Elephant & Castle is a major road junction in the Borough of Southwark and also incorporates areas of Walworth and Newington.
Property in Elephant & Castle tends to take the form of high rise residential blocks and social housing is now being demolished to make way for some new and exciting developments. The Metro Central Heights residential block and huge 43 storey Strata residential block form imposing figures in the area, and provide plenty of living space for the increasing population of the area. Its proximity to major areas of employment such as Westminster, the West End and the City have contributed to the astounding growth.
Other local buildings include the Department Of Health’s Skipton House, the London South Bank University Campus and the London College Of Communication, which have all helped to increase the demand for property in Elephant & Castle. The increasing student population of the area has meant that property investment in Elephant & Castle has become an industry of its own.
As you would expect, the area is very well connected. The junction itself forms part of the London Inner Ring Road which links to important routes such as the A2 and A3. It has two linked underground stations on the Northern and Bakerloo lines and a National Rail station.
Property in Elephant & Castle has seen one of the biggest rises in the whole of London. A 27.5% rise in property prices over the last year means that the average cost of a home is now £555,000, a an increase of £373,000 since 2000.
Property investment in Elephant & Castle is currently proving to be a shrewd move as rental prices are also booming. A three bedroom property in the area can now command a rent of £1,122 per week.
Some of the most affluent addresses include New Concordia Wharf, Gladstone Street, Cole Street, DeLaune Street and Sutherland Walk to name but a few, and house prices here are starting to soar.
The area has a reputation for its successful ethnic diversity and this wide range of residents may be due to its varied attractions, with everything from the Imperial War Museum to Ministry Of Sound nightclub being found here.
Some of the properties in Elephant & Castle played home to famous names such as Charlie Chaplin, Michael Caine and Captain William Bligh of the HMS Bounty which serves to bring a regular flow of visitors to the area.