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Control Freak

Southsea Gunwharf Portsmouth

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I have been out of the UK for the last 2 years, returning quite recently, and have therefore only been casting brief looks at the houses/flats here.

Looking on RM, I have been fascinated with the progress of the Gunwharf Quays developments. The prices they have been asking are truly astronomical:

See

Gunwharf, Old Portsmouth/Southsea loony priced flat

There are LOADS more like this. 5/600K for a flat in Portsmouth?!!

Well, I have just had another peep, and have noticed a LOT more properties have just come on the market. It will be very interesting how they get on. Big falls could be in store methinks a la Deanos' Southampton thread.

Personally, I have been on the lookout for a detached/large semi residence, which are rather thin on the ground in Southsea, and therefore attach a premium price. I have seen nothing selling, but no price reductions either.

CF

Edited by Control Freak

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http://www.houseprices.co.uk/e.php?q=64+ar...harf+quays&n=10

Sale Date Price Type Tenure Map Address

1 06/03/2003 £549,000 Flat L/H Map Arethusa House, 64, Gunwharf Quays, Portsmouth, PO1 3TQ

2 09/08/2002 £380,000 Flat L/H Map Arethusa House, 64, Gunwharf Quays, Portsmouth, PO1 3TQ

looks like somebody did rather well out of this one making 169k in 7 months!!!! nice work.

Conversely, the mug who bought this is going to get reamed big time....ouch!!!!.

600k for a 2 bed in dog sh1t city.. dream on

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As if the price was not bad enough, Gun Wharf is built on a reject shop & factory store complex masquerading as something else. I've been in that area a couple of times this year (my folks live 8 miles way) & noticed the area opposite Gun Wharf looking more delapedated.

I've always liked Albert Rd in Southsea, but that was looking a lot worse than last year. More shops had closed down IMO -shame.

Don't get me started on that Tower!! - it tied Portsmouth to the mast of the ship of fools. :angry: :blink:

Tall view over a shit city - 5 years late

http://www.hago.org.uk/2000/popup/forget-2.html

http://www.hago.org.uk/spinnaker-tower/index.html

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Don't get me started on that Tower!! - it tied Portsmouth to the mast of the ship of fools. :angry: :blink:

Tall view over a shit city - 5 years late

http://www.hago.org.uk/2000/popup/forget-2.html

http://www.hago.org.uk/spinnaker-tower/index.html

whats wrong with the tower?? i think its stunning. went up this week and was well impressed (make sure its a sunny day though)

did wince at all the soon to be empty new builds you can see down in gunny though.

you get a quid off as a resident an all. which means you only need to go 120 times to recoup the extra council tax charges :lol:;)

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Completly agree about the tower being great, I always cant understand people who moan about bold projects like this. I think it looks superb.

The price of that appartment is expensive becasue it is a "penthouse", they always actract stupid prices due to the kind of people who might buy them. They dont always sell for the asking price thats for sure.

Gunwharf keys suffers from the ships horns, and late night drinking noise too.

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The price of that appartment is expensive becasue it is a "penthouse", they always actract stupid prices due to the kind of people who might buy them. They dont always sell for the asking price thats for sure.

Ok then, how about this for some 'bog standard' 2 bedders then:

395K

370K

329K

If the price of the 2 bedders is making your eyes water, then you could always downgrade to a 1 bedder:

249K - Bargain!!

There are LOADS of these flats on with Rightmove - do a search. I have been keeping an eye on them, and they seem to be breeding. Something will have to give soon.

Is it me or are these prices ridiculous - are they comparable with London??

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Ok then, how about this for some 'bog standard' 2 bedders then:

395K

370K

329K

If the price of the 2 bedders is making your eyes water, then you could always downgrade to a 1 bedder:

249K - Bargain!!

There are LOADS of these flats on with Rightmove - do a search. I have been keeping an eye on them, and they seem to be breeding. Something will have to give soon.

Is it me or are these prices ridiculous - are they comparable with London??

The 1 bed flat has 2 toilets (one in the en-sh*te)

Why would you need two toilets??????????????????????

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The 1 bed flat has 2 toilets (one in the en-sh*te)

Why would you need two toilets??????????????????????

His & Hers toilets?

That way you could leave the toilet seat up whenever you like & she will have no cause to commence divorce proceedings!

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Was there yesterday. The Spinnaker Tower was great. It offered a great view of the busy area around it. Liked the glass floor you can walk on. Lots of the adults more wary than the kids of walking on it.

Now there seems to be an awful lot of unfinished developments going on around it. Prices from £275k!! It is quite a pleasant area to be around in the daytime but I'm not sure about late at night. The shops are all discounted designer stores (outlets) so this kind of sits strange with an expensive development like this.

Unless the developers get a move on and sell these I think they will be going the same way as other new builds will as in they will go for a lot less money. Most will probably end up as social housing funded by the taxpayer.

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if you bought before the boom, blakehouse flats from new and sold now, you could make £100K profit easily. I dont think these ones at the blue building are going to increase like that.

kjh__2_.JPG

post-4078-1146392820.jpg

Edited by notanewmember

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noticed the area opposite Gun Wharf looking more delapedated.

the derelict block is brunel house, which i am sure if a developer bought it and renovated would make a profit - but nothings happened to it for years.... Thats a missed opportunity IMO.

It will be funny to see how people are paying on average £300K for a flat, when if you cross the road from the complex, and go under the railway bridge, theres a council tower block about 15 stories, where the poor council tennants live.... :rolleyes:

Edited by notanewmember

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I was looking around the EA's last week, and found for the FIRST time, a number of properties with 'New Price' tags.

To balance this though, there does seem to be increased sales.

It will be interesting to see how all of those new flats at Gunwharf get on. It is a nice place, but 300k - you are having a laugh.

CF.

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Ahh gunwharf, this reclaimed dump is in my opinion going to stand out like a big shining beacon of greed and stupidity a few years from now, myself and my good lady were there recently, drinking on the balcony after a hard days shopping when she commented how marvellous it would be to live there with all these wondefull shops and views of the harbour, i had to point out to her that what we were actually looking at was the not so wonderfull vista of Gosport and more importantly a row of £75 per week council flats who's tenants have just had their view improved imeasurably with a development of 300,400,500k+ flats (sorry, APARTMENTS), it all reminds me of Ocean Village and the late 80's when owners there who'd paid ridiculous prices could'nt meet the mortgage repayments at 15% and quite a few were rented out in desparation through Southampton city council! Does anyone remember the days when you'd view a FLAT and discuss buying it in the SALES OFFICE? now you go to view an APPARTMENT and go to discuss it in a MARKETING SUITE.

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i quite like gunwharf as a place to go, and we have also often commented on how it could be nice to live there. however, we always conclude that a) the flats are extortionately priced and B) in a couple of years the corridors will smell like cabbage, just like all flats.. c) it is nice on a bright sunny day when everything (even gosport) looks ok!

if the flats were say 120k for a 2 bedder, i'd have thought about it as a first pad, useful for the discos and eateries.

at more than double that i don't think the numbers stack up.

my main question whenever we go is how can an area such as this sustain hundreds of 200k++ flats? where is the money coming from? given one of the areas main employers is IBM, and given the average salary there is about 30k then how can they afford it?

the only answer i can come up with is that the trendy folk (or slimey gits) always used to spend their money on a flash car, yet they would live in some terraced house in fratton or north end. gunwharf's creation offered them an opportunity to sell their terraces at a ridiculous price, and purchase a flat more befitting of their trendiness.. but there is a finite supply of these muppets.

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my main question whenever we go is how can an area such as this sustain hundreds of 200k++ flats? where is the money coming from? given one of the areas main employers is IBM, and given the average salary there is about 30k then how can they afford it?

Most of my "professional" mates rent in gun wharf, they are mostly down there after finishing uni and starting off their working lives there. All the flats that people I know rent are owned by BTL'ers.

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so probably a lot of mew'ed money..

still, they aint that cheap to rent for someone just starting work either - £800 to £1100 but i suppose not so bad if you share.

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Heard a rumour a while ago that a sheikh (or maybe a fake sheikh -- the details were a bit fuzzy) sailed into Portsmouth Harbour recently on his big expensive yacht and liked the flats at Gunwharf Quays so much that he bought 12. Apparently the source of this rumour was a construction worker. My first thought was that the developer must be having trouble selling the flats and is talking them up. Or am I just being cynical?

BE

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Heard a rumour a while ago that a sheikh (or maybe a fake sheikh -- the details were a bit fuzzy) sailed into Portsmouth Harbour recently on his big expensive yacht and liked the flats at Gunwharf Quays so much that he bought 12. Apparently the source of this rumour was a construction worker. My first thought was that the developer must be having trouble selling the flats and is talking them up. Or am I just being cynical?

BE

[/quevote]

I reckon you are a little bit gullible - either that or your takin' the p1ss.

Portsmouth is a scumhole and even Gunwharf will not save it. Sheikh sailing into Pompey - don't make me laugh. Must have been blown off course. The middle eastern royalty don't venture much past the Edgware Road.

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i did meet the son of from a rich canadian family who lives in one of the penthouses there whilst out in Haha Bar.- guess he was bored and ended up talking to any old strangers in the bars....

Even invited us up for dinner the next day. [though i declined]

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http://www.houseprices.co.uk/e.php?q=64+ar...harf+quays&n=10

Sale Date Price Type Tenure Map Address

1 06/03/2003 £549,000 Flat L/H Map Arethusa House, 64, Gunwharf Quays, Portsmouth, PO1 3TQ

2 09/08/2002 £380,000 Flat L/H Map Arethusa House, 64, Gunwharf Quays, Portsmouth, PO1 3TQ

looks like somebody did rather well out of this one making 169k in 7 months!!!! nice work.

Conversely, the mug who bought this is going to get reamed big time....ouch!!!!.

600k for a 2 bed in dog sh1t city.. dream on

update, maybe he or she managed to pass the parcel one more time...

1.png

Edited by 200p

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if you bought before the boom, blakehouse flats from new and sold now, you could make £100K profit easily. I dont think these ones at the blue building are going to increase like that.

kjh__2_.JPG

2.png

Update, 2 bed they want around £350K

http://www.rightmove.co.uk/property-for-sale/property-39492828.html

Full description

Ideal Investment Property

Our Lettings Office Have Indicated a Rental Value of £1450.00 pcm. Dependent on Market Conditions. This Would Give an Approximate Gross Yield of 4.77%.

An outstanding 2 double bedroom 11th floor luxury apartment with far reaching panoramic views over the water to the Isle of Wight

.....

ADDITIONAL INFORMATION

Lease approx 190 years remaining

Service charge approx. £2200 per annum

Ground rent approx. £150.00

Council tax band F: Approx £2000.00 per annum

See myself in the year 2026- maybe they will be £700K each? :blink:

Edited by 200p

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2.png

Update, 2 bed they want around £350K

http://www.rightmove.co.uk/property-for-sale/property-39492828.html

Full description

Ideal Investment Property

Our Lettings Office Have Indicated a Rental Value of £1450.00 pcm. Dependent on Market Conditions. This Would Give an Approximate Gross Yield of 4.77%.

An outstanding 2 double bedroom 11th floor luxury apartment with far reaching panoramic views over the water to the Isle of Wight

.....

ADDITIONAL INFORMATION

Lease approx 190 years remaining

Service charge approx. £2200 per annum

Ground rent approx. £150.00

Council tax band F: Approx £2000.00 per annum

See myself in the year 2026- maybe they will be £700K each? :blink:

You don't even get a kitchen just a row of kitchen cabinets across your lounge. What a joke!!

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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      • up 5%



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