Home NewsProperty market updates Woolwich & Plumstead – a new neighbourhood in the royal borough of Greenwich

Woolwich & Plumstead – a new neighbourhood in the royal borough of Greenwich

London is no stranger to investment, with a multitude of revitalisation areas and several iconic and massive London regeneration projects over the last 20 years. Among them, Woolwich and Plumstead, located in southeast London, within the Royal Borough of Greenwich, is a promising new suburb that has emerged rapidly.

Blended with historic and modern elements

Woolwich is a historic town that’s embracing the past while looking to the future as it undergoes substantial rehabilitation. It was once Britain’s biggest producer of munitions and military equipment factory but has been transformed into a new mixed-use neighbourhood and thanks to the Future High Street Fund, the town centre is set to be transformed. Today, the bomb and bullet factories are all gone, having been replaced by modern riverfront residential complexes, gastropubs, and revitalised areas for fitness, the arts, and independent business spaces to thrive.

Undergoing extensive restoration and redevelopment, with a refurbished Plumstead High Street attracting well-known retail names, people are spoilt for choices in the fusion of culture and nations, with food and clothing stores from all over the world, including English, Indian, Nepalese, Pakistani, Afro Caribbean, and Nigerian, as well as a host of takeaways, casual dining outlets and formal restaurants. The largest Tesco store in Europe is also located there. Just take a trip there to get your senses aroused. Another 2-minute rail ride will take you to a place with the River Thames as a backdrop that provides multi-cultural living in a superbly connected location and has been a key hub for a range of craft disciplines ranging from ceramics to leatherwork for centuries.

Easily connected to central London

The mainline railway running through Plumstead and Woolwich can reach London Bridge in 20 minutes, from which it may be taken to Cannon Street or Charing Cross (via Waterloo East). Woolwich features both a DLR station and a river taxi stop. The Royal Arsenal estate is also the designated site for a Crossrail station, with predicted transit durations of 8 minutes to Canary Wharf, 22 minutes to Bond Street, and 50 minutes to Heathrow. Both districts are well served by bus services that take customers into downtown London or out into Kent to the Bluewater retail centre. With their regeneration and the Crossrail, the properties there are extremely ideal for commuters and families.

The award-winning developer Berkeley Group is committed to creating great places where people love to live, work and relax. Where the homes are light-filled, adaptable and finished to very high standards. Where carefully planned public areas enhance the well-being and quality of life for residents and visitors. Where people feel a sense of community. With such belief, Lombard Square, developed by the Berkeley Group, draws inspiration from appealing mansion blocks, fusing the classic and modern of London.

The Group has invested £1.5 billion to transform the abovementioned districts, doubling the local property values, leading to the “Berkeley effect”, and making Berkeley’s ingeniously designed Lombard Square one of the top investment and rental-yielding locations in London. The rejuvenation of Plumstead, South East London, begins with Lombard Square by creating an alluring space to bring together the community, quality living and green spaces and reintroducing the feeling of nature within the area through green open spaces and landscaped gardens.

Conveniently located in the Royal Borough of Greenwich, Lombard Square is at the edge of the city, and at the heart of an exciting regeneration project that will transform the entire area. A few minutes’ walk to Plumstead station, a 10-minute walk to Woolwich Crossrail Station at the vibrant Royal Arsenal Riverside, 7 minutes to Canary Wharf, and 21 minutes to Bond Street via the newly launched Elizabeth Line Crossrail station which significantly reduced travel times and access to the key central London areas. Some of the world’s largest employers like HSBC, Barclays are located within easy reach and the Lombard Square also offers easy access to the city’s significant creative and business districts. Just a short journey from Lombard Square lies east London, an area rich in opportunities with several major new public projects set to be unveiled in the coming months. Living in Zone 4 is just as convenient as living in Zone 2.

Not-to-be-missed high-return investment

Lombard Square not only offers a wealth of prime transport connections around London and beyond, but a space for people to meet, and enjoy the tranquil green spaces by the river and the community atmosphere. It promises 1,750 well-designed residences and 57,000 sqft of flexible community, industrial and commercial space, surrounded by a new biodiverse green square of 1.8 acres themed around the concept of the four seasons that complete with an artificial lake, children’s play areas and space to run. With such an energising environment in which to live, work, and play, the space is ideally designed to establish a harmonic community that will benefit the area for decades to come.

As the district’s new heart by providing public spaces and a welcoming neighbourhood, there is no doubt that Lombard Square is the ideal location to establish a dynamic new community. A series of on-site commercial spaces will complement the ongoing revitalisation of the surrounding area to ensure everything you need is catered for. From family fun days to food markets, there’s no shortage of opportunities to bring everyone together and feel united.

Given Lombard Square’s early stage of development, location, and ambitious designs, this is a great place for first-time buyers and families looking for value for money, as property prices in this part of London are considerably lower than elsewhere and an excellent opportunity for any investor seeking major returns. Like all Berkeley developments, Lombard Square is also expected to offer a high potential opportunity for capital growth. According to a Savills report, property prices in London are anticipated to climb by 18.7% between 2021 and 2025. Myro House in Phase 1 of Lombard Square is considerably less expensive than those in Royal Arsenal Riverside, with prices starting at £367,500* for a single bedroom, £480,000* for two bedrooms, and £575,000* for a three-bedroom apartment and the estimated rental yield is already high, currently predicted at 5%*, creating significant investment potential.

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About the Author

With over 60 years of experience in London market, Benham and Reeves offers a comprehensive one-stop service which includes London property sales (purchase and selling) and full letting and management services to investors. Benham and Reeves Hong Kong SAR office was established in 1995 to provide real estate agency services to Hong Kong buyers, sellers and landlords in regards to all their London property needs.