419 Wick Lane

“An Olympic Vision”

 Table of Contents

Introduction 3

Location 5

Site 6

Local Amenities 7

Local Area Analysis 8

Transport 10

Newham Aim 13

Population Projections 14

The Thames Gateway 14

The Local Housing Market 16

The Local Rental Market 19

2012 London Olympic Games 20

Non Olympic Regeneration 26

Stratford City Development 29

Canary Wharf 30

Developments in Area 32

Developer 33

Appendix 35

2
 Introduction

Fish Island is an area with unparalleled future investment potential. It is one of the last
corners of undiscovered inner city London, situated on the water, right on the doorstep of the
Olympic park and within 1km to the future Stratford City development.

The regeneration of Fish Island is well under way with an array of contemporary new build
developments fronting the River Lea and a whole new community infrastructure in the
pipeline. Over the past 50 years Fish Island has been culturally led by surrounding industrial
buildings, however in the last 5 years the area has seen major change in which warehouses
and factories are being rapidly converted for loft living and studios.
This transformation is attracting huge attention and the rapid change from an area
traditionally renowned for light industry, has become a cutting edge and hugely sought after
residential destination.

River Lea

Fish Island
Olympic Village

The image above shows Fish Island and its proximity to the proposed 2012 Olympic village.

3
Several factors are driving this change, the most important of which include:

- Proximity to an extensive transport network

- Proximity to Canary Wharf

- Large-scale governmental regeneration to the Thames Gateway

- The 2012 London Olympics

- Stratford ‘City’ development

This study explores how the factors listed above will directly impact the area and their
subsequent impact on long-term housing prices.

4
 Location

Fish Island is an area situated between Hackney and Stratford. The Fish Island Development
Area (FIDA) has a total area of 53.8 hectares. It straddles three major waterways - the
Hertford Union Canal, the Lee Navigation (also known as the Hackney Cut) and the River
Lea. The River Lea forms the eastern boundary of the FIDA, and the Hertford Union Canal
joins the Lea Navigation (Hackney Cut) to form the water junction of three precincts.

FISH

ISLAND

Stratford 1100m

Adjacent to both Victoria Park and Stratford, Fish Island residents will be able to enjoy the
Victorian gardens; fountains, ponds and tearooms, of the Park and the amenities of ‘Stratford
City’, the forthcoming vibrant, urban redevelopment project and what will ultimately be the
most advanced and exciting leisure and recreation facilities in Europe: The Olympic Park.

Included in the plans is a route for walkers and cyclists in which one will be able to reach the
Thames along a serene and beautiful river walkway.

5
 The Site

419 Wick Lane

An aerial view of Wick lane.

Located on Wick Lane, the development site is ideally located for contemporary riverside living
in London.

As outlined, the area in which Wick Lane is to be developed is currently the focus for a major
urban regeneration project and is now known by Newham council as “The Arc of
Opportunity”.

Wick Lane with its futuristic lines, staggered balconies and prominent position along the
waterfront will be one of the most aesthetically impressive developments in the area.

Its prominent location on the River Lea and its impressive views of both The Olympic Park
and Canary Wharf will help 419 Wick Lane to become a landmark scheme in the area. As
with our other developments in the area, we continually strive to raise the benchmark around
which future developments will need to scale.

6
 Local Amenities

Restaurants

Roman Road is situated 500 metres from Wick Lane, parallel to the Old Ford Road. The road
offers an eclectic mix of fine eateries in which cuisines ranging from Italian to Thai and
French to Caribbean can be found. Restaurants include ‘The Fat Cat Café, located adjacent to
Victoria Park, voted one of the top twenty chains of restaurant to dine, by “The Sunday
Times” food section.

Roman Road is very popular with people in and around the area thanks to its buzzing markets
and wide variety of shops.

Art Galleries, Bars and Culture

Traditionally areas like Shoreditch have been famous for its rock and roll type of make up. In
addition to all the gastro pubs, concerts and art galleries to visit, the area is now emerging
with a wide selection of organic food retailers. Restaurants and bars serving appetisers such as
Sushi are also proving very successful. These tastes are rapidly expanding to nearby areas
such as Hackney (half a mile from Wick Lane) in which the world famous ‘Hackney Empire’
is located.

Victoria Park and surrounding pubs and Wine Bars

Victoria Park is amongst the largest outdoor spaces in the capital. Located approximately a 5
minute walk from Wick Lane, one will be able to take advantage of the stunning walkways
surrounding the park. As well as this, in and amongst the park are some of the finest Gastro-
Pubs in the capital. Frequently packed out, locals and visitors are able to enjoy a gourmet pub
meal whilst enjoying the views and luxurious ness that Victoria Park brings with it.
.

The Crown Pub, Victoria Park E3

Located at the centre of the park is a large pond which is open to rowing boats in the summer.

7
 Local Area Analysis

The Development is enviably close to London’s major business and leisure district. It also
provides the opportunity to capitalise on the growth expected in the Thames Gateway over the
short, medium and longer term.

Computer image of what the aquarium will look like

A key new development which will breathe life into the area and generate huge tourist footfall
is the new Aquarium. The Aquarium is being developed on the west side of Pontoon Dock
across the road from the attraction will be Pontoon Dock DLR station. When the DLR
extension is completed it will be several stops from Pudding Mill Lane. It is set to complete in
2008 and will be the most prestigious facility of its kind in Europe. It has plans for 120,000
sqft of water space, as well as retail, leisure and restaurant facilities

The Excel Exhibition Centre

The Excel Centre is London’s largest single site exhibition centre with 65,000 sqm of
exhibition space, attracting some of the most prestigious events in the UK. It hosts
approximately one million visitors per annum.

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The 50 acre Business Park will be the capital’s largest urban business park with 1.6 million
square feet of offices and 100,000 square feet of retail and leisure space. It will occupy a one
mile waterside frontage space on the Royal Docks and is expected to attract high quality
tenants drawn by its strategic location and proximity to the City and Canary Wharf. The site
has excellent transport links with two existing DLR stations (Custom House and Prince
Street), London City Airport within 400 metres and dual carriageway access.

The Royal Business Park

The first phase of the Business Park, Building 1000, is now nearing completion. It is one of
the first major office buildings in the Royal Docks, complementing the existing residential
developments and the Excel exhibition centre. Subsequent phases will include retail and
leisure as well as further additional office space.
These developments are just some examples of the investment taking place to enhance the
area and are major contributors to the regeneration plans. As outlined this influx of investment
helps boost the local economy, creating employment and increased demand for skilled labour,
housing, new hotels, leisure facilities, restaurants and bars.

The University of East London’s new campus was officially opened by Ken Livingstone on
the 4th of July 2000. It features accommodation for 400 students and facilities for 5,000
students studying design, technology, engineering, arts, humanities and social sciences. A key
component of the University is the Thames Gateway Technology Centre – a one-stop training
facility for new and existing companies in the East of London. The Centre provides business
start-up space and advice, and a technology resource centre. As always a new university
facility will bring prosperity and vibrancy to an area and the local economy.

Aerial View of the Royal Docks - the new UEL Campus is shown to the right of the near end of the Airport's Runway (left). The
new UEL campus located on the north side of the Royal Albert Dock (right).

9
 Transport

Fish Island stands to benefit greatly from the rapidly expanding transport network in the
Lower Lea Valley. It is already adequately served in rail terms. It is within walking distance of
Pudding Mill Lane DLR (13mins), Hackney Wick rail station (10mins), Bow Road
Underground (15 mins) and approximately a 20 minute stroll to Stratford (the fast emerging
transport epicentre for East London).

Road

The development is perfectly placed to take full advantage of the fantastic road infrastructure.
It lies 2 minutes from the A12 which joins both the A406 (North circular around North
London) and the M11 to Stansted, Cambridge and the East of the country. Within two miles
the A12 joins both the A11, A13 linking to both the City and Essex respectively. Just under
the Blackwall tunnel is the A2/M2 which links to the M25 within 9 miles and other
motorways including M20, M23, M3, M1, M4 and M40 within one hour.

Air

The development is within one hour of all the major airports in the South-East

- City Airport 10 mins

- Stansted Airport 30 mins
- Gatwick Airport 40 mins
- Heathrow Airport 60 mins

Crossrail

The Crossrail project is a proposal for a new East-West railway running underground through
central London. This project should reduce the current overcrowding on London's rail
network by providing a large increase in rail capacity. The Crossrail project has the potential
to transport over 150 million passengers per year. Crossrail has been allocated £154 million
from the Department for Transport's 10-Year Plan budget to carry out feasibility work on the
project and to acquire the necessary permission for Crossrail Lines 1 and 2.

Artist’s impression of Crossrail carriage under the city

The proposed Crossrail initiative promotes the development of two new routes through
London: Crossrail 1 (East-West) and Crossrail 2 (Northeast Southwest). Crossrail will enable
commuters to traverse London with much shorter commute times. The Crossrail service
would replace various National Rail suburban services in order to free up capacity at
terminals like Victoria, Waterloo, King's Cross and Liverpool St.
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By 2012, Crossrail 1 is projected to serve Heathrow and potentially London City. Crossrail 2
could also serve Heathrow thus improving access to the airport from south London.

There is also potential for Crossrail 2 to serve Stanstead. This would mean that all 4 major
London airports would be served by cross-London services (Crossrail 1 & 2 and Thameslink
1000), enabling all transfers to take place with a maximum of one interchange. The link will
either run from Hackney up the Lea Valley, or will use a new alignment from Epping past
Harlow to reach the railway to Stanstead. Either option should spell increased benefits for
Fish Island residents.
With the Crossrail network running through Stratford, predictions of 24 trains per hour will
run on the central section, carrying up to 160,000 passengers an hour at peak times.

Crossrail 1 Route

River Crossings

The Woolwich Rail Tunnel - In February 2004 the Government approved a Transport Works
order for the further extension of the City Airport Extension of the Docklands Light Railway
(now under construction) from North Woolwich to Woolwich Arsenal. A completion forecast
is set for 2008.

The Thames Gateway Bridge - A new local road bridge on the northern part of the
alignment of the former ELRC. Scheduled to be complete by 2013.

Artist’s impression of what the Thames Gateway crossing will eventually look like

The Silvertown Link - A crossing between North Greenwich and Silvertown to relieve
congestion in the Blackwall Tunnel. This scheme is currently in the process of assessment
11
and consultation. If approved, Fish Island will benefit greatly as the A12 will be significantly
relieved and thus attract greater inward investment due to improved ease of access.

Silvertown Link Crossing

The above mentioned river crossings will really help East London to transform itself by
freeing up congestion on the A2 and Blackwall tunnel in the mornings and evenings. This will
accelerate the key contributing factor for major blue chip relocations to the area because of
proximity to the heart of the financial capital of the world and ease of access to motorways,
rail, air and sea connections.

Eurostar - The new Eurostar terminal at Stratford is due to be open in 2007 creating a
gateway to Europe with journey times of just 2hrs 20 minutes to Paris. A new domestic
service from Kent will also serve the station, together with further expansion of the DLR to
provide quick connections to City Airport, Stanstead and Heathrow.

Stratford Rail Terminal

12
Key journey times from Fish Island:

• 60 minute drive to Heathrow

• 40 minute drive to Gatwick
• 27 minute drive to Oxford Circus
• 15 minute drive to M25 (J2), Kent Junction
• 33 minute drive to A40/ A3220
• 10 minutes on the bus to Canary Wharf
• 2 minutes to Stratford from Pudding Mill Lane DLR

• 3 minutes from Hackney wick to Stratford

• 10 minutes to Canary wharf from Pudding Mill Lane DLR

• 10 minutes to Bank from Bow Road Underground

• 16 minutes to Bank from Pudding Mill Lane DLR

• 1 minute drive to the A12 for journeys North or South and to the Blackwell tunnel.

* All journey times above are approximate.

The Council UDP (Newham & Tower Hamlets) Aim and Objectives

By 2010, Newham aims to be a major business location, a place where people choose to live
and work. Newham has a thriving economy, a young, skilled population and clearly, some of
the most extensive development opportunities in Europe. New infrastructure, new businesses
and thousands of new homes have begun to transform the landscape.

Situated between Canary Wharf and Stratford, Fish Island really offers the best of both
worlds, with a constant flow of business relocation to Canary Wharf and the ever improving
Thames Gateway business parks. The growing importance of Stratford as the East London
transport epicentre offering the DLR/Jubilee and Central underground lines, bus networks and
soon to be, Euro tunnel, residents in Fish Island will be offered a wealth of options.

Regeneration plans for the area are at an advanced planning stage, with a great deal of public
consultation currently being undertaken. The Olympics will only aid this process acting as a
catalyst providing incentives and issuing stringent deadlines with a vision to build on the
strength of Fish Island’s excellent location.

The council is expecting a huge population explosion with figures suggesting a 30 % rise over
the next 10 years.

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 Population Projection

This phenomenal population growth should bring with it a real upward push on house prices
and supply is expected to be well below demand over the next 10 years.

Thames Gateway Analysis

The Thames Gateway region (TGR) comprises of an additional eight local authorities: The
Corporation of London, London Boroughs of Hackney, Havering, Lewisham, Redbridge,
Dartford Borough Council and the Thurrock Borough Council.

TGR boasts an economically active population of 1.3million, set to rise to 2million over the
next ten years. Service industries include professional and financial services, creative industries
and ancillary services, all of which are TGR’s top employers.
Manufacturing and logistics also rank highly with both sectors having higher rates of
employment in the TGR than in other parts of the capital. For example manufacturing accounts
for 40% of employment in the London Riverside area and has an average employment rate of
11% outside of the TGR.

Logistics account for 20% of employment with an even spread of density across the whole of
the Thames Gateway London area reflecting a particular strength in both regional and
international logistics.

TGR accounts for nearly a third of London jobs. As a location it accounts for 22% of London’s
businesses. The Thames Gateway’s population is expected to continue the growth that has been
seen since the 1990s. Studies by local independent bodies predict the Thames Gateway to have
one of the fastest growing populations in the London area with a projected 11% increase
between 2001 and 2016.

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 Outline of the Thames Gateway District

Tower Hamlets, Newham, Barking, Dagenham and Greenwich are all amongst the 20 local
authorities with highest levels of deprivation amongst their populations. This has led to great
swathes of the Gateway suffering from high levels of unemployment and social deprivation.
This is characterised by low levels of educational attainment, low activity rates and high
unemployment. The problem of demographic and economic restructuring has also created
major opportunities for spatial and economic restructuring both to serve the current residents,
but also to accommodate wider development pressures within the South East.

These are the main reasons developers are targeting these areas and the proximity to the new
office and business centres will ensure a constant if not overwhelming flow of new owners and
occupiers.

By 2020 London Thames Gateway looks to become an extremely desirable location for living
and working. Employers are drawn to advantages of a new and efficient transport system, a
skilled workforce and an exciting innovative residential planning policy. At the current rate
plans are well on track to bring this date forward by 4 years.

15
 Housing Market

The excellent transport links and proximity to Canary Wharf (10 minutes by bus) have helped
prices to rise, however seasoned investors see Fish Island as relatively affordable in this area
of London. They look to the impact of the Olympic and Non-Olympic plans to promote an
upturn in prices in the area.

Two bed comparisons in E3

The prices of comparable two bed apartments in the area range from £230,000 to £340,000.
Evidence suggest that location, aspect and specification play a huge part in the pricing of
these units and ultimately their re-sale value. The following is a list of suitable 2 bed
comparables in the E3 area:

Connaught Works, London E3

Stunning 836 square foot 2 Bed unit with car

parking at Connaught Works, a beautiful
warehouse conversion by the park and canal
in Bow.

285,995/342 per sq ft

Bridge 020 7749 1400

Island House, Bow, E3

This stunning apartment forms part of this

stylish new development located by Bow
Creek and Three Mill Studios. It comprises
two double bedrooms with floor-to-ceiling
windows, two contemporary bathroom
suites, a fantastic open-plan reception and
kitchen, with off-street parking and a superb
decked balcony offering views of Bow
Creek, Canary Wharf and the City.

289,995/386 per sq ft

All Sold
Keatons: 020 8981 7788

16
Russian Penthouses, London E3

Magnificent penthouse apartment. This

property comprises two double bedrooms,
reception, well-fitted kitchen, bathroom and a
private balcony, close to transport network.

£294,995 or 369 per sq ft

All Sold

Land and Co: 020 8981 7999

Stoneleigh Mews, E3

Contemporary gated 2-bed maisonette enjoys

naturally bright south-facing accommodation
with a unique, high spec finish and wood
floors throughout. It comprises reception
room with high ceilings, open-plan kitchen,
and master bedroom with high ceilings, 2nd
split-level bedroom and a bathroom, located
close to Victoria and Mile End parks. Near to
Mile End station. 753 Sq Ft

275,000 or 365 per sq ft

All Sold

Foxtons: 02070331414

Fabrika, Old Ford Road, E3

A 21st century urban community, with heart

and soul. Stunning 760 sq ft 2 bed apartment
in one of London’s most desirable locations.

259,950 or 342 per sq ft

All Sold

www.fabrika.co.uk: 0207 4220989

17
The Lock, Blaker Road, E3

Brand new development by Bellway homes.

Located just off the A12 with riverside views.
Each unit is finished to a high specification
inclusive of a private balcony. Approx size –
608 Sq Ft

274,995 or 452 per sq ft

Land and Co: 020 8981 7999

Set within the historic Bow Quarter

development is this fantastic galleried
warehouse conversion. Apartments have use
of facilities including landscaped gardens,
swimming pools and a gym. This particular
unit is 770 Sq Ft.

£289,950 or 377 per sq ft

Keatons: 020 8981 7788

Gun makers Lane, Bow E3

A stunning 854 sq ft 2 bed loft set within a

classic period warehouse conversion by
Victoria park in Bow. The property has a very
high standard internal spec. Parking is at an
extra cost.

£299,995 or 351 per sq ft

Bridge 020 7749 1400

Falcon Works, Bow E3

A 2 double bedroom warehouse conversion,

featuring exposed brick work in many rooms,
wooden flooring with factory style windows.
The unit is on the third floor and is
approximately 800 sq ft.

£319,950 or 400 per sq ft

Hurford Salvi Carr 020 7791 7011

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 The Rental Market

The rental market in the area appears strong, attracting a diverse mix of people, from students
to professionals in Canary Wharf taking advantage of the affordable property just a short
distance from work on the DLR. The table below is a brief summary of rental comparables
from various agents for properties of a similar specification. An extra row has been added to
highlight the achievable rents on new builds.

Properties Winkworths Alan Felicity Forte Average Price

Harvey J. Lord Homes
2 Beds 235pw 240pw 235pw 245pw 239pw
(average)
2 Beds 270pw 280pw 275pw 270pw 274pw
New Build

All properties chosen for the purposes of these comparisons were selected to be as comparable as possible both in terms of location and
age – most were under 5 years old.

Winkworths: 020 8981 6776 Forte Homes: 020 8880 6660

Alan Harvey: 020 8980 1111 Felicity J. Lord: 020 8981 3666

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 The Games and the Lower Lea Valley

The Lower Lea Valley is a 1500 acre site which stretches approximately 5kms between
Stratford and the Thames. The area is the largest remaining regeneration opportunity in inner
London. At the present time, much of the Lower Lea is derelict land and suffers from a lack of
infrastructure, a run-down environment and a poor image. Most of the existing industry
provides low density employment. The kind of regeneration of the area the London 2012
Games can bring will be crucial to transforming the area on an unprecedented scale.

Map of London’s East End

The Games will offer flagship sporting and community facilities, quality housing and
improved infrastructure throughout the area. It should also raise the profile for the area with
an Olympic caché.

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The Games will also bring many new opportunities for local people and businesses in terms of
better grass-roots sports facilities, more housing, jobs, skills and training.

The London 2012 Olympic and Paralympics Games will speed up improvements to the
borough's transport connections with improved access to London destinations. While
Stratford is already a major transport hub, the London 2012 Games will accelerate upgrades
to Stratford station. The Channel Tunnel Rail Link (CTRL) station in Stratford will be in
operation by 2007 and will be a critical transport artery for visitors to the Games.

The impact of the UK/London hosting the Olympics

London's successful bid to host the 2012 Olympic Games should help boost property prices
across the capital with the immediate areas rising in value dramatically, according to the
Royal Institute of Chartered Surveyors. The Olympics provide certainty that crucial transport
projects in the East end will be built to a fixed timetable and will undoubtedly attract property
speculators and investors. The regeneration of the Thames estuary and the Lea Valley
development schemes were always earmarked and before the winning bid, east end house
prices were rising well above the UK average. The successful bid has served to focus more
investor attention on an already hot market and demand for buy to let properties in the area
have risen dramatically leading to a noticeable increase in prices.

Bow is an established residential area that won’t have the disruption that will hit Stratford.
Thus, Wick Lane offers a unique opportunity to investors with its prime location in an
established residential market.

The regeneration effect from hosting an Olympic games has consistently had a positive impact
on house prices in the host city. Each of the previous four host cities have seen house prices
rise by more than the national average over the five year period in the run-up to the Olympic
Games (the main period of Olympic related development activity).

5 year % 5 year %
increase on increase on
Olympic Games host city host nation % Difference

Barcelona 1992 131% 83% 49%

Atlanta 1996 19% 13% 6%

Sydney 2000 50% 39% 11%

Athens 2004 62% 53% 9%

Average 65% 47% 18%

The data above shows Barcelona as the best performer with prices rising by 131% versus an 83% increase in Spanish house
prices in the five years leading up to the 1992 Olympics.

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 Key Findings

Hosting an Olympics is usually associated not only with an increase in sporting facilities but
also an upgrade of transport, cultural and leisure facilities. Barcelona, Athens and Sydney all
saw a significant upgrading of their urban infrastructure and this city rejuvenation encourages
higher house prices.

The scale of Olympic redevelopment is reflected in the high costs associated with hosting an
Olympics. The Barcelona Olympics was the most costly of the recent Games at an estimated
cost £8.1bn. The estimated costs for other Olympics were for Atlanta £1.5bn, Sydney £2.5bn
and Athens £3.9bn.

Tim Crawford, Group Economist at Halifax states that, "Hosting an Olympic games
encourages city regeneration and is usually accompanied by an improvement in facilities and
transport links." "These factors tend to be positive for house prices. Homeowners in Hackney,
Tower Hamlets and Stratford, will certainly reap similar benefits to other Olympic precincts
over the longer term," he maintained.

Areas close to the Olympic complex usually see the largest increase in house prices as they
benefit from improved facilities and better transport links. This was clearly evident in the
main area of development for the Sydney Olympics, (Homebush Bay) a former industrial site
(similar to fish island) 20 minutes from the centre of Sydney. House prices in the adjacent
suburb, Homebush, rose 70% in the five years in the run-up to the Olympics, compared to a
50% increase in Sydney house prices.

The Manchester Commonwealth Games prompted redevelopment and rejuvenation of central

Manchester and provided a spur to house prices in the area. In the 5 years leading up to the
2002 Commonwealth Games house prices in central Manchester rose by 102% versus a 52%
rise in prices in the North West and an 83% increase in prices across the UK. Five years
before the Manchester Commonwealth Games, house prices in central Manchester were an
average of £48,796, 23% below the average for the North West region. At the end of the
Games year, prices in central Manchester were at a £98,461 level, 2.5% higher than the North
West region average of £96,048.

Evidence suggests that the close proximity of Fish Island to the proposed Olympic area will
have a positive impact on housing prices in the area, thus making it an attractive proposition
for investors.

March 2006, East Londoner Newspaper – Jonathan Nash of Your Move said “When areas
have got new transport links we have seen rises of up to 45 per cent in house prices within six
months”

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Map of London’s East End

 Legacy

The real strength of the London 2012 Olympic Games and Paralympic Games is that once
they have come and gone, much of its benefits for the local area will live on. The Council has
estimated the long-term net benefit from hosting the Games in East London to be in excess of
£8.6 billion - calculated from the economic gain from better sport and community facilities,
jobs, new housing, improved infrastructure and physical connections through the area.

419 Wick Lane

Computer image of what the Lower Lea catchment area will look like by 2012

Jobs, skills and business opportunities

The Games will create tens of thousands of jobs and employment opportunities before, during
and after in varying capacities from landscapers, cleaners and transport workers to engineers,
accountants and architects. They also present a massive opportunity for companies of every
size in London and across the whole of the UK and varying industries including professional
services, tourism, hospitality, media, leisure, transport, retail, food and the creative and
cultural sectors.

Better transport

The London 2012 Olympic and Paralympic Games will speed up improvements to the
borough's transport connections. Stratford is already a major transport hub with the Channel
Tunnel Rail Link (CTRL) station in Stratford scheduled for completion in 2007. It will prove
a critical transport artery for visitors to the Games.

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The Games will also be served by ten separate railway lines with a combined capacity of
240,000 passengers per hour. This will include the 'Olympic Javelin' shuttle service along the
CTRL which will deliver 25,000 visitors per hour to Stratford, just 7 minutes after leaving St
Pancras.

Jubilee Line services in the area are set to be enhanced by 45% within the next 5 years, as
well as this the go-ahead has now been given for the East London line extension The
Docklands Light Railway (DLR) is set to play an enhanced role too.

Much of the London 2012 Games' transport improvements will be dovetailed with the
existing regeneration framework, including the Stratford City development. This is already on
track for completion in 2007 on the rail lands above the station - comprising 4,500 new
homes, nearly half a million square metres of commercial floor space, hotels, schools and a
shopping centre to rival any in the country. The Channel Tunnel Rail Link, also opening in
2007, will soon be offering a direct rail link to Paris and the continent via the Channel Tunnel.

Better sporting facilities

Every venue has been developed for the London 2012 Games with a long-term business plan
and a firm commitment from partners to make it work. Specifically, in Newham, the Games
will leave a legacy of:

• A 25,000 seater multi-purpose sports stadium;

• A state-of-the-art Olympic aquatic centre with 50m pool and support facilities at
Carpenters Road (five minute walk from the site)

• A world class hockey centre which will be used by the community after the Games.

Other permanent sports facilities such as the velodrome, BMX Centre and indoor sports arena
will be right on our doorstep and open to the community creating a critical mass of world-
class sporting venues in the Lower Lea Valley.

Better infrastructure

The Games will help to improve the lives of local residents bringing about important
improvements to the boroughs' infrastructure including:

• new schools, family health services and other community facilities will also be built

• a major new park - potentially one of the largest in Europe - running from the north of
the Lea Valley right down to the Thames;

• dramatically improved access to green space for pedestrians and cyclists with
numerous direct access points to the new park;

• better physical connections between communities, through new land and canal
bridges;

• a lasting creative legacy - the 150,000 sq metre media and broadcast centre would
make the borough a new focus for the capital's creative sector industries;

• new business and workspace units with convenient access to the M11 link road;

• new waterside workspace developments north of Pudding Mill Lane;

24
 • vastly improved connections for people crossing the borough east to west; and

• Post-Games workspace potential on the West Ham temporary parking site.

Cultural boost

As the most culturally diverse community in Britain, ‘The Games' theme of diversity will be
used in the Borough to promote social cohesion via a sustained cultural programme of
festivals and celebrations. And there is a lasting legacy - the 150,000 square metre media and
broadcast centre to be built for the Games will make the borough a new focus for the capital's
creative sector industries.

Improved health

Beyond the physical legacy, there is also the opportunity to motivate and engage people in
sport and physical activity - in an area with a poor health record - and to radically improve the
image and perceptions of the borough. As the most culturally diverse community in Britain,
the borough supports the London 2012 theme of diversity and will use this to promote social
cohesion via a sustained cultural programme of festivals and celebrations. Already, during the
bid process, Newham has noticed an increase in sports participation (64,000 people
participated in sports taster sessions during the Summer of Olympic Sport last year) while
crime rates have reduced significantly.

25
 Non-Olympic Regeneration/ East London regeneration

As mentioned, even before the successful bid, plans were at an advanced stage for large-scale
regeneration of the Fish Island area and Lower-lea valley. Following is a report on future
plans for the area and the East end in general.

Analysts agree that there has been a shift in recent years towards investment in the East of
London. Fundamental to the plans is the significant attention paid to the Thames Gateway
initiative (mentioned previously). Already, the financial heart of the city has started to migrate
eastwards towards Canary Wharf, bringing with it a significant demand for housing and
leisure facilities throughout the East.

In fact the government has explicitly stated that their priority is to shift prosperity from west to
east. Ken Livingstone has identified East London as “a major engine for growth, not just in
London, or the UK but in Europe as a whole.”

The vision is to establish the area as a major focus of inward investment and companies
competing across a global market in a wide range of sectors. The area will offer a high quality
environment and sustainable, vibrant and inclusive communities.

The foundation for this regeneration will be on investment in infrastructure (already identified
and planned for by the government). By 2010 the area will be significantly transformed (e.g.
Thames Gateway Bridge), together with significant investment in the public transport network
to truly augment this drive eastwards.

FISH ISLAND

Planned Thames Gateway Regeneration zones

PROPOSED THAMES GATEWAY REGENERATION
AREA

Fish Island and its close vicinity

At a local level, Fish Island is set to benefit from the multitude of regeneration plans proposed
by the neighbouring councils in the area, the lower lea valley regeneration scheme and the
Stratford City Development.

26
 New community bridges

This will help bring together the existing communities of Tower Hamlets and Newham. It
will become a Bridge of Regeneration, creating new community neighbourhoods within the
site.

The red areas represent the nucleus of the plans.

A new ‘bridging’ center will be created to connect east
and west neighborhoods.

This will be achieved by:

- The building of new roads, bridges & paths
- The creation of new community centers
- Regeneration of immediate area for attracting
inward investment i.e. grocery store & health
center, etc.

Fish Island

Two new north to south routes running through the site will link the new communities created
within the site to one another, along which a range of amenities will be arranged.

Waterway development

The second regeneration effort involves a focus on the waterways, with the creation of two
overlapping areas of mixed use residential and employment development along canals

The strategy aims to create a ‘water city’ for a new canal to run through the eastern part of the
site, from the Waterworks River at the A11, to Bow Creek just north of the A13.

The red arrows depict the central path of the bridges and
show the planned traffic patterns throughout the valley.
This will be achieved by:

- The building of 100 new bridges over rivers,

canals, and major roads.
- New developments on the rivers. These will
ensure that waterside passageways become
accessible to the general public, adding
continuity to the routes up and down the valley.

Fish Island

This ‘water city’ will, of course, be a huge factor in enticing new homeowners to the area both
in the immediate and the long-term future. The construction of over 100 bridges is central to
the plan; serving to connect many otherwise disjointed communities and facilities.

27
The net result being that Fish Island becomes a nucleated area within the boundaries of an
exciting and desirable recreational space. This neighbourhood will then take on a new
strategic importance, creating new business and leisure opportunities for residents and visitors
alike.

Lower Lea Valley Park

The third regeneration project of note is the planned redevelopment of the lower lea valley
park (see above). The Lea Valley Park is a fantastic resource for Londoners, stretching north
to south along the Lea from Hertfordshire into central London, and almost, but not quite,
reaching the Thames.

The plan is to extend the Lee Valley regional park all the way to the Thames, linking up
forgotten and neglected areas of open space along the course of the Lower Lea.

Waterside walk in Lea Valley Park

With an objective of extending the Lea Valley Park along the waterways of the Lower Lea to
reach the Thames at the Lea Mouth, It would double the amount of green space currently in
the Lower Lea Valley. This would provide routes for walkers and cyclists to reach the Thames
as well as a series of greens and commons, including new community facilities and civic
amenities.

28
 Stratford City Development

Stratford city is a new 180-acre site on the former Stratford Rail Lands around Stratford
International Station - part of the Channel Tunnel Rail Link project.

The development was granted planning permission by the council in September 2004 and was
approved by the Mayor of London and the Government Office for London in October 2004.

Construction is due to start in late 2006, with the first phase of the development due for
completion in late 2009. The entire development is scheduled to be complete by 2020.

Stratford City will transform the area drastically, providing 13.5 million square ft of mixed-use
development including:

• 5 million square feet of commercial development including landmark buildings

• 1.5 million square feet of new shopping, leisure and social facilities. The retail
element will comprise 100+ retail units with several high profile anchor department
stores.

• 4,500 new homes. 30% of homes will be affordable (shared ownership, key worker
and social rented)

• 2,000 new hotel rooms

• A new 900 pupil secondary school, and a primary school for up to four forms of entry

• A primary health care centre and an NHS walk-in centre

• An estimated 29,000-34,000 new, full time jobs (up to 25,000 in financial and
business services, 6,000 in retail and 3,000 in leisure, entertainment and hospitality)
will be created.

29
 Canary Wharf

Just 10 minutes from Pudding Mill Lane DLR, lies Canary Wharf. It is emerging as one of the
most important financial centres in the world and has been a major factor in the regeneration
of London’s East End. With this shift away from The City towards the East, there has been
huge demand for housing all over the area. Workers in Canary wharf generally earn attractive
salaries and are actively searching for suitable areas in which to live and invest.

Fish Island is very close by and offers a stress-free commute (10 mins on the DLR), making it
a favourable location for many interested Canary Wharf-based workers.

Canary Wharf is planned on a grand scale, yet with meticulous attention to detail. The estate
extends to over 86 acres and dominates the Eastern skyline for miles around.

Within the area:

• 6 million sq ft already constructed with 8.1 million sq ft under construction

• At present, 95 % of space occupied

• 63,000 people currently employed

• It has world class office blocks, retail centre, conference and banqueting centres,
shopping centres, cinemas, bars and restaurants

• Extensive bus, ferry and underground service, with a highly modern station.

Construction in Canary Wharf is still ongoing with many new developments planned or in
progress. Thousands more jobs are expected in the area, giving rise to increased demands for
property in the locale. Many high profile companies have chosen to relocate operations to
Canary wharf or to expand their existing base in the area.

• Reuters: Is relocating their Head quarters to Canary Wharf. They are to pre let
283,000 square foot at 30, South Colonnade

• BP: Setting up its trading department here with a lease of approximately 215,000
square foot at 20 Canada Square

30
 The future of Canary Wharf:

It is estimated that a further 65,000 jobs will be created by the time construction has finished
in Canary Wharf. This new workforce will certainly stimulate the economy throughout the
area ensuring that quality properties will be sought after in locations close to Canary Wharf.

Examples of future developments in Canary Wharf include:

• 15 Canada square, Skidmore, Owings and Merrill- 537,000 square foot

• 2 further buildings adjacent to each other, 10 and 20 Churchill place accommodating

up to 750,000 square foot in a complex of two or three 10-12 storey buildings.

• On the former Barclays Bank site, Columbus tower, an 80-story, 786-foot skyscraper
with 1million square foot of mixed-use office and hotel space. To be completed by
end of 2007.

31
 Developments in the immediate area

FISH
ISLAND

12
1516
13

1
2 1

3
11
5 4

10 6
7
8
14

11
9
15

32
1 – Proposed residential or live/work
development ( Supreme House)
2 – Proposed residential or live/work
development (Stour Wharf)
3 – Proposed Development (Swan Wharf
30 units)
4 – Ironworks, Completed 2005 (71 units)
5 – Proposed 1.5 acre mixed use
development
6 - 417 Riverside, Completed 2005 (72
live/work units and 10,000sq ft office space)
7 – Proposed live work development ( 419
Wick Lane, 109 units)
9 – Proposed residential development
10 – Fabrika, completed 2005 (33
residential units)
11 – Heart of Bow (212 residential units)
12 - The Omegaworks, Completed 2003
and phase 2 completed 2006 (110 units)
13 - – 6 acre residential site (acquired by
Neptune group, awaiting planning)
14 - Connaught Works, completed 2005 (87
units)
15 – Proposed development (Cooks Road,
700 unit residential & 450,000 sq ft
commercial)

8 – Proposed residential development (Ice 16 – Proposed live/work development

Wharf, 140 units) (Crown Wharf, 84 units)

The Developer

London Green Developments Ltd is a vertically integrated property developer. Since its
incorporation in 1998, the company has followed a simple philosophy of investing only when
value can be added at each stage of the development process from site evaluation through
design, planning, in house construction and marketing.
London Green’s belief is that successful sales must originate from well chosen site
acquisitions enabling the final product to be sold at a price that is both competitive in the
market place and offers good value to end users.
London Green values and promotes good, innovative styling where attention to detail
throughout the design, planning and construction phases are also essential.
In recent years London Green has principally been involved in converting listed Victorian
school buildings into attractive loft apartments and constructing new build live work units
offering large spacious living at very affordable prices. Currently London Green
Developments is involved in sites with units sales totalling £345m.

Examples of previous Developments

Ironworks, E3

33
With 71 units spread over 8 floors, the building is situated on ‘Fish Island’, drawing
inspiration from the site’s industrial heritage. It features steel cladding to create a signature
landmark.
Many units also feature a private balcony with direct views of the water or Greenway, and all
have access to a secure courtyard for private parking.

34
 Camden Studios, NW1

This development was completed in 2005. The top two floors (6th/7th) boast 1800 square foot
two beds with breathtaking views of London. All apartments have been finished to a very
high specification and the units proved to be very popular with investors and
owner/occupiers, selling very quickly.

Noko, W10

Recently completed, built with a unique quadrangle design over four floors. All 77 units
overlook a beautifully landscaped central courtyard. It has secure underground car parking;
attractive wooden exterior decking and exceptional open plan units all finished to a
consistently high specification.

35
Appendix A - Published in June 2005 by the Land Registry. It shows house prices in all the
London Boroughs, including Tower Hamlets (the borough for Fish Island), Hackney (the
borough of close-by Hackney Wick) and Newham (the borough for Stratford).

Flat/Maisonette Overall

Region/Area Av Price £ Sales Av Price £ Sales

BARKING AND
DAGENHAM 134445 129 165620 511
BARNET 208274 426 315630 917
BEXLEY 130519 157 191177 669
BRENT 191408 349 252429 635
BROMLEY 189780 389 253736 1025
CAMDEN 316559 510 443135 626

CITY 315479 49 315479 49

CITY OF
WESTMINSTE
R 467228 715 576237 854
CROYDON 158384 403 222321 1086
EALING 190219 326 272648 818
ENFIELD 162711 350 231655 888
GREENWICH 194554 349 216465 788
HACKNEY 199479 287 243979 428
HAMMERSMI
TH AND
FULHAM 281808 357 388468 548
HARINGEY 197223 348 274082 646
HARROW 199223 213 273882 566
HAVERING 148837 145 224814 702
HILLINGDON 163416 215 233940 735
HOUNSLOW 198827 269 245111 624
ISLINGTON 266388 348 330001 448
KENSINGTON
AND CHELSEA 526237 562 742191 714
KINGSTON
UPON
THAMES 203813 233 276007 536
LAMBETH 209700 617 248021 863
LEWISHAM 158070 442 193054 789
MERTON 195454 261 307257 647
NEWHAM 179904 253 196295 667
REDBRIDGE 174941 317 235767 832
RICHMOND
UPON
THAMES 249150 281 385968 710
SOUTHWARK 234038 537 265512 749
SUTTON 162177 260 214921 632
TOWER
HAMLETS 258538 695 265561 801
WALTHAM
FOREST 149621 269 197823 685
Wandsworth 270557 769 344850 1149
36
 Appendix B

Wick Lane , E3 Comparables

Min Max Ave

Completio No. Min Max Ave Min Max Ave Asking Asking Asking
Area Development n Dates Units Price Price Price Size Size Size Price Price Price
Sq ft Sq ft Sq ft £sq ft £sq ft £sq ft

E3 Heart Of Bow 01/10/2006 212 226,950 232,950 229,950 607 706 670 313 352 348
E3 417 Riverside 01/09/2005 75 229,500 319,995 274,748 941 1298 1044 244 307 275
E3 Dublix Apartments 01/12/2005 50 186,000 290,000 238,000 510 833 866 269 356 306
E3 Bow Central 01/10/2005 160 185,000 290,000 237,500 460 824 596 226 428 354
E3 The Ironworks (Former Crown Wharf) 01/08/2005 77 210,000 395,000 302,500 672 1549 1006 217 292 280
E3 Urban Island (Old Film Studios) 30/09/2004 47 224,950 499,950 362,450 584 1549 935 288 356 317
E3 East Point Apartments 20/09/2004 44 180,000 240,000 210,000 500 801 645 281 370 319
E3 Devons Road Apartments 01/06/2004 24 185,000 232,500 208,750 549 818 662 288 332 299
E3 Omega 3 (Former Roach Works) 01/04/2004 57 200,000 495,000 347,500 796 1711 1014 131 354 244
E3 Tudor Lodge 01/02/2004 10 155,000 185,000 170,000 482 652 584 238 333 300
E3 Bow Connection 01/12/2003 72 164,950 325,000 244,975 447 1873 676 208 417 325
E3 The Connection (718-720 Wick Lane) 30/11/2003 24 170,000 295,000 232,500 624 1044 814 238 257 279
E3 Havegood Apartments 01/11/2003 14 205,000 300,000 252,500 753 921 773 288 337 293
E3 Land South Of Sedgewick House 01/11/2003 11 175,000 276,000 225,500 540 784 624 281 343 317
E3 48-62 Grone Road 30/07/2003 9 189,995 329,995 259,995 437 998 720 303 435 372
E3 The Grove 30/05/2003 9 185,000 295,000 240,000 522 916 820 322 439 369
E3 Former Greyhound Public House 01/11/2002 7 189,950 239,950 214,950 400 800 533 300 425 383
E3 52 Tredegar Square 15/05/2002 10 175,000 335,000 255,000 388 818 616 298 555 387
E3 Eastside 01/10/2007 132 195,000 335,000 265,000 603 751 677 323 446 385
E3 Connaught Works 01/09/2005 70 225,995 385,995 305,995 607 1302 954 296 395 345
E3 Fabrika 01/08/2005 33 239,950 259,950 248,840 591 721 620 374 405 390