Developers pin hopes on government scheme to sell Canning Town penthouses

East City Point on Newham Way, Canning Town.

East City Point on Newham Way, Canning Town. - Credit: Archant

Penthouses worth more than £200,000 are being sold off as part of the government’s new affordability scheme to encourage first-time buyers to invest in a regenerated Canning Town.

View from East City Point.

View from East City Point. - Credit: Archant

Developer Countryside Properties has already sold off three out of five of the luxury homes and now they are hoping the new Help to Buy scheme will encourage people who would not normally consider penthouse living - or living in Canning Town - to think again.

The penthouses are part of the East City Point development which also boasts apartments and houses as part of the £3.7bn rengeneration of Canning Town and Custom House.

At the heart of East City Point will be a new primary school set in a “traditionally-designed yet contemporary-style London square” with a roof garden, hall, and dance studio.

The site of the Rathbone Market will be home to a rejuvenated version of the East End shopping favourite, a new library, cafes, shops, and a health centre.

The regeneration project also promises an improved town centre opposite Canning Town station including a Morrisons supermarket.

The coalition’s Help to Buy scheme includes a loan of up to 20 per cent of the purchase price that is interest-free for five years with a five per cent deposit.

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Tony Travers, managing director of Countryside Properties, said: “Help to Buy has been very successful for us, and particularly at East City Point.

“In pressured times, our buyers welcome the significant financial help it provides, and as Centrum Apartments shows, it means that they can get more for their money than they thought possible.”