CBRE Borough Guide: Greenwich
Transport and regeneration are the main stories associated with Greenwich. The north of the borough, fronting the river, has been heavily targeted for regeneration, with four of London’s opportunity areas. Collectively these encompass 3,000 acres and are targeting the delivery of over 40,000 new homes and 10,000 additional jobs. Our previous research indicates that regeneration areas can benefit from a growth premium of 4.7% p.a. over and above standard house price inflation. Perhaps the highest profile regeneration is that of Greenwich Peninsula, one of Europe’s largest regeneration projects. This is being delivered by Chinese developer Knight Dragon and is set to transform the area surrounding the O2 arena, which has now overtaken New York’s Madison Square Gardens as the world’s busiest entertainment venue.
With 15,000 new homes, the development will bring almost 30,000 new residents to the peninsula. Greenwich, which has already benefitted from extensions of the Docklands Light Railway and Jubilee line, will now also host the new Elizabeth Line (previously Crossrail) with stations at Woolwich and Abbey Wood opening in 2018.
Good to know:
- It has the lowest house price to earnings ratio of all London boroughs.
- Greenwich was formally granted Royal Borough status on 3rd February 2012, in recognition of hundreds of years association between the borough and the Monarchy.
- Greenwich is home to the world’s largest tea clipper, the Cutty Sark.
- The first golf club in England was set up in Blackheath in 1608.
- At eight miles, Greenwich has the longest embankment along the River Thames.