The 1840 St George’s Gardens: Prices and Rental Yields in a Historic Building

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Hello everyone. In a historic building dating from 1840, an apartment with high ceilings and restored original windows, and inside it is brand new. Today, The 1840, St George’s Gardens 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 conversion scheme right in the middle of Tooting, Balham, Earlsfield and Wandsworth Common, set within more than 8 acres of landscaped grounds. The difference here is this: it is not a "new build". These are homes brought up to today’s standards while the historic architecture was kept. high ceilings, restored orijinal pencereler and modern interior fittings together. Every home has been designed individually. Yes, you read that correctly: exactly the address for anyone looking for an apartment with character in London.

Prices

• One bedroom apartments: £399,000and up
• one and two bedroom options available
• Apartment sizes: 39 m², 105 m²
• More than 8 acres of landscaped grounds
• Address: Glenburnie Road, Upper Tooting, Wandsworth, London SW17

This scheme, together with Springfield Place in the same area, is part of the Springfield Village residential village. So on the one hand you live in a historic building, on the other you benefit from the infrastructure, the park, the shops and the school of a brand new neighbourhood. the advantages of buying a new build home a rare formula combining it with historic character.

Why The 1840?

Karakter kopyalanamaz: thousands of new apartments come to the market in London every year and most of them are the same as one another. High ceilings, original windows and a historic facade cannot be manufactured. That is a decisive difference for both quality of life and resale: buyers look for buildings of this kind and there is no competing supply.

• Tooting Bec (Northern Line), a 12 minute walk; London Bridge’e 18 dakika
• Earlsfield railway station: direct to Waterloo
• Wandsworth Common railway station, close by
• Balham (Northern Line and rail), a short distance away
• direct link to Bank and the City on the Northern Line

8 acres of landscaped grounds and a park: most of the homes have private outdoor space; and there is the view of the landscaped grounds and the parkland beyond. An apartment with a park view always carries a premium in London, and this scheme offers it on an entry level budget.

Daily life: at the crossing of four districts

Leave the house at 8:15, walk for 12 minutes, take the train from Tooting Bec, be at London Bridge at 8:45. A walk in the landscaped gardens at lunchtime. In the evening the restaurants of Balham, the award winning gastropubs of Tooting or the Michelin starred Chez Bruce. In the summer Tooting Bec Lido. At the weekend a run on Wandsworth Common and the cafes of Clapham. You are in the liveliest corner of south west London.

The 1840 rental yield

The entry price is low and rental demand in the district is strong. One bedroom apartments usually let for £1,950 to £2,150, 2+1s £2,500 to £2,800 a month. That puts the gross rental yield in the 4.5-5% band.

Tenant profile: young professionals working in the City and at London Bridge, staff of the nearby hospital, and young families who favour south west London. Apartments with historic character stand apart on the rental market too, finding a tenant faster than an ordinary new build apartment. For areas with a similar profile, high yield buy to let areas is worth a look.

The shared areas and the details that set The 1840 apart

• More than 8 acres of landscaped grounds: mature gardens and green space surrounding the homes.
• Restored original windows: the historic facade was preserved and brought up to today’s insulation standard.
• high ceilings: a volume and sense of space you will not find in new build apartments.
• Every home designed individually: no repetition of a standard floor plan; every home has its own character.
• Private outdoor space: a balcony, terrace or garden in most of the homes.
• A park view: homes looking onto the landscaped grounds and the parkland beyond.
• The Springfield Village infrastructure, a new 32 acre park, shops, a square and a primary school within the same residential village.

Energy efficiency and comfort

Here we should be honest: in historic building conversions the energy performance may not be as high as in a building constructed from scratch. Because the original windows were preserved through restoration, reaching the performance of modern triple glazing is not always possible. In return the interior fittings, the plumbing and the heating systems have been entirely renewed. If you are considering a particular apartment, always ask for the EPC certificate, we check this for each apartment on your behalf.

Who is buying?

Buyers looking for an apartment with character are the main audience for this scheme. Professionals aged 30 to 50 who do not want to live in a standard tower apartment and are looking for high ceilings and architectural detail. Alongside them, investors take an interest because of the combination of entry price and a 4.5-5% return. An accessible starting point for anyone buying their first property in London.

Frequently asked questions

Does a historic building bring maintenance costs? Because the structure and the services were renewed as part of the conversion, the risk of unexpected cost in the early years is low. That said, in listed structures changes to the external facade and the windows require consent; in the long run the maintenance items can work differently from a modern building.

What is the tenure? Leasehold; in conversion schemes of this kind the lease term can vary apartment by apartment, and we always have it checked.

Is 39 m² not very small? In one bedroom apartments bought for investment this scale is normal in London and it is the most liquid type in letting. If you are buying for your own use we would suggest looking at layouts above 55 m².

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. On historic building conversions some lenders may ask for an additional valuation. UK mortgages for foreign nationals is worth reading.

Total cost: what you actually pay when you buy at The 1840

Many overseas buyers look only at the apartment price and meet a surprise at completion. Let us work out the real cost on a £399,000 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 £399,000 entry price; we prepare the exact calculation for your own scenario.

The The 1840 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 The 1840, these are the ones worth pausing on:

• The energy performance can be lower than in new buildings: because the original windows were preserved the EPC rating can fall below schemes built from scratch; always ask for the certificate.
• Listed building constraints: changes to the external facade and the windows require consent; the flexibility to refurbish is limited.
• The lease term can vary apartment by apartment: in conversion schemes the standard 999 years may not always apply; checking is essential.
• 39 m² planlar kompakt: liquid as an investment but it may feel tight for your own use.

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 The 1840 compare with the alternatives?

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

• Springfield Place: in the same residential village, a new build alternative with a 4.8% return.
• Hoola Royal Docks: a tower with a view in east London on a similar budget.
• Wandsworth Mills: an upper segment alternative with a thermal spa in the same borough.

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: Which UK Cities Have the Highest Rental Yields?