Its Neighbours Bombed or Razed—the Last in a Row of Thames-Front Townhouses Heads to Auction
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A unique riverside home in London with panoramic views of some of the city’s most famous landmarks is headed to auction on March 1.
The property, directly on the River Thames in Rotherhithe and overlooking Tower Bridge, The Shard and Canary Wharf, will go under the hammer with a guide price of £1.5 million (US$1.8 million) with estate agency Savills.
Today, the detached home, known locally as The Leaning Tower of Rotherhithe stands unusually isolated in jam-packed London, but that wasn’t always the case.
The industrial-style, waterfront residence was once part of a row of buildings, and is the last remaining after its neighbours were destroyed by bombs in World War II or sold off and demolished over the years, according to Savills.
As well as its streak of luck, its history also includes a stint as the office of Braithwaite & Dean, a barge company, and as the home of one of the infamous Mitford sisters. The sibling aristocrats became well-known for their contrary political views. The Times newspaper once described them as “Diana the Fascist; Jessica the Communist; Unity the Hitler-lover; Nancy the Novelist; Deborah the Duchess and Pamela the unobtrusive poultry connoisseur.”
It was Jessica, the Communist, who called this place home from 1937 to 1939, along with her husband, Esmond Romilly, Winston Churchill’s nephew.
The house “presents a rare opportunity to acquire a one-of-a-kind riverside property which is a well-known landmark in the local area,” Steven Morish of Savills Auctions said in a statement.
“Offering 180-degree uninterrupted views of many of the city’s most iconic landmarks, including Tower Bridge, and with approximately 2,131 square feet of accommodation over four floors, this is without doubt one of the most unique properties to come to auction in recent years,” he added.
The property, according to the listing, is a “complete blank canvas spread.”
The sellers have called the building home for 28 years, according to Savills. They reportedly first occupied the whole building, but now rent the top two floors and use the bottom two as a live/work space.
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Strong consumer spending and tight supply have driven retail to the top of commercial property, but signs of pressure are starting to emerge.
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Australia’s retail property sector entered 2026 as the strongest performing commercial asset class, but rising geopolitical risks and cost pressures are beginning to test its resilience, according to new research from Knight Frank.
The latest Australian Retail Review shows the sector rode a wave of consumer spending and constrained supply through 2025, delivering total returns of 9.2 per cent and driving transaction volumes up 43 per cent year-on-year to $14.4 billion.
That momentum carried into early 2026, with around $3.6 billion in deals recorded in the first quarter alone.
“Retail clearly emerged as the standout commercial property performer in 2025,” said Knight Frank Senior Economist, Research & Consulting Alistair Read.
“Improving household spending, limited new supply and stronger leasing fundamentals combined to drive better income growth and renewed investor confidence in the sector.”
Spending rebound drives retail strength
A lift in household spending has been central to the sector’s performance. Consumer spending rose 4.6 per cent year-on-year to February 2026, supported by easing inflation and improving real incomes.
That shift flowed directly into retailer performance, with average EBIT margins across major retailers rising to 8.9 per cent in the first half of 2026, their strongest level in several years.
“Stronger consumer spending was critical in restoring momentum to the retail sector,” Mr Read said.
“Retailers have generally been better able to absorb costs, rebuild margins and support sustainable rental outcomes, particularly in higher-quality centres.”
Improved trading conditions also pushed leasing spreads up 4.2 per cent in 2025, reinforcing income growth and supporting capital values.
Geopolitical tensions begin to bite
But the outlook has become more complicated. The report warns that escalating conflict in the Middle East and its impact on fuel prices, supply chains and interest rates could weigh heavily on consumer spending.
“Higher fuel prices, flow-on cost pressures across supply chains, and recent interest rate increases are collectively squeezing household budgets, and early consumer sentiment data suggests confidence is already softening,” Mr Read said.
“While household balance sheets remain generally resilient, heightened uncertainty over future costs is likely to weigh on spending — particularly in discretionary categories — in the months ahead.”
The impact is already being felt in investment activity. While the year began strongly, transaction volumes slowed in March as investors paused amid the uncertainty.
“Early indicators suggest elevated uncertainty has already begun to affect the market. While retail investment enjoyed its strongest start to a year in a decade, with nearly $3 billion transacted by the end of February, activity stalled in March, as investors took a pause amid elevated uncertainty,” Mr Read said.
Solid foundations support medium-term outlook
Despite the near-term headwinds, Knight Frank maintains that the sector’s underlying fundamentals remain strong. Limited new supply, high construction costs and population growth are expected to continue supporting rental growth over the medium term.
“Retail has entered this period of uncertainty from a position of strength,” Mr Read said.
“Supply-side constraints, population growth and improving income fundamentals remain powerful structural supports for the sector.”
The report highlights several trends shaping the year ahead, including steady yields as interest rates rise, mounting pressure on tenant margins, continued outperformance of prime centres, the growing need for logistics integration, and risks linked to underinvestment in capital expenditure.
For now, retail remains a sector with momentum, but one increasingly at the mercy of forces far beyond the shopping centre.
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