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Property Lettings Soar In Canary Wharf
Property Lettings Soar In Canary Wharf
The lettings market in Canary Wharf is soaring and, with new towers coming on stream at Pan Peninsula and The Landmark, demand from corporate tenants looking for a prestigious address close to their work is fuelling the current boom.
London,
UK,
United Kingdom
(prbd.net)
19/08/2010
The lettings market in Canary Wharf is soaring and, with new towers coming on stream at Pan Peninsula and The Landmark, demand from corporate tenants looking for a prestigious address close to their work is fuelling the current boom. Here at Benham and Reeves Residential Lettings we’re seeing a staggering increase in enquiries, with the number of new tenants registering with us up in the second quarter of 2010 by 34.7% over the same period in 2009, and up 29.1% in the first quarter of 2010 over the same period last year.
So why this huge rise in popularity? Marc von Grundherr, Director of Benham and Reeves Residential Lettings, explains: “Increasingly, Canary Wharf is becoming a sought-after residential area in its own right. A year or two ago, executives coming to work in the City would live here as a stopgap, before moving on to leafier or more prestigious areas such as Hampstead or Chelsea – but, with smart apartments in new developments such as Pan Peninsula and The Landmark transforming the area, we’ve seen a marked effect on the lettings market.”
“It goes without saying that both developments offer high end luxury. You’ll find a health and fitness spa and 24 hour concierge service and at Pan Peninsula there’s even a waterside restaurant and private cinema. And, of course, many apartments have panoramic views. With prices starting at £335 pw for a one bed apartment at The Landmark and £350 pw at Pan Peninsula, prices are still very affordable too.”
“Add to this the desire to work closer to the office, and of course, Canary Wharf’s growing appeal as a residential area, brimming with restaurants, cafes and shops, as well as parks and squares and arts and entertainment events and you can see why tenants are choosing to stay in the area – in fact, the average length of a tenancy has increased from an average of 8.3 months in the second quarter of 2009 to 17.4 months in the second quarter of 2010. Tenants really are impressed by the fantastic lifestyle at Canary Wharf.”
The huge growth potential of the Canary Wharf lettings market prompted Benham and Reeves Lettings to open a dedicated office in the area only two months ago. It’s the company’s tenth London office (making Benham and Reeves Lettings the capital’s largest, independent lettings-only agent) and is already its strongest growing office in terms of rentals concluded.
Marc continues: “Before the opening of our Canary Wharf office, we handled rentals in the area from our City & Docklands office so we know the area very well. But even we have been amazed by this surge in demand. The availability of properties is reducing (down 14% on the same quarter in 2009) and, as a result, rents are rising across the board as demand increases. Where tenants are renewing their existing tenancy agreement, rents are up between 17% and 23% - although the largest jump was a staggering 35%! And on new tenancy agreements, rents are also up by an average of 19%. The upshot is that our landlord clients, who have invested in these new developments, are already reaping the benefits, enjoying rental yields as high as 6%.”
The new Benham and Reeves Residential Lettings office at Canary Wharf is located at Level 33, 25 Canada Square, E14. Lisa-Jane Stratton is the main office contact. Both she and office manager Mark Wellington can be contacted on 020 7038 8057 or email canarywharf@brlets.co.uk
Editor’s notes:
With ten offices in the prime residential areas of London (and overseas offices in Singapore, Hong Kong and Dubai), Benham and Reeves Residential Lettings is recognised as a renowned, independent London lettings agency. Established in 1956 in Hampstead, London, they are the only lettings agent with offices in Hong Kong, Singapore and Dubai serving a growing international investment clientele. The company also offer an interior design, refurbishment and furnishing service for investment properties through their sister company In:Style Direct.
The company is part of established property group, The Complete Property Investment Solution, which offers a comprehensive range of services to help clients maximise their return on investment. With a leading sales and acquisition agent, interior designer and furnishing company within the group, The Complete Property Investment Solution can manage all aspects of property investment.
Media Contact Information
Name: Tracie Lack
Website: www.brlets.co.uk
Email: brmarketing@brlets.co.uk
Phone: 020 7433 6670
City: London
About
The lettings market in Canary Wharf is soaring and, with new towers coming on stream at Pan Peninsula and The Landmark, demand from corporate tenants looking for a prestigious address close to their work is fuelling the current boom.
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