Four in five people looking to buy property in London are pursuing entrepreneurial ventures alongside their main employment, according to new research from Ballymore. Their new development, 25 Cuba in Canary Wharf, they say, is perfectly positioned to cater to growing changes in attitudes towards working and living coming together.
The developer’s survey of 1,017 working people aged 25 to 65, conducted in conjunction with More in Common, found almost a quarter of respondents earned more than an additional £10,000 a year from activities outside their primary job.
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The research also stated that 47% of entrepreneurs are actively investing, 37% consider themselves freelancers, while 23% run small businesses. Content creation was one of the top job roles cited at 27%
More significantly, in the context of London real estate, 48% of respondents rank a home that supports their ambitions among their top two priorities in life, while 65% use their homes as bases to work on side projects “every” or “most days” of the week.
But despite the lines between home and working life becoming blurred from a utility perspective, the data also shows that 37% of respondents already pay for access to workspaces outside their main workplace, such as co-working hubs or members’ clubs.
This rises to 55% among those running a business and 47% among content creators looking for spaces equipped with specialist amenities.
Work and living space's growing confluence
The findings offer a snapshot of how professional lives are changing in London, and how this is impacting not just the spaces they choose to work in, but also those they choose to call home.
As a result of work, investment and entrepreneurial activity increasingly running in parallel with traditional employment models, residential property especially is being asked to adapt in ways it hasn’t before to accommodate.
It’s perhaps no surprise then, that 25 Cuba, Ballymore’s latest development, delivered in conjunction with Penta Real Estate, is a perfect example of how the industry is reacting to shifting attitudes to work and home.
The 52-storey development will include an entire level dedicated to work and collaboration, alongside 434 homes and a wider programme of amenities designed around how residents are expected to use the building.
“As a result of work, investment and entrepreneurial activity increasingly running in parallel with traditional employment models, residential property especially is being asked to adapt in ways it hasn’t before to accommodate”
Due to complete in 2029, 25 Cuba will comprise one- to three-bedroom homes, with dedicated spaces for focused work, study, networking and collaboration. The work level will also include a Reading Room and Library, twin production studios with professional podcast equipment and a screening room.
“People are doing so much more than their primary job, they are building businesses, creating content, freelancing, investing, learning,” says Brian De’Ath, Managing Director of Sales & Marketing at Ballymore. “They are ambitious and our research shows that their homes need to keep up with them, and become a place where they can feel productive, focused and creative.”
The research reflects a wider shift in Ballymore’s approach to residential development. De’Ath discussed the changing demands on London housing with The Super Prime earlier this year, when we spoke to him about The Capston at Embassy Gardens.
At 25 Cuba, those changing demands manifest in the way the development has been designed, with space for work, collaboration and leisure built into the scheme.
From work to wellbeing
It’s not all about work. The research also suggests that the appeal of a home extends beyond the ability to work from it, with 70% of respondents saying they feel most creative in parks and outdoor spaces.
At 25 Cuba, that translates into Cuba Street Gardens, a new one-acre public park which Ballymore says will be the largest of its kind to be delivered in this part of London for almost 30 years.
Homes will range from one-bedroom suites to three-bedroom apartments, with generous windows, balconies and flexible open-plan layouts. Prices will reach up to £2.75 million.
The development will also include a Reception Gallery, 24-hour concierge and Garden Bar, while a 32nd-floor fitness suite will offer a weights section, cardio area, dance studio and yoga terrace, with views across the Thames, Canary Wharf and the City.
Taken together, the spaces reflect a more rounded view of how people use their homes, particularly as the boundaries between working, socialising and downtime become less defined.
For the premium residential market, the question is less about the number of amenities on offer and more about whether they have a meaningful role in residents’ everyday lives.
Canary Wharf’s evolving residential proposition
Canary Wharf continues to evolve from a predominantly commercial district into a more established residential neighbourhood, with restaurants, retail, leisure and green space sitting alongside its financial and business centre.
Three quarters of respondents to Ballymore’s research said they would or might consider living in Canary Wharf, while 62% said their opinion of the area had improved over the past decade. JLL data supplied by Ballymore shows that average rents across the neighbourhood have risen 55% over the past five years, 13% ahead of London growth.
“Canary Wharf continues to evolve from a predominantly commercial district into a more established residential neighbourhood, with restaurants, retail, leisure and green space sitting alongside its financial and business centre”
“Something has shifted in how people see Canary Wharf,” says De’Ath. “Once a place where you came to work and left, it is now a neighbourhood where people want to live, socialise and spend their weekends.”
This shift is also being underpinned by the continued commitment of major employers, with PwC, Visa and JP Morgan among those maintaining significant operations and workforces in the area, despite the post-Covid shift towards more flexible working.
Canary Wharf’s appeal increasingly lies in its proximity to London’s commercial centre, alongside a growing range of residential, retail, leisure and green spaces.
