South Bank covers a huge stretch of riverfront, from Tower Bridge to Battersea Power Station, and is one of the most densely packed cultural areas of London. With vibrant food markets, eclectic art exhibitions and street festivals, it has tremendous appeal to tourists and Londoners alike. Bisnow talked with South Bank expert Union Street Partners’ Simon Smith about South Bank and what’s next for the neighbourhood.
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Union Street Partners recently moved to new quarters at Borough Market. “It’s like a big, lofty warehouse,” Simon says, describing the type of flexible office space that many companies are lusting for now.
Simon has been part of the agency since the mid-1990s and has had a bird’s-eye view of the evolution of the area.
South Bank attracts a true mix of occupiers, Simon says. As a place that is constantly in flux, it’s not surprising that it’s hard to pin down a specific type of tenant. Media companies have a presence: IPC Media, the publisher of Time Magazine in the UK, had a longtime lease in the Blue Fin building. But there are also creatives and professional services companies moving in: WeWork, PwC, Ernst & Young, British Film, Network Rail and chef Gordon Ramsay all have stakes in South Bank.
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After Brexit, deal flow slowed. “There were a few weeks that were dormant,” Simon tells us. Even then, though, he was busy with people looking for space below 10k SF; above that, it got patchy. But the volume picked up again quickly. Now the pace is about where it was pre-Brexit, and the rents are at all-time highs.
The area has become more residential, Simon says. He cites a few developments like Eileen House in Southwark and One Blackfriars, One Tower Bridge and South Bank Tower. Bankhouse, a collection of shared ownership homes for the over-55 set, is a 14-storey tower that launched this week. Located opposite the Tate Britain, the development has stunning views of the River Thames, the Shard and beyond.
Nearly 90 million people pass through Waterloo Station every year, and about 50 million cross London Bridge. With that kind of footfall, and the big new office developments coming online, new retail and food offerings, a vibrant atmosphere and strong residential demand, the next few years could transform South Bank into a neighbourhood that is the envy of London.
