South Quay or the so called Millennium Quarter area of Docklands is still proving to be the biggest winner in the upturn in rental demand from both corporate and private tenants. With luxury new developments such as Pan Peninsula, Ability Place, Landmark and Discovery Dock setting the pace, many rents are up over 5% on 2010′s figures.
Posts with tag "Pan Peninsula"
Rental apartments in Canary Wharf and the Docklands area are still in extremely high demand and prices are still on the up. One bedroom apartments in developments such as Lanterns Court, The Landmark, Pan Peninsula and Ability Place are disappearing from the market at record speeds and the prices achieved on many occasions are in excess of 15% on those achieved last year.
Across the months of January and February Madley Property have agreed a record number of rental renewals as many tenants have chosen to stay put and agreed to increases in rent rather than to try to find a new property in an already competitive rental market.
In May 2009 the financial and employment turmoil left in the wake of the credit crunch and worldwide recession left the pending completion of thousands of new apartments within the Canary Wharf area in question. A large question mark also arose with respect to the source of tenants to occupy these new properties. Corporate tenants who were one of the main driving factors in boosting letting values during the boom years were cutting back unit numbers and budgets resulting in many landlords without tenants. Values were dropping in some developments by up to 20% – 25% equating to decreases in lettings values in particular schemes of up to £150 per week per unit. Landlords scrambled to secure new private tenants as their corporate occupiers deserted them and void periods increased as some landlords struggled to come to terms with the lower rental values on offer.