Category: Hackney (39)

Queen Elizabeth Olympic Park will be a new area of east London for communities to grow and develop. There will be five new neighbourhoods built on the Park and up to 8,000 new homes; Chobham Manor will be the first neighbourhood to be developed, located between the Lee Valley VeloPark and the Athletes’ Village in the north-east of the Park. It will be centred around 800 new homes and 3,000 sq m of community and ancillary facilities, including a polyclinic, two nurseries and a community centre.

The four other neighbourhoods are: East Wick which will be in the north-west of the Park, next to Hackney Wick; Sweetwater near the Old Ford area, in the south-west of the Park; Marshgate Wharf will be between Stratford City and the Stadium, to the south-east of the Stadium; and Pudding Mill will be the area in and around Pudding Mill Lane station.

Click image to launch 360 tour

Click image to launch 360 tour

The venerated National Geographic has a feature on East London in this months issue. This caption appeared beneath a photo of some trendies on Broadway Market “On Saturdays, East London’s newest arrivals—the young and affluent—linger in trendy cafés and trawl the stalls of Broadway Market. Formerly a locus of garden-variety fruit and veg stands, the market now offers eco-friendly bamboo socks, loin of venison, and hand-sliced smoked salmon.” Click image to go to gallery.

Trendies on Broadway Market

Trendies on Broadway Market

The good people at Tropolis have put together an excellent guide to east London during the Olympics. Written by someone in the know and well worth a browse, click the image below to go directly to their site…

Click to go to Tropolis

Click to go to Tropolis

Top-end developments, new transport links, luxury retail and leisure facilities have pushed the City of London, London’s business district, and the surrounding half-mile ‘Fringe’ into the Prime bracket

The City and its surrounding area now join established Prime areas such as Mayfair, Knightsbridge and Belgravia, says Knight Frank. The estate agency says it will add the City and its Fringe to its monthly Prime Central London Index of property prices, which has been tracking luxury property values since 1976.

Gráinne Gilmore, head of UK residential research for Knight Frank, said, “Four main factors make an area stand out as a prime location in central London: good levels of top-end housing stock, a central location, good transport links and excellent retail and leisure facilities. This combination delivers a higher than average propensity for growth in capital values.

“The City Fringe is a less-developed market than the City, although the western fringe of Clerkenwell and Farringdon is more established. But there are signs that the eastern fringe of Shoreditch and Spitalfields is catching up, with growing demand for property by city workers keen to enjoy the wide range of nightlife and cultural opportunities the area offers

“The eastern fringe has already benefitted from the recently completed East London Line, and Crossrail will also be a boost to the area, as there will be new stations in both the eastern and western fringes.”

“The last, but arguably, one of the most important factors in the move to prime for the fringe is the new tech hub which has emerged around Old Street in the fringes. Referred to by David Cameron as “Silicon Roundabout”, the area now plays host to hundreds of tech start-ups,and to Google’s new office building. Workers in this industry who choose to live nearby, in one of the liveliest areas of the City, will drive demand for residential units in this neighbourhood.”

Trendy Shoreditch - Click image to go to article

Trendy Shoreditch - Click image to go to article

The London Evening Standard is reporting further rent rises this year…

Tenants in central London should brace themselves for rent rises of up to 10% this year, property consultant Cluttons said today.

It is not as steep as last year’s record 19.1% jump in rental costs but it is still more than double the rate of inflation, heaping more pressure on stretched budgets.

The worst squeeze on rents is being felt in lower-budget properties of between £250 and £650 a week, which remain in short supply as tenants bid to cut their outgoings and look further afield.

Residential lettings partner Lynn Hilton said: “Tenants are really feeling the pinch and are being forced to widen their search areas to secondary locations and beyond.”

The pressure on existing tenants looking to renew contracts is less because they face smaller rises of around 4%, as landlords concerned about the economic outlook opt to retain quality tenants rather than take the risk of leaving their properties empty.

Click for lettings

Click for lettings

Source: Evening Standard

The new section of the East London line is due to open in February. This will connect Dalston Junction to the Victoria Line at Highbury & Islington.

The journey from Dalston to Highbury will take 6 minutes and there will be a train every 7 – 8 minutes.

The redevelopment of the East london Line is the biggest transport infrastructure project for London since the opening of the Jubilee line extension in 1999.

New station on the East London Line

New station on the East London Line

Mare Street will have its very own four-screen Picturehouse from this autumn.

City Screen, an independent cinema chain, has been awarded the lease for the former Ocean building, which opened as a music venue in 2001 at a cost of £23 million but went into administration in 2004.

The building was previously a cinema.

Click the image below to go straight to the story on the Hackney Citizen.

The Ocean building is to become a cinema. Photo: Hackney Citizen

The Ocean building is to become a cinema. Photo: Hackney Citizen

Keep your Silicon Valley – this is London’s Silicon Roundabout, mapped by those tech heads at Wired magazine, detailing the concentration of High Tech businesses around the Old Street roundabout in the East End. Click the image below to see the aerial map in more detail.

Click to view map

Click to view map

A U.K. gauge of residential rents increased for the first time in almost two years in the three months through April as a decline in supply benefited landlords, according to a poll of brokers.

The number of real-estate agents saying rents increased exceeded those reporting declines by 30 percent, according to a survey by the Royal Institution of Chartered Surveyors. Responses were balanced in the previous quarter. In the year- earlier period, 58 percent more respondents reported falling rents, a record low for the survey.

A recovery in the housing market may have spurred “accidental landlords” to sell their properties, cutting the number of rental homes on the market, RICS said. Thirty percent more respondents saw a rise in demand than recorded a drop, the strongest reading since the quarter though January 2009. Brokers expect rents to continue increasing in the next three months.

“With sellers back in the housing market, supply has fallen back in the lettings sector,” RICS spokesman Jeremy Leaf said in a statement. “This is good news for landlords as rents are set to move higher in the coming months and yield returns are likely to improve.”

Demand for houses continued to outstrip that for apartments, though by less than in the previous quarter, RICS said. Tenant demand and rent increases were strongest in London and the East.

The last time more agents reported rent increases than declines was in the second quarter of 2008.

SOURCE: BLOOMBERG