Borough Market, south-east London’s famous gastronomic haven, has long fed the capital's foodies - and now the culinary adventure is spreading, with the thriving cafés, restaurants and markets of nearby Bermondsey Street tempting Londoners beyond the shadow of the Shard.
Bermondsey Street is fast becoming a destination in its own right, with even more restaurants due to open this summer. Art galleries, museums and charming homeware and speciality shops add to the villagey appeal of this central London neighbourhood.
Each Friday, Bermondsey Square’s renowned antiques market sets up from 4am, with traders selling furniture, silver, china, glassware and collectibles from all over the world. On Saturdays, the stalls are replaced with the fresh produce and the tantalising aromas of the regular farmer’s market.
This pocket of SE1 was once the exclusive home of young creatives and designers, but generous warehouse conversions and modern new-build apartments offer plenty of space in a well-connected postcode, attracting homebuyers from abroad and walk-to-work City types.
“SE1 has built its’ reputation on an excellent stock of character warehouse conversions, but recent trends have turned in favour of quality new-build schemes. This trend is attributed to landmark developments such as Neo Bankside, One Tower Bridge and the Shard, the tallest building in western Europe,” says Rohm.
What properties are typical to the area?
Bermondsey Street has a large number of residential warehouse conversions, which on average tend to be between 1,000 and 1,500sq ft with two bedrooms.
There are several good quality new-build developments dotted around the area. The Bermondsey Square new-build apartments overlook a courtyard with restaurants and a new hotel. At the end of the square is a neat row of rarely-available terrace houses, many of which have kept their original layout of up to five bedrooms.
Who is buying here?
Traditionally homebuyers in this area have worked in creative and design industries, but more recently a larger number of City workers have been moving in. Over the past twelve months there has also been an increase in foreign investment, particularly from buyers in Europe and the Middle and Far East.
What are the 'hottest' properties?
Period warehouse conversions in Bermondsey Street, Clink Street and Leathermarket Street attract the most attention from buyers.
Where are the 'hidden gems'?
The area between Blackfriars Road and Borough High Street is one to watch out for. There is a high volume of land and some interesting planning applications in the pipeline.
Property prices decrease in the areas about 15 minutes from the Tube stations. A two-bedroom apartment within the gated complex of the Alaska Building off Grange Road is currently available for £435,000 (right). This would be priced at about £500,000 if it was on Bermondsey Street.
What are the best investment opportunities?
Owing to SE1’s industrial history, period terraced housing in the area is scarce. As such, investors could take an interest in the variety of period homes within the Thorburn Square conservation area, which takes in Reverdy, Lynton, Fort, Balaclava and Monnow Roads.
Investors looking for strong rental yields tend to opt for good-value, modern apartment blocks close to London Bridge and the main transport links, as well as taking advantage of discounts when buying new flats off plan. Investors from the Far East look for property on prime streets around Shad Thames and Bermondsey Street.
How is local parking?
Southwark have gradually increased parking restrictions within the borough but during the evening and at weekends it is better than many other London boroughs.
What are service charges in the area like?
Service charges in premium developments can be expensive but buyers should generally expect to pay under £2 per sq ft per annum.
Where would your dream home be in this area?
A penthouse apartment in the Morocco Store, Leathermarket Street, or a penthouse apartment in Bermondsey Street’s Rankin building, overlooking the White Cube Gallery.
Myles Rohm is the sales manager at Daniel Cobb Estate Agents in Bermondsey Street, SE1