Waterside
In Review
Beyond your expectations
www.hamptons.co.uk
June 2012
Hamptons International Waterside
www.hamptons.co.uk/research June 2012
Waterside Properties
- The Tide Is In
Development
Case Study
Waterside living - be it ocean, lake, river or
pond – forms a central part of ‘aspirational
living’ for many homeowners. It conveys
a sense of quality living by implying a
strong work/ life balance or an enjoyment
of the good life in retirement.
Waterside views add material value to
properties. Consider the house price and
rental performance of one building in
Central London, St George’s Wharf:
the resilience of higher quality properties.
Against an uncertain market backdrop,
demand has sought out uncompromised
houses as a safer purchase. This is part of the
reason why Prime London has experienced
the widely reported house price growth since
2009. It has also been the case for waterside
properties, being generally in higher demand.
Hamptons International has long recognised
this demand and in 2011 formulated a
dedicated team of specialists to cater for
these attractive properties. One year on, we
have set out to encapsulate what it means
to own a waterside property. Our property
listings vary from Thameside penthouses
in Chelsea and converted warehouses
in Bermondsey, to holiday properties on
the south coast and private estates with
private lakes in the West Country.
Although prices for waterside properties
fell between 2008 and 2009 by around five
per cent, this was far less than the regional
averages for London and the South of
England, which were closer to 15 per cent.
In 2010 prices stabilised and as regional
averages again cooled off into 2011.
Waterside house price growth remained strong
at around 18 per cent. This demonstrates
the intrinsic value that is associated with
these inherently desirable properties.
One of the features of house price movement
through the market downturn has been
800
Waterfront £psf
700
600
500
400
300
200
100
0
2005
£ psf
1
2006
2007
Waterfront
2008
London
2009
2010
South West
2011
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
Price Growth
Waterside Property Price Growth
Construction on this 1,400 unit development
in Vauxhall began in 1999. It is a mix of 1, 2
and 3 bedroom flats on the south side of the
Thames River looking north towards Pimlico.
The first phase was all sold by November
2000 at an average price of £365 psf. The
Hamptons International experience of resales
in the building suggests that over the course
of 2011 properties in St. George’s Wharf have
sold for an average of £790 psf; a 116 per
cent increase. This compares with 96 per
cent growth across the London Borough of
Lambeth showing that not only are waterside
properties in higher demand, average prices in
St. George’s Wharf have also been marginally
more resilient over the past decade.
The value premium for waterside living can
be even more specific, with properties within
the development achieving different values
depending on the quality of the view. From
a lettings perspective, this can be shown by
looking at the rent for transactions agreed
in 2011. On average, two bed properties in
St. George’s Wharf commanded an 11 per
cent premium over south facing properties
overlooking Vauxhall. Importantly for
investors, Hamptons International agents
also report that in softer market condition the
preferred river view properties are easier to let.
“Waterside house
price growth
remained strong at
around 18 per cent.”
South East
©Hamptons International 2012
2
Hamptons International Waterside
www.hamptons.co.uk/research June 2012
The New Wave of
Riverside Development
The surge in demand for riverside living
coincided with the opening up of large swathes
of riverside development over the last decade.
Often as former industrial properties that
relied on waterborne deliveries, this land has
given way over the past decade to high-density
residential development. As a benefit to the
wider community, this change of use has
generally coincided with improved access to the
riverside for the public and a positive change to
the amenity value of these sites for neighbours.
development land left available. However,
the premium values that can be achieved for
riverside residential are driving a new ‘wave’ of
development out of each and every opportunity.
Berkeley Homes, one of the most prolific
residential developers in Central London
is actively progressing several waterfront
residential schemes. It has over 1,100
units in schemes under construction
and a huge pipeline of future schemes
along this stretch of the river.
The renewed development interest in riverside
properties is not constrained to London
alone. Hamptons International is actively
selling a number of waterside developments
outside London, including Royal Windsor
Quay and Terrace Yard, Richmond. Our
sales network reports an average waterside
premium of 14.7 per cent for London
properties, but we have identified an even
larger 16.1 per cent premium for waterside
properties across our network of Southern
England offices. As buyers in the countryside
already highly value natural amenities, it is
perhaps not surprising to see an even higher
house price premium than in London.
In Central London, you could be forgiven
for thinking that with all of the activity over
the last property cycle that there is little
Berkeley Homes Central London Schemes
Scheme
Address
Private Units
Description
One Tower
Bridge/ Potters
Fields
Potters Field, Tooley
Street, SE1
356
This site directly adjacent to City Hall will generate a very
strong premium given central location, but low rise and set
back will limit achievable river view premiums
One Blackfriars
One Blackfriars
Road, SE1
circa 200
Formerly the Beetham Tower. Controversial 170m tower
that will irrevocably change the riverfront building line in
Central London
Eastbury House
Albert Embankment,
SE1
circa 50
Planned 22 storey tower on Lambeth Embankment that is
awaiting planning permission
Hamptons House
Albert Embankment,
165
Just north of Eastbury House, this tower will also include a
SE1
hotel and is expected to commence construction this year
Fulham Reach
Distillery Road, W6
744
Construction is about to begin on the first phase in this
scheme in Fulham
St George Tower
Albert Embankment,
SE1
223
Under construction until mid 2014, this scheme offers some
of the best riverside (and beyond) views in Central London
Riverlight
Kirtling Street, SE8
763
Construction has started on the first scheme along the Nine
Elms riverfront, adjacent to the planned US Embassy
Source: Hamptons International Research, EGi
3
©Hamptons International 2012
4
Hamptons International Waterside
www.hamptons.co.uk/research June 2012
The Best of
Waterside Living
Waterside living can be achieved in a wide variety of ways to fit individual tastes – from urban
professional to rural retirees. With such diversity, it is helpful to know that the dedicated team
at Hamptons International can offer unique waterside properties to suit every preference.
The following are examples of some of our favourite current listings.
Portsmouth Harbour £300,000
A stunning brand new two bedroom apartment
with views over Portsmouth Harbour, located in the
Chandlers Building which forms part of Royal
Clarence Marina.
Berkshire, Bray Guide Price £1,950,000
An outstanding riverside house with its own mooring, set
in a glorious position with far reaching views over the
Thames, in the heart of this exclusive Fisheries estate.
Hamptons Thames and Chilterns 01494 672969
Quayside Walk, Kingston, KT1 £1,450,000
A superb five bedroom modern townhouse finished
to a high specification with wonderful views over
the River Thames.
Hamptons Kingston 020 8546 9944
5
Spice Quay, SE1 £1,515,000
Hamptons Chichester 01243 839399
A riverfront 1,173 sq ft third floor two bedroom
apartment, with balcony on the river, two en-suite
bathrooms and allocated parking, available with no
onward chain.
Hamptons Tower Bridge 020 7407 3173
Ufton Nervet Guide Price £1,750,000
A stunning Georgian style detached 7 bedroom country
house situated in a very sought after village location with
beautiful formal grounds which offer privacy and seclusion.
Hamptons Newbury 01635 582 111
Penton Lake, Staines Guide Price £2,150,000
With a unique outlook and private mooring onto Penton
Lake, an exceptional contemporary home, presented
with flair and set in lovely grounds of approx 1.1 acres.
Hamptons Country House 01483 572864
Clarenden House
Pages Wharf, Taplow Guide Price £449,950
A delightful town house with direct access onto the
River Thames and providing views of the Thames at
Maidenhead Bridge.
Hamptons Maidenhead 01628 622131
Old Portsmouth, Hampshire £449,950
A well presented four storey town house with stunning
views over Portsmouth harbour and Spice Island. The
property has the benefit of balconies to the front and rear.
Hamptons Chichester 01243 839399
Wallingford, South Oxfordshire £650,000
A unique ground floor apartment within a Grade II
Listed building enjoying communal riverside gardens
and extensive Thames frontage.
Hamptons Henley 01491 5722215
Guide Price £3,250,000
A substantial five bedroom house over four floors
offering views and built by Berkeley.
Hamptons Richmond 020 8940 2772
©Hamptons International 2012
6
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