New tower in Canary Wharf sells £140m of apartments in four hours after launch

Maine Tower Canary Wharf

A new London skyscraper which is yet to be built has sold £140m of apartments in only four hours.

The 41-storey Maine Tower in Canary Wharf by Galliard Homes sold all 208 apartments on offer only four hours after launching at the weekend. The sales value averaged £1,200 per sq ft with Galliard boasting sales of £580,000 per minute.

The tower, which is currently not scheduled to complete 2019, had a range of apartments on sale from £350,000 to £1.25m.

The firm said around half of the buyers were from the UK, with the other half made up of foreign investors including Greek, French, Italian, Middle East and Asian buyers.

Designed by Rolfe Judd architects the art-deco themed tower is a joint venture with Cain Hoy and Frogmore is located off Lighterman’s Road close to Millharbour Dock Basin. The scheme forms part of a new £550m ‘vertical village’ in Canary Wharf which will in total provide 901 new homes as well as commercial and retail space in five towers and two new public spaces.

The sale did not include higher-level premier and penthouse residences in the tower, but did include one, two and three-bedroom apartments.

Galliard Homes sales director David Galman said: “It’s not every day in London that a resi skyscraper virtually sells out during a launch. The volume and speed of sales at the Maine Tower launch was incredible and shows the confidence that buyers from both the UK and overseas currently have in the London property market. At this development we are providing a high quality product, luxurious lifestyle amenities and a prime Canary Wharf location.

“We deliberately kept prices competitive, created a stunning marketing suite and invested heavily in advertising and PR, with the results speaking for themselves.”