Residence and employment are key factors when Hong Kongers consider UK emigration. Moving to central London may be an option for better job opportunities and transport links. The cost of housing however, is prohibitive and relatively high for new emigrants. Whitechapel may be a wise alternative because of its convenient location and the employment opportunities associated with its redevelopment plan.
Brilliantly located on the cusp of Zone 1 in London’s East End, Whitechapel is equidistant between two of London’s largest financial districts, the City of London and Canary Wharf with great development potential. This historical area is undergoing extensive regeneration under the UK government’s plan for the area to evolve into a vibrant world class Life Sciences Hub backed by thriving new infrastructure, generating unprecedent job opportunities for research, IT and finance professionals.
Leading global life sciences city incubates innovation
Repositioning UK as a new Tech hub, the former British Prime Minister David Cameron launched the Tech City project in 2010 as a measure to stimulate economic transformation and growth. The Shoreditch and Old Street Roundabout areas have developed into what is now known as the UK’s ‘Silicon Valley’, incentivising tech and financial professionals from all over the world to start businesses or look for job opportunities, fueling the growth of the local economy and property market.
To replicate the success of Tech City, the UK government further launched the £300 million “Whitechapel Vision” regeneration plan in 2013 to establish another world-class life sciences hub in the UK, which ranks on par with the biotechnology hubs of Boston and San Francisco in the US, with an expanded retail, leisure and community infrastructure which attract public and private investment.
Under the plan, Whitechapel will be transformed into a leading integrated life sciences-oriented commercial centre, powered by data and innovation with 70,000 new jobs created. Whitechapel Med City campus will play an active role in the development of the community. Queen Mary University of London, renowned for its medical school and research excellence, has co-operated with New Barts Life Science to establish a brand-new science and technology college called the New Barts Life Science Medical Research Campus to recruit elite research scholars, scientists and doctors from across the globe. Given the abundant new jobs available, the area is ideally suited to Hong Kongers looking to move to the UK to work.
Whitechapel will further be enhanced with a flagship Sainsbury’s Supermarket and a public open space integrating new residential, retail and corporate areas to evolve into a place to live, visit and do business.
Elizabeth line (Crossrail) strengthens connectivity with journey times of only 3 minutes to Canary Wharf
Whitechapel is well-connected with the Tube network and Overground thanks to the mature transport infrastructure. It takes only 16 minutes from Whitechapel station to King’s Cross St. Pancras and 2 minutes to Liverpool Street Station and Shoreditch High Street Station. Tower Hill Station is within a 4-minute radius. With the introduction of The Elizabeth Line (Crossrail) scheduled for next year, Whitechapel will become a major interchange connecting 4 Tube and train lines, making travel to the entire cepital more convenient and less time consuming.
In 2022, the estimated travel time to Canary Wharf will be significantly shortened to 3 minutes, to Bond Street Station, the city’s shopping hotspot, only 10 minutes, and the travel time to Heathrow Airport will be halved to about half an hour.
With improved connectivity and sustainable development, the investment outlook in Whitechapel is attractive without doubt. Looking at the success story of neighbouring King’s Cross, Whitechapel will attract high-income and high-skilled people to settle in the Life Science City, and the rising population will boost housing and renting demand. A 25% property price inflation in Whitechapel is projected by 2024, creating a valuable buy-to-let opportunity.
Apart from the improved living standard arising from the regeneration plan, Whitechapel is in an excellent school catchment area. There are 47 Ofsted rated ‘Outstanding’ primary and secondary schools within a 2 mile radius. It’s just a 2-min walk to Queen Mary University of London’s Whitechapel campus, and within easy reach of many of London’s finest schools and universities including UCL and King’s College London.
The Silk District is a prime residential development in Whitechapel E1, crafted by the award-winning central London developer Mount Anvil. A selection of contemporary studio, 1, 2 and 3-bedroom apartments are now available for sale. The homes have a modern and classy design that emphasises simplicity. The lobby is spacious and well-equipped with amenities, including the professional 24-hour concierge, fully equipped flexible workspaces, high-tech gym and luxury private cinema. Not forgetting the rooftop and podium gardens perfect for relaxing. Apartment prices start from £445,000.
To learn more about the prospects of the Whitechapel property market and The Silk District, click here.
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