New Canning Town apartments become fastest selling for agents

The Vermilion building in Canning Town.

The Vermilion building in Canning Town. - Credit: Archant

Nearly 95 per cent of the new apartments on the site of the old Rathbone Market have been snapped up in a year.

Only 15 flats remain out of the 271 built in the Vermilion building in Canning Town and it is the fastest selling scheme for selling agents Hampton International.

The 21-storey building, containing one-bedroom apartments from £245,000 to a three bedroom penthouse worth £695,000, has proven popular with first-time buyers in particular since properties went on the market in March last year.

Tom Hawkins, associate at Hampton International, said: “The uptake has been faster than anticipated.

“You’re never sure how buyers will take to a new development, particularly one at the heart of such a vast regeneration scheme, but the response at Vermilion has been hugely positive and the sales rate has far exceeded our expectations.

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“The most encouraging thing has been the number of first time buyers keen to buy into the scheme, a large proportion of our sales have been to this demographic.”

The redevelopment of the site is the first phase of a £180million regeneration scheme which is part of a Newham Council’s Canning Town and Custom House masterplan that will see £3.7billion invested over the next 10 years.

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