New Providence Wharf is one of the leading developments in Canary Wharf. The first phase was completed in 2004 and has proved very popular with both Canary Wharf and City workers due to it's very close proximity to Blackwall DLR station and the Canary Wharf Estate. Apartments are arranged in a semi circle allowing the majority to have water views. The development contains impressive leisure facilities including a residents only Gym, Spa and swimming pool. 24 hour concierge facilities are available. The building comprises studios, one, two and three bedroom penthouses, set over 23 floors. Fixtures and fittings within the apartments are of a very high standard and apartments range in size from 358sqft studios to 1800sqft penthouses complete with rooftop hotspas. IPS has managed to secure a portfolio of 26 apartments from a distressed seller and provides a fantastic opportunity to get into this market in one of the best developments in Canary Wharf. It is important to note the price per square foot in comparison with other leading properties in Canary Wharf and we rate this as a 10 times better product and it is selling much cheaper. As you are probably aware properties in the area have been under rented by as much as 35%-40% in some cases. This is bound to turn around to original rental levels when renewing these AST's considering the improvement in office floorspace being taken up in Canary Wharf. Shell alone is taking up 200,000 sqf of new office space and according to CB Richard Ellis ( see link http://www.property-magazine.eu/london-offices-show-strong-leasing-levels-and-falling-supply-13463.html ) demand is already outstripping supply with office rental levels predicted to increase for 2010. We like this opportunity because it has a very nice asset management angle to it with minimal risk attached. The investor buys a property already producing a great rent role with no initial cost to set up the asset and bets on a one way ticket with the rents. Properties come with furniture packs and parking included and are already tenanted. Also it is important to note that all the properties in this portfolio have been upgraded from the original spec to include marble bathroom and work top finishes. We have however included a link below to view short video clips of the development showing examples of all types of properties and the area. http://www.n-p-w.com/site/nptv_home.php |