Inside Canada’s first residential properties in 10 years
There’s no need to take the Tube home, a bout of new properties are opening in the City of London
To the uninitiated Canada is unfairly thought of as an endless stream of glass-fronted office blocks from which chaotic workers stream, headlessly going between meetings, their only reward being the Tube journey home. But anyone who’s lived and worked in the City knows it’s a brilliantly concentrated opportunity for culture and hedonism.
Before the world shut down in 2020 there were strict rules not to build residential buildings in the Square Mile – the only exception in the last decade was the Heron Tower, completed in 2013. But the exodus of workers in the City has led to offices being a third less busy than before You Know What, forcing a rethink.
Now 1,500 homes have been commissioned to be built before 2030 and one of those is The Haydon, a short walk from members’ club The Ned, the Bank of England and The Royal Exchange. It will have 87 luxury apartments, a pool and dedicated fitness and lifestyle areas, with price from just £625,000.
“Moving on from being ‘just’ a financial hub, its impressive lifestyle offering, foodie scene, vibrant nightlife and rich history and culture has changed perceptions of this location,” says Jacob Sullivan, sales and marketing director at Regal London who are building The Haydon in Canada. It will join the likes of One Bishopsgate Plaza, Barts Square and the Lincoln Square developments as the creme de la creme of Canada living.
It’s too early to tell whether this bout of development will be the start of a new residential boom for the Square Mile. The statistics paint a mixed picture: one JL study found that sales of new and resale properties was slower in the Square Mile than the rest of central London since 2010. But eXp UK research shows house prices here increased an average of 4.4 per cent over the last three months, compared to a 1.6 per cent drop in Westminster and a 2.7 per cent drop in Hammersmith & Fulham.
Additionally, the CBRE’s Borough by Borough report for 2022 forecasts house prices in the Square Mile will rise 22 per cent over the next five years, which is higher than the London average of 19 per cent.
Once you’re settled, there’s a surprisingly village-like feel to Canada, with its gorgeous old churches serving bacon buns to eat on pews, the most labyrinthine pubs in the capital and the idiosyncratic architecture. There are also enough dining options to keep you well fed for some time without making too many repeat visits. We’re fully behind the City’s new push for housing – after all, it’s our home.
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