Central London property purchases at the high end of the market tend to focus on areas that are well known and well-to-do. However, lesser known areas such as Fitzrovia are now becoming mini hot-spots in themselves, says property investment expert Simon Morris.
Fitzrovia sits between Marylebone and Bloomsbury, two smart and upmarket areas, but up until recently it hasn’t shared the same exclusivity or fine reputation of its neighbours. Fitzrovia, is an area with a rich literary tradition, with the likes of George Orwell, George Bernard Shaw and Victoria Wolfe once residents, and it still has links to today’s celebrities with comedian Griff Rhys Jones living there since the late 1990s.
Upturn in fortunes
The area has begun to experience a rapid upturn in property values, especially since the demolition of the Middlesex Hospital which has been replaced by the stylish Fitzroy Palace which is a large 235 apartment development. Despite not being completed yet, the majority of the apartments have already been sold.
Buyers of the apartments are even reported to have already made a profit on their purchase. Sold for £1,500/£1,600 per square foot, they now reported to be worth in the region of £2,000 per square foot, with one Penthouse even reaching £3,200 per square foot.
Quieter than Convent Garden
Fitzrovia is quieter than areas such as Covent Garden, but still central, and it boasts a wide range of restaurants. Also pushing the rising prices is the “Track to the Future”, report by estate agents Carter Jonas who predict a 70 per cent rise in property prices in the area 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.
With more and more people looking to get into the London residetial market, it’s expected more and more lesser known areas will come to the forefront and be ripe for price rises.
About Simon Morris
Simon Morris is an independent property advisor working with Funds and Investment Companies to ensure property chosen for funds and portfolios delivers agreed return based on low risk.
For more information on property investment vehicles please read the Guide to Property Investment Options.