A festive mood permeated the air at this year’s Royal Wharf Summer Fete, an annual community event held at Oxley Holdings’ Royal Wharf development in London that started in 2018.
The fete, which had to be cancelled last year due to Covid-19, featured live music, food trucks and activities such as fitness classes and children’s games. Families and friends lounged on lawn chairs and beanbags spread across Royal Wharf Park, while others browsed around stalls set up by local business owners selling artwork and jewellery.
The event, held in late September, is a sign of London’s return to normalcy after the UK lifted most pandemic restrictions in July. Tens of thousands of commuters have poured back into the city in the last month as more workers returned to the office after the summer holidays, while stadiums are now packed with fans during football games again.
The Guardian reported on Sept 6 that the Canary Wharf financial district in East London appeared “to have burst back into life”, as office workers milled about and eateries showed brisk business during lunchtime.
Just a 10-minute drive away from Canary Wharf is Oxley’s Royal Wharf, situated in the Newham borough. Jointly developed with Ballymore Group, the waterfront township was completed last year. It encompasses 3,385 apartments and townhouses as well as approximately 11,000 sq m of commercial space consisting of office and retail units.
Residential units at Royal Wharf are completely sold out, with all keys handed over to their respective owners. But now, Oxley is offering an opportunity for discerning investors to buy the development’s retail space, which is up for sale to both local and international buyers.
There are close to 30 retail units from Royal Wharf that are up for sale, mostly clustered at the township’s main square and high street. Units range from 670 sq ft to 3,561 sq ft. Over 50% of the shops are already tenanted or in talks with potential tenants, with a tenant mix comprising food and beverage outlets such as Starbucks and amenities catering to the community, including a pharmacy, dental practice and beauty salon.
Buyers will have the option of purchasing a vacant unit or one that is already tenanted, thus offering access to a readily available stream of rental income. According to Oxley, buyers can anticipate healthy rental yields of approximately 4% to 7% per annum, depending on the unit chosen. The retail units at Royal Wharf are going from GBP270,000 ($497,871).
Royal Docks has been designated as an Enterprise Zone, which offers tax breaks and other business incentives.
To date, it is the only Enterprise Zone in London and is anticipated to generate 60,000 new jobs and 25,000 new homes. It will also be the new base for the Mayor of London, with London’s City Hall to be relocated there.
As part of this massive regeneration scheme, the 40-acre Royal Wharf estate was designed to be a fully sufficient, self-sustaining neighbourhood. Besides the residential and commercial infrastructure, there is a school and community centre as well as generous greenery and open spaces, including a riverside park fronting the River Thames.
A short walk away is Custom House, where a Crossrail Station is being constructed. Upon completion, commuters can take a train along the upcoming Elizabeth line that will offer direct service from East London to Heathrow.
The shops at Royal Wharf will cater to the township’s large population. The 3,385 completed residential units are estimated to accommodate a community of at least 10,000. Oxley and Ballymore’s latest development at River Wharf, Riverscape — which launched last month — will add another 769 homes to the township.
With nearly 80% of the UK’s population fully vaccinated as of early October, Royal Wharf — much like the rest of London — is gearing up for economic recovery, especially as restrictions for international visitors ease.
In mid-September, the UK government announced simplified rules for international travel to England. Fully-vaccinated arrivals from countries deemed as low-risk are no longer required to take expensive Covid-19 polymerase chain reaction (PCR) tests and can opt for a cheaper lateral flow test instead.
With Royal Wharf being a stone’s throw away from London City Airport, the township is expected to benefit further as travel picks up.
To find out more about Royal Wharf and the retail units available, potential buyers are invited to contact Oxley’s marketing agents:
This article appeared in The EdgeProp Pullout Issue 1006 (Oct 18, 2021) of The Edge Singapore.