The eye-catching circular tower is in the celebrated and fast-moving Canary Wharf section of the city. It is the first residential building in London by acclaimed architects Herzog & de Meuron and will be one of the tallest residential towers in the capital.
Rather than sitting at the very top of the 58-story tower, all of Canary Wharf Group’s Loft “penthouses” are actually on the lower levels of its new residential tower, One Park Drive in London.
One of the priciest–and most luxurious–of these Loft apartments, the three-bedroom Apartment 902 on the ninth floor has a large wrap-around terrace that faces both south and east, with terrific views out over the water and parkland.
“In terms of Canary Wharf, this is the jewel in the crown,” he said. “Everybody recognizes it as the best building in Canary Wharf.”
Sales of the 483 luxury apartments at One Park Drive were launched on May 4 and “have gone very well,” Mr. Rundall said. “In the first month alone, we sold 150.”
“We’re seeing a really healthy mix of investors, end-users/owner-occupiers and international purchasers,” he said.
There are 60 Loft apartments in One Park Drive, all of which are located on Levels 2 through 9. These bigger apartments at the base of the building, which Knight Frank is describing as “inverted penthouses,” are designed to take advantage of the proximity to the water.
Construction work on the site began last year. “They are building the concrete frame at the moment–they’re up to Level 10 or 11,” Mr. Rundall said. “It’s quite a long build program,” with completion expected in 2020.
Canary Wharf is named after the bananas that were shipped to this former dock from the Spanish Canary Islands. Until the 1950s the area was a bustling industrial port, but like so many other ports, the growth of aviation and the modernization of the shipping industry led the area to fall into post-industrial decline.
In the 1980s, the Thatcher government invested heavily in the area and a wholesale regeneration of the area was launched. This coincided with the big bang in financial services and Canary Wharf became a thriving business district, home to some of the biggest banks and financial services firms in the world.
Canary Wharf’s profile is changing fast, with a growing number of startups and media companies increasingly attracted to the area because of its innovative tenant base, convenient transportation connections and expanding leisure facilities.