1-bedroom flat · SE15 1NS
For saleListed 784 days
Opportunity summary
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About
New Bermondsey is a 30-acre development planned on land surrounding Millwall Football Club.
In 2012, the New Bermondsey site (then known as the Surrey Canal) received outline planning permission for 2,400 residential units and 50,000 square metres of commercial space.
Since then, the context of development has changed, in particular the need to provide more affordable housing and Millwall fc wants to come up with their own proposals for their stadiums.
The Urban Regeneration Plan listened to Millwall fc and in consultation with the Lewisham Council and the Greater London Authority (gla) to refresh the master plan.
Key changes to the site's master plan include an increase in the number of new homes (from 2,400 to 3,500) and affordable housing (from 10% to 35%).
All residences will be located above non-residential uses such as shops, offices, and sports facilities, creating a diverse community.
The redevelopment plan includes but is not limited to: - New station between 2 stations: Surrey Canal mrt station - Create two new bus routes; - Expansion of pedestrian crossings at key points along Canal Road to assist pedestrians and cyclists; - Improvement of 14 perimeter underpasses and railway entrances and exits; - Upgrading existing cycling routes in the area to make a clear distinction between people and cycling; - More than 2,000 jobs - Brand new commercial/office space and ancillary facilities - Establishment of new medical/health institutions, etc Estimated strata fees 1 Bedroom: £1,270 - 2,055/year 2 bedrooms: £2,250 – 3,415/year Three-bedroom: £2,585 – 4,111/year Local Government London Southwark Construction firm de Metz Forbes Knight Building Warranty 10 years NHBC (National Building Board of the United Kingdom) insurance Delivery is expected in the spring of 2025 House ownership 999 years Reservation fee £2,000 Payment Terms: 10% Down Payment + 90% Final Payment Completion.
E. Aug/2024
Value & comps
No previous sales on record.
Returns
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Archie refurb estimate: a Pro feature
0.0% below asking
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Deal
Properties like this can earn 2–3x BTL yields when converted to HMO, with retrofit costs around £10k/room. Sign in to see the full tier, yield projection, and cost breakdown.
Commercial properties like this can earn 30-50% higher yields when converted to residential under Class MA / Q / P / PA, with prior approval costing ~GBP 96/unit. Sign in to see the recommended route, yield uplift, and cost breakdown.
BRRR-suited properties can recycle 80-100% of investor capital on refi, leaving a high-yielding rental with most of the money out. Sign in to see the refurb cost stack, ARV projection, and refinance maths.
Detached + large garden = sub-division play. Pro tier unlocks the tier badge, plot size, uplift estimate, and regional land benchmark.
Short-lease flats trade at deep discount, but extending under the 1993 Act often costs far less than the discount. Pro tier unlocks the tier badge, premium breakdown, long-lease ARV and arbitrage maths.
See projected short-stay revenue vs a vanilla BTL for this property.
See real sub-let margins (HMO room rates & SA nightly rates) vs the landlord rent.
Area
Agent & docs
FAQ
About 227-255 Ilderton Road, London, SE15 1NS
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