Nine Elms London’s newest destination Nine Elms 1 London’s newest destination

Nine Elms Living

The regeneration of Nine Elms is arguably one of the most important transformations this generation will witness. Developing this previously underused area of London will create a whole new vibrant destination.

The transformation of Vauxhall, Nine Elms Cultural elements are already well Battersea (VNEB) is now firmly underwa . established in the area, but this will be The additional 20,000 new homes will join further improved with new attractions at the 10,000 existing households to create Battersea Power Station, Brand New Covent a sizeable new community which will Garden Market’s Food Exchange and new benefit from the area’s riverside locatio public art throughout the area. The areas and proximity to central London. Future railway arches are also being transformed improvements to the area’s transport into new food, leisure and retail spaces infrastructure, along with new public space which will further enhance the vibrancy and and improvement to the Thames River Path desirability of VNEB. is making VNEB an increasingly desirable place to live, work and play. One significan The area will eventually become home to addition to the area’s amenities is Circus 30,000 new residents and 25,000 workers. West Village at Battersea Power Station With several new developments now which opened in summer 2017. This will complete, and a range of new amenities on bring a new range of independent and offer, the pioneering new residents of VNEB authentic cafes, restaurants and shops have already moved to the area. And now for existing and future residents to enjoy. big business is also moving in; last year Apple announced it will be moving its UK The dramatically improved public realm will headquarters to Battersea Power Station. provide easy access to an enlivened The company will take 500,000 sqft of offic riverside, a new 11 acre park, space across six floors at the iconi neighbourhood squares and green spaces. development. The new office will be th This is in addition to the existing green company’s largest outside of the US and space in the area which includes the will host 1,400 employees. Vauxhall Pleasure Gardens and the 200 acre Battersea Park. VNEB is at the start of its regeneration, but it’s already clear that it is becoming one of Access to the rest of central London will London’s most sought after locations, and also be significantly improved throug is set to become one of the city’s most several infrastructure improvements which desirable neighbourhoods. include the extension of the Northern Line and a new pedestrian and cycle bridge. This is in addition to improvements to the existing stations at Vauxhall, Battersea Park and Queenstown Road. Nine Elms 2–3 London’s newest destination

Nine Elms Point sits within the Vauxhall, Nine Elms, Battersea (VNEB) opportunity area which is London’s largest and most high profile regeneration zone. It spans 561 acres of central London on the south bank of the River Thames. Over the next decade and beyond, it will become a new destination in London and fulfil its potential as a thriving residential and business district.

VNEB key stats 561 Area (acres) 25,000 Indicative employment capacity 20,000 Minimum new homes 2.8m sqft New retail and leisure space 3m sqft New office spac 6.5m sqft Total new commercial space 2 Major new town centres Nine Elms 4–5 London’s newest destination

Regeneration and placemaking premium

From the famous transformations of Covent Garden, Southbank and Kings Cross, regeneration has always been an important part of the ever-evolving London landscape. Regeneration can take many forms; from the simple rejuvenation of a rundown area, through to an effective remodel of the underlying fabric by addressing the deeper social and economic environment.

Whatever form it takes regeneration Placemaking is also hugely important in House price uplift from regeneration works to greatly improve the quality of ensuring the maximum benefit occurs fro life for its residents and transforms it into regeneration. This multi-faceted approach to a more desirable place to live. Our design brings all elements of a development research shows this can have a marked together in a cohesive and diverse 4.7% pa impact on local property markets, with environment. Placemaking ensures an area house prices around regeneration zones has the appropriate amount and type of increasing by 4.7% per annum over residential, retail, education, leisure, work Price premium for a scheme and above wider house price growth. space, restaurants, open space, transport, with effective placemaking exhibition and community space. Effective placemaking clearly benefits an area and thi impacts property prices. Our research shows that effective placemaking can add 10% to 10% property prices compared with the wider area. Nine Elms 6–7 London’s newest destination

Improving infrastructure and connectivity

Infrastructure is an extremely important aspect of regeneration and generates the desire and demand to live in an area. At VNEB more than £1 billion is being spent on new infrastructure and upgrades with several key projects, including:

–– The Northern Line extension which will The Northern Line extension provide new stations at Battersea Power The extension of the Northern Line is Station and Nine Elms. perhaps the most important infrastructure development in the VNEB area. The new –– Improvements to the Vauxhall bus, tube underground link will significantly reduce and rail interchange to increase capacity journey times to and from the City, West End and enhance passenger flo . and other major employment hubs across –– Redesign of the Vauxhall gyratory to ease London. It is also forecast to generate up to congestion, make the area more £7.9bn in wider economic benefits and more pedestrian and cycle friendly and improve than treble the number of new jobs created links to the riverside. in the area. This will make VNEB, and specifically Nine Elms, one of the most –– A new pedestrian and cycle bridge to accessible parts of London. provide another direct link to Westminster on the opposite side of the river. The connectivity of an area is measured by its Public Transport Accessibility Level (PTAL) –– Nine Elms Park – a linear park which will which is calculated by Transport for London. intersect the district from east to west to CBRE have found that, on average, a 10% make the whole area easily accessible. It increase in an areas PTAL score will increase will provide 11 acres of new open house prices by 4.2% (above standard parkland running from Vauxhall to house price inflation) Battersea Power Station. We estimate that the Nine Elms area could –– A new extension of the Thames River Path see a 30% increase in its PTAL score when stretching the full length of the area with a the extended Northern Line becomes network of cycle ways and footpaths. operational by 2020. This could therefore translate into an uplift of approximately 13% –– Two new passenger piers to connect the in the areas house prices over and above area to London Riverbus services. standard inflation

–– New bus routes through Nine Elms and Nine Elms Point is located in an already improvements made to existing services. well-connected area and it will further benefit from the new Nine Elms station, which sits –– Expansion of the Santander Cycles within the development. network across the regeneration area. Nine Elms 8–9 London’s newest destination

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hWandsw S Belgrave Place tre R London Road robust. Over the last three years average ce ew et a N Lambeth & Wandsworth London ria Street al Victo P d Millban house prices across the boroughs have a o rth mbeth St Geo e R c La d k oa rge's increased by 23%. Average asking values in VNEB for new build developments quare la s South eth R M

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ueenstown Road Nine Elms 10–11 London’s newest destination

A strong rental market Holloway Stoke Newington Rental values and growth

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Camden Town For investors in VNEB, Volume of high earning tenants Victoria Park According to Rightmove, Average asking rents (2 bed apartments)

Regent’s Park there is a large and growing Kensal Green the rental market in 220 rental market which will Clerkenwell Lambeth and Wandsworth translate into strong has performed strongly, Paddington 188 Soho Whitechapel City of London Poplar White City demand for new build Mayfair with average asking rents homes to rent in the area. Hyde Park London for 2 bed apartments Shepherd’s Bush Canary Wharf Southwark Kensington increasing by 2.9% and 155 Across London the number of privately Westminster Isle of Dogs rented households has increased by 75% 2.1% per year respectively with the sector now accounting for a quarter Hammersmith Pimlico Vauxhall

over the last five years. Average house price index 123 of homes in the city. Specificall , the sector in Chelsea Wandsworth and Lambeth has increased by Below 500 more than 50% and accounts for almost a Fullham 500 – 1000 Camberwell Peckham 90 third of households. And across the river in 1000 – 1500 Westminster the sector now accounts for 40%

1500 – 2000 Jul 09 Jul 10 Jul 11 Jul 12 Jul 13 Jul 14 Jul 15 Jul 16 Jul 17 Apr 09 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Oct 09 Oct 10 Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Clapham Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 of households having risen by 43%. Overall Battersea Brixton this growth has translated into an additional 2000 – 2500 Lambeth & Wandsworth London 40,000 privately rented households across Above 2500 these three boroughs alone. Nine Elms Point A significant number of renters in the area are also high earners. The three boroughs accommodate a high proportion of London’s The strength of the rental market in VNEB is also highlighted by a number of schemes high earning tenants, with more than 40,000 where large numbers of units are being delivered for rent. Four developments in the area earning over £70,000 per year. However are now delivering a total of 650 new rental units. VNEB and Nine Elms Point has the potential

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London lifestyle Reasons to buy in London

241 22m 3 of the top10 most visited Professional Theatre visits theatres per year museums in the world 52,000 Undersupply of Centrally located Ease of access to are in London quality new homes between Asia and four main airports homes are required per North America in close proximity 200 66 annum in London. Only Museums and Michelin star 24,800 were built in 2016 galleries restaurants World-heritage sites, 5,000 520 more than any other city More than Hair salons Hotels in western Europe Robust Low interest Population 4 economy rates increase 400,000 9,224 761 Cafes and Gyms employees work in the The restaurants Tower of London City of London. The world’s leading financial district

Favourable London is a leading technology London is the only Kew Gardens timezone and research centre city in the world to have hosted the Summer Olympics

three times London population set to increase to 10 million by 2031, that’s 1.4 million Strong legal structure, London as a World class more people in the next 15 years asset protection and ‘safe haven’ education One of the world’s ‘greenest’ multi-cultural society

cities for its size Royal Observatory Greenwich

8 40% Palace of Westminster Large royal parks Total open green space. Favourable Crossrail is forecasted to drive growth by 1.5 billion English More than NYC, Berlin, Paris exchange 3.3% per annum over and above underlying speakers in the world and Amsterdam rates house price growth during its build Contacts: Jennet Siebrits Luke Mills Head of Residential Research Executive Director +44 20 7182 2066 +44 20 7182 2949 [email protected] [email protected]

Scott Cabot James Thornett Associate Director Lettings Director +44 20 7182 2362 +44 20 7182 2515 [email protected] [email protected]

Sales enquiries: Shaun Macnamara Roshan Wial Sales Director Negotiator +44 20 7420 3087 +44 20 7182 8060 [email protected] [email protected]

James Hughes Lettings enquiries: Lettings Manager +44 20 7182 2856 [email protected]

Sources: CBRE, Experian, Molior, ONS, TFL, Land Registry

Photography: Pages 6–7: veesaw / Shutterstock.com

Disclaimer 2017 CBRE CBRE Limited confirms that information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE. Images provided are computer generated. All travel times taken from TFL. © 2017 CBRE Ltd.