Regeneration of Elephant and Castle provides thousands of new homes
JLL launches virtual office in Elephant & Castle to support significant growth potential
LONDON, 9th January 2018 – New JLL residential research reveals the extent of regeneration in Elephant and Castle, South East London, highlighting significant progression since the last elements of the Heygate Estate were demolished in 2014.
Arguably most famous as the birthplace of Charlie Chaplin, Elephant and Castle is in the throes of a huge rebirth. Importantly, the regeneration of the Heygate Estate has been the catalyst for other housing developments. As of Q3 2017, there were 1,637 units under construction (including build to rent) with 3,644 schemes in the planning pipeline (including unbuilt in existing schemes).
A notable 1,360 units within eight schemes are under construction, three of which are part of Elephant Park. The largest single build development is Oakmayne’s Two Fifty One scheme which has 270 private apartments and will complete during the first half of 2018.
Average sales prices in Elephant and Castle have risen significantly in recent years. In 2010-2011 prices were typically around £750-800 per sq ft but now many of the schemes are averaging closer to £1,200 per sq ft, thanks to the regeneration of the area.
Elephant and Castle is also developing into a key rental location as part of London’s growing build to rent (BTR) sector which has seen 54,978 units complete or in the pipeline as of Q3 20171. This sector is providing high quality, professionally managed schemes aimed solely at the rental market, meeting the needs of the ever-increasing rental population in London. Realstar has recently launched UNCLE Elephant & Castle, a purpose built BTR scheme of 279 homes. These are finished to a high specification with exceptional amenities including a 24-hour residents’ gym and a 45th floor sky lounge with panoramic views and access to high speed fibre broadband.
Hayley Peverley, senior PRS lettings consultant at JLL, comments: “The regeneration of Elephant and Castle has brought much needed investment into the area, enhancing its appeal as a destination in which to live, work and socialise. Many young professionals are attracted to the new developments here which offer stylish living accommodation and an array of facilities, not to mention easy access to Central London. We are proud to have been instructed to let the UNCLE apartments along with other BTR schemes in London and the regions, reinforcing our position as a market leader in this sector.”
Further to the ongoing growth in Elephant and Castle and to support current property demand, JLL has launched a “virtual” office servicing the area. JLL is currently marketing apartments for sale at Two Fifty One with prices from £410,000 for a one bed, and rental apartments at UNCLE Elephant & Castle with prices from £1,800 pcm for a one bed. For further details of the area and featured properties, please visit www.jll.co.uk/residential or contact the Elephant and Castle office on Tel: (0)20 8104 1115.
1Data from The British Property Federation