AMD Posted October 8, 2009 Share Posted October 8, 2009 Reading a couple of articles on this new development in Elephant and Castle Here's one http://property.timesonline.co.uk/tol/life_and_style/property/new_homes/article2030822.ece A lot of these flats were bought off-plan in 2007, with only a few remaining including the penthouse at 2.5million. I wonder how many are going to find the finances to complete. It's been reported that completion is ahead of schedule now for the end of 2009 instead of spring 2010. There must be a lot of worried purchases out there at the moment. AMD Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted October 8, 2009 Share Posted October 8, 2009 Reading a couple of articles on this new development in Elephant and Castle Here's one http://property.timesonline.co.uk/tol/life_and_style/property/new_homes/article2030822.ece A lot of these flats were bought off-plan in 2007, with only a few remaining including the penthouse at 2.5million. I wonder how many are going to find the finances to complete. It's been reported that completion is ahead of schedule now for the end of 2009 instead of spring 2010. There must be a lot of worried purchases out there at the moment. AMD Ah, E&C, my stomping ground. Admittedly, the development is rather aestheticallty pleasing however that is juxtaposed with the 1950s council blocks that surround it. Immediately adjacent to it is another development that has sprung up behind the Walworth Road, hideous beyond words; it's a veritable MC Escher inspired montrosity with a soupcon of Pollock thrown in for good measure. Thanks for the article, some of those prices are eye-watering: "with one-bedroom flats starting at £325,000 and two-bedroom properties from £365,000." Also from the article: “Walworth is a great place to invest in,” says Bhoday. “A lot of the council estates are disappearing and you have a good mixture of flats and houses from a range of periods. Southwark council is redeveloping Walworth Road, making it more pedestrian-friendly, planting trees and making it a bit greener.” Hmm, that's a little premature. The Heygate (i'm led to believe) is due to be demolished but that still leaves the necropolis that is the sprawling Aylesbury which far dwarfs its smaller satellite. It's true that the Council spruced up the Walworth Road but lo and behold a few months later it's a shitehole again. To exploit my oft-used adage; you can polish a t*rd, but it's still a t*rd. In short, if someone's going to fork out over a quarter of a mill for a one-bed flat in E&C they need their bumps felt. Quote Link to comment Share on other sites More sharing options...
lurker07 Posted October 8, 2009 Share Posted October 8, 2009 I'm sure there's lots of foreign pent-up demand for this area. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted October 8, 2009 Share Posted October 8, 2009 “Walworth is a great place to invest in,” says Bhoday. “A lot of the council estates are disappearing and you have a good So instead of being confined to a council estate the problem families can be put on Housing benefit and rent near YOU!!! Great thinking, Bhoday. Quote Link to comment Share on other sites More sharing options...
monty1080 Posted October 8, 2009 Share Posted October 8, 2009 To exploit my oft-used adage; you can polish a t*rd, but it's still a t*rd. In short, if someone's going to fork out over a quarter of a mill for a one-bed flat in E&C they need their bumps felt. Or, you can polish a turd, but it will ruin your duster. Or you can't polish a turd, but you can roll it in glitter. Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted October 8, 2009 Share Posted October 8, 2009 Or, you can polish a turd, but it will ruin your duster. Or you can't polish a turd, but you can roll it in glitter. Cheers Monty, i'll add those to my canon of descriptions for SE17... In hindsight, all that is missing from that article is the word 'gentrification'. Thus, 'the proposed development of E&C will help gentrify the area', or words to that effect. *Pulls hair out* Quote Link to comment Share on other sites More sharing options...
saving since 2005 Posted October 8, 2009 Share Posted October 8, 2009 I really wouldn't mind living in the area, renting at a decent price. I know someone with a 2 bed la flat that pays around £500 a month and earns well above ave wage, very envious. Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted October 8, 2009 Share Posted October 8, 2009 I really wouldn't mind living in the area, renting at a decent price. I know someone with a 2 bed la flat that pays around £500 a month and earns well above ave wage, very envious. I rent a one-bed LA flat for 400 per month in the area. Seriously, I don't know where you're living now but even that massively subsidised rent can't assuage my loathing for it. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted October 8, 2009 Share Posted October 8, 2009 I rent a one-bed LA flat for 400 per month in the area. Seriously, I don't know where you're living now but even that massively subsidised rent can't assuage my loathing for it. Is it this one? Quote Link to comment Share on other sites More sharing options...
wren Posted October 8, 2009 Share Posted October 8, 2009 What's the crime level like in that area? Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted October 8, 2009 Share Posted October 8, 2009 Is it this one? Ah, so that's what the 'Seizure' installation looks like from the inside; appropriately named as it's housed in what used to be social housing on Harper Road (technically SE1 but just on the border of stabville). Incidentally, it's only a few metres from my local boozer the Rising Sun (as rough as its namesake); you can imigine the local's bemusement at guided tours of frightened looking meedja luvvies clearly out of their depth in bandit-country. Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted October 8, 2009 Share Posted October 8, 2009 What's the crime level like in that area? I'm not sure how these compare with other areas of London; these are the figures for SE17 (crime per thousand): Violence against the person 32.6 (National Average 15.0) Sexual offences 1.5 (National Average 0.9) Robbery offences 7.0 (National Average 1.0) Burglary dwelling offences 7.2 (National Average 4.3) Theft of a motor vehicle offences 4.0 (National Average 2.3) Theft from a vehicle offences 11.1 (National Average 6.3) Apart from all figures being above national average, it's more about the general grottiness of the area that does it for me, coupled with an all-pervading antisocial culture that doesn't figure in the crime stats. Quote Link to comment Share on other sites More sharing options...
tomandlu Posted October 8, 2009 Share Posted October 8, 2009 (edited) Ah, so that's what the 'Seizure' installation looks like from the inside; appropriately named as it's housed in what used to be social housing on Harper Road (technically SE1 but just on the border of stabville). Incidentally, it's only a few metres from my local boozer the Rising Sun (as rough as its namesake); you can imigine the local's bemusement at guided tours of frightened looking meedja luvvies clearly out of their depth in bandit-country. Ah, yes, I remember passing it. Here's my son inside Err, and by 'inside' I mean 'inside seizure' not the rising sun... Edited October 8, 2009 by tomandlu Quote Link to comment Share on other sites More sharing options...
TwoWolves Posted October 8, 2009 Share Posted October 8, 2009 I'm currently renting in the area that's very close to this new development. Only been here a month and I gasp almost every day at the insanity that must underline this optimistic ambition. The area is utterly gloomy, having spent most of my life living in nice parts of West London this is a really dreadful place in comparison. I enjoyed Hackney more (when I was a student). The only reason I'm not scared for my life on the streets an night is because I'm very fit, but I do feel I have to stay more alert than I would normally. The prices they are expecting on these developments are potty. I'd add that up close the build quality is terrible - they will be as derelict as the estates are now within 20 years. Quote Link to comment Share on other sites More sharing options...
billsballs Posted October 8, 2009 Share Posted October 8, 2009 Having just moved away from the area i will sum it up briefly: Its an absolute sh1thole full of pikeys with knives. Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted October 8, 2009 Share Posted October 8, 2009 Ah, yes, I remember passing it. Here's my son inside Err, and by 'inside' I mean 'inside seizure' not the rising sun... Bless, he looks really, err, interested. Somehow, I don't think he's inspired by that particular installation; perhaps he'd prefer the Tate Modern? Quote Link to comment Share on other sites More sharing options...
monty1080 Posted October 8, 2009 Share Posted October 8, 2009 Having just moved away from the area i will sum it up briefly: Its an absolute sh1thole full of pikeys with knives. Harsh but accurate. However £250k for a non exLA one bed in that area is not that unusual. Metro Central Heights has comparable prices (and extortionate management fees). That whole area from the Bricklayers Arms roundabout up to E&C is one scary place, at least the Heygate is shortly to be no more. Quote Link to comment Share on other sites More sharing options...
Sibley's Love Child Posted October 8, 2009 Share Posted October 8, 2009 I'm currently renting in the area that's very close to this new development. Only been here a month and I gasp almost every day at the insanity that must underline this optimistic ambition. The area is utterly gloomy, having spent most of my life living in nice parts of West London this is a really dreadful place in comparison. I enjoyed Hackney more (when I was a student). The only reason I'm not scared for my life on the streets an night is because I'm very fit, but I do feel I have to stay more alert than I would normally. The prices they are expecting on these developments are potty. I'd add that up close the build quality is terrible - they will be as derelict as the estates are now within 20 years. Being inconspicious is my motto; when not in work attire I stick to 'tracky-bottoms', trainers and t-shirt. In fact, by a process of osmosis, I feel my sartorial standards have plummeted - ironing my leisure clothes is a rarity these days. Still, at least I blend in... Back to OP, I wouldn't be surprised if most of these flats do complete. Judging by a few proponents on here, there's enough muppets with more money (read debt) than sense who have bought into the 'oh, but it's just down the road from London Bridge' or 'oh yah, once they've gentrified the place, it'll be sooo much different'. Fools, somehow I don't think Dwayne and Darren will be sharing this ethos as they're relieving their victims of personal effects. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted October 8, 2009 Share Posted October 8, 2009 This is quite a fun website for mapping crime by area of London: http://www.londonprofiler.org/ I find the Crime>Drugs option correlates best with my own impressions of how dodgy particular parts are. Quote Link to comment Share on other sites More sharing options...
AMD Posted October 8, 2009 Author Share Posted October 8, 2009 The reason for my question, was that I pass it on the train everyday going to and from work, I thought it was another office block , it's quite close to the rail line, I wouldn't fancy living there myself. I was very suprised to read about the asking price, utter madness!! AMD Quote Link to comment Share on other sites More sharing options...
saving since 2005 Posted October 8, 2009 Share Posted October 8, 2009 I rent a one-bed LA flat for 400 per month in the area. Seriously, I don't know where you're living now but even that massively subsidised rent can't assuage my loathing for it.harringay (stroud green) paying 500 a month for a bedroom in a shared house. wanna swap? Quote Link to comment Share on other sites More sharing options...
AMD Posted October 8, 2009 Author Share Posted October 8, 2009 (edited) Just found some listing for it - eye watering indeed Not sure why the one bed is more expensive than the two, could be completion problems. I for one would not wish to live 42 Storeys Up They've got a nerve listing it as an investment opportunity http://www.rightmove.co.uk/property-for-sale/new-homes/property-22989296.html?locationIdentifier=OUTCODE^2309&displayPropertyType=flats&retirement=false&oldDisplayPropertyType=flats&newHome=true&pageNumber=1&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DOUTCODE%255E2309%26displayPropertyType%3Dflats%26retirement%3Dfalse%26oldDisplayPropertyType%3Dflats%26newHome%3Dtrue http://www.rightmove.co.uk/property-for-sale/new-homes/property-22989266.html?locationIdentifier=OUTCODE^2309&displayPropertyType=flats&retirement=false&oldDisplayPropertyType=flats&newHome=true&pageNumber=1&fromSummary=true&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DOUTCODE%255E2309%26displayPropertyType%3Dflats%26retirement%3Dfalse%26oldDisplayPropertyType%3Dflats%26newHome%3Dtrue Edited October 8, 2009 by AMD Quote Link to comment Share on other sites More sharing options...
miko Posted October 9, 2009 Share Posted October 9, 2009 Reading a couple of articles on this new development in Elephant and Castle Here's one http://property.timesonline.co.uk/tol/life_and_style/property/new_homes/article2030822.ece A lot of these flats were bought off-plan in 2007, with only a few remaining including the penthouse at 2.5million. I wonder how many are going to find the finances to complete. It's been reported that completion is ahead of schedule now for the end of 2009 instead of spring 2010. There must be a lot of worried purchases out there at the moment. AMD Yes , the problem's of people that have bought a few years ahead of build and are now coming up to competion and not being able to get finance or wanting to complete due to the changed market are going to be happening all over these new development's. There are many new development's in Docklands that between them must contain thousands of flats due to complete in the next few years that people bought of plan as far back as 2004 and 2005 at stupid prices that will not reach their valuation's for mortgage purposes now. One development completed early this year built by Galliard homes had big hordings around the site when they first started building which said ALL SOLD !! Recently they had a Sale quoting half original price's .This was on BBC 's main news, a few months back. Another big upmarket development Pan Peninsular , quoted as the best development in Europe , is now known as credit crunch towers as mortgage valuations are coming in much lower than contracted prices and buyers cannot complete. ( articals were in Evening Standard and Docklands Press ) . I wonder how many investors bought with B.T,L. in mind , or even worse bought to flip , selling befour completing . Only hear say but I heard that some flats in Docklands have changed hands 4 or 5 times befour they have been built. Who is going to be left holding the baby. In 1993 i bought a one bed river front flat in Surry Quays , in a very nice block for £50,000. The falt had never been lived in since being built in 1988 when it had been sold for £150,000. I wonder if these drops on all this new build could happen again. This time round there seems to be 10x the amount of flats that have been built compared to the boom of the late eighties. Quote Link to comment Share on other sites More sharing options...
indirectapproach Posted October 9, 2009 Share Posted October 9, 2009 "I wonder if these drops on all this new build could happen again." In the eighties we had the worst economic mess since the seventies. This time we're in the worst mess since the thirties. That informs my answer to the, 'What's gonna happen?' Question. Even if the answer to the, 'When's it gonna happen?' Question remains obscured. Quote Link to comment Share on other sites More sharing options...
LiveAndLetBuy Posted October 9, 2009 Share Posted October 9, 2009 Being inconspicious is my motto; when not in work attire I stick to 'tracky-bottoms', trainers and t-shirt. In fact, by a process of osmosis, I feel my sartorial standards have plummeted - ironing my leisure clothes is a rarity these days. Still, at least I blend in... ... The thought just occured to me that E&C might in fact be full of normal, intelligent and "gentrified" people who are so busy wearing chav clothes to fit in, and avoiding any form of social contact for fear of a stabbing, that they don't realise that all the chavs and pikeys have long since disappeared! Quote Link to comment Share on other sites More sharing options...
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