpose. Certainly the ten thousand workers that commute to the iconic Shard building, which is just two stops away from Canada Water, will view the neighbourhood as an ultra-convenient place to live. In addition to a large shopping mall, water sports facility and numerous cafes and restaurants, there is the hidden treasure that is Southwark Park: ideal for family outings and outdoor activities.
No serious regeneration venture is considered complete without some sort of skyline-altering “statement” building and Ontario Point at the Maple Quay development next to Canada Water provides just this type of landmark. Twenty-five stories of sophisticated living make Ontario Point a strong focal point for rental investors. Boasting the same breathtaking views that Docklands residents enjoy, it contains a private art library, roof terrace and individual winter gardens. One bedroom apartments starting from £440 per week, two bedroom apartments from £520 per week and three bedroom apartments from £575 per week.
For more information on Surrey Quays contact our friendly negotiators here.
View all posts by Mark Wellington