How London's bridges became property's must-have

Each bridge inspires different affections in each of us. Head west and the newly revamped Blackfriars Bridge – once a wind-swept crossing to not much at either end – will soon have its own south-side landmark in the form of One Blackfriars, nicknamed “the boomerang” for its curvaceously glassy form. It should provide an architectural talking point – something Thames-front developments have lacked, says Guy Meacock, of agency Prime Purchase.

“Developers are guilty of piling them high and have ruined some parts of the river by putting up flats with no infrastructure around them. But if a development has a view of an attractive bridge, it adds something to the price. It frames your view.”

Rowers will be drawn further upriver still to Hammersmith Bridge, where the Surrey bend is a pivotal point in the Oxford-Cambridge boat race. Others will be entranced with a view of the Palace of Westminster, Big Ben and the London Eye, as will be the case for buyers at Taylor Wimpey’s Palace View. The new complex looks directly at Lambeth Bridge.

For many other buyers, it’s all about Albert. “Albert Bridge in Chelsea is the one that captivates people the most, particularly when lit up at night, and it’s the most romantic,” says Meacock, who considers the stretch between Albert and Battersea bridges to be the best served for residential developments (including Albion Riverside, Waterside Point and Riverside One, all with views north to Albert Bridge), but with poor underground links.

Albert Bridge

Some buyers have their hearts set on one bridge only and they will wait for a year or more until the right property comes along. “One lady has £5 million to spend and only wants a property near Westminster Bridge overlooking the London Eye,” says Savills’ head of waterfront, Fran Moynihan. Others “just know they want a view of a bridge and will look at everything between Hammersmith and Blackfriars”, Moynihan adds.

Evert de Graaf, a 43-year-old entrepreneur, knows what it’s like to wake up with one of the city’s mesmerising bridge views. He has lived in his two-bedroom flat at Parliament View Apartments on Albert Embankment for 10 years. From his desk next to the wall-to-wall window in his open-plan living room, he has prime views overlooking Lambeth Bridge and the Houses of Parliament.

“There is always something happening on the bridges and the river. I see MPs, royals, TV crews, people going in and out of Lambeth Palace,” he says. “I saw the Pope a few years ago, though I just missed the bus exploding on the bridge recently for a new Jackie Chan film. I also have a full house and front-row seats for the fireworks every New Year’s Eve.” De Graaf’s work has now taken him overseas, so he is selling his flat for £1.65 million through Foxtons.

The Corniche, from Berkeley Homes, on Albert Embankment

As London’s wealth spreads and high-earning young techies move away from traditional west London postcodes in favour of trendy new hubs to the south and east, there is a growing vogue for luxury riverfront living along the 27 miles of the Thames between Kew and Canary Wharf.

In the most central stretch between Wandsworth and the London Eye, the waterfront premium is 26.5 per cent for second-hand flats north of the river and 36.3 per cent to the south, according to Savills’ latest London Waterfront report. And of the 270 newbuild schemes that are planned within a mile of the river in the next five years, 98 per cent of them are expected to achieve prime values of £1,000 per square foot.

Bridge-side homes afford the luxury of watching the many facets of London life unfold before you. There’s also a very practical benefit to living near a bridge and that’s the ability, in a still firmly entrenched north/south-of-the-river city, to zip between the two.

A riverside location will add 10-20 per cent to the price of your property, reckons Jennet Siebrits, head of residential research at CBRE, although proximity to a bridge is unlikely to be the sole factor in the premium.

A £4.5 million home in One Riverside, overlooking Albert Bridge

“If you’re near Tower Bridge, then the premium will also include the fact it’s close to the City, while something overlooking Albert Bridge will have the benefit of being near Battersea Park,” says Moynihan – having that river crossing at hand can make a property among the most desirable on the river.

Some buyers opt for the “cheap” side of the river, knowing they are a bridge span away from the attractions on the pricier side. “A good example is with any one of the bridges connecting Battersea to Chelsea. Buyers south of the river get a slightly lower price tag while still being within walking distance of one of the most expensive locations in London,” says Eccles.

Other investors are pinning their hopes on bridges that have yet to exist. Boris Johnson’s plans for 13 new river crossings from Fulham to Dartford, including some car or pedestrian/bike bridges, is getting investors and developers excited at the value-adding potential of certain areas. Battersea is one, with plans for a bridge linking the transforming Nine Elms area to Pimlico and another to take pedestrians across the river to Chelsea Harbour.

Landmark Place, by Barratt London

The proposed Rotherhithe-Canary Wharf bridge could “transform the area for the better and have a huge impact on the local property market”, says Eccles.

Other agents have high hopes for the future pedestrian Garden Bridge’s impact on property values. Michelle Van Vuuren, UK Sotheby’s International Realty’s managing director, said it could be a game-changer for the “midtown” area around Temple that is seeing new luxury developments including 190 The Strand.

London is changing fast – and never more so than on its riverfront, where its bridges provide an anchor to the city’s past and help shape its future. Should you also wake up a little lost now and again, there’s nothing like a bridge to jog the memory.