CREDIT CRUNCH TOWERS - PAN PENINSULA

Here’s an interesting article from The Evening Standard about Pan Peninsula, the Ballymore development on the Isle of Dogs. Pan Peninsula was marketed as the all singing, all dancing ‘place to live above all others’, prices where so high reaching a record £1000 per square foot.

Studio apartments sold for over £299,00 and one bedroom apartments peaked at around £400,000. Ballymore also announced that the penthouse, measuring over 8,000 square feet had been sold to an anonymous buyers for £7 million pounds, a record price tag for the Docklands.

As the property market was on a steady rise, investors borrowed heavily and snapped up these apartments thinking  the property price in the Docklands could only go up, however now the credit crunch has hit the country and according to the Evening Standard, the only ‘clamour’ at site is the sound of buyers stampeding for the exit.

Read the full article on ‘Credit Crunch Towers’ by Keith Dovkants from the Evening Standard

Here’s another interesting article from The Rat and Mouse, it talks about an investor who bought an off-plan one bedroom apartment a year ago for £420,000 at Pan Peninsula and now the property is thought to be worth around £375,000, he is now looking to sell the apartment and cut his losses.

Pan Peninsula, Official website by Ballymore Here

Have you bought an apartment at Pan Peninsula? we would love to hear from you, please feel free to comment using the form below.

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