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SHAPING the PRIVATE RENTED SECTOR
London Bridge & Borough, SE1
Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
An Introduction Young London hub. We still retain all of our Young Group holdings in the development. The redevelopment of the London Bridge & Borough area was one of the principal reasons for our investment and we are delighted that this is well established and continuing to improve. In 2006 a number of our private clients acquired a selection of properties in MyBaSE1 through Young Group. The properties completed in 2008. The development, located on Webber Street, is only a short walk from a number of Zone 1 transport hubs (Elephant & Castle, Waterloo and London Bridge) and is also home to a
of 30%, across the board, and the strong current market conditions lead us to believe that growth will continue in 2014. As some clients may not be familiar with the local area and the changes that are taking place, we thought it would prove useful to provide an update of how the area has transformed of late.
MyBaSE1 and other developments in the area continue to be popular with young professionals, particularly those working in the City, due to its superb location and excellent transport links. Gentrification of the local area has positively impacted the capital values of MyBaSE1 property. Average capital growth, to date, has been in the region
The London Bridge & Borough Area The London Bridge and Borough area is a vibrant and historical district in the heart of the capital. This unique area is undergoing a sustained period of change with many new developments and attractions moving into one of the oldest parts of London. The many amenities to be found in this socially and culturally rich part of town means that, every year, more visitors arrive to savour the charming character of the area. As new residents flock to the area to enjoy living in the vibrant heart of one of the world’s greatest cities, the area has also become a highly desirable place to work in.
There are an abundance of amenities, including premium restaurants, retail shops and hotels. There is the worldfamous Borough food market (pictured), a plethora of galleries (including the Tate Modern), museums, restaurants, bars and other attractions (such as HMS Belfast, Shakespeare’s Globe and The Tower of London). Borough High Street is the area’s spine; to the west lies the famous Borough Market and Southwark Cathedral while to the east is Guy’s Hospital, London Bridge station and The Shard. The Shard, which at 72 storeys stands at over twice the height of the London Eye, is the tallest building in Europe. The building, which is located on the south west edge of London Bridge, was completed in 2012 and unveiled with a spectacular laser show (pictured).
The Shard’s influence has already extended beyond the boundaries of its site, with the local council expecting it to herald the area becoming “London’s third business district” after the City and the West End. This area is full of interesting attractions and hidden gems which makes it perfect for family days out, romantic evenings, dinner and a drink after work or as a place to call home.
The now iconic building, encompassing retail space, a Shangri-La hotel, offices and ultra high-end private apartments, has put the area on the world map.
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Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
Young Group and the Area Young Group manages the majority of properties in MyBaSE1 as well as in a number of other developments located in the London Bridge and Borough area.
Other Developments
MyBaSE1 MyBaSE1 is a development located equidistant between London Bridge, Elephant & Castle and Waterloo stations. All residents of this modern development have access to a private balcony, a 24 hour concierge service, a landscaped internal courtyard and an on-site convenience store & post office. 5 years after completion MyBaSE1 has recently had improvements made to the lobby area to enhance the appeal of the entrance (pictured below).
Alternatively the area is served by a number of bus routes that head towards The City, Liverpool Street, Vauxhall and other major destinations.
Cayenne Court
One of the most attractive aspects of the development is that it is within easy walking distance of 5 tube stations, including 3 major transport hubs: Borough • Northern Line Eagle Wharf Court
Southwark • Jubilee Line Elephant & Castle • Bakerloo Line • Northern Line • Mainline services to: • Bedfordshire • Hertfordshire • West Kent
The development is within walking distance of the famous Borough Market as well as the fashionable Thames riverside Southbank area and a number of the properties have stunning views of The Shard and the city skyline. In close proximity to the development is an array of independent shops, including: • • • • • •
Butcher Florist Fruit juice bar Deli Pubs and bars Critically acclaimed restaurants
The area’s great transport links mean that residents are able to reach Canary Wharf in 10 minutes, Bond Street in 8 minutes and Bank in just 2 minutes.
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London Bridge • Jubilee Line • Northern Line • Mainline services to: • Bedfordshire • East Sussex • Hampshire • Kent • Surrey • West Sussex
Southwark Bridge Road
Waterloo • Bakerloo • Jubilee • Northern • Waterloo & City • Mainline services to: • Berkshire • Hampshire • Surrey
The Rise
Thanks to MyBaSE1’s fantastic location it has established itself as one of the area’s top developments.
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Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
Area Enlivenment The regeneration of London Bridge & Borough has considered the need to create a cohesive and mixed use neighbourhood with all the attendant commercial, leisure and entertainment facilities to make it an attractive residential and business destination. The Scoop The Scoop at More London is an outdoor amphitheatre with seating for 800. Throughout the summer months it regularly hosts a variety of free events from films, music and theatre.
More London
The Place
This new business development, made up of 8 buildings, is located on the south bank of the River Thames.
The Place is a new business destination that will be, for the millions of people who pass through London Bridge, the highly visible face of London’s newest commercial quarter. The 17 storey building has 428,000 sq ft of modern office space and direct access to London Bridge Quarter’s new piazza and London Bridge Station. This will help to provide a seamless transition from station to workplace.
It is the location of the new City Hall (Home of the London Mayor), The Scoop (an open-air amphitheatre), office blocks, shops, restaurants and cafés. There is also a pedestrianised area containing sculptures and water features, including fountains lit by coloured lights. The area is home to many professional and financial services firms, including: • • • • • •
The View from The Shard The View provides an unparalleled 360 degree view, for up to 40 miles, and has become a must visit for those who want to experience the London skyline from the city’s highest peak. It has quickly become one of London’s most popular tourist attractions.
In the summer of 2014 News UK will move its entire London operations here, including The Wall Street Journal, The Times & Sunday Times, The Sun and Harper Collins.
Ernst & Young PriceWaterhouseCoopers Markit Group Limited Terra Firma Capital Partners Cargill Investor Services Norton Rose Fulbright
More London hosts frequent outdoor exhibitions and cultural events, usually associated with City Hall, and the local business community is supported by its own dedicated extranet service “More for Me”.
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Union Street Café Two minutes away from MyBaSE1 is the new venture by the famed restauranteur Gordon Ramsay. Though technically not a café, nor is it on Union Street, it is one of the most talked about new restaurants in the area and is already booked up weeks in advance.
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Borough Market Borough Market has recently been improved with an extended Green Market that has a modern glass frontage. The market features food from around the world and is known as a celebrity spotting area.
ASSET MANAGEMENT
Area Update from Young Group, SHAPING the PRIVATE RENTED SECTOR
The Future Plans
In Summary
About Young Group
The London Bridge & Borough area has undergone massive transformation over the past 6 years.
Young Group has been shaping the Private Rented Sector for a decade, having built an enviable reputation for delivering robust asset management supported by a proven customer-centric lettings and property management platform.
The improvements to the area have made it a highly desirable location for residents and businesses alike and as the development of the area continues it can only lead to a positive impact on yields and capital values.
London Bridge Station London Bridge station is being transformed to accommodate an increase in passenger numbers and services on the Thameslink route. London Bridge, the fourth busiest station in the country (after Waterloo, Victoria and Liverpool Street - all in London), bringing around 50 million passengers into the city each year. The upgrades being made will increase capacity by hundreds of trains every day - one every two to three minutes - offering better connections than ever before.
For a decade, many of Young Group’s clients have invested in Private Rented Sector assets following our identification of target areas that offer a strong case for future capital appreciation.
Young Group’s operational business, Young London, has been recognised by The Times, The Sunday Times, HSBC and Bloomberg for the quality of its service and forward thinking approach to the day-to-day management of PRS assets, tenancies and resident services. Recently, the International Property Awards crowned Young London the Best UK Lettings Agency 2013/14.
Our Area Update series charts the impact that investment and regeneration is having in our target areas. It also provides a flavour of the character of the neighbourhood and its desirability as a place for our residents to call home.
Young Group’s clients include institutional investors, corporates, developers and housing associations. We provide a respected, tried and tested – yet ever advancing – operational platform to our PRS clients, as well as consultancy services.
About Area Update
A New Public Realm A new and attractive public realm will bind together all the elements of London Bridge.
For further information
At its centre will be a landscaped piazza, a calm and relaxing space which will feature seating and mature planting. This new space extends to the Quarter’s lower level where a social hub will be created around The Shard’s public entrances.
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David Mackenzie Director of Asset Management Young Group +44 (0)20 7531 7700 dmackenzie@younggroup.co.uk www.younggroup.co.uk
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