It’s a last laugh for the owners of the Shard. When the iconic tower was completed just four years ago many dismissed it as London’s tallest white elephant, claiming its premium aspirations would be frustrated by the unfashionable location. Now it’s been announced that the Shard has achieved effectively 100 per cent occupancy, as it stands as the focal point of the hugely successful London Bridge Quarter regeneration.
It’s a success we’ve watched at first hand, from our offices in the now uber-fashionable Bermondsey Street (we’ve been here for the last eight years).
The factors behind this success are not hard to fathom. As the business heart of London has spread eastwards, driven partly by spiralling property prices in the traditionally well-heeled western districts of the capital, the area along the south bank of the river offered City workers a home within walking distance (or a short tube ride) from the office. A large number of old industrial buildings lent themselves readily to conversion into loft or warehouse-style living spaces, while the diverse cultures of the area, from Borough through Borough Market so Shad Thames and Bermondsey Street, have made this one of the most attractive places to live in London.
Early investors have seen significant capital growth, while the ripple effect of gentrification in neighbouring Bermondsey and Old Kent Road is becoming visible in values there. It’s not just the owners of the Shard who have a smile on their face these days.
Read the full article here.
By Jaimie Beers
Jaimie Beers is Managing Director of Madley Property.