Lanterns Court is Selling Out

Lanterns Court under construction earlier this year. Photo courtesy of City and Docklands.

Lanterns Court on Millharbour Road is among the major developments under construction in the Docklands area between the South Quay and Crosshabour DLR stations. This 509 unit complex by Canary Wharf follows the luxurious Pan Peninsula and Baltimore Wharf developments. But, according to Ian Cohen of the City & Docklands Property Group, there is still a high demand for residential properties in the area.

In Lanterns Court, Blocks A and C are almost finished. Just 40 of Block A’s 292 units are still available to buy. There are one, two, and three bedroom flats on the market for prices ranging from £219,000 to £1 million. The development has communal areas, a video entry security system, secure underground parking, a 24 hour concierge service, and a gym.

A show flat at Lanterns Court. Photo courtesy of City and Docklands.

All of the flats in Block C have already been purchased by a private investor.

Meanwhile, Block B will not be completed until May 2011, but it is possible to inquire about units in the building, 30 of which have already been sold. More information is available by calling +44 (0)2079877769.

Lanterns Court will also be comprised of a block of affordable homes near Millwall Inner Dock. It will be ready by spring of next year, and will consist of 104 rental flats and an additional 26 units to be purchased on a shared ownership basis.

The block of Lanterns Court's affordable homes, under construction this month. Photo by Bricked UK.

Gov. Cuts Will Target East London Boroughs

The East London councils of Tower Hamlets, Hackney, and Newham will see budget cuts as high as 8.9% in 2011/2012. They are the local councils that will be most severely affected by the Government’s austerity measures, the BBC reports. According to the Hackney Gazette, Hackney’s budget will face a massive £40 million reduction.

Number of House Transactions Has Dropped Since ’07

According to the Council of Mortgages Lenders (CML), the number of residential properties sold in the UK fell from 1.6 million in 2007 to 900,000 in 2010, the Financial Times Adviser reports. The Council expects the number of homes sold in 2011 be approximately 860,000.

Net Mortgage Lending Will Continue to Fall in New Year

According to the Council of Mortgage Lenders, net mortgage lending in the UK will fall to £6 billion in 2011, Bloomberg reports today. In 2008, net mortgage lending was as high as £40 billion.

JP Morgan Asset Management Arm to Buy Bishops Square

J.P. Morgan Asset Management has plans to acquire the Bishops Square office site between Liverpool Street and Spitalfields — which is mainly comprised of office space let out to City law firm Allen & Overy — for approximately £571 million, Reuters reports today.

Last Christmas for City Pride Pub?

City Pride pub. Photo by Bricked UK.

City Pride, located between South Quay and Canary Wharf, is one of the last traditional English pubs in the Docklands. But its future is far from certain. City Pride’s regulars don’t know for how much longer they will be able to enjoy a pint after work or a Thursday karaoke night. Irish property development company Glenkerrin is set to knock down the pub — located at 15 Westferry Road — and build one of the tallest residential building in Europe. The question, though, is: When?

Over the past year there has been no news concerning when construction on the development is set to begin. It has been more than three years now since Glenkerrin bought the pub for an impressive £32 million. Plans for the project seemed to move quickly between 2008 and 2009. Architects Foster and Partners unveiled design plans for two adjacent buildings at the site, Island Point and City Pride: a 62-storey tower that will host 430 residential units, and a five star hotel with 220 bedrooms, conference facilities, a restaurant, cafes, a spa, and a pool.

A rendering of the future City Pride. Photo courtesy of Glenkerrin.

In June 2009 Glenkerrin received the final go-ahead from Mayor Boris Johnson for this £600 million development. The Greater London Authority ruled that “the principle of the redevelopment of both sites, Island Point and City Pride, to provide residential-led developments is in the interest of good strategic planning in London”.

However, a year-and-a-half later, the pub is still standing. A spokesperson for Glenkerrin said there will be no further announcements on the status of the site until at least next year.

The pub’s owners have the right to six months notice of their eviction prior to construction. They received no such notice as of this month. So, as City Pride organises its annual Christmas menu and New Years Eve party, its costumers can rest assured that they will likely be here for at least one more summer.

Three Bed in Andersen’s Wharf for Sale

We cannot assure a fairy tale, but what about living in Andersen’s Wharf, named for Hans Christian Andersen, the author of the Little Mermaid and the Ugly Duckling? Savills has listed a three bedroom flat in the development on Copenhagen Place, located between the Westferry and Limehouse DLR stations. The asking price is £495,000.

A Studio to Rent in Ontario Tower

In Ontario Tower, one of the most eye-catching buildings of the Docklands skyline, there is a studio flat available to rent for £290 per-week. This ultra-contemporary development — that includes a spa and swimming pool — is located just nearby the Westferry DLR station. The listing is with Elliot Leigh.