Location Spotlight: Tower Hamlets

If you're looking to set up your business in Tower Hamlets, read this.

The Neighbourhood

The Tower Hamlets is a borough to the east of the City of London. Much of the area, which is considered the traditional ‘East End’ of London, falls within the borough and stretches from Bethnal Green all the way to the Isle of Dogs.

Since the 1980s there has been a push for development in the borough within areas like Canary Wharf, that now plays host to some of the tallest buildings in the UK. The borough, however, remains underdeveloped with an unemployment and poverty rate higher than any other borough in London.

Tower Hamlets

The Trends

Tower Hamlets is one of the boroughs in London that is set to see the largest growth in property prices in the next 5 years.

There has been a huge increase in population in the borough over the past 10 years and with this comes the need for more housing and new commercial opportunities. 

The borough also has the most private homes planned to be built in the next five years in London and a lot of these homes are towering blocks of flats in Canary Wharf and the surrounding areas. 

East London

Area Spotlight: Canary Wharf

Canary Wharf has been an area of development focus since Tower Hamlets was first targeted for rejuvenation. This is set to continue with new developments announced recently, such as Wood Wharf.

Limeharbour is another development already in the works around Canary Wharf. This development is in the Liberty Building and is now in its final phase.

Canary Wharf is a popular financial area in London. The area has retail and office space as well as restaurants and bars. London City Airport is also in close proximity to Canary Wharf, making travel to and from Europe relatively easy.

The new development planned will keep a quarter of its residential property as affordable housing and the retail and businesses space will be aimed predominantly at small to medium-sized enterprises.

Tower Hamlets

Street Spotlight: Brick Lane

Brick Lane runs through Bethnal Green to Whitechapel and is in the middle of the traditionally Bangladeshi community in London. The area is famous for being home to numerous curry houses.

Recently, the area has experienced regeneration and fashion and art events and retail spaces have opened up. There are also many bars and well-known nightclubs that draw in crowds to the area.

Brick Lane Market is open every day, although Sundays are when it is busiest attracting tourists and visitors from all over the city.

Tower Hamlets

Is this Area for You?

The growing number of residents in this borough will bring with it a vast number of opportunities from small and medium-sized businesses. Retail and service businesses will be in demand in the neighbourhoods in the Tower Hamlets as their population's increase.

If you are looking for somewhere to set up your business that will see a growth in local customers, Tower Hamlets is a borough that would be a good choice for you. 

The areas within the borough are extremely different so the specifics of your business will determine where in the borough will be right for you.

Canary Wharf is a financial hub that has many commuting into the area. In general, these people are earning a relatively high income in contrast to the rest of the borough. Brick Lane, on the opposite western side of the borough, has tourists and trend seekers looking to spend money at restaurants, markets and retail shops.

The lower income areas in the borough will eventually be seeing development as the city population increases and sprawls outwards.  Within the next 25 years, London will need to have almost 850 000 new homes in order to cope with the population increase.

Many of these homes will be built in Tower Hamlets and, if you have a business that is able to provide services to these new residents, this borough could be ideal for you to find yourself in the middle of an expanding customer base.

Anthea Taylor

About the author

Anthea Taylor is Content Producer at Dynamis and writes for all titles in the Dynamis stable including BusinessesForSale.com, FranchiseSales.com and PropertySales.com as well as other industry publications.

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