1 November 2016, City A.M.
For centuries condemned as a slum, this centrally located area in Zone One has blossomed in the last ten years into one of the most artistic – not to mention delicious – parts of London. It reached its property peak this year, recording its highest ever sale with a property in Shad Thames – land first owned by the Knights Templar – selling for £4.7m.
The area known as Butler’s Wharf was heavily bombed during World War II and it wasn’t until the 1980s that it began to be redeveloped. It was a great success, and now Shad Thames, as it’s known, is an upmarket shopping district with many riverside restaurants and smart apartments lining its banks.
One Tower Bridge, an enormous Berkeley Homes development sitting in its own park where a penthouse is currently on sale for over £3.6m, is the pinnacle of this success and it’s set to be the site of a new theatre curated by former National Theatre artistic director Nicholas Hytner.
The opening of Bermondsey Underground station on the Jubilee Line only solidified the area’s distinct character from that of nearby Borough and Bermondsey Street is now a foodie fantasia. According to Hamptons International data, there are a whopping 66 restaurants and 63 cafes to choose from. The same data shows that year on year price growth currently sits at 11 per cent and 23 per cent of the market share is made up of first time buyers.
“Bermondsey has a high concentration of local authority buildings, in which privately owned apartments can be bought for under £650 per square foot,” says Jamie Burnhope of property buying consultancy Black Brick. “With the regeneration at Elephant and Castle and the continual growth of London Bridge, Borough, and Shad Thames, Bermondsey represents a very good-value option for any first time buyer wanting to be in a central location.”
Bermondsey’s obvious potential meant that many of its historic warehouses have been bought up by developers and have been turned into luxury flats.
Recent examples include the Old Grange Tannery, which has been renamed Corio by Linden Homes, 53 apartments at The Taper Building by Shape Real Estate, Crest Nicholson has two in close proximity – Snowsfield Yard and Brandon House – and duplex apartments are being sold from £1.6m at The Music Box by Taylor Wimpey.
Whether the postcode is SE1 or SE16 makes a big difference, too. Will Wisbey, from Hamptons International’s London Bridge office says, “You go to SE1 and you’re going to be paying up to £1800psqft, but in South Bermondsey, for a larger flat, you’re talking about £700-800psqft. SE16 is definitely the best place to go if you’re an investor.”
It’s this mix of architecture that makes Bermondsey so appealing to a wide range of buyers and will ensure it stays attractive in the future, according to Foxtons’ London Bridge sales manager Chris Venter.
“Bermondsey’s architectural styles point to key periods in the city’s history. From pre-war homes and ex-local authority houses to upmarket period flat conversions, warehouse conversions and recent developments, it is a melting pot of real estate traditions.”
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