Developer’s South Bermondsey scheme is on the edge of major local regeneration projects
Subscribe to our free Wharf Whispers newsletter here
“People are smart nowadays, they’re not just buying somewhere because it’s a great place to live – they’re looking at lots of different elements and whether they’re going to see capital growth on their purchase,” said Yolanda Jacob, sales and marketing director at Barratt East London.
“Even if they stay for five years, they want to see a property will be a good investment for them.
“Buying at the beginning of regeneration is nearly always the best time to purchase, because you’re going to see capital growth because of everything that’s going on in the area.”
We’re discussing Bermondsey Heights, the developer’s latest south-east London scheme.
When complete, the Ilderton Road complex will house 163 one, two and three-bedroom homes as well as 32 shared ownership apartments, rising to 26 storeys at its highest point.
This includes the Skyline Collection, a clutch of properties spread over the top four floors with an enhanced specification and, presumably, the best views the scheme has to offer.
Barratt has a bit of a track record in building developments in areas that then go on to see vast swathes of regeneration unfolding, with buyers enjoying the upswing in property values and boost in amenities that result.
Maple Quays at Canada Water and Enderby Wharf on Greenwich Peninsula would be two examples.
This could well be true for Bermondsey Heights as well.
Over the road to the north, Renewal has plans for some 3,500 homes, office spaces and, potentially, a new Windrush Line station on land surrounding Millwall FC’s ground.
For context, New Bermondsey is a scheme comparable in size to Royal Arsenal Riverside in Woolwich or Kidbrooke Village.
“House prices locally are forecast to rise by 25%, which is huge compared with other areas,” said Yolanda.
“People who bought at the start of similar schemes in Brixton, Shoreditch or King’s Cross will be very happy with their investment after five or 10 years.
“These are destinations people now go to for socialising, entertainment and shopping.”
Alongside New Bermondsey, British Land’s 12-year redevelopment of Canada Water – complete with a new town centre – is also within walking distance of Barratt’s scheme and will benefit buyers.
But what will those future residents actually be purchasing?
“Each apartment will have outside space – either a winter garden or a balcony,” said Yolanda.
“They have open-plan living areas and kitchens with all your appliances, finished to a high specification.
“Buyers can have the option to choose a colour scheme – they can bespoke the apartment and pick flooring, tiles, carpets and bathroom decor.
“The designs are very fresh, clean and bright.
“We also offer furniture packages, with designers who can come in and help buyers personalise their home.
“Then there’s a concierge service at the development as well as a podium garden and a roof terrace for residents.”
While some developments come stuffed with facilities, Barratt’s approach in South Bermondsey is to pare back its offering to keep service charges down in a move it believes will be attractive to buyers.
“These days new-builds offer so many options,” said Yolanda. “There are developments offering cinemas and golf simulators, but you’re going to pay a lot for those facilities.
“What we want to do is make sure we’re building homes that are affordable, and where they don’t have the worry of having to pay thousands of pounds a year on service charges, for facilities they may not use that much.
“In the middle of London such amenities can easily be found and we don’t want to tie people into spending lots of money on things they don’t want to use.
“Our aim is to cover the basics and then leave it up to personal choice.
“That way we can keep the service charge to around £3 per square foot, which is attractive to buyers.”
Bermondsey Heights is located within 10 minutes’ walk of South Bermondsey station for services into London Bridge.
Residents can also walk 15 minutes to Surrey Quays station for Overground services on the Windrush Line and connections to Canary Wharf within two stops.
“It’s a largely unregenerated area at the moment with industrial units, workshops and warehouses – but there’s a major injection of funding coming and it has brilliant backup with its neighbouring places,” said Yolanda.
“You’ve got Deptford down the road, which has seen quite a bit of a resurgence in popularity as well as Surrey Quays and Elephant And Castle, which have already seen extensive regeneration.
“Then there’s New Bermondsey in the pipeline.
“Bermondsey Heights for people looking for affordability and somewhere they can put down some roots.
“It’s an interesting proposition in terms of pricing – statistics from JLL show we’re about 19% lower compared with other Zone 2 developments across the capital.
“That’s been a huge draw for people whether they’re buying for investment or to live in because they can see lots coming here and that the infrastructure is going to improve.”
An explanation, perhaps, for the fact Barratt’s scheme is already more than 50% sold.
Be quick.
need to know
Properties are now on sale at Bermondsey Heights through Barratt East London.
Prices start at £490,000.
A new show home is set to launch at the development in May, 2024, with further details available online.
Find out more about Bermondsey Heights here
Read more: How Kircket is set to bring its Indian cuisine to Canary Wharf
Read Wharf Life’s e-edition here
Subscribe to our free Wharf Whispers newsletter here
- Jon Massey is co-founder and editorial director of Wharf Life and writes about a wide range of subjects in Canary Wharf, Docklands and east London - contact via jon.massey@wharf-life.com
