Is Bermondsey the future?

By Rob Virtue on August 5, 2008 10:15 AM |

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IT may have a history as an inner-city slum, full of Dickensian characters but Bermondsey is being hailed as the latest up-and-coming residential area in Docklands.

The south London town has just seen the first phase of one massive development completed and the final stages of another finished off.

Southwark Council is hoping both will help revitalise the area.

Historically, Bermondsey has led an island existance, surrounded by marshland in the Middle Ages.

In recent times it has been a somewhat forgotten part of London and left to decay. But the town now finds itself on the major transport artery between Canary Wharf and the City.

The Jubilee Line will get you to London Bridge in two minutes and the Wharf in five – although those aware of the Jubilee at rush-hour may beg to differ.

Another plus point is that it’s comparatively cheap. Its latest offering, the newly completed phase of Bermondsey Spa, has prices starting at £249,950.

This compares favourably with the average one-bed in Canary Wharf, which sells for £414,000, according to figures released by estate agent Savills.

The Bermondsey Spa project, follows hot on the heels of Bermondsey Square and is part of the council’s plan to encourage young-city workers to live in the area.

Phase one, Artesan House, has been completed, with 90 per cent already sold. Now developer, The Hyde Group, has begun marketing the 112-home St James Square.

Three further phases form the remainder of the project. Eyol Heights – 114 homes – and Bolanchi Buildings – 138 homes – will be built next and there are plans on the drawing board for another major phase of the Spa project.

More than 2,000 homes will eventually be built as part of Bermondsey Spa, with 40 per cent of the properties designated as affordable housing.

Two new NHS health centres, a dental practice and pharmacy, shops and restaurants, as well youth play facilities, with around six acres of newly-landscaped space to play in, also form part of the plans.

Nearby attractions include the bars and restaurants of Butlers Wharf.

BERMONDSEY SQUARE

SOUTHWARK Council and the Igloo Regeneration Partnership have worked together to redevelop Bermondsey Square.

The project has now been completed with prices for the 76 apartments starting at £310,000.

Plans for the site had to be changed because of the 11th century ruins of Bermondsey Abbey.

Artefacts were discovery in 2005 after archaelogical investigations by English Heritage.

This led to modifications including the installation of a glass floor in a restaurant to allow the remains of an ancient tower to be seen.

The £60m project also included the construction of a community-focused 60-seat cinema, a boutique hotel,
offices and retail units, as well as the residential property.