Sold! Canning Town housing development is snapped up off-plan
- Credit: Archant
Months before its completion, the second phase of a major housing development has sold all of its homes.
The Rathbone Market development in Canning Town will bring 650 new homes to the area once complete. It is part of a wider regeneration plan to create 10,000 new and refurbished homes in the borough.
Homes have sold out off-plan for the latest phase in the development, known as Aurelia, which is expected to be complete around Christmas. It offers a mixture of one and two bedroom apartments in modern tower blocks.
The Rathbone Market development is being delivered by the English Cities Fund – a joint venture between Muse Developments, Legal and General Property and the Homes and Communities Agency – in partnership with Newham Council.
Residential sales and marketing director for Muse, David Caught, said: “We knew the properties would be popular but we have been astounded with the interest we have had from both existing and new residents alike.
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“It certainly shows a thirst for well-situated homes in London and a broader outlook on upcoming locations like Canning Town, which has become a real destination. We look forward to seeing the first occupiers opening their doors in the new year.”
He said the buoyancy of the property market in Canning Town could be attributed to investment in transport infrastructure, with the DLR and Underground already passing through and a Crossrail station due at Custom House.
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Cllr Lester Hudson, cabinet member for finance, regeneration and planning, said the regeneration project aimed to “transform the area physically and economically” over the next 15 years. It is expected to cost £3.7 billion in total.
He added: “I’m pleased that our regeneration project has proven so popular and we look forward to welcoming homeowners to the area.”
The third phase of the development plans will comprise of 162 privately owned properties and 54 affordable properties with work set to begin before the end of the year.