The Old Tannery Quarter: South Bank’s New Magnet for First-Time Buyers and Tech Talent

SOUTH BANK, A once-overlooked industrial corner of Port Royal has quietly become the city’s hottest property market, with prices in the so-called ‘Old Tannery Quarter’ jumping 18% in the last year. The surge, driven by a wave of young professionals and tech sector employees, is reshaping the neighbourhood of brick warehouses and cobbled lanes faster than any other district in South Bank.

This rapid transformation follows two key events: the completion of the Regent Street tram extension in September 2025 and the city’s 2024 “Urban Renewal Initiative,” which rezoned former light-industrial plots for mixed residential and commercial use. With prime real estate in areas like the Central Esplanade now out of reach for most first-time buyers, the Old Tannery Quarter has emerged as a viable, and increasingly trendy, alternative just two tram stops from the city core.

From Warehouses to Wine Bars

The change is most visible on the ground. Glover Street, once dominated by shuttered warehouses and mechanics’ workshops, now boasts a popular espresso bar, The Daily Grind, and a yoga studio. Around the corner on Coopers Lane, the former Hepworth & Sons Tannery has been redeveloped by Sterling Homes into “The Tannery Lofts,” with all 48 units selling off-plan within weeks of their 2025 release. Just last month, a 5,000-square-foot co-working space, Forge Works, opened its doors, catering directly to the area’s new demographic of freelance creatives and tech startup staff.

This influx of new investment and residents hasn’t gone unnoticed. The Port Royal Heritage Society has publicly called on the South Bank Planning Directorate to enforce stricter design codes on new builds to protect the quarter’s distinct industrial character. The society points to the recent demolition of a Victorian-era workshop to make way for a modern glass-fronted apartment block as a worrying precedent for the area’s future aesthetic.

A Balancing Act

The numbers confirm the trend. According to the Q2 2026 market report from local agency Vantage Point Properties, the median price for a two-bedroom apartment in the Old Tannery Quarter has hit £650,000. This marks a sharp contrast with the 7% average price growth seen across the rest of South Bank in the same period. Rental demand is also robust, with investors seeing average gross yields of 4.5%, a figure that has attracted significant buy-to-let interest.

But the boom comes at a cost. Long-time residents and legacy businesses face mounting pressure. A family-run auto garage on Coopers Lane, a fixture for over 40 years, closed its doors in May, with the owner citing a tripling of the property’s rateable value. Community noticeboards are filled with debates over noise from new bars and the loss of affordable workshop space for local artisans.

The next flashpoint is the Albion Works site, a derelict two-acre plot at the quarter’s northern edge. Developer Crest Nicholson has submitted plans for a 150-unit complex with ground-floor retail. The South Bank Planning Directorate is expected to rule on the application by December, a decision that will signal the city's direction for the neighbourhood's next phase. For now, the Old Tannery Quarter remains a neighbourhood of sharp contrasts: a place of opportunity for some, and a source of uncertainty for others.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.