Home stretch for Oxley’s township project in London
By Timothy Tay
/ EdgeProp |
Powerhouse developer Oxley Holdings has launched the third, and final, sales phase for Royal Wharf, its London development and its flagship overseas project. The Singapore-listed property developer is taking the ongoing “Brexit” turbulence in its stride, banking on the confidence in the project.
Royal Wharf is jointly developed by Oxley and British developer Ballymore. The waterfront development is a new township in Central London. It is located along a 500-metre stretch of the River Thames that is close to the financial district in Canary Wharf. The 4.24 million sq ft township comprises 3,385 apartments and townhouses. It also includes 118,403 sq ft of space for offices, as well as retail and F&B outlets.
Royal Wharf is located along a 500-metre stretch of the River Thames that is close to the financial district in Canary Wharf (Pictures: Oxley Holdings)
More than 90% of the residential units have been sold in two earlier sales phases. Since June last year, Oxley has launched about 441 residential units, in three blocks, as part of the final sales phase. Units from the last residential block are expected to be released for sale soon.
Apartments and townhouses
The latest sales phase comprises 453 sq ft studios, and one- to three-bedroom units of 551 sq ft to 1,159 sq ft. There are 207 residential units spread among an eight-storey block and a separate 12-storey block, while the remaining 234 units are within a collection of four linked seven-storey blocks. According to the developer, the average selling price starts from about £400 psf (about $704).
Other residential units in the township development include four-bedroom duplexes of 1,625 sq ft and four-bedroom townhouses of 2,444 sq ft. Some of these larger-sized units were part of earlier sales phases and are still available for sale.
An Oxley spokesman tells EdgeProp Singapore that “two-bedroom apartments have been very popular among buyers who are young professionals, while duplex apartments largely appeal to young families”. In general, buyers tend to be young local professionals who work in the Canary Wharf financial district and the City of London. But there are also some buyers from outside of London who want a riverside home, including those who downsize.
As at June last year, more than 1,500 units have been handed over to buyers
Royal Wharf is also connected to the Docklands Light Railway line via the nearby Pontoon Dock station. This station is a four-minute ride to the London City international airport. The development is also close to the Custom House station on the upcoming Crossrail Line, which will extend its connectivity into London and its western suburbs. “Royal Wharf’s close proximity to London City airport and Canary Wharf makes studio units a popular choice among some buyers who view it as a second home conveniently close to the city,” says Oxley.
Built for families
Close to 45% of the site area has been set aside for green spaces and play areas, and in January this year, Oxley began construction of a riverside park to augment the riverside views at Royal Wharf. “More young families have also been drawn to the development due to the amount of green spaces and its accessibility to surrounding parks,” says Oxley. A 100-metre pier is also being constructed, and is on track to open later this year.
Supporting the growing number of families in Royal Wharf, a new primary school will be built by Oxley and Ballymore within the township, with the support of the neighbourhood council. The new school will offer places for children from nursery until the end of primary school. The first cohort of children will be enrolled this September and will be hosted at the nearby Britannia Village School, 300 metres from Royal Wharf, until the new school opens in 2021.
More than 90% of the residential units have been sold in two earlier phases
Meanwhile, several retailers have opened their doors at the township over the past year. Supermarket chain Sainsbury and a Starbucks outlet opened last year, and a pharmacy and dentist opened recently. A pub, doctors’ surgery, deli, sushi restaurant, and a dry-cleaner will also open this year.
“The variety of retail offerings available in the development is one of the reasons buyers have chosen Royal Wharf as their home, and the retail selection meets their daily needs,” says Oxley.
Oxley says “since the beginning of the project, retail space has been an important part of the overall master plan of this new neighbourhood”. It adds: “The vision has always been to ensure residents can buy their necessities such as groceries at their doorstep, or pop out to enjoy coffee, lunch or dinner with friends.”
To date, more than half of the entire township development has been completed, and as at June last year, the developers have handed over more than 1,500 units to buyers. The entire project is on track to be completed by 2021.
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