Q. I am looking at buying a brand new one bedroom apartment for investment in Canary Wharf and have been offered a parking space for an extra £25,000 is it worth me spending the extra cash? Surely with such good transport connections here I don’t really need it? Tenants could always apply for a residents permit to park on the street if they had a car – right?
A. Its true the transport connections are great around here and of course plenty of people do not require parking so it would seem like a reasonable decision not to spend the extra cash. However not many one beds being sold off plan are even offered parking. Whenever you are buying a property whether it’s for investment or to live in, if you can secure a parking space it will definitely benefit you in the long run, as inevitably one day you will want to sell the property on. As I said before brand new one beds located in canary wharf are very rarely offered parking so that would definitely give you the edge when it comes to reselling as your unit compared to one without parking will without question make it more desirable than the unit without. Its worth baring in mind that The London Borough of Tower Hamlets are very restrictive when it comes to issuing parking permits to residents on some new developments. If the property you’re thinking of purchasing is subject to a Car Free Development agreement made under Section 106 of the Town and Country Planning Act 1990 you will not be able to apply for any type of on-street parking permit.