Chapel is one of my favourite places in Southampton. It is regeneration at its best. An area that once didn’t exist, Chapel is now one of those areas where everyone would like to live.
The original extent of Chapel started from where St Mary’s stadium is now, down to the Central Bridge, bounded on one side by a railway line, that used to be the main line to London from Southampton Terminus, with Albert Road and Marine Parade on the other side.
Classed as slum dwellings, the whole of Chapel was reduced to rubble in the late 60’s, so that nothing was left (apart from a school on Anderson Road and The Chapel Arms). The picture below shows why, but then with some refurbishment, these houses could have carried on for years. But that was the policy at the time – knock it down, built new (even if the new hasn’t lasted as long as what it replaced).
Industrial units and a massive lorry park replaced all the residential areas and shops that were once Chapel. And by the 90’s, it had become a very dangerous area, as well as a red light district.
But in 1998, Single Regeneration Budget funding was granted for the regeneration of the St Marys area. Chapel formed part of that strategy, with a plan to bring a new mix of residents to the area, thus linking nearby Ocean Village, through Chapel, to the town centre.
Outline planning was granted in 2000, with a final detailed plan being granted in 2002. Work on the new blocks of flats and townhouses started in 2003 and was some four years later.
In total, 152 flats and 22 townhouses were built on what was once a lorry park in an area bounded by the railway line, Anderson Road, Paget Street, and Chapel Road.
Of these 174 units, 110 were put out to private ownership, comprising of 94 flats and 16 townhouses – the rest were made available as social housing via Swaything Housing Association.
So from what was nothing, is now a new community for over 400 people. And it’s a great place to invest in as well, because they are all still good almost as new build properties, and are as popular as they were when first built. Why? – because it’s just outside the central of the city centre to be quiet, but within walking distance of everything that you need to live there. So a great place for couples and families.
And prices are good as well. £155k will get you a two bedroom flat with a balcony. And with a potential rental price of £850 a month, you would be looking at a yield of around 7% (which is very close to the average rental yield of 7.82% for the City).
So if you are thinking of buying a rental property in Chapel, or Southampton generally, you should give me a call (Lee) on 023 8001 0434. I can come with you on property viewings, and be able to offer and advise on the potential rental price, and what work would need doing (if any) there and then. Giving you the confidence to make that purchase much quicker. I look forward to hearing from you.