An increasing confidence among developers and investors coupled with a surge in demand for high quality residential housing is set to transform London's Southbank throughout the next decade.
As the Southbank's transformation continues to attract over 22 million visitors per year, London's developers have built momentum in redefining this central stretch of the River Thames into one of the most active pockets in the prime residential market, according to a new report from real estate services firm CBRE.
The firm has put together the first ever montage showing how the capital city's Southbank will look in 2023 which shows a stunning skyline stretching from Tower Bridge to the redevelopment of Battersea Power Station, including One Blackfriars, South Bank Tower, Shell Centre and the US Embassy.
Through close proximity to the City and West End, as well as its extensive international transport connections, the Southbank continues to deliver a rare opportunity in which home buyers can purchase in a river fronting development which will soon become a landmark on the world famous London skyline.
'London's Southbank is arguably one of the most exciting property stories this decade. The limited supply in traditionally prime locations, along with a plethora of style, scale and price points has allowed this formerly under utilised region to enjoy a record growth both in property values and population,' said Lisa Hollands, managing director at CBRE residential.
'Since 2008, the average price for a new build apartment has risen by 160%, from £500 per square foot to £1,300 per square foot. This record increase is also reflected in those properties in the heart of the Southbank, between London Bridge and Waterloo which regularly achieve over £1,800 per square foot,' she explained.
'Many of these developments offer additional luxury amenities including 24 hour concierge, digital entertainment suites, business lounge, fitness suites and spa facilities, all of which are extremely popular with city workers, international purchasers and downsizers alike,' she added.
According to Mark Collins, chairman at CBRE Residential, the Southbank is perfectly poised to capitalise on the increasing appetite for new build property across central London. 'Over 60% of apartments currently under construction on the southern fringe of the river have sold pre-completion and we can expect this trend to continue,' he said.
'Crucially, the redevelopment of London's Southbank has so far committed £1.5 billion via Section 106 agreements, which will help deliver new schools, increased policing, health and leisure facilities and significant investment toward the local transport infrastructure, all of which is crucial to the success of this brand new destination,' he added.
In the past six years there has been £2.3 billion of development deals on the Southbank, which is a healthy 10% of the central London market over the same period, according to Peter Burns, executive director at CBRE.
'Throughout this period the proportion of deals happening on the Southbank has been increasing, reflecting the growing acceptance of the area amongst developers who can build at scale,' he said.
'Overseas investors have joined the domestic UK players as they have been attracted to the ability to build high rise schemes with premium levels of servicing, which is the norm in their local markets,' he added
. propertywire
As the Southbank's transformation continues to attract over 22 million visitors per year, London's developers have built momentum in redefining this central stretch of the River Thames into one of the most active pockets in the prime residential market, according to a new report from real estate services firm CBRE.
The firm has put together the first ever montage showing how the capital city's Southbank will look in 2023 which shows a stunning skyline stretching from Tower Bridge to the redevelopment of Battersea Power Station, including One Blackfriars, South Bank Tower, Shell Centre and the US Embassy.
Through close proximity to the City and West End, as well as its extensive international transport connections, the Southbank continues to deliver a rare opportunity in which home buyers can purchase in a river fronting development which will soon become a landmark on the world famous London skyline.
'London's Southbank is arguably one of the most exciting property stories this decade. The limited supply in traditionally prime locations, along with a plethora of style, scale and price points has allowed this formerly under utilised region to enjoy a record growth both in property values and population,' said Lisa Hollands, managing director at CBRE residential.
'Since 2008, the average price for a new build apartment has risen by 160%, from £500 per square foot to £1,300 per square foot. This record increase is also reflected in those properties in the heart of the Southbank, between London Bridge and Waterloo which regularly achieve over £1,800 per square foot,' she explained.
'Many of these developments offer additional luxury amenities including 24 hour concierge, digital entertainment suites, business lounge, fitness suites and spa facilities, all of which are extremely popular with city workers, international purchasers and downsizers alike,' she added.
According to Mark Collins, chairman at CBRE Residential, the Southbank is perfectly poised to capitalise on the increasing appetite for new build property across central London. 'Over 60% of apartments currently under construction on the southern fringe of the river have sold pre-completion and we can expect this trend to continue,' he said.
'Crucially, the redevelopment of London's Southbank has so far committed £1.5 billion via Section 106 agreements, which will help deliver new schools, increased policing, health and leisure facilities and significant investment toward the local transport infrastructure, all of which is crucial to the success of this brand new destination,' he added.
In the past six years there has been £2.3 billion of development deals on the Southbank, which is a healthy 10% of the central London market over the same period, according to Peter Burns, executive director at CBRE.
'Throughout this period the proportion of deals happening on the Southbank has been increasing, reflecting the growing acceptance of the area amongst developers who can build at scale,' he said.
'Overseas investors have joined the domestic UK players as they have been attracted to the ability to build high rise schemes with premium levels of servicing, which is the norm in their local markets,' he added
. propertywire
Tel 08002425255 
renttoownproperties@consultant.com
0 comments :
Post a Comment