The Royal Group of Docks actually comprises of the Royal Albert Dock, the Royal Victoria Dock and the King George V Dock. The area is part of the London Borough of Newham and was designated a special enterprise zone in 2012 to help attract jobs and businesses to the area.
The docks were a great commercial success during the first half of the 20th century but after a period of decline in the 1960s they finally closed to commercial traffic in 1981.The poor transport links have meant that the redevelopment of the area has been slower than other sites in London, however, thousands of homes have now been built and transport is gradually improving.
Property for sale in the Royal Docks area is now growing in popularity as a number of residential complexes have been built, particularly in the Eastern Quay, Capital East and Gallion’s Reach areas. There is also large development planned in order to create a Royal Wharf area which will include housing, commercial businesses and office space.
The area is primarily served by the Docklands Light Railway, and as part of the improvement of the transport infrastructure of the area, there will be a further extension of this, and Crossrail is also due to serve the area soon. London City Airport was opened in 1988 which proved to be a massive boost to the area.
Property prices in the Royal Docks area have seen a healthy 17% increase over the last two years, meaning the average price of properties for sale in the Royal Docks area is now peaking at £365,000. This has seen a rise of £249,000 since the year 2000.
The average rent for a four bedroom property in the area is currently £475 per week, meaning that property for sale in the Royal Docks area can turn a good profit.
A new campus for the University of East London is now under construction which should attract a significant number of students and help to boost the rental market further.
The ExCel Centre is one of the major attractions of the area. It is a giant exhibition centre which plays hosts to both trade and public exhibitions and so creates a regular stream of visitors.
The Emirates Air Line is a cable car link which crosses the River Thames providing some unique views of London as well as much-needed transport across the river. It runs from the Greenwich Peninsula to Royal Victoria Docks and is used by tourists and commuters alike.
Due to the 250 acres of water at the docks, the area is now well known for its water sports and also sees visits from a variety of vessels due to the London Boat Show at the ExCel Centre.