Regeneration areas are created by local authorities to boost economies and make somewhere a better place to live. Areas that we now think of as very desirable were once in need of support, and regenerated by forward-thinking planners.
Former regeneration areas have become the best places to live in London
Fiona Davidson, Henry Wiltshire estate agent at Nine Elms, explains more. “London has seen a great deal of regeneration over the last fifty years,” says Fiona. “The Barbican Centre was built in the 1970s on a bomb site in EC1, bringing together practical housing, open space and the arts, in one of the capital’s most exciting developments. The beautiful riverside warehouses we now see in Bermondsey were once derelict, but have been transformed into sought-after homes through the hard work of enterprising developers and a local authority committed to regeneration. The stunning new build that has sprung up in Docklands is another example of successful regeneration after the East End of London was all but flattened during World War II. Tackled correctly, regeneration works.”
London’s latest regeneration area is Nine Elms in the London Borough of Lambeth. Just south of the Thames from the West End, it has no reason not to be another successful regeneration project. Already, the US Embassy has decided to move there, to the new development at Embassy Gardens. Developers Damac are creating Aykon One, one of the most luxurious developments the capital has seen, with interiors by Versace and countless exclusive facilities.
But regeneration isn’t all about housing. The people who come to live in regenerated areas will shops and facilities just like people in established areas do.
SW8’s regeneration attracts new businesses
“The new businesses opening up in Nine Elms are very exciting,” says Fiona. “It’s great to have Damian Hirst’s Newport Street Gallery here – one of the most important artists of our time is showing his faith in SW8. Battersea Power Station is also taking responsibility for the area’s culture – they’re committed to only letting their commercial facilities to independent businesses, which really helps the area maintain its diversity.”
A long-term view of the London property market
Like so many aspects of the London property market, regeneration is a long-term strategy. Fiona is confident that Nine Elms is on the right track to being as successful as Docklands has been.
“There are some exceptional buildings under construction in Nine Elms now, not to mention the new green spaces,” she says. “Wise investors who have followed the progress of other London regeneration areas have spotted that Nine Elms is going in the same positive direction. There’s been a lot of interest in the property we’re selling off-plan in Aykon One, Embassy Gardens and Battersea Power Station – everyone is looking ahead to the future and making this new SW8 a reality.”
Buy and sell property in SW8
Fiona and the team are always delighted to hear from developers, investors and private clients alike. To buy and sell property in the Nine Elms area, contact Fiona today on 020 3696 5620.