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More luxury apartments being built in City of London, says Land Registry

PUBLISHED: 20:24 15 October 2014 | UPDATED: 20:24 15 October 2014

Thames riverfront near Monument and (inset) the Galliard Homes development

Thames riverfront near Monument and (inset) the Galliard Homes development

Mike Hughes

The City of London is catching up with Canary Wharf’s luxury apartment property market, according to latest Land Registry figures.

An additional 1,100 new residential units are currently in the development pipeline in the Square Mile, compared to 1,200 at Canary Wharf and the Isle of Dogs.

Areas around Tower Hill and St Paul’s have had a 17 per cent rise in residential properties since 2011, with almost 300 new apartments completed since 2012 alone—compared to just 98 in the previous eight years.

One developer, Galliard Homes, has turned a five-storey Edwardian office block near the Tower of London into luxury tailor-made apartments.

The St Mary at Hill scheme with 10 luxury apartments off Lower Thames Street, two minutes from The Monument, is aimed at the growing “renaissance” market for residential development in the area.

“Three years ago there wasn’t the product or values—but this has all changed,” Galliard’s David Galman said. “The City is now undergoing a residential ‘renaissance’ with values catching up with Canary Wharf and the West End.”

Prices at St Mary at Hill start from almost £800,000 for a one-bedroom flat to £1.4 million for a two bedroom suite.

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