David Lee, Head of Sales at Pastor Real Estate on why London W2 appears very undervalued in comparison to Mayfair and warrants further attention from investors and end users alike.
“For years I have been struggling to understand why W2 represents such good value in comparison to its immediate postcode neighbours W1, W11 and SW3. With Hyde park on your doorstep and a wide range of homes including modern developments, mews houses and stucco fronted town houses there is something for everyone. However, historically the area has been considered to be a little rough around the edges, however things are changing and transactions are up!
- Edgware Road is already benefiting from the regeneration scheme set out by Westminster with the redevelopment of Marble arch tower, a relic from the sixties making way for Marble Arch Place offering 54 residential flats, offices, a shopping precinct and a new Odeon cinema.
- Paddington Basin offers a number of new developments with a lovely canal and we are now starting to see numerous new restaurants and retail shop fronts emerging in the stretch in between.
- Bayswater – there are huge things happening in Queensway with the Whiteleys redevelopment along with other retail and residential schemes planned for the future, following the success of the luxury Lancasters development.
- Paddington Station is undergoing the most significant transformation since the completion of the original building in 1853. A busy terminus for local, regional and international passengers, the opening of the new station in December 2018 will increase capacity at this major interchange.
The construction of the new station has been made possible by the earlier “Paddington Integrated Project” which opened the north side of the station with a spacious new concourse next to the canal basin at Paddington Waterside. The project, which was completed in 2012, included a new Hammersmith & City line station and new taxi facility. In addition to the station improvements, Crossrail has been working with Westminster Council on proposals for improvements to the area around the station.
The Elizabeth Line’s Paddington Station will open in December 2018 when services will run through central London and terminate at Abbey Wood in the east. When the route fully opens in December 2019, passengers will be able to catch Elizabeth Line services from Paddington to Heathrow and Reading in the west and Abbey Wood and Shenfield in the east.
Will we shortly be seeing the occupants of the Canary Wharf penthouses relocating to the Bohemian lure of the Park?”
With prices in W2 significantly reduced (back in line with 2013 levels) it has never looked such good value. Which forces the question why everyone is talking about the benefits of living outside of London and getting the Crossrail in, when you can now have Hyde Park, various restaurants and shops on your doorstep? Why not also benefit from being walking distance from a major transport hub that can get you to your office in less than half the time it would have done before?
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