Thamesmead has had a makeover
When Conrad Brown started searching for a London flat to buy his wish list was short and to the point.
It needed to be a short train ride from Canary Wharf, where he works, and affordable.
But when a new development of shared ownership flats came up for sale it is fair to say that Conrad’s reaction was muted. It ticked his two boxes but, Thamesmead?
This sprawling south east London former council estate, built on desolate marshland east of Woolwich, has become a byword for how not to build social housing.
Its overhead walkways were dark and dangerous, gang culture thrived, and residents complained of being marooned on the estate without public transport and marooned with the river on one side, and railway lines and busy roads on the other.
Compounding the problems, there was an almost complete absence of basic local facilities like shops and banks,
‘Thamesmead didn’t have the most favourable history or reputation,’ admitted Conrad, a 59-year-old personal trainer.
Nonetheless the development he discovered was close to Abbey Wood’s fast Elizabeth Lines services to Canary Wharf, and it was affordable.
And so, instead of ruling out a move to the infamous estate where A Clockwork Orange and the Channel 4 series Misfits was shot, he decided to look into it.
What Conrad discovered is that Thamesmead is at the early stages of what promises to be one of biggest and most ambitious regeneration project in living memory.
Some 20,000 new homes will be built on an almost 2,000 acre site – more than five times the size of Hyde Park.
‘It seemed like a no brainer,’ said Conrad.
The estate is expanding as part of an ambitious project
Conrad says the move was a ‘no brainer’
History certainly suggests that buying into areas in the early stages of regeneration, or those in line for transport upgrades, can pay dividends. Research by CBRE suggests that homes around major regeneration zones increases in value by more than 2% more, per year, than homes a little further away.
And since 2012, when work began on the Elizabeth Line, and last year, average local prices had doubled around some stations by the time the line opened.
Thamesmead has been held back by its lack of transport links ever since its inception. But earlier this year Transport for London gave its backing to plans to get this backwater onto the tube map for the first time in its 70 year history.
The Government is currently considering its plan to extend the Docklands Light Railway southwards. A decision is expected in 2025, and the station could be open by the early 2030s.
Thamesmead in 1975 (Picture: Brian Bould/ANL/REX/Shutterstock)
Don’t judge Thamesmead by its ties to A Clockwork Orange…
A new DLR station would, in turn, trigger a rebirth of the Thamesmead Estate, all 1,878 acres of it, spearheaded by housing association Peabody, which took over the running of the estate, in 2014.
‘What we inherited had probably not seen much improvement or investment for several decades,’ said Matthew Foulis, Peabody’s project director at Thamesmead.
Many of its circa 5,200 homes were damp, and mouldy, windows needed replacing, and there were many social problems to tackle.
Peabody decided that the best option was to pull the estate down and start again. It began work in 2018 at the Southmere development, 534 new homes ranged around Thamesmead’s iconic lake.
The site is the best connected part of Thamesmead, 10 minutes from Abbey Wood. On site there is a new library and community centre, a public square surrounded by shops, and work spaces for creatives, run by Bow Arts, and a nursery.
Work completed at Southmere last year, and its sales success suggests that in a city stricken by a deep housing crisis Conrad is far from the only person willing to invest in Thamesmead. All but one private flat has been sold.
Conrad is among good company as flats have been snapped up
Prices for the remaining 20-or-so shared ownership properties start at £78,750 for a 25% share of a one bedroom flat with a full market value of £315,000. Two bedroom homes start at £112,000 for a 25% share of a property with a full market value of £450,000.
Conrad was paying £650pcm to rent a room in a shared house in Rochester in Kent when he discovered Southmere. In November (2022) he moved into his one bedroom flat, having put down a £15,000 deposit for a 30% share of the £350,000 property.
His mortgage, rent on the portion of the property he doesn’t own, and service charge cost him around £1,200pcm.
His journey to work now takes nine minutes by train from Abbey Wood. When he lived in Rochester it took around 50 minutes and cost up to £40-a-day at peak times.
What Conrad likes about his new neighbourhood is its plentiful green space. Festivals and events are held around the lake, and he and his neighbours have a WhatsApp group where they swap news about new cafes opening and things happening. Although Thamesmead is no Battersea Power Station or King’s Cross in the regeneration zone stakes there are shops within walking distance, including supermarkets, and a Conrad has no regrets about his move.
‘It is in its early stages – it can only get better as time progresses,’ he said.
Work has already started on a second phase of 329 homes in South Thamesmead, expected to go on sale 2024 or 2025, in advance of completion in 2026, and by the early 2030s there will be some 3,000 new homes plus shops, cafes, and amenities.
‘One of the things we are keen to do is make sure that the residents have everything that they need on the site,’ said Foulis. ‘… [in the past] Thamesmead was a bit of a dormitory.’
Meanwhile, close to Thamesmead’s border with Plumstead, Peabody is working with Berkeley Homes on a second scheme, Lombard Square. Mid-rise redbrick blocks, ranged around a central square, are sprouting out of the ground and the first homes have gone on sale priced from £370,000 for a one bedroom flat.
Southmere and Lombard Square are substantial projects, but they only represent the tip of the Thamesmead iceberg.
The biggest player by far is Thamesmead Riverside, around 15,000 new riverfront homes, plus a park, a town centre, on an almost 500 acre site.
A masterplan for how Thamesmead Riverside will look is being worked up by Peabody and LendLease, the firm overseeing the redevelopment of Elephant and Castle.
But Foulis admits it will only work with a DLR extension. ‘The vital catalyst for change is the DLR,’ he said. ‘Without the DLR … [the site] … is a bit isolated.’
He is confident it will happen, citing cross party support plus the backing of TfL and Homes England. But experience suggests that decisions tend be made in slow motion, particularly with an election on the horizon.
For Foulis a DLR station will make Thamesmead Riverside just as attractive to buyers as Southmere has been.
‘If you look at South Thamesmead, the improved connectivity of the Elizabeth Line … [at Abbey Wood] … has been a massive catalyst for change,’ he said. ‘It has put Thamesmead on the map.’
