High-value properties to be developed in Southbank

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by Kay Murchie

Estate agent Knight Frank has said the Southbank area in London is set to become a ’super-prime’ region. A number of high-value properties are to be developed in the next few months ranking it with the capital’s leading markets in West London.

Furthermore, there are nearby attractions such as Tate Modern gallery and the Millennium Bridge, which provides easy access to London.

According to Knight Frank, the gallery gives the area international recognition and the completion of the Swiss architecture by Herzog and de Meuron is set to make the area even more appealing.

Knight Frank commented that pricing currently in Southbank for new developments ranges from £600 to £1,100 per square foot. This compares to figures double or even treble this level in the established prime markets to the west of London.

In the short to medium term, it is expected that this area will considerably outperform central London in terms of pricing growth added Knight Frank.

Furthermore, the Crossrail project is likely to create additional property hotspots around London, providing an incentive for property investment.

The Crossrail project is expected to create 30,000 jobs and work is to commence next year and scheduled for completion in 2017. Trains will run from Maidenhead, via Heathrow, the West End and the City to Canary Wharf and beyond.