The Canary Wharf Effect
What is the Canary Wharf effect? Where should I buy? Where is the next area to benefit from regeneration? Which locations can we expect to benefit from the levelling up created by the ripple from Canary Wharf?
Over the last 20+ years, Canary Wharf has evolved so much. We have seen the creation of thousands of new jobs in various sectors from finance to banking, as well as everything needed to support big businesses including retail, creative, leisure and hospitality. More jobs equal more people, which means more housing is needed.
Throughout the past 20 years, linked areas have grown and evolved into regenerated, mature mixed-residential locations. The Isle of Dogs is firmly established, with shiny towers alongside traditionally family housing. Wapping retains its quaintness alongside a mix of private and social tenure properties. Tower Bridge and Butlers Wharf have become some of London’s most sought-after riverside locations, whilst also bringing into play trendy Bermondsey and brand-new Surrey Quays, with Greenwich just a short hop away. A historic location where new and old exist side by side, separated from the Wharf by a small stretch of water! You can even walk underneath the river from Greenwich to the Isle of Dogs.
Sandwiched in between is a little-known gem: Deptford. Albeit pretty much untouched, the surrounding areas of Deptford have benefited from public and private investments. The improvement is visible and tangible, the quality of housing and ancillary infrastructure has improved and values are steadily increasing.
We at Galliard recreated a beautiful Victorian street, Marcia Road, just off the Old Kent Road by the “Dun Cow” some 20+ years ago. So, if you ask me “where next”? It’s Deptford me!
If Silvertown and Canning Town can become go-to locations, then for me, so can Deptford. Nestled between Canary Wharf, Greenwich, and Surrey Quays, this up-and-coming town will be the next area to flock to.