I have stumbled across this forum while doing some research on the Bermondsey Square development and this is my first post.
I have lived in the Southwark / Bermondsey area for over 2 years (prior to this I was in Old Street) and I love it round here. I am now in the fortunate position of being able to buy a flat and I have been debating if I should go for a new-build or something else.
I have been registered for the Bermondsey Square development since the beginning of this year, and was originally going to opt for the first phase, but I am now holding off to see what happens to interest rates and if I can bargain a bit more once the developers end of financial year is looming in March.
The apartments tick lots of boxes for me (decent size, good location, developer discouraging BTL's) and I have done my due diligence on the developer (speaking to friends, looking at other developments etc)
I want to buy the flat as a home not an investment (although it would be nice if it goes up!) so I am less worried about the current supposed economic and house price slowdown. My gut feeling from research and from knowing the area is that the apartments will be sufficiently different that they will grow in value and be a good place to live.
What are other people's thoughts and opinions on going ahead with this and the development generally? Is this part of SE1 still a good place to buy? Honest opinions would be greatly appreciated, as I have had enough of the b******t peddled by Kalmars etc on the local market dynamics!
I think it will be a great development (I live a little further down the road off Southwark Park Road and walk past it every day). The only reason I would look elsewhere (but in the area), is:
(1) No parking - I love my car!
(2) (Potentially) noise - both from traffic if you are facing the road and early morning traders setting up their market stalls. This can probably be overlooked if you are on a higher floor and with good double/secondary glazing.
Personally, I am delighted that people want to buy these properties to live in rather than use them at BTL investments.
I have lived just off bermondsey street for the last 12 years and love the area....great for my work and going out in london. During those years it has turned from a forgotten no-mans land into a great place, but still needs some more infrastructure. Things like your proposed development with its cinema are great, and maybe a few more local shops would be good somewehere....not just estate agents. Cafes and restaurants are starting to proliferate and thats really nice. Getting around, and especially home late at night is handy too. Cabs don't seem to mind coming over here late at night. Traffic can be a problem, and parking is sometimes difficult if you're a car owner, but its got lots going for it.
The noise factor is my main concern as the development is basically sandwiched between 2 major roads!
JH / Carmenes82how do you find it in the area? I also thought the market was only on a Thurs / Friday and not at the weekend, is this incorrect? If I'm honest I will be up and out to work early anyway so not too bothered during the week!
The antiques market starts at, 4am or 5am - quite early to be getting up!
I would think that the choice investments are in the quieter areas off Bermondsey Street, but if the architecture and facilities at Bermondsey Square are good then this will give it something that the vast tracts of medium-rise flats off Bermondsey Street don't have.
I bought my flat (off Grange Road) after 2 years of renting here. I love it and couldn't be happier! We have much more community spirit here than I've ever experienced in my 11 years of living all around various areas of London (including Old Street incidently).
I have lovely, friendly neighbours and the area seems to be developing in a really nice way with lots of quirky, independantly run little shops and cafes.
I hate the tube and love that my local buses go straight into the city/ west end in 20 minutes or so (depending on time of day!) Cabs also only cost just over a tenner (at about 2am!) from shoreditch... (maybe £16 or so from Camden?) We're close enough to everything for it to be convenient to get to but not too close that you're swamped with tourists etc.
I'd say go for it, but make sure you're up high enough to not hear the traffic on TBR and the market at 4am on a Friday!
In terms of the area I completely agree with all of the above, wouldn't want to live anywhere else...
In terms of the noise; I rented just around the corner from Bermondsey Square on Grange Road up until recently. 2nd floor, doubleglazing, and it was very noisy. You have 3 bus lines going past and also a fair amount of ambulances and police cars (not that I mind being close to Guys the day I might need it). But then again, you get used to noise, I lived there for more than 2 years and it is only now when my new flat is quiet that I actually notice.