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Project Bankside Shows Micro Markets In Action

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Project Bankside Shows Micro Markets In Action

Post by Guest on Wed Dec 01, 2010 2:22 am

Project Bankside Shows Micro Markets In Action

Published on 10-01-2008 by Skyscrapernews.com
In the second of a series of stories Skyscrapernews.com look at why the much hyped credit crunch you've seen on the news isn't quite the world destroying experience some in the media are hyping it to be and examine one of the things that will be driving development over the next few years.

The Rogers Stirk Harbour + Partners designed Project Bankside to stand behind the Tate Modern in the London Borough of Southwark has received from Bank of Scotland Corporate 170 million in funding so that the developers of the joint venture, Native Land and Grosvenor can proceed with the scheme.

Despite the five buildings, the tallest of which will be 24 floors, containing 370 flats in such a prestigious and sought after position in London, surely there should be struggles for any investor to get financing for property?

In this case however the development is impervious thanks to one small thing - the location. Southwark and most specifically Bankside have become classic examples of property micro-markets in action.

The area is being driven partly by the prestige that the Tate Modern has conferred on it, not to mention the easy walking distance to the City of London, and the general cultured feel it has.

There's also the small matter of property prices which compared to other areas such as Knightsbridge are substantially lower per square foot meaning that as an "super prime" location, that is somewhere with 5 million+ properties, the area is still gentrifying on the extreme luxury end of the scale giving it plenty of scope for future property prices and making it attractive to other developers wanting to get in on this.

With such area it's perfectly possible that it can buck the trend, even if there is falling property prices on the whole in London. This has been reflected already by the price increases in developments like Bankside Lofts of 25% in a single year as those with money compete against each other to live there.

Even if the average house price in London does fall the prices on Bankside are going up by so much above the average that the fall will have to be catastrophic to see a decline here.

Conveniently for the developers, Project Bankside is located almost adjacent Bankside Lofts giving the financiers at the Bank of Scotland a good idea of what the properties could be worth once complete showing the importance of a perfect location for the site.

As long as the area continues to be as fashionable as it currently is, supply will outstrip demand making future developments all the more possible too. The micro market of Bankside, and those other hot-spots scattered throughout the country, will weather a storm much easier than the average apartment block in London meaning that although we could have house price problems it doesn't mean the end to all development, simply more clustering.

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