Riverwalk: new waterfront homes in Millbank
Homes along the south bank of the Thames command a big price premium, according to analysis by property consultant Savills.
Researchers at the firm studied all sales within 100 metres of the Thames between Teddington Lock and Royal Docks, and found the average price of a home with a direct view of the water was 18-20 per cent more than an inland property.
The waterfront premium for south bank homes is typically 35.4 per cent — because they get a view north, while north bank properties, despite being more expensive, carry only a 16.3 per cent premium, as their view is generally less desirable.
The most affordable river views are east and west of central London, where the average flat costs £475,000 to £495,000.
While the Thames hinterland on the south bank is a less attractive place to live, glamorous new riverside developments such as those at Nine Elms and Bankside are becoming part of the capital’s “prime” market. This also goes some way to explaining the larger price premium.
Development on the north side, especially along the embankments, is curtailed by strict conservation rules. However, Riverwalk, pictured, a new scheme at Millbank, is an exception. A Sixties office block has been bulldozed to make way for two new buildings, one 17 storeys high, linked by a central podium and providing 113 flats. A street-level restaurant and gallery are planned as part of the development, and Henry Moore’s sculpture, Locking Piece, is on site. Flats will be released next year.
More than 13,000 riverfront homes will be built over the next five years, accounting for 9.4 per cent of all new homes in inner London.
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