The current day Canada Water with all the riverside living attractions and cluster of new homes is worlds apart from the area’s industrial heritage. The first dockyard in this area was built in 1696. Whilst the docks were almost wiped out in World War II and subsequently closed in the early 1970s, there are still some Victorian streets, pubs and 19th century warehouse conversions that recall the area’s history.
At first glance the attraction of Canada Water lies primarily in its location: proximity to the City and Canary Wharf attracts financial workers, but with attractions increasingly overspilling from nearby trendy Bermondsey, the area is becoming more popular with young families and first time buyers.
It is also about to enter an exciting second phase of regeneration. The £2 billion new master plan from British Land and Southwark Council will bring more shops, public areas, homes and leisure spaces, and one of the most striking, the new library and cultural centre, is already open. The prestigious King’s College London has also decided on Canada Water for a new campus of accommodation, offices and a healthcare facility.
Flats account for the majority of recorded residential sales in Canada Water over the last 12 months, with average prices having increased by 12.5% Y-O-Y according to Rightmove. It is not just prospective capital appreciation that is attracting buyers to the area however, as it represents a popular destination for renters with high quality modern properties, a comprehensive local infrastructure and excellent transport links afforded by both London Underground (Jubilee line) and Overground stations. Transport links are set to get better still. Canada Water is just one stop from the Crossrail interchange at Canary Wharf, and will certainly share in the uplift effect that Crossrail is bringing to all the areas on its route.
A relaxed environment as a result of parkland and the waters of the docks and river providing a welcome relief from the bustling activity of the West End and City of London, mean that Canada Water is somewhat of a hidden gem in this part of London providing a quieter, greener and more relaxed feel than other central areas, but at the same time offering its residents the accessibility and amenities they expect of London life.