Canary wharf investment

A

astapasta

Guest
Hi, I am thinking of investing in an offplan apartment in Lanterns Court, Canary Wharf. Expected completion date is late 2009/early 2010. Its a large one-bed at 62 sqm with south facing balcony. Having investigated the current market I am a little concerned at the asking price of £345,000. Is it on the expensive side? I have had mail from letting agencies quoting a rental possibility of £800-900 per week. Anyone got any experience or advice on this area in London?
 
astapasta said:
Hi, I am thinking of investing in an offplan apartment in Lanterns Court, Canary Wharf. Expected completion date is late 2009/early 2010. Its a large one-bed at 62 sqm with south facing balcony. Having investigated the current market I am a little concerned at the asking price of £345,000. Is it on the expensive side? I have had mail from letting agencies quoting a rental possibility of £800-900 per week. Anyone got any experience or advice on this area in London?
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The rent does not make sense. Good 2 beds in canary wharf can be had for 450 a week. Ok east india quays may have a go at those numbers but their apartments are now 750k plus. 10% yield is unlikely.

5% to 6% gross is more like it assume things are going your way.
 
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