Knight Frank Predict Crazy Southwark Prices

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Knight Frank Predict Crazy Southwark Prices

Post by Mr007 on Thu Dec 02, 2010 9:34 am

Knight Frank Predict Crazy Southwark Prices

Published on 09-10-2007 by
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The latest indications that gentrification south of the River Thames is continuing apace have been released by property agent Knight Frank.

Prime Central London Residential Index which take into account "super-prime" 5 million+ properties has been expanded to take into account parts of Southwark thanks to the ever growing house prices in the area including the rejuvenated area around its epicentre, the Tate Modern.

It already includes exclusive places such as Belgravia, Chelsea, and Knightsbridge which in the last year had impressive increases in prices averaging 36.5% across the entire index. Although Southwark as a whole is below this with 17.3% on the year to September 2007 areas around Bankside have been pinging rises as much as 25% in high quality developments such as Bankside Lofts.

Helping to drive this micro-market is not only the cool cultural mecca that the Tate Modern is becoming and the expected Herzog and de Meuron extension but also the existence of the Millennium Bridge that makes it only a short walk from the city, the attractive riverside location, good views and a bustling street life that is unfound elsewhere in the capital.

Knight Frank expect this to help grow prices further and although they only rate the average new development price of apartments in the borough at 600-1,100 per square feet compared to prices double or triple in the likes of Knightsbridge in the immediate future, values in Southwark will outgrow the London average pushed on by even higher rises in Bankside.

The current joker in the pack, London Bridge Tower, will be an interesting example of whether or not a second iconic building for the borough can help push prices further and create a new super-prime micro-market near London Bridge Station that can be a similar catalyst as the Tate Modern.

In the meantime, for developers such as Beetham and GC Bankside who have three towers approved behind the Tate Modern on Holland Street, this promises eye-watering profits on the schemes they wish to build.

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