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getdoon_weebobby

Carmine Wharf

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http://www.bridge.co.uk/carmine_wharf/

email just in - any value yet in limehouse??

Getting there. This development has a council estate on one side (don't know whether its a "nice" one or not) and Lidl on the other (where I do my weekly shopping), and overlooks a PO sorting office and the canal. I would think the 2 bedders should be around £250/week to rent so about £250k to buy. Pity any poor sods that paid £340k for them though...........

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Getting there. This development has a council estate on one side (don't know whether its a "nice" one or not) and Lidl on the other (where I do my weekly shopping), and overlooks a PO sorting office and the canal. I would think the 2 bedders should be around £250/week to rent so about £250k to buy. Pity any poor sods that paid £340k for them though...........

It says from £265k... :unsure:

That probably means there will be one at £265k and the rest start at £290-300k or something ;)

Besides £265k for 650 sq ft slave box with no parking besides a Lidl, a posting office sorting house and a canal full of supermarket trolleys :blink:

Hardly a bargain :(

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It's not a nice bit of Docklands. Most of the pictures of Narrow St on the website are a good 10 mins walk away :lol: Also perhaps a bit noisy there- some flats will be within earshot of Commercial Road.

But it is good for transport.

Any idea what the service charge is like?

Def wouldnt pay more than 250k for it, probably rather less

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It says from £265k... :unsure:

That probably means there will be one at £265k and the rest start at £290-300k or something ;)

Besides £265k for 650 sq ft slave box with no parking besides a Lidl, a posting office sorting house and a canal full of supermarket trolleys :blink:

Hardly a bargain :(

in fairness go on website http://www.bridge.co.uk/index.php

theres a good few at 265/270/275. prob could offer 250 and see what happens so close to stamp duty 250 and all that but maybe not seeing there seems to be a bounce lol.

in fairness dont see any above 275 so doesnt seem like a bottom floor job at 265 rest at 300+

Edited by getdoon_weebobby

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in fairness go on website http://www.bridge.co.uk/index.php

theres a good few at 265/270/275. prob could offer 250 and see what happens so close to stamp duty 250 and all that but maybe not seeing there seems to be a bounce lol.

in fairness dont see any above 275 so doesnt seem like a bottom floor job at 265 rest at 300+

Yes you are right about the prices ;)

Area is the wrong side of the dual carriageway that separates banker from council house tenants :huh:

Lidl on one side, post office and the canal on the other :blink:

Even if you are paying £250k to live there are you getting a bargain?

IMHO - no

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Yes you are right about the prices ;)

Area is the wrong side of the dual carriageway that separates banker from council house tenants :huh:

Lidl on one side, post office and the canal on the other :blink:

Even if you are paying £250k to live there are you getting a bargain?

IMHO - no

Dunno so much you know? The LHA for Tower Hamlets for a 2 bedder is £300/week, giving a yield of 6.24% at £250k. Not great but not too shabby in the current climate.

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Dunno so much you know? The LHA for Tower Hamlets for a 2 bedder is £300/week, giving a yield of 6.24% at £250k. Not great but not too shabby in the current climate.

Thats the knub of it actually ;)

If I wanted to be a slum landlord, I'd want to make at least 10% gross to reflect my costs, my time, wear and tear, getting the tenants to give me the rent and the general unpleasantness of it all :o

(Not that I would want to have all that hassle)

You can get a better yield than 6.25% that from an ishares iTRAXX £ corporate bond ETF with some capital growth potential

If you assume an 8.5% yield requirement on the flat - which might get you 6.25% net yield - its worth £180k ;)

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Dunno so much you know? The LHA for Tower Hamlets for a 2 bedder is £300/week, giving a yield of 6.24% at £250k. Not great but not too shabby in the current climate.

assuming no mortgage & no service charge though? ;) I bet the services are £40-50 a week for not a lot.

Away from the "prime" riverside/dockside areas, each year, there seems to be ever greater supply of newbuilds, with little to differentiate one development over another. The fear I would have about somewhere like Carmine Wharf (and I say this without having seen inside) is that it is neither a prime area nor a bargain, so could be tough to shift later on.

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Thats the knub of it actually ;)

If I wanted to be a slum landlord, I'd want to make at least 10% gross to reflect my costs, my time, wear and tear, getting the tenants to give me the rent and the general unpleasantness of it all :o

(Not that I would want to have all that hassle)

You can get a better yield than 6.25% that from an ishares iTRAXX £ corporate bond ETF with some capital growth potential

If you assume an 8.5% yield requirement on the flat - which might get you 6.25% net yield - its worth £180k ;)

Didn't know the bold bit; thanks.

Re the slum landlord bit, my understanding is that you can subcontract all the unpleasantness to a HA who will guarantee your rent on a yield of about 5%, but if you can get 6.25 on the iTRAXX.................

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hi guys,

sorry to resurrect an old thread but I am thinking about purchasing a property here as a home (not rental income). I am a FTB working in the City and this location is really convenient. I know there isn't much happening in the area (though Mile End and Bow seem to be gentrifying) but just wondering if the area is safe and if you would consider purchasing in this areas - e.g., pros vs cons.

Appreciate any feedback.

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hi guys,

sorry to resurrect an old thread but I am thinking about purchasing a property here as a home (not rental income). I am a FTB working in the City and this location is really convenient. I know there isn't much happening in the area (though Mile End and Bow seem to be gentrifying) but just wondering if the area is safe and if you would consider purchasing in this areas - e.g., pros vs cons.

Appreciate any feedback.

Area is OK - "edgy" compared to Islington but quiet compared to say Stratford. Pros - Lidl; transport good.l; next to canal (nice walks); near river and some decent pubs/restaurants, cons - noisy road, bad views no-where to park I suspect

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Not sure I agree with the area being any edgier than Islington: aesthetically it probably is but in terms of crime, it's probably safer than most parts of Islington.

In that respect, I'd say that the area, as well as most of Tower Hamlets, has a reputation it doesn't deserve, with Limehouse probably being one of the most yuppie-dominated parts of Tower Hamlets.

Tower Hamlets is indeed a very poor borough but it's worth noting that there is very little gang culture and quite a strong family/community feel within the poor estates (having lived next to several estates in that area, with young kids tending to say hello, unless you're a miserable *******, rather than causing any grief. I remember being more troublesome than that!).

It's quite interesting having lived near Wapping for almost 10 years, how the area has completely changed in reputation. 5-6 years ago you wouldn't have caught a young professional (apart from Nick Leeson) specifically looking for a place in Wapping, especially with the East London line being closed: I used to hear among young professionals freshly arrived in London: Wapping? that's like the middle of nowhere, in the middle of the estates of Tower Hamlets. Why would you want to live there?

Now I've been seeing young professionals paying double what they would have paid 5 years ago for a small flat in Wapping. It's a bit nuts.

Other parts of Tower Hamlets are going that way, with the idea that "Canary Wharf is soulless" mostly coming from people unaware of the rich history of the Docklands.

The location is pretty decent with Limehouse canal, the marina, quite a number (for East London) of small parks, Wapping and Canary Wharf not being too far. That would however be one of the only gripes I would have about the location: it is neither right next to Canary Wharf, nor next to Whitechapel stations which will benefit massively from Crossrail.

In my honest opinion, it's not the first part of Tower Hamlets that will become more attractive as focus turns to East London: the Isle of Dogs, Westferry and the City Fringes all seem more appealing in that respect.

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Limehouse is an absolute hole and you would be nuts to consider buying there. The whole surroundings of Limehouse, Shadwell and Whitechapel are an asian ghetto. They have always been an asian ghetto and will continue to be long into the future. There are some professionals living at the Limehouse basin overlooking the marina (grossly overpriced boxes), which is almost an acceptable place to live as it's so near to the wharf it could be considered to be on the isle but apart from that it's a hell hole full of kebab shops and sink estates.

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