The British government recently made a significant investment in renovating and revitalising historic neighbourhoods. Property values have increased significantly in the districts following urban rehabilitation. Berkeley Group, a renowned British developer with a distinctive vision, invested £1.5 billion to transform Woolwich and Plumstead districts. The development doubled local property values and led to the “Berkeley effect”, which has made Berkeley’s ingeniously designed Lombard Square one of the top locations in London for investment and rental yields. One-bedroom homes in the project begin at £395,000. Register now for the Benham & Reeves exhibition and seminar in Central on 24 and 25 September.
The Plumstead neighbourhood, where Lombard Square is located, and the nearby Woolwich neighbourhood have benefited from the revitalisation plan. They have developed into rapidly emerging new neighbourhoods with comprehensive amenities and the advantage of being within a half-hour commute of London, which doubles the return on investment and rental yields.
Berkeley is one of the leading developers in the UK, and it has won sustainability awards for the past nine years running and was the winner of the Transport for New Homes Award 2019. Berkeley has been revitalising the area over the past decade and will invest £1.5 billion by 2030. Having visited the Royal Arsenal Riverside Royal Arsenal Riverside residences in Woolwich, one would be impressed by the developer’s attention to detail in creating the neighbourhood, adding vitality to the entire community and ensuring property appreciation.
The Berkeley effect has been enhanced by the Berkeley brand and the government’s community revitalisation plan and is the reason for expected real estate price increases in the neighbourhood. The Royal Arsenal Riverside residences best illustrate this phenomenon. Prices more than doubled between 2010 and 2020, achieving a value of 234.8%, increasing from just £200,000 in 2010 to more than £600,000 in 2020, and the trend has continued. Royal Arsenal Riverside’s average property prices have fared substantially better than nearby Canary Wharf and Greenwich, where average property price growth has stagnated since 2017.
Prices for Myro House in Phase 1 of Lombard Square are quite a bit lower than those in Royal Arsenal Riverside, at £395,000* for a single bedroom, £535,000* for two bedrooms, and £610,000* for a three-bedroom property. According to a Savills report, property prices in London are expected to rise by 18.7%† between 2021 and 2025. The municipal government’s large-scale optimisation and upgrading plan and the Elizabeth line effect will support prices for Myro House, which will be completed in 2025. The estimated rental return rate is from 4.2% to 4.7%++, creating significant investment potential. Buy Myro House properties early to reap the benefits.
Lombard Square, in Plumstead, is located south of the Thames, in Zone 4 of South East London. Greenwich Council has invested more than £5.2 million to optimise Plumstead High Street. It is only a 10-minute^ walk from Lombard Square to Royal Arsenal Riverside where also houses theWoolwich Station on the Elizabeth line near Royal Arsenal Riverside opened earlier this year.
There are 1,750 units in the Lombard Square complex – including residential, commercial and retail components. Each phase is named after a type of plum and features distinct palettes and material themes in its design. Myro House, which has 152 units, is expected to be completed in 2025.
There are 1.8 acres of green space in this brand-new residential estate. It has a central garden the size of two standard football fields, including an artificial lake and a children’s playground. The entire neighbourhood has 57,000 square feet of commercial and retail space, and the adjacent Woolwich Works was awarded the best new culture spot by Time Out London’s 2021 best of the City awards. It strikes a balance between the necessities of life in a bustling metropolitan environment and opportunities for physical and mental relaxation.
Plumstead station is only a four-minute^ walk from Lombard Square and a 24-minute^ rail ride to London Bridge. Only one station from Plumstead station, Woolwich Arsenal station is both a railway and DLR station. It is only a two-minute walk to Woolwich Crossrail station, where you can transfer to the Elizabeth line and travel to central London.
You can stroll to the Elizabeth line if you don’t mind walking a short distance. Woolwich Crossrail station is a 10-minute^ walk from Lombard Square, and it is only a 7-minute^ ride to Canary Wharf, a 14-minute^ ride to Liverpool Street, a 21-minute^ ride to Bond Street, a 25-minute^ ride to Paddington, and a 56-minute^ ride to Heathrow Airport.
There are numerous schools in the area as well. Within a five- to seven-minute drive of Lombard Square are five primary schools, three of which are rated excellent and two of which are rated good by OFSTED. There are also four secondary schools, two of which are rated excellent and the other two are good. It only takes 30 minutes^ to get to the University of Greenwich by hoping on an Elizabeth line train.
Register now for Lombard Square Exhibition & Seminar Now!
Date: 24 – 25th September 2022 (Saturday – Sunday)
Time: 11:00 am – 6:00 pm
Seminar at 2:30 (RSVP required)
Venue: Suite 3001, 30/F, Edinburgh Tower, The Landmark, Central
**Online consultation also available
††Estmated figures only, source: LSQ presentation Nov 21
Disclaimer: This is an overseas investment. Benham and Reeves (Hong Kong) Limited and its sales representatives work exclusively in relation to properties outside Hong Kong and are not licensed under the Estate Agents Ordinance (Cap. 511) to deal with Hong Kong properties. As overseas investments carry additional financial, regulatory and legal risks, investors are advised to do the necessary checks and research on the investments beforehand. Our Head Office, Benham & Reeves in the UK, are members of ARLA and NAEA. Benham & Reeves Hong Kong EA Co. Licence C-092169. *Prices and details correct at time of going to press. ^Travel times are an approximation only, sourced from Transport for London and may reference driving, public transport, cycle and/or walking times. Planning permission number: 19/4398/O
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