(1888PressRelease)
June 11, 2008 - It has been widely reported that the City Pride pub in Canary Wharf has been sold for £32 million for redevelopment. The site borders Young Group’s iconic 45 storey (459ft) residential development, The Landmark.
Neil Young, CEO of Property Portfolio Managers, Young Group, provides his thoughts on the press reports:
"We are aware of the City Pride transaction. This is good news for Canary Wharf as it demonstrates the continuing confidence in the area. The involvement of Lord Foster in looking at options for the site will ensure a level of quality that will complement The Landmark and further enhance the area’s reputation and property values.
"Currently, no planning application has been submitted relating to the site and our experience suggests that this project is some way from implementation. As a matter of course, the council’s planners take into account surrounding buildings as part of the planning consultation process before any approvals are granted. In any event, we feel that the values commanded by a quality development such as that being mooted in the press, will further support property values at The Landmark."
About Young Group
Young Group specialises in providing Property Portfolio Management services to private investors; offering the best off-plan direct investment opportunities in London. Young Group manages the entire investment process from sourcing the opportunities through to financing, furnishing, letting and management.
Young Group owns all the property that it sells and also retains a number of units in each development for its own portfolio. As the principal in every transaction, Young Group does not realise any profits until completion and has transacted in excess of 1,700 apartments, with a retail value of £700 million. The Group’s lettings division, Young London, has successfully let the majority of investors’ apartments within a week of completion. The Group's portfolio managers liaise with the Young London team in advance of completion to let investors' apartments to quality tenants, often through corporate lets.
· Young Group clients have access to finance products from across the entire market via Young Group's FSA regulated mortgage desk, Young Finance (www.youngfinance.co.uk).
· Young Group's iconic Canary Wharf development, The Landmark (www.TheLandmarkE14.com), has been awarded two Daily Mail Property Awards in the categories of best high rise development and best high rise architecture. The Landmark East Tower rises to a height of 459 ft, making it one of the tallest residential properties in Europe.
· Young Group’s COO, Sylvana Young, has just been named Bradford and Bingley’s Property Woman of the Year, 2008 for London.
Young Group supports NORWOOD and CHILDREN with LEUKAEMIA, two charities particularly close to our heart, donating £50 per property exchange and providing additional support throughout the year. Visit www.younggroup.co.uk to learn more.
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