This article first appeared in City & Country, The Edge Malaysia Weekly on July 3, 2023 - July 9, 2023
UK-based property developer Chalegrove Properties Ltd (CPL) is gearing up to launch its latest residential apartment named One Thames Quay in Wood Wharf, London.
In Malaysia, One Thames Quay will be launched in collaboration with JLL Property Services (M) Sdn Bhd on July 15 and 16. The 48-storey apartment has already been launched in the UK, Hong Kong and China.
According to JLL Ltd head of city, east and north London residential development Benjamin Hobart, One Thames Quay offers a sleek and classical façade that matches well with the other stylish apartments in Canary Wharf.
“One Thames Quay is stunningly designed, which makes it blend seamlessly with other high-rises among the sweeping panoramic views of Canary Wharf and other parts of London. The balconies of the tower also have views over the River Thames and South Docks, providing a calming connection with nature for its residents,” Hobart says.
Low-density apartment
Spread across a 0.74-acre leasehold tract, One Thames Quay will offer 261 apartments with built-ups ranging from 575 to 1,050 sq ft. The biggest units will have up to three bedrooms and two bathrooms. These homes will be priced from £499,950 (RM2.96 million) and have a service charge of about £6.50 psf a year.
On the design of the units, Hobart says, “The interiors at One Thames Quay have been thoughtfully designed to maximise space, with natural light flowing through every room from the spacious balconies. All apartments have this light and airy feel, which is why the interiors will be decorated in elegant tones, combining bold design features with traditional elements.”
He adds that homes in One Thames Quay will be partially furnished, with engineered-timber effect flooring in the living rooms, kitchens, bedrooms and hallways. Kitchens will be equipped with marble effect splashbacks and composite stone worktops and other appliances.
CPL will also offer heating and comfort cooling provided by a fan coil unit (FCU) with a user-friendly control system; an individual water-metered system that provides heating and hot water from the building’s centralised energy centre as well as under-floor heating in all bathrooms and shower rooms.
Facilities at One Thames Quay include landscaped gardens, a private entrance lobby and concierge service, a package collection point, electric vehicle (EV) charging points, underground bicycle storage, a duckpin bowling alley, cinema room, sky lounge and sky gym. The east terrace of the project offers views of Greenwich while the west terrace offers views of Canary Wharf.
Hobart says One Thames Quay is also the first building of its kind to feature integrated energy systems that do not use fossil fuels. Units in the tower will have triple-glazed windows for increased energy efficiency. The tower also has a rainwater harvesting system.
Vibrant neighbourhood
The site that One Thames Quay will occupy is in a new neighbourhood, says Hobart. “One Thames Quay is located in Wood Wharf, Canary Wharf’s new exciting residential and entrepreneurial hub with over five million sq ft of new homes, office, retail and community space. Wood Wharf will deliver 4,000 new homes and nine acres of waterfront walkways and gardens.
“One Thames Quay also sits within Tower Hamlets, one of London’s fastest-growing boroughs. In the next decade, the population is expected to grow by 12% and the number of households is expected to grow by 21%. This is reflective of the increased demand to live in the local area, as Canary Wharf has become a destination of choice for both tenants and buyers.”
In addition to being in the midst of a well-established neighbourhood, One Thames Quay is a four-minute walk from South Quay Docklands Light Railway (DLR) station, and an 11-minute walk from the Canary Wharf Underground. Hobart says the new South Dock Bridge, which received planning permission in February, will reduce the walking time to Canary Wharf to under 10 minutes.
He says One Thames Quay is aimed at owner-occupiers who want to live in a well-connected location with views of London. The developer is also targeting investors who are looking for favourable rental yields and capital appreciation.
“This is also an excellent opportunity for parents to buy for their children who are planning to study in the UK, as the country’s top universities are nearby. For example, UCL Canary Wharf is only a 14-minute walk from One Thames Quay; The University of Greenwich is 15 minutes by DLR; and Imperial King’s College London is just 30 minutes on the Tube.”
In terms of pricing, Hobart explains that One Thames Quay has a competitive price point and strong rental yields compared with other similar developments in the area.
He says: “Demand continues to increase for properties in Canary Wharf as a result of the strong lifestyle offering and excellent connectivity. Recent research by JLL shows that prices of newly built properties have increased by 18% in the last 12 months. There has also been a 21% rise in rental value for all property types over the last 12 months. With this upward price trend, JLL forecasts a further 19.3% rise in house prices in the next five years.”
According to data from JLL lettings director Charlotte Russell, the latest estimated rental rates and yields for units in One Thames Quay are as follows: one-bedroom units have rental rates of £585 to £700, with yields of 5.2% to 5.6%; two-bedroom units have rental rates of £750 to £975, with yields of 4.9% to 5.5%; and three-bedroom units have rentals of £1,150 to £1,190, with yields of 4.9% to 5.1%.
“Rents in and around the development will continue to rise, owing to demand and lack of supply across Canary Wharf and London itself. We expect One Thames Quay to offer the much-needed supply for the area, where we are expecting the rental supply levels to drop further over the next 18 months,” Russell says.
For international investors, Hobart says both CPL and JLL will collaborate to assist them from the point of purchase. “JLL will walk the client through the full letting process, which includes assisting with furniture installation, completion handover, management from the point of completion, and securing a suitable tenant. After moving a tenant in and collecting rent, JLL will manage the property through its life cycle by offering the investor ongoing consultancy services,” he explains.
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