There is nothing particularly surprising about the price of this single Deptford Project (aka 'Rise') flat being sold off-plan (before it has been built) by World LTD via primelocation.com. At £604 per sq ft, it's a bit pricier than the existing new-build luxury flats in the area (£593 per sq ft at Creekside Village) and after all, there are two properties on the high street presently going for £1m+ (a Grade 2 listed building on Albury St and an architect-designed contemporary building in Mary Anne Gardens).
On the Prime Location website the flat in question appears to be the only one left from this development – the others having been marketed overseas or via Conran Estates as investment opportunities with rental yields of 4.75% earlier in the year. (see our April post).
Our only reason for posting about it now is to share the amusing blurb being used to sell it. As usual, Deptford is "considered 'the new Shoreditch' (where prices are £1,000 per sq ft)" and "has more artists than anywhere in London". It is "an area poised to be a hub for young urban professionals". ...And it's only "6 minutes to London Bridge". No mention of the upcoming changes to the Southeastern train service - see our next post!
Property consultant (and director of 'Properties of the World') Jean Liggett writes:
I visited The Rise in Deptford, and the local area at the beginning of July – it was a gorgeous day and I left the town excited, for buyers, residents and visitors alike.Ironically, the statistics posted in Prime Location's 'Local Info' show a more recognisable picture:
I took the train from London Bridge and it literally takes just six minutes. The development is right next to the recently rebuilt station and has its own private entrance – the first in London to do so.
It is also only 15 minutes from the City and Canary Wharf on the DLR, which is just six minutes’ walk away.
The Mayor of London, Boris Johnson, has earmarked Deptford as one of London’s ‘main opportunity areas’. [ No he hasn't! ] It has huge potential for capital growth and I think you are looking at a 5-year return of around 100% on capital invested in the Deptford Project.
I noticed on my walk that the population is a real mix that includes local business people, artists, students, parents with children, professionals and people from the creative industries.
In my opinion, the area is following the same pattern as Shoreditch did a few years ago – the ‘trendies’ move in first, prices rise, and the professionals follow. There is already a lot of building going on, as well as some recently completed building.
The Deptford Project is about a 10-minute walk from the river with fabulous views of Canary Wharf. A bit further on you can see the Gherkin.
This is an exciting area that until now has been slow to experience the price rises of other parts of London. But with its regeneration underway and its excellent transport links, the area has huge potential for capital growth.