Focus On Bermondsey: River views, great food, warehouse conversions – what more could you want in SE1?

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.

Like much of the East End, industry that was deemed too noisy or dirty was sent to the periphery of the City and Bermondsey became known for its factories and textile warehouses. At one time, it was responsible for producing a third of all the leather in England but, by the mid-19th century, it was a notorious slum, particularly the area around St Saviour’s Wharf. Known in the Victorian era as Jacob’s Island, it was immortalised as the place where criminal Bill Sykes met a sticky end in Charles Dickens’ Oliver Twist.

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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Top 40 Residential Buying Agencies

We are delighted to be ranked 4th in Prime Resi’s “Top 40 Residential Buying Agencies”. The guide is a definitive rundown of the most influential, successful, respected and connected residential property buying agencies in Britain.

 

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Brexit may trigger prime London slump – but not for ‘the global elite’

“Areas such as Nine Elms in Vauxhall and Earls Court in west London are particularly vulnerable due to oversupply of expensive properties aimed at the overseas investor. However, there are a handful of stand-out developments – such as Television Centre – that we believe are likely to continue to prove popular, and there will certainly be bargains to be had, particularly on the secondary market” she says.

“The stock market has already heavily bid down builders linked to this part of the market, which is suffering from significant oversupply and the disappearance of the foreign investors who had supported it in recent years” Dell adds.

However, Black Brick expects the Super Prime market – which it describes as homes costing £15m to £20 or even more – to be the least negatively affected, with the collapse of the sterling meaning that dollar buyers are actually factoring in a 12.5 per cent increase in their purchasing power since before the poll.

“For the global elite buying properties at £15-20m or above, purchases tend to be about lifestyle choices rather than business decisions, or are to diversify extremely large portfolios. Indeed, we are still seeing transactions continue; Brexit did not feature in conversations with clients in this part of the market before the referendum, and it’s unlikely to be much of a factor now.”

 

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London is going to retain its attractiveness to wealthy international buyers regardless of this outcome

London is going to retain its attractiveness to wealthy international buyers regardless of this outcome

Camilla Dell, Managing Partner at Black Brick

“Now that an ‘out’ vote has been cast, we will, no doubt, experience a period of ongoing uncertainty as the UK seeks to agree a way forward with the EU. Sterling may weaken even further, making London property even more attractive to foreign buyers.

“In general terms, London is going to retain its attractiveness to wealthy international buyers regardless of this outcome; its cultural attractions, geographic location, legal system, and concentration of talent mean that there will always be demand for Prime Central London property.”

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