London Southbank to be Transformed in Next Decade

By BridgePoint-Ventures.com

London’s Southbank looks set to
be transformed over the next decade, with over 16,000 new
homes in the planning pipeline. CBRE reported that the area will
become the new cultural quarter of the city, creating 25,000 new
jobs in the capital. Increasing confidence among developers and
investors is helping to creating a buzz around the Southbank and
the transformation is continuing to attract over 22 million
visitors per year.

Demand for high-quality residential housing has helped to
inspire developers to build momentum and redefine the central
stretch of the River Thames as one of the prime residential
markets. A montage of what the area will look like in 2013 by the
CBRE shows a skyline stretching from Tower Bridge to the
redevelopment of Battersea Power Station. This includes One
Blackfriars, South Bank Tower, Shell Centre and the US Embassy.

Unsurprisingly, the Southbank is proving to be one of the most
attractive areas in London. Its proximity to the City and West End
makes it a rare opportunity for investors and homebuyers searching
for a riverfront development. Lisa Hollands, managing director
at CBRE Residential, commented: “London’s Southbank is arguably one
of the most exciting property stories this decade. The limited
supply in traditionally prime locations, along with a plethora of
style, scale and price points has allowed this formerly
under-utilised region to enjoy a record growth both in property
values and population.”

Already considerable growth has been noted in the Southbank,
with prices for new build apartments increasing by 160 per cent
since 2008. This has taken prices from just £500 per square foot to
£1,300 per square foot. Growth has also taken place in the heart of
the Southbank between London Bridge and Waterloo. In these areas,
prices regularly come in at £1,800 per square foot. “Many of these
developments offer additional luxury amenities including 24-hour
concierge, digital entertainment suites, business lounge, fitness
suites and spa facilities,” Ms Hollands explained.

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