History
Like many of the strategic important London Docks, St Katharine Docks were targeted by the German Luftwaffe during World War II and suffered severe damage as a result. During the "Black Saturday" raid of 7 September 1940 - officially the first day of the Blitz - the original warehouses that surrounded the Eastern Basin of the Dock were razed to the ground by German bombs. Following the war, when the Greater London Council (GLC) embarked upon their regeneration of the area, this bomb-damaged area was selected as the site for a social housing development - South Quay Estate.
The GLC (at the time Conservative run) established the development on what was called a 'higher rent' basis. This made it almost unique and meant those applying to be the first residents had to meet certain criteria found in nearly no other type of local authority housing. These included no children, no animals, employment either within the borough of Tower Hamlets or the City of London and proof of income. A chief aim appeared to be to provide a place where young City workers on lower pay could afford to live close to where they worked - presumably to resolve a specific shortage identified by City employers and politicians. The first group of residents therefore contained a particularly high proportion of what might generally be known as 'young professionals', although it also included many middle-aged and older individuals or couples.
The GLC initially blocked the launch of the Right to Buy Scheme under the Thatcher Government in South Quay, although this changed around the demise of the GLC and ownership passing to Tower Hamlets Borough Council. With Right to Buy, like many social housing initiatives close to the City of London, the composition of tenants in South Quay Estate therefore changed significantly during the 1980s and 1990s. As a result, a significant proportion of the Estate's 300 apartment units were transferred into private hands during this period. This transformation from public to private housing was completed on 15 June 2007 when, through a process of enfranchisement, a group of about 200 South Quay Estate property owners purchased the freehold for the Estate from the Tower Hamlets Borough Council for £930,750.00.
Although apartments in South Quay Estate have not seen the same level of property price inflation as the luxury apartments surrounding the rest of the Marina, they have benefited from their picturesque surroundings and central location. A significant number of properties are now rented out, both mid/long-term on a residential basis and short-term for tourists and holidaymakers. There is currently a healthy demand for rental properties in the Estate driven by city workers attracted by the proximity to the city, and selection of top restaurants, cafes and bars in the area..
Read more about this topic: South Quay Estate
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