Monday, 13 July 2015
Galliard Homes' Maine Tower central development in Canary Wharf sells for €195 mln (UK)
Maine Tower in London’s Canary Wharf, a 41 storey residential tower by Galliard Homes, in joint venture with Cain Hoy and Frogmore, providing private sale apartments, has effectively sold out off plan at the launch of the development.
Galliard Homes highlight that 208 apartments, worth £140 mln (approx. €195 mln), sold promptly at the launch at values averaging £1,200/per/ft² (approx. €18,000/per/m². This is despite the fact that construction of the tower has not yet started and the project is not scheduled for completion until early 2019. Galliard Homes say that they have not witnessed such a phenomenal volume and fast sales rate since the buoyant property market era before the global recession.
Located off Lighterman’s Road close to Millharbour Dock Basin Maine Tower is designed by multi-award winning international architects Rolfe Judd and provides a total of 297 studio to five bedroom apartments and penthouses for private sale.
For the launch of Maine Tower, Galliard Homes released 230 studio, one, two and three bedroom apartments for sale off plan. Prices ranged from £350,000/370 ft² (approx. €487,000/34 m² studio apartment, up to £1.25 mln/1,075 ft² (approx. €1.74 mln/100 m²) three bedroom apartment. The launch was held in a luxurious 8,000 sqft marketing suite located adjacent to the development site.
David Galman, Sales Director at Galliard Homes said: “Its not everyday in London that a resi skyscraper virtually sells out during a launch. The volume and speed of sales at the Maine Tower launch was incredible and shows the confidence that buyers from both the UK and overseas currently have in the London property market.”
Canary Wharf is a major transport network, with underground (Jubilee Line), Docklands Light Railway, Thames Clipper shuttle service and City Airport: with Crossrail scheduled for 2018. It is just 10 minutes into Bank (City of London), 15 minutes into Bond Street (London’s shopping and leisure West End) and 14 minutes to London International City Airport.
Source: Galliard Homes