Towering over the Thames

11 April 2012

The Thames provides a sensational urban vista, and the confidence that drove the Victorians to establish wharves and warehouses is now driving our developers into a riverbank renaissance, with new architecture piercing the skyline and garden squares, piazzas and walkways opening up new areas of scenic London for residents to enjoy.

Along the 34 miles of Thames in London (from Kingston in the west to Barking in the east), rapid development is underway: some 25,000 homes, nearly eight million sq ft of offices, more than 4,500 hotel rooms and two million sq ft of restaurants and leisure space.

That's a lot of lifestyle. The riverbank is being turned into an amenity and a recreational resource as well as a highly prized place to live. Many of the most expensive homes in the capital are to be found in the swanky apartment blocks and warehouses lining the Thames.

During the Eighties and early Nineties, Dock-lands was setting the pace, but in 1998, Montevetro, on the Battersea waterfront, changed the rules of design, image and value. Love it or loathe it, Richard Rogers' "glass mountain" showed how a "super-prime" development could be created in a drab location and irrespective of the neighbouring council towerblocks.

Even bolder developments followed, such as St George Wharf, where an ugly traffic swirl at the foot of Vauxhall Bridge has been transformed into five impressive riverside towers rising to 17 storeys. It adds much-needed architectural drama to a run-down spot. A magnificent three-storey penthouse (5,000sq ft) with 360-degree panoramic views is currently on the market for £4.25 million, inconceivable three or four years ago.

Similarly, Canary Riverside, with its giant Holmes Place health club and collection of smart restaurants, has become a destination in its own right. "When the first apartments were launched, sceptics were quick to point out they were selling at previously unseen prices for Docklands," says Russell Taylor, director of FPDSavills. "But the development set a new benchmark and changed buyers' expectations."

A view with a price tag

A room with a view always commands a premium, and none more so than a snazzy Thameside apartment with a balcony where you can sit and watch the activity below. Developers have always tried to wring extra cash out of buyers desperate for a view, but the old formula of applying a premium - say, £10,000 per floor - is being reassessed.

Not only are riverside flats getting more expensive (relative to others without a view), apartments lower down the building are sometimes as expensive as those higher up. Where on the river you want to live dictates the general price you have to pay. Values range from about £450 per sq ft on the Wandsworth waterfront to as much as £1,000 per sq ft for a penthouse in Bankside or Wapping.

At Hermitage Wharf, a slick circular penthouse with spectacular views of the Thames and Tower Bridge is on offer for £2.4 million (through FPDSavills, on 020 7456 6800).

Developers have sought to maximise views in the new generation of apartment buildings. Apartments often have floor-to-ceiling windows and large, curved terraces. Some duplexes have two or more angled balconies allowing double or even triple-aspect views.

Beware when buying off-plan at a new development: it is difficult to know what the view will be like from a particular apartment. Floor plans provide limited clues and there may be structural obtrusions (say, a concrete pillar or dropped bulkhead ceiling) that are not obvious. It's worth studying the "orientation" of the building. The block may be at an angle to the riverfront or have sections that are set back.

The typical price differential is £20,000 per floor. At Montevetro it is £50,000. Many of the cheapest riverside flats are to be found on the Isle of Dogs, where you can still buy smart two-bedroom apartments for between £300,000 and £400,000 (cheaper if you go further east). However, the price divide with prime central London is narrowing all the time.

Former Coronation Street actress Annie Hulley recently bought an apartment at Odyssey, one of the last available sites on the Isle of Dogs. "I liked the architecture and the views are stunning," she says.

When complete, the development will comprise 348 apartments in several blocks ranging from eight to 14 storeys. Prices start at £279,950. Call 020 7531 6265.

At Canary Riverside, penthouse shells are selling for £2.6 million each. Other apartments range from £428,000 to £1,459,500. The apartments are spread across four separate buildings (called Berkeley, Hanover, Belgrave and Eaton, presumably to reassure buyers eloping from the West End). Call 020 7512 9393.

Altitude with attitude

High-rise is no longer a dirty word in property circles. Luxury tower blocks have become fashionable. Developers relish the opportunity to create trendy homes within a "total environment" (parking, concierge, security, leisure and business facilities, even restaurants and bars).

Not only are builders targeting redundant inner-city tower blocks: new Hong Kong-style apartment blocks are also going up. And plan-ners seem eager for more. There is a clutch of planning proposals for new skyscrapers (at Elephant and Castle, London Bridge, Paddington Basin and elsewhere).

"In all world capitals, high-rise living is normal and desirable," says Bruce Walker, managing director of Nicholson Estates, which has had a sales success with its office conversion in Waterloo, called perspective.

Conversion candidates are quite rare. About 75 per cent of tower blocks in inner London are publicly-owned, such as local authority council flats, government offices or NHS buildings like Guys. Office-to-residential conversions are continuing. Nicholson Estates is selling the last few apartments at perspective, the former M16 headquarters. The 20-storey building is being turned into 180 flats, many with views of the river, West End and City.

Two-bedroom apartments cost from £370,000 and three-bedroom homes from £410,000. Duplexes and penthouses are priced between £895,000 and £1,895,000. Call 07000 426566.

Michael Hellman, a British Airways purser, was an early purchaser at the scheme. He bought an apartment on the seventh floor, with views towards Canary Wharf: "At first, the idea was to buy for investment, but when I saw the plans, I knew I wanted to live there."

In Putney, a Sixties tower formerly occupied by ICL Computers is being converted by St George. It forms part of a 129-home scheme called Putney Wharf, which will have a new riverside walk and public piazza. Prices have yet to be disclosed. Call 020 8785 6767.

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