Focus on Kennington: Undiscovered gem in south London
IT’S HARD to find an area in this city that hasn’t been re-discovered, re-packaged, and re-sold to the highest bidder in recent years. But one pocket of central London still remains an underrated gem, ripe for development, and increasingly attractive to investors.
Kennington, located just south of the river from Westminster, has housed a heady mix of young professionals, social housing tenants and MPs over the years. The area is within the Division Bell Zone so, in theory, members of the Commons and Lords can run across Lambeth Bridge to Parliament in eight minutes before voting ends. MPs that have owned property in Kennington, presumably for the thrill of the division dash, include Alistair Darling, Hazel Blears, and Charles Kennedy.
Apart from its illustrious company, Kennington is within walking distance of five Tube stations, allowing you to use the Northern Line, the Bakerloo Line, and the Victoria Line to get home. The regeneration of Nine Elms and Battersea Power Station will also bring further investment and more local amenities.
“Fuelled by a lack of stock and high levels of demand, prices in the Borough of Lambeth have risen by more than 13 per cent annually and with prices set to rise further, it’s a popular area for investment,” says John East, director of land and new homes at estate agents Kinleigh, Folkard, & Hayward (KFH).
KFH has conducted research into the Kennington Triangle – or the streets between Vauxhall, Lambeth North, and Kennington stations – which has shown prices for flats have risen by 14.4 per cent in the last year, while still staying underneath the London average at around £350,000. The majority of buyers are British and 44 per cent are aged between 25 and 44-years-old.
Developer Henley Homes is also launching a £60m flagship development to build 89 new homes at Baylis Old School, a Grade-II listed site.
But all this regeneration is built on strong foundations. In the 19th century, when Kennington was part of Surrey, Pasley Park, to the east of Kennington Park Road, housed lions, rhinoceroses, tigers, and giraffes for the amusement of suburban Victorians. These days entertainment comes from its independent cafes and restaurants, The Oval cricket ground, Kennington Park, the Imperial War Museum, and the Cinema Museum.