Riverside schemes on the south bank of the River Thames are about to take over as the key pacesetter of residential development within the capital, writes Jeremy Gates. And the size and scale of the development could see a narrowing of Londons north-south price divide.
A joint analysis by London Residential Research, a sister company of EG, and DTZ Residential, has identified around 3,000 new homes, valued at more than £1bn, being built along the south bank between Putney Bridge and London Bridge with 782 riverside homes, valued at more than £351m under construction between Lambeth and Southwark.
Another 2,000 homes valued at around £900m are being undertaken between Wandsworth and Vauxhall. The north bank between Westminster and the City has 55 private riverside homes being built, valued at around £85m.
Jonathan Woodfield at DTZ said: “So far as the south bank is concerned, this is the start proper of riverside development, with major projects to take three to five years. In the past year, the volume of development at least doubled, and prices are up by between 15 and 20%.”
DTZ expects these price rises to continue if the economic climate remains benign. Initial prices of around 4,840 per sq m (£450 per sq ft) are set to climb to £5,920 per sq m (£550 per sq ft) within 18 months.
See this Saturday’s Estates Gazette for the full version of this story.
EGi News 29/03/01
