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Proposed Canary Wharf Development Will Be Tallest Residential Tower In Europe

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From Bloomberg:

A London developer plans to build the U.K.’s tallest residential skyscraper on a site in the city’s Canary Wharf.

Ryan Corporation U.K. Ltd. bought the building site for 100 million pounds ($160 million), the closely held company said today in an e-mailed statement. The 242-meter (794-foot) high building would be the tallest in London’s second-largest financial district and the apartments would have a total value of more than 1 billion pounds when it opens in 2018.

Luxury homes in central London have been the best-performing part of the U.K. property market since at least 2009. Prime residences in the U.K. capital have risen more than 60 percent from their low that year, according to broker Knight Frank LLP.

“Londoners are used to office buildings going up and coming down every 20 years or so,” Richard Berridge, chief operating officer of Ryan Corporation, said in the statement. “This doesn’t happen with residential towers” as they need to be “more enduring,” he said.

Ryan has planning permission for a mixed-use development on the site of about an acre, according to the statement. Ryan will apply to the local government for permission to build the residential tower, named Herstmere, at West India Dock Quay.

Berkeley Group Holdings Plc (BKG)’s tower at One St. George Wharf is currently the U.K.’s tallest residential tower at 181 meters, according to Knight Frank. While apartments in London’s Shard skyscraper are higher, the building consists mainly of offices, a hotel and restaurants.

http://www.businessweek.com/news/2013-11-14/london-s-canary-wharf-to-get-u-dot-k-dot-s-tallest-residential-tower

An FT article says that the development will not only be the UK's tallest residential development but Europe's too. It will accommodate 714 apartments, which will be priced as prime London property at upwards of £1,000 per sq ft.

Sources say that this is the first in a series of UK property investments by Mr. Ryan.

http://www.ft.com/cms/s/0/122d3106-4d3e-11e3-9f40-00144feabdc0.html#axzz2kHafP2ku

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An average flat price of £1.4 million?

Please...'Apartment'.

Loose language like that could knock thousands off the price.

Tom Ryan is an Irish property investor by the way - the Bloomberg article doesn't actually name him.

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I wouldn't feel like living in one of those. The tallest residential building in Europe has to attract some terrorist attention. Still, most of the buyers will probably be foreigners buying for an investment who will leave it empty so casualties would be lower than otherwise.

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I wouldn't feel like living in one of those. The tallest residential building in Europe has to attract some terrorist attention. Still, most of the buyers will probably be foreigners buying for an investment who will leave it empty so casualties would be lower than otherwise.

The City airport flight path will get a bit precarious if many more of these go up.

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Probably end up like the Pan Peninsular fiasco where all the off plan speculators poured in and then wanted their money back. I haven't been back to that area for a bit, but I wonder if they are planning to develop on Bow Creek (used to be Pura Foods) which was relocated, levelled. New housing was supposed to go in time for the Olympics, but was mothballed after the financial crisis.

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Please...'Apartment'.

Loose language like that could knock thousands off the price.

Tom Ryan is an Irish property investor by the way - the Bloomberg article doesn't actually name him.

Of course :-)

Interesting regarding the owner. Wonder how many property investment related bullets he's dodged to date if he was active in the Emerald Isle when the crunch hit.

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Will the builders be providing the extra infrastructure that will most certainly be required when thousands more extra bodies live in a small tightly packed area.....soon won't have enough space or clean air to breathe. :huh:

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Will the builders be providing the extra infrastructure that will most certainly be required when thousands more extra bodies live in a small tightly packed area.....soon won't have enough space or clean air to breathe. :huh:

Shouldn't be a problem, winkie.

OneHydePark.jpg

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Shouldn't be a problem, winkie.

......Ha....does this all go towards our balance of payments?....amazing the stuff we export now, can't we think about producing a few more rare art masterpieces to sell to the highest bidder? ;)

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Very convenient for MPS to live in when away from their constituency...no need for second homes.

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