These long-neglected areas of south east London are the object of one of the largest regeneration projects in the history of the capital: spearheaded by Southwark Council and British Land, the investment of more than £2 billion aims to transform a swathe of land between Canada Water and Surrey Quays.
The regeneration includes new commercial and residential areas, as well as public space, a new town centre and improved shopping centre. There are some good residential developments already in place, such as Barratt’s Maple Quays next to Canada Water station. The Seller Group’s landmark redevelopment of the Decathlon site has also been incorporated in Southwark Council’s master plan for the area.
Transport links have been transformed by the extension of the Jubilee Line and revitalisation of London Overground trains. You’ll find lots of information including full details of the council master plan, and we strongly recommend that investors take a look.
Once a Victorian village on the outskirts of London, great transport links have made New Cross effectively a central location with the benefit of a historically good quality housing stock.
Two practically neighbouring train stations between them offer access to London Bridge in just six minutes and Overground services to key locations such as Canada Water, Shoreditch and Hoxton. There’s a good mix of constantly-improving bars, cafés and restaurants, and a vibrant student life around Goldsmiths College, whose famous alumni range from Damon Albarn through Damian Hirst to Mary Quant.
The Victorian housing stock, which includes the Telegraph Hill conservation area, is a major asset. All the key drivers are in place for this area’s rise to continue and more and more investors are now taking notice.
Well known as the cheapest location on the monopoly board, the fortunes of this historic area are beginning to turn for the better. During his tenure as mayor Boris Johnson designated the Old Kent Road corridor as an “opportunity area” with “significant potential for residential-led development”. Southwark Council has since been moving through consultation to a master plan, while many private developers have already moved in with projects now completing or close to completion.
The neighbouring areas of Bermondsey and Elephant and Castle are already enjoying new prosperity. The future looks bright, and the valuations on the Monopoly board are looking ever more out of date.
Madley Property is Central London estate agency and property services company. Our investment team has a long and successful track record in the central London market: contact us to see how we can assist with your long term investment plans. Contact us on 0207 378 0644.
By Jaimie Beers
Jaimie Beers is Managing Director of Madley Property.