Royal Wharf, E16 is part of the £22billion regeneration project of the Royal docks. With over 3000 units being constructed in the development, the first phases are about to delivered.
The on site sales office is currently selling apartments that will not be ready until 2020 in the main. However, Choices Investments have been able to agree prices on apartments that will be ready for occupation this year. Even better than this however is that due to the vendor’s arrangements with the developer when they reserved these units in 2014, the discount we have managed to achieve are from the prices agreed in 2014. Therefore, this offers Choices Investments clients significantly cheaper apartments compared to like for like stock in the public domain.
The reason for this is that the stock was agreed around three years ago as part of a much larger deal between a residential fund and the developer. The agreement essentially says that as and when sales are taken, the buyer contracts and completes directly with the developer. The benefit of this is that buyers are able to obtain mortgages on these properties.
Given the size of the development there are of course other opportunities to purchase here however there are a number of points to consider. Firstly, you are either going to purchase from the developer directly and pay a 20% deposit rather than the 10% agreed for our clients. Secondly, you will be buying based upon 2017 prices rather than 2014 prices that Choices Investments clients are buying at. Lastly, if purchasing a reassigned property the number of mortgage products available are very limited with many buyers not qualifying for lending all together. Choices Investments clients benefit from the opportunity to purchase with a mortgage.