10 Park Drive Terrace

Wednesday 03 February 2021 – Media Release

One Final Studio Apartment Remains at 10 Park Drive as Award-Winning Development Nears Sell Out

Following the 10 Park Drive launch exhibition, held at the Mandarin Oriental, Hong Kong, only one studio and eight one-bedroom apartments remain within the fully completed development in Wood Wharf, the new district of Canary Wharf. The final studio is priced at £715,000, whilst the last one-bedroom apartments start from £830,000.

10 Park Drive comprises 74 studios in total, which have proved to be the most popular apartment type, attracting discerning purchasers looking for good investment returns, as well as those desiring a central London pied-à-terre. With only one studio remaining, the developer, Canary Wharf Residential, don’t anticipate it being available for very long.

Brian De’ath, Director of Residential Sales at Canary Wharf Group, commented: “We only have a select number of apartment types available now, with the final studio remaining, and don’t anticipate them to be on the market for very much longer, so this really is the last chance to buy.”

 Interest in the final homes remaining at 10 Park Drive has been intensified in Asia with the deadline for the introduction of a 2% SDLT surcharge for international buyers fast approaching.

Shrewd investors that complete their purchase before the end of March 2021 are able to benefit from the current Stamp Duty holiday (offering a saving of £15,000 upon purchase), save on the planned Stamp Duty surcharge increase for overseas buyers, as well as take advantage of the weak performance of the pound against the dollar in order to maximise their savings.

Prospective purchasers in Hong Kong, that qualify, could also be incentivised by the recently revised BN(O) (British National Overseas) Visa. The Home Office estimate that there are 2.9 million BN(O) citizens eligible to move to the UK, with a further estimated 2.3 million eligible dependants[1].

Opening for applications on 31st January 2021, the Hong Kong BN(O) Visa will give BN(O) citizens the ability to apply for up to five years’ leave to remain in the UK with the right to work or study. After five years, there is the option to apply for settlement (also known as indefinite leave to remain) and after a further 12 months, they will be able to apply for full citizenship.

Brian De’ath added: “Where 10 Park Drive is so appealing to international purchasers is that the building is fully completed and they can finalise their purchase relatively quickly. This provides an enticing prospect when looking to buy a new home in the UK ahead of the SDLT increase, which is fast approaching.”

Designed by award-winning interior specialists, Make Architects, each apartment features an open-plan kitchen and living space that benefit from outstanding views over London making this the centre of the home. Marble inspired vanity blocks can be found in the bathrooms that have almost a spa-like feel to them.

Purchasers at 10 Park Drive will benefit from exclusive use of the “oasis in the city”; a terraced sky garden situated on the 13th floor, where careful planting creates a unique space for relaxing or entertaining. They will also have access to the private Residents Club, designed in a contemporary style with intimate seating areas and a library, acting as a perfect place to work or share a coffee with friends. Residents will be able to hire the sky terrace, dining room and Residents Club for special private events.

Purchasers will also have access to a residents’ only fitness facilities at a brand-new Third Space gym, as well as benefiting from 24-hour security, concierge, entry-phone system, bicycle storage and charging points for electric vehicles.

Welcoming its first residents in Summer 2020, Wood Wharf, Canary Wharf’s new district and home of 10 Park Drive, will comprise up to 3,600 new homes, c.350,000 sq. ft. retail space, over nine acres of public spaces, gardens, artwork and parks once fully complete. It will be an oasis of calm in the city, whilst also being one of the most well-connected districts in Europe, with direct access to the Jubilee Line (connecting to central and west London), Docklands Light Railway (connecting to the City of London and London City Airport) and Crossrail (the City, Central London and Heathrow Airport), which is set to fully open in 2022.

The last remaining studio apartment at 10 Park Drive is priced at £715,000. For more information, contact Canary Wharf Residential at residential.sales@canarywharf.com or visit www.canarywharf.com/residential

[1] Home Office, Media Factsheet: Hong Kong BN(O)s

ENDS

For further information, please contact:

Press Office
Canary Wharf Group plc
T: 020 7418 2166
E: pressoffice@canarywharf.com

Notes to Editors:

About Canary Wharf Group:

Canary Wharf Group (CWG) has overseen the largest urban regeneration project in Europe and is a private real estate company that develops, manages and currently owns interests in approximately 7.5 million square feet of office space, 0.9 million square feet of retail and over 500 Build to Rent apartments.

The company’s current £2.4 billion construction activity is composed of 500k square feet of commercial properties and over 1,750 new homes, for sale, for rent, intermediate and affordable. The development pipeline includes a further 4.8 million square feet of secured planning, with a further planning opportunity for North Quay of 2.5 million square feet.

CWG is an industry leader in sustainability including purchasing 100% renewable electricity for the Estate since 2012 and zero waste going to landfill from the managed Estate since 2009. CWG is now the largest sustainable developer in the UK with over 10 million square feet of sustainable certified buildings.

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