Bermondsey: Zone 2 Apartments Completing in 2027

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About this property

The address is Malt Street in SE1, in the Old Kent Road regeneration area of Southwark, inside travel Zone 2. The 140 acre Burgess Park, the largest park in the borough, sits next door, and the development itself carries 2.9 acres of landscaped green space. Existing rail is at South Bermondsey and Queens Road Peckham, both Zone 2, with Elephant and Castle a short ride away; the proposed Bakerloo line extension would put a station on the doorstep, though that is a proposal and not a commitment. Borough Market, London Bridge, Tate Modern and the City are all within a short journey. This is the building that completes first, at the turn of 2028, roughly a year ahead of its neighbour. What is left in it is two and three bedroom stock, seventy six to ninety square metres, each with a balcony on top. The plans face north west and north east over the Shard, the City and the London skyline, or south east over the podium gardens, and the aspect is named unit by unit on the price list. Both the two and the three bedroom plans carry an ensuite plus a main bathroom. Kitchens come fitted in two palettes, one pale and one dark, and the shared floors hold a concierge, a residents' gym, a residents' lounge with co-working space, a podium garden and sky gardens. The wider scheme is the first phase of a regeneration that will run to nearly 1,400 homes, with a piazza, a linear park and courtyard gardens between the buildings. Southwark is the first inner London borough to pass 100,000 trees, and the council's own material puts a large share of the borough's future growth along this road. That is the upside and the risk in the same sentence: you are buying into an area that is changing, which is where the price comes from, and the change is not finished. Tenure is a 999 year lease with a peppercorn ground rent. The estimated service charge is 5.10 pounds per square foot a year, and a one off building safety compliance charge falls due on completion under the 2022 Act. Payment runs ten percent on exchange, a further ten percent six months later, five percent at twelve months and seventy five percent on completion at the turn of 2028. Two things to weigh. Only a handful of homes are left in this building and they are all two and three bedroom, so if a one bedroom is what you want, this is the wrong building. And the Bakerloo extension is the single biggest number in the investment case and it is still unfunded, so price the flat without it and treat the station as upside.

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