London/from €365,000: Irish investors are likely to be among the early buyers of apartments in a new phase of Ballymore's Pan Peninsula scheme in London's Docklands, writes Property Editor Orna Mulcahy
Irish investors are expected to be among buyers at this weekend's launch of the second tower at Ballymore's Pan Peninsula development in London's docklands beside Canary Wharf.
Apartments in the 40-storey West Tower go on sale this Sunday. The development won't be complete until late 2008, with buyers paying just 10 per cent now. Investors who bought into the East Tower last November have already seen good capital appreciation.
Around 90 per cent of the units in the East Tower were sold from plans, according to Ballymore's sales and marketing director Andrew Covill.
Prices in this phase range from €365,000 (£250,000) for studio apartments - around €29,000 (£20,000) higher than last year's launch price. One-bedroom units start at €547,000 (£375,000) while two-bedroom apartments are priced from €824,000 (£565,000).
A selection of duplexes and penthouses will also be available. Apartment sizes range from 30sq m (320sq ft) to over 325sq m (3,500sq ft) for duplex and penthouse apartments, some of which will between 372sq m (4,000sq ft) and 650sq m (7,000sq ft).
Situated on a waterside site at Millwall Dock, a short walk from Canada Square - the centre of Canary Wharf - Pan Peninsula is designed by international architects Skidmore Owings & Merrill (SOM), who designed the master plan for Canary Wharf and who specialise in high rise buildings.
Though the development is for sale entirely from plans, potential buyers can view fully fitted-out apartments in a nearby marketing suite - a floating glass box on the Thames to which viewers are transported in a custom-built boat. The studio suites are designed to look like luxury hotel suites with sophisticated fittings and hidden features, such as foldaway beds and concealed kitchens.
Black porcelain floor tiles, kitchen cabinets which are crafted from blackened oak and bathrooms that incorporate exotic black marble with honed Cohiba granite floors give them a very masculine feel though there is good light, too, through floor-to-ceiling windows opening onto a deep balcony.
The one-bedroom apartments include a spacious open-plan living area, with dark wood flooring and sliding glass doors that provide access to a private balcony. The kitchen is open-plan to the living area and includes integrated stainless steel appliances, white Quartz technical stone worktops and white cabinet doors with a ripple effect finish.
Two-bedroom apartments have floor-to-ceiling glazing in the living area providing an abundance of natural light, whilst sliding doors provide access to a large balcony. The kitchen is fitted with a range of stainless steel appliances, stone worktops and bespoke storage cabinets with cream ripple effect doors. Both the bathroom and en suite facilities in the main bedroom have been finished with Jerusalem marble walls.
Residents at Pan Peninsula will be able to enjoy a full range of hotel-style facilities, including Docklands' largest private health and fitness suite at 1,301sq m (14,000sq ft) with lap pool, hydrotherapy pool, sauna, steam room and relaxation area.
There will also be a separate commercially-run holistic spa occupying a whole floor in the West Tower, as well as a private residents' cinema, a restaurant, valet parking and a 24-hour concierge.
