From the Thames to the Wandle – London’s rivers are becoming increasingly popular with home-buyers. Year-on-year the number of buyers viewing riverside properties has shot up by 96%, while the number registering their interest in a riverside home has grown by over a third (37%).
This demand coincides with Southern Housing Group’s launch of its second phase of homes at Bow River Village in Bromley-by-Bow; nearly 40% of the first release of 73 private sale apartments have been sold since its January launch. The development is situated on the banks of the River Lea – one of London’s longest rivers.
Tariq Qureshi, Director of Sales & Marketing at Southern Housing Group, commented: “We are very pleased with sales at Bow River Village to date, with our first two releases of new homes virtually sold through in less than a month of coming to launch – exceeding our initial sales targets. The success of this scheme demonstrates that, despite widespread uncertainty, demand remains strong for well-priced quality homes – bucking the trend in the London property market as a whole. Proximity to the river is undoubtedly a huge selling point for buyers here – who love the tranquility offered by living close to water, and our homes with river views tend to be the most popular units.”
Phase 2 comprises a first release of 73 homes for private sale from Southern Space, the housing association’s growing private sale business. This will be followed by a release of 16 Shared Ownership homes and 23 homes for affordable rent in 2019.
Bow River Village is a multi-phase regeneration scheme built on a formerly disused industrial site. Phase 1, consisting of 219 one, two and three bedroom properties – of which almost 40% (86) were set aside for Shared Ownership – is now fully sold and complete, with residents already making use of the communal gardens and on-site property management service. After Phase 2, Southern has drawn up plans for two further phases, comprising at least 400 new homes.
The scheme is also helping to spearhead local improvements. In addition to new homes, Bow River Village has also led to the construction of a riverside path, while a public bridge linking the development to the opposite bank, termed Sugar Mill Island, is currently being proposed.
Designed by award-winning residential architecture practice, Frank Reynolds, Phase 2 will feature traditional brick façades, which draw on the built environment of its surroundings and mirror the attractive first phase. In addition, Phase 2’s lower rise buildings will be topped with pitched roofs – a nod to the site’s industrial heritage – while the taller eight storey blocks are to have brown rooves, helping keep the site environmentally friendly and energy efficient for residents.
Inside, apartments are designed in bright Scandi styles and feature contemporary bathroom suites, fully fitted handle-less kitchens with integrated appliances and SkyQ provision. All properties come with private balconies, offering sweeping views of either the River Lea, the communal gardens or the surrounding neighbourhood.
Alongside offering exceptional views, Bow River Village’s location makes it convenient for Central London-bound commuters. Nearby Bromley-by-Bow tube station takes residents into Liverpool Street and King’s Cross in 10 and 25 minutes respectively.
For those after a slightly healthier commute, Bow River Village is also a straightforward 16-minute cycle away from the City of London along Bow Road.
The launch of Phase 2 comes at a time when fresh investment is pouring into Bromley-by-Bow, causing whole areas of old industrial space to be converted into quality residential, retail and public space. A ten-year plan will see over 8,000 homes come to Bow via the banks of the River Lea, while British Land is seeking to build a new school, shops, offices and a riverside park on a site it has recently purchased in the area. And with this significant investment in the area comes an uplift in values, with prices in Bromley-by-Bow rising by 42% in the last five years – from £329,320 to £467,989.
Prices start from £370,000 for a one bedroom apartment. All 73 private sale apartments are available through Help to Buy.
To find out more information and keep up-to-date, register your interest online: https://bowrivervillage.co.uk/