“The South Bank has always been a place for pleasure,” says Peter Ackroyd, with a grand sweep of his hand. His latest London tome, Thames: Sacred River tells the secret story of the river and surrounding banks. “Here were theatres and inns and bawdy houses with bear-baiting and all kinds of wild activity.”

The bawds have gone but the Globe has staged a comeback and the South Bank remains London’s playground. This is where the entertainment ley lines meet. There’s the great expanse of the Royal Festival Hall with its £111 million makeover including flawless acoustics.

If you prefer theatre to music the National Theatre usually has at least five different shows, with recent notables ranging from Simon Russell Beale’s Hamlet to Jerry Springer – The Opera. From Alist Hollywood hits to little-known B-Movies, the British Film Institute has it all – just don’t trip on the red carpet (or the skateboarders who love doing stunts here).

After all that there’s pleasant grazing à la Wagamama and Giraffe. Or grab a Martini and drool over the menu, and staff, at Skylon, the new restaurant in the Royal Festival Hall that takes its name from the sculpture erected here for the Festival of Britain in 1951. Or smuggle some champagne into the London Eye and sip bubbles in a bubble as the skyline rolls by.

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For all its undoubted attractions the South Bank is accused of lacking soul. The concrete doesn’t help. It’s a place to play, they say, or perhaps work, but not live. “That was historically true,” says Ackroyd. “But no more.” The Oxo tower symbolises and embodies the South Bank from the Harvey Nichols bar and restaurant atop down through the flats – amazingly all affordable housing – to the subsidised studios and shops for designer-makers. Not a bawdy house or bear in sight.

Estate agents:

frankharris.co.uk

DAMIAN BARR

HOW IT RATES

This architecturally much-maligned cultural focal point and the unofficial home of British skateboarding has plenty to offer. With its riverside location and cosmopolitan atmosphere, the former Lambeth Marsh abounds with famous venues and tucked-away treasures alike.

WHAT’S NEW

A recent addition to Knight Frank’s Prime London Index, the South Bank is unusual in that cultural projects have preceded residential developments in the area. However, large new property schemes in the pipeline include one by the developer Native Land in Bankside (Knight Frank, 020-7173 4999); details will become available within the next year.

QUALITY OF LIFE

It’s improving. The creation of more open green spaces along the Thames has helped to make the area more pleasant, while the influx of community projects, mixed housing developments and cultural initiatives looks set to continue for the foreseeable future, making the South Bank one of London’s most exciting up-and-coming districts.

TRAVEL

Getting around on foot or by bike is easiest, but Waterloo provides Underground and rail services; Southwark Tube station is also on the Jubilee Line.

SMARTEST STREETS

Experts predict that the area around the Tate Modern will emerge as a prime property location to rival established London markets such as Belgravia and Chelsea.

BEST RESTAURANTS

The Oxo Tower offers delicious food and panoramic views over the Thames at night. A range of good gastropubs and restaurants means that you’re spoilt for choice – try the converted Fire Station, on Waterloo Road, for starters.

NIGHTLIFE

This is one of London’s major cultural centres, with the Royal Festival Hall, the BFI IMAX, the Young Vic, and the National Theatre. The area is home to many thriving pubs and bars, such as the Anchor & Hope gastropub and the Archduke, one of the first wine bars to open on the South Bank.

EDUCATION

Westminster School, a top independent boys’ school, is just over the river and Notre Dame Roman Catholic Girls’ School is one of the local comprehensives.

UPSIDE

Several groups are committed to urban regeneration in the area. And, of course, the South Bank’s cultural centres are a major plus – this month, check out The Times BFI London Film Festival.

DOWNSIDE

The concrete jungle of 1970s buildings isn’t to everyone’s taste. And the underpasses by the IMAX cinema still have a rather seedy air.

VICTORIA BATES

£300,000 to £400,000 The price of a new-build one-bed flat on the South Bank

Source: Knight Frank

£900,000 to £2 million The price of a three-bed penthouse in the same development

Source: Knight Frank

17.3% The increase in house prices on the South Bank over the past year

Source: Knight Frank

548 The length in feet of the crack – Doris Salcedo’s Shibboleth – at Tate Modern

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