Press Room
The Gateway To A Property Market Boost
The planned £600m regeneration of Canning Town, announced by Minister Bob Neill and Newham Mayor Sir Robin Wales, is not only set to give an estimated £3.7 billion boost to the local economy but will also help to stimulate the local property market, says Email4Property.co.uk, the UK’s largest online network of estate agents.
The scheme, with plans for up to 10,000 new homes as part of the Thames Gateway regeneration project, is expected to create 3,500 jobs and construction should begin in early 2012. The improvement in local facilities is expected to benefit all local people as well as attracting new residents, who are beginning to wake up to the area’s great location close to Canary Wharf.
The project is the latest initiative in the renewal of East London, following the reopening of the East London Line, and the continuing work on the Olympic Park in Stratford.
Supermarket chain Morrisons has already agreed to become the retail partner for the scheme, working in partnership with Newham Council and Bouygues developments.
Steve Lees, Head of Marketing at Email4Property.co.uk, comments:
“Property prices in East London have been on an upward curve for some time, particularly since the Olympics were awarded in 2005. Local authorities, however, have worked hard to ensure that the whole area, not just Stratford, benefits from the Olympic effect. The regeneration of Canning Town is the latest success in the drive to secure investment for projects across Newham, Hackney and Tower Hamlets, with local residents set to reap the benefits of better local amenities and more local jobs, leading to a boost for the area’s property market.”
-- Ends --
Notes for Editors:
Article date: 9/29/2010 12:00:00 AM