Think about the best place in London to invest in property and Woolwich may not be the location that comes rushing to mind.
But that may be about to change, as the arrival of the Elizabeth line is putting this often forgotten part of east London firmly back on the map and just 10 minutes from Canary Wharf.
According to Chestertons estate agency ’s associate director, Nimish Patel, the future has a lot of exciting things in store for Woolwich.
He said: “There are big plans for regeneration in the Woolwich area, and that’s going to bring a lot of opportunities. Prices are really starting to increase.
“They’ve been climbing since Crossrail was announced so once it actually starts running I’m sure they will climb more.
“Woolwich wasn’t ever an area investors looked at in particular. It’s only since Crossrail that people have starting looking at these affordable areas.
“There’s just no room to keep building by the river in Canary Wharf, so developers are having to look elsewhere and are turning to Greenwich and Woolwich.
“A lot of new properties are going to be built in the next few years.”
Nimish’s top tips for investors considering breaking into the Woolwich property market are to pick the location carefully and be patient.
He said: “Location is always really important in an investment. You want it to be within a fair proximity to the Crossrail station.
“We’ve already seen prices increase around Royal Arsenal, and I think areas around Woolwich Arsenal station will go up in value a lot.
“You can definitely see that there will be a transformation in Woolwich in the next five or 10 years.
“People need to be looking at longer term investments here, you need to be in it for those five or ten years and then you’ll see this regeneration and a big increase in the value of the property.”
The Old Woolwich Fire Station has been redeveloped into a complex of nine luxury apartments, ranging from one to two-bedroom homes.
The development was formerly London’s oldest operational fire station and the conversion is finished to a high standard.
The apartments in the Grade II Listed building are set over three floors, and the property also has communal gardens and the old watch tower.
The Old Woolwich Fire Station is half a mile from Woolwich Arsenal rail and DLR station and is in close proximity to the Crossrail station. Prices for a two-bed flat start at £465,000.
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