Park & Sayer, Elephant & Castle: generous floor areas in Zone 1
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Hello everyone. Would an apartment in Zone 1 from which you can reach the City, the West End and Canary Wharf 15 dakikada interest you? Today, Park & Sayer 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
Elephant & Castle. Anyone who knows London remembers what this name used to mean. Today the area is entirely transformed: new parks, restaurants, galleries, markets and cafes. Park & Sayer is at the very centre of that transformation, and in Zone 1 at that. The Northern and Bakerloo tube lines plus Thameslink and Southeastern rail services are a short walk away. Yes, you read that correctly: four separate transport networks in Zone 1.
Prices
- Two bedroom apartments: £963,000 band
- Apartment size: 130 m²up to, rather generous for this segment
- Two bathrooms as standard
- Zone 1, Elephant & Castle
- Address: Elephant Road, London SE17 1GD
The striking point is the floor area: most two bedroom apartments in London in the £963,000 band are around 70 to 85 m². At Park & Sayer there are layouts running up to 130 m². In other words what you pay per square metre is markedly more advantageous than in tower schemes on the same budget. the advantages of buying a new build home an important detail for families who want to combine it with a generous floor area.
Why Park & Sayer?
Transport: one of the best connected points in London: Elephant & Castle is a node in Zone 1 where four separate networks meet.
- Elephant & Castle metro: the Northern Line and the Bakerloo Line, a short walk away
- Elephant & Castle tren istasyonu: Thameslink and Southeastern services
- City, West End and Canary Wharf, each of them about 15 minutes
- On the Northern Line, Bank 6 minutes, London Bridge 4, Waterloo 3
- A direct link to Gatwick and Luton on Thameslink
The area is still rising: Elephant & Castle is one of the most comprehensive renewal areas of the last 10 years. New parks, a university campus, cultural venues and retail space keep opening. In areas of this kind capital growth tends to continue until the transformation is complete, and here the process is not finished yet.
Daily life: parkside living
In the morning Waterloo in 3 minutes on the Northern Line, Bank in 6. A walk in the district’s new parks at lunchtime. The restaurants, galleries and markets of Elephant & Castle in the evening; or a 10 minute walk to Borough Market. At the weekend the Southbank, Tate Modern and the bank of the Thames are all within walking distance. In Zone 1, and without the crowding of towers.
Park & Sayer rental yield
Because Elephant & Castle is relatively affordable for Zone 1, the rental yield runs above central London. Two bedroom apartments usually let for £3,200 to £4,000 a month. That puts the gross rental yield in the 4-4.5% band.
Tenant profile: professionals working in the City and on the Southbank, academics from the nearby university, and staff of Guy’s and St Thomas’ hospitals. Because of the generous floor area, two professionals sharing as flatmates or small families are a strong tenant group as well. If you are after a higher return, high yield buy to let areas is worth a look.
The shared areas and the details that set Park & Sayer apart
- A breathtaking London view: a panoramic view of the city skyline from the upper floors.
- Sports and exercise areas: fitness areas for residents only, with no membership needed.
- Work spaces: quiet shared areas designed for people working from home.
- Lounge and social areas: shared living sections for entertaining and spending time with neighbours.
- Parkside Konsept: the scheme is designed among green space; a rare feature in Zone 1.
- Generous floor areas, two bedroom layouts running up to 130 m²; a real advantage for family use.
Energy efficiency and comfort
As a new build it comes with modern insulation, high performance windows and efficient heating; the apartments are typically EPC B band. Against Southwark’s older building stock the difference in the bill is serious. If you let the property you are also safe against the tightening minimum energy standards in the United Kingdom.
Who is buying?
Buyers who want to live in Zone 1 but do not want the tight floor areas of tower apartments. Professionals aged 30 to 50, small families and investors after proximity to the City. The generous two bedroom layouts are attractive to international buyers in particular: they offer a more spacious living area than the average for new schemes in London.
Frequently asked questions
Is Elephant & Castle a safe area? The area has been comprehensively renewed over the last 10 years; new housing, a university campus and retail investment have changed the profile of the district markedly. Even so, as in every part of London, there are differences street by street; we guide you on that as well when choosing an apartment.
What is the tenure? Leasehold, with newly sold apartments typically given 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. UK mortgages for foreign nationals is worth reading.
How much is the service charge? On Zone 1 schemes it is in the band of £6 to £10 per square metre a year; in apartments with a generous floor area the total rises accordingly. Do put it in the budget when working out the net yield.
Total cost: what you actually pay when you buy at Park & Sayer
Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £963,000 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.
| Item | If it will be your only home | If it will be an additional home |
|---|---|---|
| Property price | £963,000 | £963,000 |
| Stamp duty (SDLT) | £59,310 | £107,460 |
| Legal fees | £1,500 to £3,000 | £1,500 to £3,000 |
| Searches and Land Registry fees | about £800 | about £800 |
| Approximate total | £1,024,610 | £1,074,260 |
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 £963,000 entry price; we prepare the exact calculation for your own scenario.
The Park & Sayer 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 Park & Sayer, these are the ones worth pausing on:
- The transformation of the area is not complete yet: renewal is continuing in Elephant & Castle; some streets will remain building sites for a while yet.
- There are differences street by street: the profile has risen across the area but not every street is at the same level; the position of the apartment matters.
- The entry price is at two bedroom level: the one bedroom option is limited in this scheme for anyone who wants to enter on a smaller budget.
- A generous floor area means a high service charge: because the service charge is calculated per square metre, the total in a 130 m² apartment is high.
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 Park & Sayer compare with the alternatives?
Before you decide, it is worth looking at the other projects in the same budget band:
- Graphite Square: a boutique scale Zone 1 alternative in Vauxhall.
- Battersea Power Station: on the riverside, a settled neighbourhood and stronger brand value.
- DAMAC Tower Nine Elms: for anyone after a more affordable entry price and branded interior design.
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?
