Bermondsey: Zone 2 Tower Apartments with Shard Views

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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 building is the taller of the two now selling, twenty three storeys, and the homes run from one bedroom suites through one, two and three bedroom apartments. The plans on offer are fifty to one hundred and twelve square metres, every one with a balcony or terrace on top of that, and the aspect and view are named unit by unit on the price list: the Shard and the City to the north, landscape gardens and the piazza to the south, Canary Wharf to the north east. Two 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, which is scheduled for the second half of 2028 on the lower floors and the turn of 2029 higher up. Two things to settle. Seventy five percent on completion means the mortgage decision sits three years out, not today. 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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