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Lambeth’s regeneration scheme has introduced a major transformation of the Vauxhall, Nine Elms and Battersea area. Lambeth covers central and inner London, and certain areas are currently lacking in amenities which would otherwise make them extremely desirable. The current redevelopment plans have stimulated foreign investment, especially around the previously derelict area of Nine Elms. We have seen how the redevelopment of the Battersea Power Station has also brought national and foreign attention to the area.
Morgan Pryce is expecting there to be a rise in available offices in Lambeth, especially in Nine Elms, within the next five years as part of the major regeneration of this and the Vauxhall area and along with the planned overhaul of Battersea Power Station. The regeneration, together with the expansion of the Northern Line, is claimed by the Chancellor George Osborne to provide an extra 25,000 jobs and this will have a knock-on effect on the requirements and availability of office space. By 2030, Nine Elms and Battersea are expected to be a distinct quarter of Central London. The area in question is bordered by Lambeth Bridge, Chelsea Bridge and Battersea Power Station and its desirable central-London riverside location already makes it a destination for international investment.
The Northern line expansion will deliver stations at Battersea and Nine Elms by 2020, enabling accessibility to the West End and the City which has the potential to reduce journey time by around 15 minutes as well as ease congestion at Vauxhall and Kennington stations. This expansion will see the Charing Cross branch extended from Kennington to Battersea via Nine Elms. Lambeth council expects this extension to “breathe new life into the Vauxhall and Nine Elms area” as pronounced by Councillor Lib Peck. We can expect all these changes to encourage companies to move to offices in Lambeth.
In general, the regeneration will provide the following:
1. Up to 25,000 new jobs will be created in new developments which will include shops and offices in Lambeth.
2. Around 50 acres of new public spaces including a new river walk.
3. Improved public transport.
4. Two new stations; one located on Wandsworth Road in Nine Elms and one at Battersea.
5. New redevelopment of Covent Garden Market area.
6. Redevelopment of Battersea Power Station.
7. A new US Embassy.
8. Potential extension of the Barclays Cycle Hire Scheme.
As noted by Eugene O’Sullivan MRICS, director at Morgan Pryce, “The revamping around the Nine Elms area demonstrates the continued development of un-regenerated areas next to the Thames, illustrating how there has always been a premium for waterfront locations. The locality of Vauxhall, Nine Elms and Battersea is a prime position for developers to buy cheap land and provide 5-star space.”
At the moment there are two public consultations on the Northern Line extension and if you want to be part of these you can visit one of Transport for London’s roadshows which are being held at various locations in November and December with consultations closing on 16th December.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.