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    Indescon Court Heralds A Change In Focus

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    Mr007

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    Indescon Court Heralds A Change In Focus

    Post by Mr007 on Wed Dec 01, 2010 4:02 am

    Indescon Court Heralds A Change In Focus

    Published on 07-01-2008 by Skyscrapernews.com
    Although lately the news has been doom and gloom with dire predictions made by some about the state of the development pipeline in London things aren't quite as bad as they seem. Over the coming week Skyscrapernews.com will be looking at some of the latest projects kicking around right now that indicate we needn't be so negative.

    One of the increasing hubs driving development has been Canary Wharf. Office orientated, construction has been motivated by the concentration of space there for blue chip companies that has reached critical mass making it a venue in it's own right, even if vacany rates go up.

    Overspilling into the Millennium Quarter, Blackwall and Poplar has been dozens of residential developments of differing height aimed squarely at the well paid professionals who work in and around the Wharf or buy-to-let investors angling for small but easily rentable flats to wealthy singles.

    Things could be about to change however regardless of whether these big financial companies have a downturn thanks to developers looking at a different, and currently neglected section, of the property market to power their residential sales.

    An early indication of this has been the Canary Quarter, a £305 million project developed at Indescon Court by Oracle. To make up a potential shortfall in demand for smaller apartments, Oracle are aiming for an increasing number of three bedroom apartments in phase 2 which follows on from the successfully sold-out first segment run as a joint venture with Galliard Homes.

    Family homes have been much ignored by developers in Isle of Dogs but Oracle are looking at 200 out of the 540 privately marketed residences within phase 2 being three bedroomed, a substantial amount for such a central development.

    Typically neighbouring developments have restricted 3 bedroom apartments for penthouses with Ballymore charging in excess of £1.6 million for such a property at their Pen Peninsula towers making them by far out of reach for families.

    Designed by Hamiltons, phase 2 of the Canary Quarter will stand at 95 metres and also contain a 120 bedroom hotel. Oracle hope that they can complete construction of the scheme in 2011.

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