Planning permission has been granted for the first phase of Thamesmead

The first stage of a £1.5 billion regeneration of Thamesmead was granted approval towards the end of October. Four planning applications were accepted by the Borough of Bexley meaning that work can begin on the creation of 1,500 new homes in the area. This will be the start of the work on the site that was acquired back in 2014.

This is just the initial step in a much wider redevelopment plan. If all of the additional stages see completion it will create up to 20,000 new homes across the area. These would benefit greatly from the new Crossrail station opening at Abbey Wood in 2018 and an extension to the DLR to Thamesmead in the following years. Both will dramatically improve the transport links for residents in the area.

The Thamesmead masterplan is larger than any other development in the capital. The planning permissions that have been granted make the first phase one of the largest residential developments given the go ahead this year. Both of these are great news for the Boroughs of Bexley and Greenwich (the estate sits on both).

It is hoped the masterplan will attract residents and businesses to the area. Alongside the new homes thousands of square metres of commercial space will be created. A social hub is earmarked for Southmere Village. It will feature a new civic building, library, gym, and nursery too. The area will benefit from the wonderful landscaping around Southmere Lake and provide additional benefits for residents.

At Finefair we keep an eye on developments across the capital to ensure we can give the best advice to our clients. The work in Bexley could attract all kinds of buyers, including those seeking homes and investment properties too. We will be on hand to help, offering a vast array of services to suit different clients. One service we do offer is council leasing for those investors who want to purchase a property and let it with the local authority.