Why invest in London’s SW1 postcode10 August 2015
Despite containing some of London’s most recognisable landmarks, such as Buckingham Palace and Big Ben, the SW1 postcode area contains pockets of hidden value when it comes to property investment.
Most notable is the Victoria district, which is undergoing considerable redevelopment. No longer noted for sharing its SW1 postcode with the well-heeled neighbourhoods of Belgravia and St James’s, Victoria now has the foundations it needs to develop as a prime residential area.
This is a direct result of Victoria’s transformation into a vibrant centre for creativity, commerce and culture, which will move closer to completion next year when Nova – London’s newest restaurant quarter – opens for business on Buckingham Palace Road.
Nova has been described as the defining moment in Land Securities’ £2.2bn reinvention of Victoria, which began in 2002 when the property developer unveiled a masterplan to clear Victoria Street of office blocks and bring in homes, soft landscaping, open courtyards, squares and passageways.
By the time the regeneration of Victoria from a transport hub serving almost 200 million passengers a year is complete in 2019, a total of £5bn will have been spent making this part of central London a 24-hour city address.
And with an array of new upmarket developments now appearing alongside the cutting-edge commercial premises, now is the time to buy into the developer’s vision.
Where to buy in Victoria
Among the luxury developments in this part of central London is Kings Gate, which offers residents outstanding views of Buckingham Palace and the royal parks to the north.
A total of 100 homes, ranging from studios to four–bedroom penthouses, have been created in this well-designed building, which combines renaissance Italian influences with understated British elegance.
Each of the 26 apartment types enjoys the same high-specification finish, while most homes have secure underground parking as well as private terrace space. There’s also a 24-hour concierge to cater to residents’ demands.
The one, two, three and four-bed apartments in nearby Wellington House have been completed to an equally high standard and also offer spacious balconies or very large roof terraces, secure underground parking as well as a 24-hour concierge.
Meanwhile, the 193,000 square feet of residential space that forms an integral part of The Nova Building have been turned into 170 one, two, three and four-bedroom apartments.
Every home in this development, which has only just been completed, has oak wood flooring, underfloor heating throughout and comfort cooling. As well as a 24-hour concierge, facilities available include a residents-only private lounge, gym, cinema and business centre.
But it is not just the Victoria area that is generating interest among property investors looking to buy homes in London SW1. Westminster is being tipped as one of the rising stars of central London’s property market.
This is because, for the time being at least, this wedge-shaped slice of riverside that shares its SW1 postcode with parts of upmarket Knightsbridge is still viewed as being dominated by the business of government.
However, the establishment of the Government Property Unit in 2010 gave developers the green light to convert public buildings and office blocks – often formerly owned or occupied by government departments – into luxury homes.
This follows the establishment of the Government Property Unit in 2010 to rationalise its property holdings amid concerns about waste and inefficiency in the management of the state-owned estate.
In fact, since 2001, more than 6m square feet of workspace has been redeveloped into over 3,500 new homes.
Where to buy in Westminster
One of the most outstanding conversions is Great Minster House. A flagship development by Barrat Homes, The 61 luxury homes in this flagship Barratt Homes development – which has underground parking and a 24-hour concierge – have full-height feature doors and individually designed living spaces that work well for both laid-back family time or for entertaining.
The striking design of each apartment showcases the development’s historic features while remaining contemporary. High-tech features include comfort cooling, dimmable lighting plus a multiroom integrated audio system throughout.
Crowning the building, the five luxury penthouses have been designed to provide a wealth of indoor and outdoor space, and include high ceilings plus full-length terraces.
Equally impressive homes are available at Abell & Cleland House – a former government building that has been transformed by Stirling Prize-nominated architects DSDHA.
Just moments from the River Thames, between St John’s Church in Smith Square and Tate Britain on Millbank, this Berkeley Homes scheme is made up of 275 high quality open-plan one to three bedroom apartments and four-bed penthouses.
When the development is completed next year, residents will benefit from courtyard gardens, a luxurious lobby with a 24-hour concierge service plus a business suite, private cinema, gym, pool and sauna.
Why invest in Westminster?
As well as value for money, Westminster also has better public transport links and a more central location than many sought-after areas of London.
International corporate tenants prefer to rent good quality apartments in Westminster because local travel services and longer distance transport links are so good, and all the cultural and recreational attractions of London’s West End are within walking distance.
Westminster tube station – in Zone 1 of the capital’s transport system – is served by Circle, District and Jubilee lines, which offer good links to the west, east, north and central London. The area is also within easy reach of Victoria Stations, which offers underground and overground services plus a coach station providing links with the rest of the UK and Europe.
For details of how you can secure your property within easy reach of central London’s new and established attractions, get in touch with our Westminster office by filling the form below.