Guide type: Property Investor
21 July 2015
Historically, Fitzrovia was mostly made up of Victorian tenement buildings and flats above shops; however, recent regeneration has given the area a new, more high-end feel with an influx of highly praised restaurants, smart hotels and luxury mixed-used schemes, putting it on par with its polished counterparts. Savills calls Fitzrovia a “pocket of hidden value”, while Knight Frank makes it one of the capital’s hotspots, suggesting that values will jump 66% over the next four years.
Significant projects worth £180m are being completed by property group Derwent, with work already under way on a £12m regeneration scheme that will almost double the retail space for shops and restaurants along Tottenham Court Road. Additionally, the former Saatchi & Saatchi building located in the heart of Fitzrovia on Charlotte Street is being developed into a 367,000 sq. ft. major mixed-use scheme that is expected to be delivered towards the end of 2015 and will include office, residential and retail space as well as a new public park.
Additionally, The Fitzrovia Partnership, a recently formed Business Improvement District (BID) is, “a business and community-led initiative bringing together local businesses, community groups, third sector organisations, and residents, to add value and make a tangible difference to the area of Fitzrovia.” Endorsed as part of the Mayor’s Economic Development Strategy, BIDs are geographical areas which local businesses have voted to invest collectively to improve their environment and provide additional or improved services as identified and requested.
A major catalyst for the regeneration occurring in Tottenham Court Road and Fitzrovia is the imminent arrival of Crossrail in 2018. Earlier this year, estate agents Carter Jonas published a report titled “Track to the Future”, predicting a 70% rise in property prices within an 800m radius of the Crossrail station at Tottenham Court Road, due to open in 2018, and Euston/Kings Cross St Pancras, which should be operating by 2030.
As the largest infrastructure project in Europe, Crossrail will add to the existing Central and Northern lines at Tottenham Court Road to make it one of the busiest stations in London, with an estimated 200,000 passengers passing through per day. In order to meet the expected rise in passenger numbers, the existing station is being upgraded to meet the demand and with a £1bn price tag, the redevelopment will be biggest transport investment in the West End for years.
Alongside the redevelopment of the existing Tube station, Crossrail is building a new station the length of three football pitches and four storeys underground, providing access to the new Crossrail platforms, with a new street level ticket hall also being constructed at Dean Street.
Galliard Homes’ Hanway Gardens is perfectly located to take advantage of all that Fitzrovia and surrounding areas have to offer. A premium choice of 18 individually designed one, two and three bedroom apartments including two lavish penthouses; arranged from the second to the sixth floor and interspersed with an array of multi-level roof gardens. Prices from £1,900,000.