"Limehouse is the jewel in the E14 crown,” said Knight Frank partner Andrew Groocock, which makes it a favourable place to invest.
Development started in the area in the late 1970s and all the land has been built on which means investors looking for a solid property purchase to plough their cash into can rest easy that no new apartment blocks will be built.
And if you’re in it for the long haul, then Andrew believes Limehouse is a wise choice.
“If you are looking to build a property portfolio or create a pension pot then Limehouse is a great place to buy,” he said. “Unlike Canary Wharf, profit is led by capital growth rather than month-by-month yield. Once people buy here they tend to hang on to their properties.”
Rarely available warehouse conversations, some of London’s oldest houses and established modern blocks make up much of the area’s housing stock.
Department and office head Sarah Shelley from the brand’s Wapping office has been a Limehouse resident for nearly 20 years and said everyone she knows in the area thought it was the nicest place to live in London.
“It’s fantastic and we all know each other,” she said. “It’s a real community and has a village feel. I’ve been bringing people to view properties here for almost 30 years and it has been amazing – people like Alec Guinness, Bob Geldof and Paula Yates – it’s an exciting place.”
Sarah said it depended on what you were looking for but in Wapping you get a better return on what she called purpose-built “bog standard boxes” in the short term.
She said: “A converted warehouse apartment starts at around £525,000 and will rent for around £400-£425 a week. A development such as Quay 430 is a great example of purpose-built apartments. It’s close to St Katharine Dock, it’s gated, very popular and you can walk to the City.
“You’ll get a decent one-bed for £465,000 and rent it for between £350-£400 a week depending on condition.”
If you’re spending some serious money and want a view of the river from your bath tub then Sarah has just taken on a warehouse conversion in Wapping that ticks those boxes.
The 2,880sq ft penthouse is being marketed at £2.45million. It all depends how big that bonus is.
● Knight Frank has 22 offices across London and has been operating out of Canary Wharf for 28 years. The firm relocated to Cabot Place after its South Quay office was destroyed in the 1996 IRA bombing.
North and East regions are the branch’s main focus and, although its business was predominantly commercial during the development of Canary Wharf, now the agency is residential too.
Go to knightfrank.co.uk or call 020 7512 9955.