Aspen Canary Wharf: Prices and Rental Yields at Consort Place

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Hello everyone. An apartment in a brand new neighbourhood where a historic pub dating from 1860 has been restored and the Dorsett Hotel stands. Today, Aspen Canary Wharf is what we are looking at today!

For prices, taxes and the whole buying process, see our guide: UK Property Guide

Apartment types, current price range and location: see the project page

A scheme on Marsh Wall, within Canary Wharf’s new district Consort Place. The vision of Consort Place is clear: not just housing but a real community. At its centre there is North Pole: dating from 1860, the brightest period of the London docks, the last survivor of the 43 local bars on the Isle of Dogs, and now being restored to its former splendour. Around it a tree lined square, a health and wellbeing centre, a learning centre, a community hall, restaurants, bars, cafes and Dorsett Hotel. Yes, you read that correctly.

Prices

• Apartments: £550,000and up
• studio, one, two and three bedroom options
• Apartment sizes: 40 m², 110 m²
• sits within the Consort Place district
• Address: 1 Marsh Wall, Canary Wharf, London E14 9TP

What makes Aspen different is that you are investing not in a single building but in a neighbourhood. As Consort Place is completed the commercial space, the hotel and the community facilities around you come into use, and planned districts of this kind lift the surrounding residential values over time. the advantages of buying a new build home a sensible option for anyone who wants to combine it with a planned neighbourhood.

Why Aspen Canary Wharf?

Right inside Canary Wharf: Marsh Wall is the street at the heart of the financial centre. You walk to the office; there is no need to take the tube.

• South Quay DLR station, a few minutes on foot
• Canary Wharf (Jubilee Line and Elizabeth Line), a short walk away
• on the Elizabeth Line Liverpool Street 6 minutes, Bond Street 13 minutes, Heathrow about 40 minutes
• On the Jubilee Line, London Bridge 8 minutes and Waterloo 12
• The Thames Clippers river bus and the shopping centres of Canary Wharf close by

A hotel right beside you: having the Dorsett Hotel within Consort Place is a practical advantage: when a guest comes there is accommodation, restaurants and shared space nearby. The presence of a hotel also brings constant life to the area, so you are not living in an office district that dies in the evening.

Daily life: history and finance together

Leave the house at 8:50 and be at your office in Canary Wharf on foot. The cafes in the Consort Place square at lunchtime. A beer in the restored North Pole pub in the evening, in a place dating from 1860. At the weekend sport at the health and wellbeing centre, the restaurants of Canary Wharf, or Greenwich on the river bus. Having a historic fabric in the middle of the financial centre is possible in very few places in Canary Wharf.

Aspen Canary Wharf rental yield

Being inside Canary Wharf is the strongest position in letting. Studios and one bedroom apartments usually let for £2,800 to £3,100, 2+1s £3,400 to £4,100 a month. That puts the gross rental yield in the 4.5-5% band.

The tenant profile is very clear: bankers, consultants and technology specialists working in Canary Wharf. This segment generally rents on a company budget, stays a long time and pays regularly. An apartment within walking distance is the most sought after product in this group, and the void period is markedly below the London average. If you are after a higher return, high yield buy to let areas is worth a look.

The shared areas and the details that set Aspen apart

Aspen’s amenities are not limited to the inside of the building; the whole of Consort Place opens to residents:

• The restored North Pole pub, dating from 1860; the last historic bar of the Isle of Dogs, reopening as the neighbourhood local.
• A tree lined landscaped square: at the centre of Consort Place, a public meeting space.
• A health and wellbeing centre: a wellness facility open to residents of the district.
• A learning centre: part of the community vision of Consort Place.
• A mixed use community hall: for events and meetings.
• Dorsett Hotel: hotel amenities and restaurants within the same district.
• Restaurants, bars and cafes: within Consort Place.
• A panoramic London view: the city and river skyline from the upper floors.

Energy efficiency and comfort

As a new build it comes with modern insulation, a high performance glazed facade and efficient heating; the apartments are typically EPC B band. Even against the first generation towers of Canary Wharf the energy performance is markedly better. If you let the property you are also safe against the tightening minimum energy standards.

Who is buying?

This project of those who work in Canary Wharf and want to walk to work choice. Finance and technology professionals aged 28 to 50, executives looking for a pied-a-terre to stay in during the week in London, and investors who trust the stable rental market of Canary Wharf. A wide range running from a studio to 110 m² offers options for different budgets.

Frequently asked questions

Consort Place ne zaman tamamlanacak? The district is coming into use in stages; the restoration of the North Pole, the square and the commercial space are being completed step by step. An early buyer benefits from that development, but it is worth knowing there will be construction activity for a while.

Is 40 m² not very small? In Canary Wharf studios and compact apartments are the most liquid segment of the rental market. If you are buying for your own use we would suggest looking at layouts above 55 m².

Is the office dynamic of Canary Wharf changing? Some large institutions are moving their head offices to the City. Against that, the Elizabeth Line and the new residential and retail investment at Wood Wharf are turning the district from an office area into a neighbourhood. In the long run that balance is worth following.

What is the tenure? Leasehold, with newly sold apartments typically given a term of up to 999 years.

Can I buy remotely from abroad? Yes. For the details, our remote property purchase guide page.

Can I use a mortgage? For foreign buyers financing of generally up to 65-75% is possible. In a liquid area such as Canary Wharf banks are more comfortable because the quality of the security is high. UK mortgages for foreign nationals is worth reading.

Total cost: what you actually pay when you buy at Aspen Canary Wharf

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £550,000 apartment. Stamp duty (SDLT) in the United Kingdom is banded: 0% up to £125,000, then 2%, 5%, 10% and 12%. On top of that, non-residents pay a 2% surcharge, and if you already own another home, a further 5% additional dwelling rate applies.

With a mortgage there are also valuation and bank charges, and if you let the property, management commission and income tax. The figures above are indicative, based on a £550,000 entry price; we prepare the exact calculation for your own scenario.

The Aspen Canary Wharf buying process, step by step

If you are buying from another country, the process runs like this:

• 1. Choosing the apartment and reserving it. We go through the floor plans, the aspect and the view. The apartment you choose is usually held with a reservation fee of £5,000 to £10,000.
• 2. Appointing a solicitor. An independent English property solicitor (conveyancer) is appointed. That solicitor acts for you, not for the developer.
• 3. Identity and source of funds checks. You will be asked for a passport, proof of address and documents showing the source of your funds. This step is compulsory in the United Kingdom, and having the papers ready shortens the process.
• 4. Exchange of contracts and deposit. Contracts are usually exchanged within 21 days of the reservation, with a 10% deposit. The signature can be given digitally from abroad.
• 5. Stage payments. In off plan projects these follow the payment schedule; for completed apartments the step is skipped.
• 6. Completion. The remaining balance and the stamp duty are paid and the title is registered in your name. For completed apartments this stage can take four to eight weeks.

You can run the whole process from your own country; you do not have to travel to the United Kingdom.

Risks and what to watch for

We have set out the strengths; in fairness there are points to watch as well. For Aspen Canary Wharf, these are the ones worth pausing on:

• Consort Place is still being completed: the square, the commercial space and the North Pole restoration come into use in stages; there will be construction for a while.
• The 40 m² layouts are compact: liquid as an investment but it may feel tight for your own use.
• The office dynamic at Canary Wharf is shifting: some large institutions are moving their head offices to the City, so the tenant profile may shift over the medium term.
• There are new towers along the Marsh Wall corridor: the guarantee of a view varies with the aspect; the choice of floor and direction is critical.

None of this makes the project a bad one, but there is a wide gap between buying with your eyes open and finding out afterwards. We give every client this list up front.

How does Aspen Canary Wharf compare with the alternatives?

Before you decide, it is worth looking at the other projects in the same budget band:

• One Thames Quay: an upper segment 48 storey tower on the same street with a river view from every apartment.
• New Union Wharf: for anyone after a more generous floor area and an uninterrupted river view.
• Vetro London: for anyone after a lower entry price and a higher yield.

We can work out together which project fits your goal, judged on budget, intended use and exit plan. For an overview, our guide to UK property investment for international buyers is worth reading too.

Answers to the most common questions on this topic: Is Buying a Home in London a Good Idea?