London Marathon maps the property changes
22 April 2016
On Sunday, tens of thousands of runners will set off from Blackheath in south-east London, competing in this year’s London Marathon. While getting through the 26.2 miles in one piece will be their main focus, those who take in their surroundings will get a real insight into the changing face of London.
The route takes in Woolwich, Greenwich, the Isle of Dogs, the Tower of London and London Bridge, before finishing at the Mall, just past Buckingham Palace. Property prices range from £800 to £900 per square foot in Greenwich to £2,000 to £3,000 psf in St James’s so by the time the runners head down the Mall, they are hitting a very established part of London. However, those areas towards the start of the route, which have been in desperate need of regeneration, are finally starting to see its positive effects.
The Greenwich Peninsula, a massive multi-phase development originally conceived back in 2004, sets the tone for what is happening in this part of London. The plan is to combine 10,000 homes with 48 acres of open green spaces and a commercial district with shops, hotels, schools and public facilities. The runners then head towards Rotherhithe, an area which is growing in popularity among buyers. Neighbouring Bermondsey has been on the radar for a while, as it has plenty of traditional building stock, such as old warehouses which have been converted into fashionable flats. Canada Water is also subject to its own £2 billion 15-year master plan to create a new Docklands urban centre with new homes, shops and businesses.
As the route approaches Tower Bridge, it passes the warehouses of Shad Thames which have become highly desirable, fetching up to £1,700 psf. These boast river views with perhaps one of the most attractive bridges of them all, Tower Bridge, and a stunning skyline.
The runners head over Tower Bridge, past St Katharine Docks and through Wapping. Change has already happened here, with many commercial properties converted into residential units. St Katharine Docks were abandoned in the eighties and redeveloped in the nineties, and are now a picturesque part of London. But there is still further development in the pipeline with Christian Candy planning a number of flats on the site of Tate & Lyle’s former offices near Tower Bridge.