Games Monitor

This property investment article from The Independent illustrates what's really driving the project - money.

A network of derelict watercourses flowing sluggishly through an ugly industrial area of east London is set to be transformed into an elegant city of canals under plans for the Olympics announced last week...

But investors keen to get in on the ground floor at the latest potential hot spot must be prepared for a wait of several years before prices rise.

British Waterways and the London Thames Gateway Development Corporation have just announced a huge regeneration programme for the Bow Back Rivers, with new locks to control levels (some of the waterways are tidal), restoration of towpaths and compulsory purchase of prominent eyesores.

The aim is to bring mixed developments into the area, with restaurants, shops and bars on ground level, and offices and flats above. Ultimately, the area will be a community and a destination in its own right.

The few current residential developments with views over the Bow Back Rivers do not usually advertise the fact, largely because the views are horrible.

Developers have already been working in the area and contributing to the restoration of the waterways. Bellway's The Lock building fronts on to Stratford High Street and looks out on City Mill Lock, and Bellway paid for new, recently fitted lock gates. Complete restoration of the locks is part of the new regeneration programme.

If you can get a flat up to the third or fourth floor, a canal view will put up to an extra £15,000 on the value..

Investors must look at the long term, perhaps by investing in units that can be rented to construction workers in the short term and then improved for City and Canary Wharf workers when the Games are over.

And in their Prescott Channel plans explanatory statement British Waterways cite as one of the benefits "land values increased by c. £30 million"