The Royal Arsenal Riverside development is on the lips of all property management and development companies in South East London. Yet, the Royal Arsenal was nothing but a historical landmark for military enthusiasts a few years ago. So what was it that turned into one of the hottest residential and business development spots in London?
One thing that adds to the value of Royal Arsenal is its historic past. The Royal Arsenal was purchased by the Board of Ordnance in the late 17th century and was then turned into an area where the British military could carry out explosives research, ammunition proofing and armaments manufacture. By the time of the 1st World War, the area employed close to 80,000 people. However, by 1967 the factory closed and the Ministry of Defence moved out in 1994.
Thanks to military enthusiasts interested in its history and a local museum, Firepower - The Royal Artillery Museum, as well as the Greenwich Heritage Centre which tells the story of the area, millions of tourists continue to flock there every year. Needless to say, that leads to enormous business opportunities.
Photo by: DAVID HOLT flickr
Now what made every property developer (and, as a result, every property management company in the city) come to the Royal Arsenal wasn’t just the tourists flocking to the site though. No, it was the fact that it was a beautiful area with plenty of space for new buildings, as well as an opportunity to convert old, beautifully designed, buildings into residential properties. In addition to this, what is now the Royal Arsenal Residential area is situated next to the River Thames, lending a beautiful view. The Royal Arsenal Riverside, which is built just on the edge of the Thames, is one of the biggest development sites in the area, boasting some incredible views.
There’s also been space set aside for leafy parks, making it a great spot for families with children and people who love exercising in the outdoors.
Developers and property management companies are keen on areas with great access to Central London as a majority of people tend to work either in the city, or surrounding areas. Thanks to the DLR in Woolwich, as well as on-site Thames Clipper service at the Royal Arsenal Riverside, the area offers great transportation opportunities for those who commute.
There’s also a Crossrail Station being built at the Royal Arsenal, which will make it even easier to commute to Central London, as well as going by train to any suburb, or further.
Another important factor contributing to the success of the Royal Arsenal residential area is the fact that the London Borough of Greenwich has invested a lot of money into arts and culture in the vicinity. This has led to 20 million visitors coming to the site every year, supporting ca. 16,000 jobs. Successful cultural organisations/businesses continue to flock to the site and the borough continues to allocate space they intend to rent to such organisations and businesses.
Of course, with the development of a residential area and millions of visitors coming every year, other businesses have opened up too, including GP practices and other local amenities.
Photo by: DAVID HOLT flickr
The future doesn’t just look bright for Orange, it looks bright for the Royal Arsenal too! With so much happening with the Royal Arsenal residential and business development, this is a great place to invest in a home and have it rented out by a property management firm, or if you want to rent or buy something for yourself now’s the time before prices rise further. The Crossrail Station will open in 2018 and chances are prices will be on the rise until it opens.
The Royal Arsenal is not just a good investment for the sake of having a nest egg, it’s a good investment if you’re looking for a nice property in a nice area. The Royal Arsenal Riverside Development offers stunning views and there are both slick penthouses, Manhattan suites and family apartments available at good prices.
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Greens Lettings is a property management company based in Shooters Hill, London. As your HMO expert in SE18, we continue to serve places in South East London such as SE2 (Abbey Wood), SE3 (Blackheath), SE7 (Charlton), SE9 (Eltham), SE10 (Greenwich South St), SE18 (Woolwich), SE23 (Lewisham) and SE28 (Bexley) — just to name a few. We are your local online letting agent specialising in HMO tenant find and full management. We offer free consultation and free property valuation. Contact Greens Lettings here.