Owing to its equidistant position, Wapping is an area that will always attract professionals working in the twin financial hubs of the City and Docklands. A rich history of trade, exploration and hard-won fortunes has made Wapping as resilient as it is lucrative. The very shape of the neighbourhood is born out of necessity and pragmatism as ships sailing up the Thames needed a secure area to dock and unload their precious cargo. Man-made waterways replaced many streets and restricted accommodation to the High Street and the numerous wharves that backed onto it.
The docks are now part of London’s rich history but their legacy lives on in the shape of the warehouse conversions and new developments that have been built on their foundations. These contain apartments offering unparalleled views of world famous landmarks like Tower Bridge, The Tower of London and The Shard, immensely popular with the kind of tenant that likes to be right in the centre of things. Each of them are just a short walk away from the High Street, with its many shops and amenities, as well as both Wapping and Shadwell Overground railway stations.
Capital Wharf, New Crane Wharf and Wapping Wall are home to river-facing apartments that give postcard-quality views across the Thames, each possessing their own individual qualities. Capital Wharf 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 and exclusive shops.
New Crane Wharf is a magnet for history and art buffs as it was one of the original 80s warehouse conversions and was home to numerous young artists who loved the space and didn’t mind preserving the original Victorian facades. In fact New Crane Wharf looks so Victorian that film makers often use it as the quintessential East End backdrop. Wapping Wall with its distinctive set of loft-style apartments is perfect for those who like to socialise. A distinct community has grown up around the farmers’ market that takes place at the nearby Shadwell Basin every weekend, giving the neighbourhood a certain offbeat charm which has become increasingly valued by busy City workers.
All of these apartments have benefited from the extensive investment that various property developers have been willing to make in Wapping. Flats are smart, modern and expansive. The High Street is eclectic and buzzing and transport links have been upgraded and modernised. However, that’s not the end of the story. The departure of the News International media giant from Wapping to London Bridge has heralded the latest phase of an ongoing property revolution. In its place, London Dock (where our lettings branch is situated on-site) is set to become home to 65,000 sq ft of dynamic architecture and high-rise luxury which, owing to its ultra-convenient location, will be a key residential option for corporate high-flyers, tech start-up personnel and publishing professionals.
The proximity of Wapping to the twin engines of the nation’s economy means that apartments here can command reasonably high prices. The aforementioned warehouse conversions start at £400 per week for a one bedroom flat, through to £750 per week for three bedrooms. Modern new developments that offer more in the way of amenities can go for more, with three bedroom apartments in places like 21 Wapping Lane starting at £950 per week. London Dock is the most ambitious new development yet and its five star facilities are sure to attract even higher prices. Yields in Wapping are a respectable 3.5 to 4.6%, but are bound to climb as further investment pours into the area.
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