Wonderful Wapping: Gary Hall, Sarah Shelley, Rahna Stroud and Joanna Beale from Knight Frank’s Wapping office give us an insight into the local property market

“Exposed brickwork, wood flooring, a south facing balcony and riverside views are what everyone typically looks to rent in Wapping,” explains Knight Frank associate, Rahna Stroud. “Many of the area’s sought-after flats are either in purpose built blocks or Victorian warehouses which were transformed into luxury apartments in the 1980s. Some have retained their names such as ‘Gun Wharf’ and ‘Ivory House’”.

“In contrast to the Victorian conversions, the modern purpose built properties were developed ten to fifteen years ago and tend to be positioned directly along the river,” says Knight Frank partner, Gary Hall. “They are finished to a very high specification and are priced at around £300 to £600 per week for one bedroom flats and £400 to £1,000 per week for two bedroom flats”.

Knight Frank is also the main selling agent of the stunning ‘NEO Bankside’ luxury residential development in SE1 next to the Tate Modern. Hall explains: “The development by British architect Richard Rogers is in the final stages of completion. It’s a very smart building with exquisite views over the river.  Coffee and croissants are left for residents on the front desk every morning.” Prices range from £450 to £3,250 per week – for the penthouse.  

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A general market comment from both Hall and Stroud is that overall, the rental market has been fantastic this past year. Demand has outstripped supply which has resulted in a shortage of stock. Rental prices have gone up by an average of two percent since they peaked in 2008. This could be due to the 2012 Olympics. Tenants are holding on to their properties in the hope they’ll be able to rent them out for around four times the normal price during the Olympic period. The uncertainty of the economic climate also means that people are renewing their tenancy agreements and staying put. 

International tenants are especially drawn to Wapping. They typically start by renting and buy after a few years. They might then move abroad and rent the property out as an investment. 

Renting in Wapping appeals to singles or couples who work in the financial services industry and need easy access to the City or Canary Wharf. It’s ten minutes to Canary Wharf by bus, you can walk there in twenty or the DLR at Shadwell station takes eight minutes.

The beauty of Wapping is its peaceful nature, away from the hustle and bustle of central London and with a warmth and charm that people like. On weekends, it’s a short walk to Southbank or Borough Market and the Canary Wharf Shopping Centre is much quieter than Oxford Street with all the same designer brands! 

SALES:

“A 2,400 sq ft property that sold in 2001 for £499,999 sold in 2011 for £1,200000,” says Knight Frank Partner, Sarah Shelley. “Wapping has come a long way over the past fifteen to twenty years when there was still very little infrastructure in the area. The areas between the old warehouses were largely redeveloped in the 80’s when they filled in the entrance to the London docks and the area sprang into action. These days it’s lovely to see the mix of old and new and our buyers often can’t decide if they want glassy and new or old and characterful”.

The area has an eclectic mix of properties  although there are only a handful of period houses. Many of the terraced houses  were bombed during the war but a large number of Victorian warehouses remained. These were converted into large flats and in most cases the developers left behind the old brick and beams which buyers love.  Landmarks such as the Pier Head is still intact and boasts some fantastic large Georgian properties with fabulous high ceilings and big windows overlooking the pretty private riverside gardens.

Newell Street in Limehouse, has some lovely Georgian terraced houses with gardens backing onto St Anne’s Limehouse Churchyard. These grade II listed properties date back to days when ships plied their trade in Limehouse. Captains of ships and sea cadets would have lived in them.

Although geographically Wapping has always been close to the City and Canary Wharf, the transport links were very poor until recently: “Until about 25 years ago Taxis wouldn’t even come to the area; it was considered a  no-go zone,” explains Knight Frank associate, Joanna Beale. Today, however, there is a Waitrose with two floors of John Lewis above it and the DLR works brilliantly.  We also sell to a lot of fitness fanatics who enjoy the prospect of a brisk walk to work rather than sitting on a stuffy tube. Boris bikes are popping up all over Wapping now too – the one outside News International gets very busy!”

The area attracts a wide cross section of buyers: European investors wanting to get their money out of the Euro who see London as a good place to invest,  first time buyers working in the City, medics like the area too as  The Royal London  and Guys and St Thomas’s hospitals are nearby. 

A general market comment from both Shelley and Beale is that the right instruction will sell almost immediately in today’s market. Unfortunately, there is little coming on as people aren’t selling for a variety of reasons  such as the rental market being so strong and people wanting to hold on to their investments. A recent property in St John’s Wharf, which hadn’t been touched for over 15 years and needed a huge amount of work, went to sealed bids and achieved well over the estimated price quoted by several local agents.