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NoFlatsPlease

Wood Wharf Development

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There is a huge development planned for the eastern section of Canary Wharf over the next 10 years.

http://www.woodwharf.com/vision.php

This should make the area even more desirable. Anyone buying around here?

Mmmmm involving (and presumably this is the only way to pay for the 35% affordable housing) 4.9m sq ft of office space. With occupancy rates below 80% in the City and the Wharf, and the EU determined to emasculate the City, I rather suspect that this development will never get built.

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The noise around the project has certainly been subdued over the past year.

Not keen on the smell from Billingsgate either.

Sorry but it's another futile ramping attempt that has landed on stoney ground.

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It's quite a novelty being able to buy fresh lobster and crabs from Billingsgate in the mornings (dirt cheap too), but seriously there is too much development in Canary Wharf as it is, anyone whose bought there in the last 3/4 years will be pooing their pants looking at the new developments coming up all around them.

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Never quite see the attraction of the whole Canary Wharf thing - soulless, few amenities, lots of glass tower blocks a stones throw from some of the worst poverty in the UK, most places a long walk from the tube or a dodgy unmanned DLR station. Also double the price of the rest of east London including pleasant areas like Wanstead and Snaresbrook which actually have shops and character.

No way would I live there. But there are always plenty of mugs with lots of money to burn. :lol:

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Never quite see the attraction of the whole Canary Wharf thing - soulless, few amenities, lots of glass tower blocks a stones throw from some of the worst poverty in the UK, most places a long walk from the tube or a dodgy unmanned DLR station. Also double the price of the rest of east London including pleasant areas like Wanstead and Snaresbrook which actually have shops and character.

No way would I live there. But there are always plenty of mugs with lots of money to burn. :lol:

The problem is, as long as there are companies occupying offices in Canary Wharf, there will always be huge demand and grossly inflated prices in the immediate area.

The reason being is that unlike many other professions, bankers in Canary Wharf (especially the junior ones) work insanely long hours, where 4 hours of sleep a night is the norm and 5 is a luxury. Hence their choice is stark; they can either live within 15 minutes walking/bus/DLR to work in the immediate area, or live 45 minutes away in "nicer" areas but spend 30 minutes more commuting each way, losing that "luxury" 1 hour of sleep.

As they are paid insane amounts of money and spend almost nothing on anything else (most are single, no kids), they don't think twice of blowing 50% of their salary on housing. And that, my friend, is why house prices around Canary Wharf are artificially high and will be as long as there is that demand.

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