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Sun April 11 2021

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Galliard sells 208 unbuilt Canary Wharf apartments in just four hours

13 Jul 15 Nearly all the apartments in a Canary Wharf tower block on which construction has not even started were sold off plan within four hours of going on the market.

People were literally queuing up to buy the flats
People were literally queuing up to buy the flats

Galliard Homes is planning to build the 41-storey Maine Tower at Harbour Central in London’s Canary Wharf district.

For the launch of Maine Tower, Galliard Homes held back the premier and penthouse residences, and released 230 studio, one-, two- and three-bedroom apartments for sale off plan. Within four hours, 208 had been sold at values averaging £1,200 per square foot. This is despite the fact that construction of the tower has not yet started and the project is not scheduled for completion until early 2019.

Prices ranged from £350,000 for a 370 sqft studio apartment, up to £1.25m for a 1,075 sqft three-bedroom apartment, generating a total of £140m.

Galliard Homes said that it had not witnessed such a volume and fast sales rate since the buoyant property market era before the global recession.

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It said that 50% of buyers were from overseas.

Galliard Homes sales director David Galman said: “It’s not every day in London that a resi skyscraper virtually sells out during a launch. The volume and speed of sales at the Maine Tower launch was incredible and shows the confidence that buyers from both the UK and overseas currently have in the London property market. At this development we are providing a high quality product, luxurious lifestyle amenities and a prime Canary Wharf location. We deliberately kept prices competitive, created a stunning marketing suite and invested heavily in advertising and PR, with the results speaking for themselves.”

Maine Tower is part of Harbour Central which consists of the £550m transformation of a 2.65 acre industrial site by Millharbour Dock Basin into a ‘vertical village’ for Canary Wharf. According to plans, Harbour Central will provide 901 new homes, retail, commercial, leisure and parking facilities in five mixed-use towers, designed around two new London green squares.

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