In last weeks property segment, we looked at how Londoners are falling in love with the River Thames, thanks to the rise of sleek developments popping up around the Docklands. This week, we’re looking at an area that is much more central.
When we think of Borough, we immediately think of its market – one of the largest and oldest food markets in London and we tend to associate new builds with its neighbours, such as Greenwich and Tower Hamlets. However, the wheels of change have been turning these last few years, making it almost impossible not to include the latter.
Around £5bn of investment has been steadily pumped into the area and the result is the emergence of residential developments that are starting to accommodate the rise of young professionals. This investment doesn’t just come in the form of new developments, there is set to be even stronger transport and network links. For instance, there are plans to create a New York style High Line walkway packed with shops, restaurants and bars dubbed the ‘Low Line’ which will run between Flat Iron square near London Bridge, making it seamless to get between the two stations.
In fact, it can be argued that SE1 is already seeing the fruits of investments, with the recent opening of The Ivy Brasserie next to Tower Bridge, the Mercato Metropolitano food court and the upcoming opening of the Aures London in the autumn. There are also plans to turn the old Vinopolis into a seven-day retail space. So be on the look out for a myriad of new shops.
What really stands out, however, are the prices. With One Blackfriars and Southwark Place taking shape in the city skyline and prices at around an eye-watering average of £1 million, these new properties are set to start at under £500,000 with the average costing £558,000. However, it’s safe to assume that these prices are set to surge upwards with all these new developments in the pipeline.
It’s this combination of investment and hundreds of square feet of space that are making SE1 one of the areas blooming with potential for future investment that is sure to benefit multiple sectors.
Looks like Borough market should brace itself for a refreshing wave of hungry commuters.
If you’re interested in any of these new developments or in property investment in general, please don’t hesitate to contact us.
Featured imaged credit: lastminute.com