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Focus on Wapping

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Wapping’s waterfront section is a prime example of London at its forward thinking best. The wharves, jetties and warehouses that once welcomed wealth from all over the globe are now providing homes for today’s 21st Century wealth creators.

Positioned halfway between the twin financial engines that drive the U.K economy, Wapping is able to attract professionals who work in both the Square Mile and Canary Wharf. Historically, a bustling trading destination, Wapping was, for centuries, a place where fortunes were made and deals struck which makes it a natural habitat for today’s money marketers. This maritime past has shaped the streets in unique ways as they are arranged around the dry docks, warehouses and quays that give most of the properties their nautical names.

Ships no longer sail up to places like Metropolitan Wharf but new property developments in Wapping today still look out onto world famous landmarks like Tower Bridge, The Tower of London and The Shard. These views are a magnet to tenants who like having a bustling metropolis on their very doorstep, yet appreciate the buffer that the River Thames provides. All this is just a quick stroll away from Wapping High Street which has its own unique mix of historic pubs, independent shops and quirky music venues. Further exploration can be undertaken by simply hopping on the London Overground at Wapping or Shadwell stations.

One bed apartment at Wapping Riverside

Wapping Riverside, New Crane Wharf and Wapping Wall all contain river-facing apartments that give postcard-quality views across the Thames, but they each possess individual qualities that may appeal to a particular tenant group. Wapping Riverside is the best place from which to view the dramatic skyline of the City first thing in the morning. It’s also very near St Katherine’s Dock with its smart riviera-style vibe, exclusive shops and five star restaurants. Wapping Riverside is also right next to Wapping Overground. This positioning means that apartments here command higher rents while their desirability ensures minimum void periods.

Prices                                                Rents

One bedroom – N/A                            £525 per week

Two bedroom – from £1.5 million          £750 per week

21 Wapping Lane

New Crane Wharf, one of the original 80s warehouse conversions was initially a target of various young creatives who devoted time and energy into preserving the original Victorian facades. In fact New Crane Wharf still looks so 19th Century that film makers looking for the quintessential Dickensian atmosphere would make it their first choice. Wapping Wall with its distinctive set of loft-style apartments is perfect for those who want to put down roots. Farmers markets, ancient pubs and houseboats in the Limehouse Basin give the neighbourhood a certain authenticity which attracts busy City workers. At the other end of the design spectrum is 21 Wapping Lane with its futuristic curves and high rise towers. One bedroom apartments here are available for £500K. Rents are as follows:

Studio              £315 – £320 per week

One bedroom    £330 – £360 per week

Two bedroom    £395 – £475 per week

The profile of Wapping has been raised higher by the repurposing of the former News International print head-quarters into the sixty-five thousand sq ft new property development, London Dock. Luxury high rise apartments here overlook brand new public spaces with landscaped gardens and dynamic water features. Its ultra-convenient location, will be a key residential option for corporate high-flyers, tech start-up personnel and publishing professionals. Our Wapping branch also has an on-site office located there.

Prices                                         Rents                        Yield

One bedroom           £870k          £550 per week            3.3%

Two bedroom           £1.1 m         £865 per week            2.24%

Three bedroom        £3.5 m         £1,500 per week          2.24%

The E1W postcode is increasingly being inhabited by city workers who were tasked with steadying London’s economic ship at the end of the last decade. They also happen to be optimistic about the future of areas like Wapping whose subsequent growth since of the peak of the market in 2008 has outperformed prime central London. Views of the river will always command a premium, but tenants are looking for areas with a viable future and Wapping’s proximity to wealth creation is sure to make it an excellent candidate.

For a free online rental valuation of your Wapping property, click here or contact our lettings team on 020 7680 8900.


About the Author

Mark has worked in property for nearly 20 years, initially in estate agency and then moving on to work for a corporate serviced apartment provider. He has been based in the City and Docklands for 14 years and joined Benham and Reeves in 2003 as manager of the City office, going on to set up the Canary Wharf office in 2009 and now he also heads the Greenwich office which opened in 2013. ARLA qualified, Mark has the NAEA (NFOPP) qualification.