Deptford Project sold to Hong Kong

So the train's gone, and work has begun on Cathedral's £48m Deptford Project – much to the annoyance of local residents who now wake up to the sound of diggers.  

What a long way this project has come. Originally the redevelopment of the site was part of Lewisham Council and Joan Ruddock's idea to revitalise both Deptford station and the area around it. Richard Roger's firm Rogers, Stirk, Harbour & Partners was brought in to come up with the design below in collaboration with Ash Sakula Architects.

Cathedral won the contract to build it in 2007. Now, after a long delay since planning permission was granted, they have raised the cash to actually build it – by selling the entire block of 121 flats to Hong Kong investor IP Global.

According to this report, this is "the second project in Deptford that IP Global has invested in. The company recently bought a block of 64 flats in a scheme at Hilton’s Wharf on Deptford Creek for £30 million".

Hilton's Wharf is not actually in Deptford (and also not built yet). It's the other side of the Creek in Greenwich. Obviously Deptford is no longer a word that scares foreign investors away, despite the feelings of some snobby residents in the Creekside Village development on Creek Road who are desperate to change their postcode from SE8 to SE10.

Update: 9th April 2014

Conran Estates are now involved in marketing the development "in trendy 'up and coming' Deptford". They say, "This development is being marketed across the world, mainly Asia, but we have secured an early opportunity to offer to local purchasers for both residential and investment purposes".

Since the site hasn't been built yet, who else but investors and buy-to-let landlords are likely to snap up these apartments? ('Yields' are forecast as "up to 4.75%", whilst "predicted prices in the City will increase approximately 19% over the next 5 years".)

Prices are: Studios £260k - £270k; 
1 Bed £320k - £350k; 
2 Bed £395k - £495k; 
Exec 2 Bed £575k - £690k; 
2 Bed Penthouse £605k - £755k
There are: 14 x Studios, 36 x 1-bed, 59 x 2-bed, 6 x exec 2-bed, and 6 x penthouses.

The "Investment Case" states:
• Located in the heart of the trendy and up and coming Deptford with a 1 minute walk to the Deptford overground station
• A very attractive location for those who work in the City of London or Canary Wharf
• Deptford has been hailed as "the new Shoreditch" with farmers' markets, coffee shops and boutique retailers now occupying the area. Steeped in history, the area has been singled out by Boris Johnson as a key investment/regeneration area due to its close proximity to the City.
• The area is to become a smart residential neighbourhood, with the addition of a new Waitrose only a few minutes walk away
• The Deptford Project is part of a £42 million dollar regeneration of the area which will include cafes, restaurants and boutique shops...

Oh, how we laughed!