South East London properties set to benefit from ELLEX

Berkeley Homes highlight that in June 2010, the first phase of the East London line’s £1 billion extension (ELLEX) is set to be unveiled. The new line, stretching from Dalston Junction in the north to West Croydon in the south, will incorporate a number of existing stations such as Crystal Palace and Forest Hill and will see the creation of several new stations in Dalston, Haggerston, Hoxton and Shoreditch.

Berkeley Homes anticipate that with a shorter and easier commute, househunting executives from Canary Wharf and the City will be attracted to residential developments that lie close to stations along the line such as Forest Hill Central and City Quarter.

Forest Hill Central is a minute’s walk from Forest Hill station, already offering direct services to London Bridge, and is proving popular with those buyers and investors looking to take early advantage of the revitalization of the area that is sure to follow the opening of the tube in Forest Hill.

Located on the junction of Perry Vale and Hindsley’s Place, Forest Hill Central consists of 46 private one, two and three bedroom apartments, due for completion in 2009, and will offer buyers flexible and low-maintenance living. With individually designed contemporary kitchens, integrated appliances and high-specification finishes throughout, the development will feature solar panels and rainwater collection tanks to ensure that Berkeley Homes’ commitment to the environment is continued into the future. Many apartments will incorporate en-suite bathrooms and the majority will feature, stylish glass balconies, terraces or patios.

Already minutes from Shadwell and Whitechapel stations on the East London line, owners of Berkeley Homes’ City Quarter’s apartments will also benefit from the increased range of destinations served by the new extension. The scheme, which lies adjacent to the City, comprises of 232 newly built and converted properties. The apartments have been popular with both investors and City executives, but a selection is still available in the Hooper’s Yard and Sugar House elements of the scheme.

Hooper’s Yard is the penultimate phase of the City Quarter development and boasts 45 contemporary, high specification apartments ranging from one-bedroom flats to three bedroom duplex penthouses. The apartments feature sleek, open-plan living, spacious bedrooms and brushed stainless steel Siemens appliances, with the majority of apartments benefiting from a balcony or terrace overlooking the central courtyard.

Sugar House is a Grade II listed Victorian sugar warehouse dating back from 1887 that has been converted into 42 luxury apartments ranging from one bedroom apartments to three bedroom triplex penthouses. The sympathetically converted apartments benefit from high ceilings, large windows and a whole host of modern features and appliances such as multi-room iPod audio systems, fully-integrated appliances and video entry-phones. Many of the apartments will also include a rear-facing balcony that looks over the landscaped central courtyard.

Phase One of the East London line extension is part of a bigger plan to provide London with an orbital rail network that will allow people to get around London without having to go into the centre. By 2011, the line will be extended north another two stops to Highbury & Islington to link up with the North London Railway, whilst plans for Phase Two see the East London line extended west from Surrey Quays to Clapham Junction.

Estate agents and developers are anticipating a noticeable uplift of property prices in the area around the new East London line stations. Piers Clanford, Managing Director of Berkeley Homes (South East London) Ltd says: “With over 350,000 people working in the City[1] and 80,000 working in Canary Wharf[2], there is unrelenting demand for property with good transport links. After the completion of the Jubilee line in 1999, districts along the line benefited from price rises of up to 20% over the first two years of opening whilst prices in Canary Wharf rocketed 120% in just five years. I don’t see any reason why we shouldn’t expect the new East London line extension to have a similar effect on prices in South East London.”

Prices for Forest Hill Central start from £250,000 for a one-bedroom apartment and £315,000 for a two-bedroom apartment. Prices at City Quarter start at £400,000. For more information on any of the developments mentioned, visit the Sales & Marketing Suite, which is situated at 99 Leman Street, London, E1, open from 10am to 6pm weekdays (until 8pm Tuesday and Thursday) and from 10am to 5pm on weekends. Alternatively visit Berkeleyhomes.co.uk.