Lombard Square Plumstead: Berkeley Quality from £345,000

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Hello everyone, in London £345,000a Berkeley quality apartment, and beside a new park at that. Today, Lombard Square is what we are looking at today!

For prices, taxes and the whole buying process, see our guide: UK Property Guide

Apartment types, current price range and location: see the project page

A large scale scheme taking shape in Plumstead, in south east London, within the Royal Borough of Greenwich. The developer is Berkeley Homes East Thames, and its partner is the housing association Peabody. The figures are ambitious: in total, 1,913 new homes and at its centre a 1.8 acre "four seasons" public park. Every apartment has a private balcony or terrace. Yes, you read that correctly: Berkeley quality, in one of the most accessible price bands in London.

Prices

• One bedroom apartments: £345,000and up
• one, two and three bedroom options
• Apartment size: 50 m²and up
• Total 1,913 homes, handed over in stages
• Address: Lombard Square, Plumstead, Greenwich, London SE18

This is, in our portfolio, the most affordable Berkeley scheme. Compare it with the same developer’s Trillium (Paddington, £995,000) or South Quay Plaza (Canary Wharf, £772,000): the same quality standard, at a far more accessible entry point. the advantages of buying a new build home the right address for anyone who wants to combine a strong brand with a low budget.

Why Lombard Square?

The Thames corridor: London’s last large development area: the river corridor of south east London reached a completely different position after the Elizabeth Line opened. The transport investment made in the area is still bearing fruit and prices are far below central London.

• Plumstead railway station, within walking distance; a direct train to central London
• Woolwich and Abbey Wood Elizabeth Line stations a short distance away
• on the Elizabeth Line About 10 minutes to Canary Wharf, 16 minutes to Liverpool Street, 24 minutes to Bond Street
• The Thames and the riverside walking routes close by
• Greenwich and the O2 Arena a few minutes away

A new 1.8 acre park: at the centre of the scheme there is a public park designed around a "four seasons" concept. Over 47,000 sq ft of commercial, industrial and community space is planned as well. In other words this is not a residential block but the founding of a neighbourhood, and schemes that acquire a neighbourhood identity stand apart over the years.

Daily life: the district the Elizabeth Line transformed

In the morning you take the Elizabeth Line from Abbey Wood or Woolwich and are at Canary Wharf in 10 minutes, Liverpool Street in 16. A walk in the scheme’s own park at lunchtime. The renewed centre of Woolwich or the historic fabric of Greenwich in the evening. At the weekend the O2 Arena, Greenwich Park and the bank of the Thames are a short distance away.

Lombard Square rental yield

A low entry price combined with the Elizabeth Line connection produces a strong yield. One bedroom apartments usually let for £1,700 to £1,950, 2+1s £2,150 to £2,350 a month. That puts the gross rental yield in the 5.9-6.8% band, clearly above Zone 1 schemes.

Tenant profile: young professionals who work in Canary Wharf and the City but do not want to pay central rents, hospital and institutional staff around Woolwich and Greenwich, and young families. The Berkeley name creates extra confidence in this group. For areas with a similar profile, high yield buy to let areas is worth a look.

The shared areas and the details that set Lombard Square apart

• A 1.8 acre public park, designed around a "four seasons" concept; at the centre of the scheme.
• Concierge service: parcels, security and welcoming guests, a real privilege in this price band.
• Landscaped communal gardens: green space between the blocks, for residents only.
• Sports and fitness facilities: facilities you can use without paying a membership.
• Lounge and social areas: shared living areas set aside for residents.
• A balcony or terrace in every apartment: without exception, a standard that is becoming rare in London.
• Commercial and community space, over 47,000 sq ft is planned within the scheme.

Energy efficiency and comfort

Modern insulation to the Berkeley standard, high performance windows and efficient systems; the apartments are planned with an energy efficient design and are typically in the EPC B band. Against the older building stock of Greenwich and Plumstead the difference in the annual bill is marked. If you let the property you are also safe against the tightening minimum energy standards.

Who is buying?

This project For those who want Berkeley quality on an accessible budget this is the choice. An entry price of £345,000 is a low level for London, and combined with a return above 5% it makes a strong balance. First time buyers aged 25 to 45, investors diversifying a portfolio, and professionals who want to reach Canary Wharf in 10 minutes on the Elizabeth Line.

Frequently asked questions

Is there an Elizabeth Line at Plumstead? Plumstead station is noton the Elizabeth Line: it is on the Southeastern railway. The Elizabeth Line stations are at Woolwich and Abbey Wood, both a short distance away. It matters to choose your apartment knowing that distinction; we build your transport plan accordingly.

The project is very large, will it not feel crowded? The 1,913 homes are being built in phases, in blocks distributed around the park. Even so, which block is handed over in which phase, and how much construction remains around it, matters; we guide you on this.

What is the tenure? Leasehold: Berkeley schemes typically grant a term of up to 999 years.

Can I buy remotely from abroad? Yes. For the details, our remote property purchase guide page.

Can I use a mortgage? Foreign buyers can normally borrow up to 65-75% of the value. Berkeley schemes are regarded by lenders as high quality security. UK mortgages for foreign nationals is worth reading.

How much is the service charge? Because there is no pool or spa it stays markedly below the Zone 1 towers; the concierge and the upkeep of the park and landscaping are the main items. We obtain the current figure apartment by apartment.

Total cost: what you actually pay when you buy at Lombard Square

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £345,000 apartment. Stamp duty (SDLT) in the United Kingdom is banded: 0% up to £125,000, then 2%, 5%, 10% and 12%. On top of that, non-residents pay a 2% surcharge, and if you already own another home, a further 5% additional dwelling rate applies.

With a mortgage there are also valuation and bank charges, and if you let the property, management commission and income tax. The figures above are indicative, based on a £345,000 entry price; we prepare the exact calculation for your own scenario.

The Lombard Square buying process, step by step

If you are buying from another country, the process runs like this:

• 1. Choosing the apartment and reserving it. We go through the floor plans, the aspect and the view. The apartment you choose is usually held with a reservation fee of £5,000 to £10,000.
• 2. Appointing a solicitor. An independent English property solicitor (conveyancer) is appointed. That solicitor acts for you, not for the developer.
• 3. Identity and source of funds checks. You will be asked for a passport, proof of address and documents showing the source of your funds. This step is compulsory in the United Kingdom, and having the papers ready shortens the process.
• 4. Exchange of contracts and deposit. Contracts are usually exchanged within 21 days of the reservation, with a 10% deposit. The signature can be given digitally from abroad.
• 5. Stage payments. In off plan projects these follow the payment schedule; for completed apartments the step is skipped.
• 6. Completion. The remaining balance and the stamp duty are paid and the title is registered in your name. For completed apartments this stage can take four to eight weeks.

You can run the whole process from your own country; you do not have to travel to the United Kingdom.

Risks and what to watch for

We have set out the strengths; in fairness there are points to watch as well. For Lombard Square, these are the ones worth pausing on:

• Plumstead station is not on the Elizabeth Line: the Elizabeth Line is at Woolwich and Abbey Wood; Plumstead is on the Southeastern line. Build your transport plan accordingly.
• Very large, phased project, 1,913 homes are handed over in stages; there will be construction activity nearby for a long time.
• The area is still developing: the neighbourhood fabric of Plumstead has not settled the way central London has; it calls for a long view.
• Supply bunching at completion: a large number of apartments may reach the rental market at once, so the first letting season can be competitive.

None of this makes the project a bad one, but there is a wide gap between buying with your eyes open and finding out afterwards. We give every client this list up front.

How does Lombard Square compare with the alternatives?

Before you decide, it is worth looking at the other projects in the same budget band:

• Kidbrooke Village: a mature alternative in the same borough, with settled parks.
• Hoola Royal Docks: across the river, at a more affordable entry price and a higher return.
• Bermondsey Heights: for anyone wanting five minutes to London Bridge from Zone 2.

We can work out together which project fits your goal, judged on budget, intended use and exit plan. For an overview, our guide to UK property investment for international buyers is worth reading too.

Answers to the most common questions on this topic: Is Buying a Home in London a Good Idea?