Bosses behind the £160million Rathbone Market development have said it offers “good value” at a topping out ceremony for the third and final building.

Representatives from English Cities fund and Newham Council cemented the final brick in place at the top of the Lumiere tower, which completes the 652-home, sold-out scheme due to open at the end of 2016.

Prices for a one-bedroom apartment start at £352,500 – more than 10 times the average salary in 2015 in London of £34,320.

The most expensive property – a three-bedroom duplex – costs £675,000.

Chairman of the fund, a joint venture between Muse Developments, Legal and General Property and the Homes and Communities Agency, Sir Michael Lyons said: “I’m not someone who brushes aside issues of affordability. “That can’t be solved by one developer but we think these homes offer good value, a high proportion of affordable homes and private renting and that is an important part of the London solution.

“Sadiq Khan is in a strong position to bring London boroughs together and develop a pan-London strategy which offers homes to buy and rent that people can afford.”

Bosses reflect on the work involved in the project

He said the red, orange and silver development, which includes a new home for the market, shops and offices, brought some of the colour of Fulham and Chelsea to Canning Town and had “undoubtedly been the catalyst for wider regeneration”.

The fund has been working with Newham Council for 10 years on the project which is the first in a wider £3.7billion planned regeneration of Canning Town and Custom House.

Deputy mayor of Newham Cllr Lester Hudson said: “When I worked with the Dockhands Corporation 20 years ago they drew a ring around Canning Town because it wasn’t an area anyone wanted to touch.

“So it is momentous the investment made here now and the changes we see here.”

When asked about the affordability of the scheme for local people he said: “This is a really successful regeneration.

“We made a promise to residents that if they wanted to come back they could and a number have.”

Out of the 652 homes 163, or 25% are designated affordable properties and 192 will be privately rented, leaving 292 to be bought.

The new Mayor of London has said he will limit buy to leave in the capital but Sir Michael said buyers from abroad helped make the Rathbone Market scheme feasible.

“It was important to us here, being able to sell to investors overseas,” he said. “People that bought them are using them for their children to come here for their education, or as second homes or sometimes to rent. Hardly any are sitting empty.”

Sir Michael Lyons cements the final piece of the building in place
The view from the top

He said it was a surreal moment cementing the symbolic items into the final brick on top of the building which boasts golden balconies and joins the Vermilion and Aurelia buildings. They were olive oil for protection, a yew twig for rebirth, Thames water to represent a turning point in history and Meantime beer to symbolise celebration.

The former Stratford School pupil, who grew up in the now demolished Cundy Road and used to go to the market as a child was delighted to top out the project, which is so close to his heart.

“We have physically reshaped Canning Town but that has to fit in with the building of the community and encouraging others to invest,” said Sir Michael.

“Critically we have led the way in Canning Town. We were investing in 2010 when others were sitting on their hands.”

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