Woolwich’s new Wellington Street development (another one?)

Some of you may have noticed blocks that have appeared on Wellington Street in Woolwich over recent months. The site is just up the hill from the Town Hall and Woolwich Centre.

It was formerly Ogilby Housing buildings, and is now called – what else – Welllington Quarter.

Around 124 flats are planned. A narrow park will be located on the other side of the building between this plot and the area behind Tesco’s superstore.

The development’s website forecasts 39% price growth from 2016 to 2020. Yet according to Zoopla prices in Woolwich have fallen by 4.7% in the last year. Estate agents are seeing share prices battered as London prices hit peak levels and many areas are now seeing falls.

Perhaps the hope is to sell to overseas buyers who do not adequately research and buy into the PR. Yet this is leading to issues across London as those buyers who hopped to make a quick profit by flipping homes find they have overpaid and cannot pay costs beyond the initial deposit. Keep an eye out for that becoming a bigger story in coming months and years.

This development is due to complete in 2019.

Enjoy the site? Become a patron at Patreon.com/TheMurkyDepths

Or send a few quid through the new Ko-Fi service

------------------

Adverts are far from enough to cover site costs and my rent.

You can support me via Paypal here

Another option is via Patreon by clicking here

You can also buy me a beer/coffee at Ko-fi here

There's also a Facebook page for the site here

Many thanks

J Smith

I've lived in south east London most of my life growing up in Greenwich borough and working in the area for many years. The site has contributors on occasion and we cover many different topics. Living and working in the area offers an insight into what is happening locally.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.