RESIDENTIALlettings


BelgRavia


Tim Hassell, Director of Draker Lettings www.draker.co.uk


RenTS


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One-bedroom properties from £600 to £1,200/week.


Two-bedroom properties from £1,000/week up to £3-£4,000 for something really special.


Four/five-bedroom apartments and houses can reach up to £10,000/week.


Tenants Almost exclusively international residents; individually wealthy private clients combined with top senior corporate executives. Stock Large Victorian town houses to luxurious lateral apartments. The architecture is predominantly white stucco and mews houses attract young families and city workers. market Trends Belgravia has always had an exclusive and almost austere reputation. Over the last few years this has changed with the development of streets on the southern edge of the area, including the now infamously chic Pimlico Road, giving the area a young, much more relevant heart. The area suffered significantly in 2009/2010 due to limited demand and high levels of stock, but 2011 is seeing a healthy number of high-end enquiries. The area is a prime spot for senior corporate relocation and properties command a premium especially if they have been interior designed to a high standard. Average tenancy from 18 months to 3 years. looking ahead The lettings market is looking very strong. Financial uncertainty will push more people into temporary living solutions, until they can see a measurable result coming out of the government’s management of the debt crisis. Interest rates will likely be the next concern. The corporate market shows no signs of abatement, and this, combined with more overseas residents arriving, will make the waters in Belgravia flow very quickly in 2011.


46 FEBRUARY 2011 PROPERTYdrum


Gloriously elegant, white stucco and bay trees abound and blue plaques grace many homes


Pimlico


Tim Hassell, Director of Draker Lettings. www.draker.co.uk


Rent


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One-bedroom properties from £350-£600/week.


Two-bedroom properties from £450-£800/week.


Family houses from £1,800- £2000/week.


Tenants A healthy mix of young professionals and corporate tenants plus quite a few corporate families. Some areas have a large number of French residents breaking free from the South Kensington ghetto, Warwick Square being the most notable. Stock At Pimlico’s heart is a highly disciplined grid of residential streets, now protected as the Pimlico Conservation Area, comprising over 350 Grade II listed buildings. Architecture is primarily white stucco fronted Regency buildings, many converted into flats, although there are some affordable family


houses. As part of the wider gentrification, there is some new development and conversion from commercial to residential use. With pockets of chic independent shops and eateries and the close proximity to the tube, giving easy access to the city, west end and the embankment, Pimlico is also much more affordable than its neighbours in the Royal Borough. market Trends Pimlico is the unsung hero of the lettings market. Over the last ten years Pimlico has changed from an area dominated by bedsits and cheap hotels, to a uniform oasis of good quality and well-priced rental accommodation. The old ‘squeeze as many studios as you can into one building’ landlord has changed to a longer term more aesthetically minded property owner. Although Pimlico still has some scope for gentrification, giving it a ragged edge in places, there are charming pockets of chic and unique independent shops and eateries that are attracting a new crowd. looking ahead Houses and larger flats in the area should have a much better year this year as the mid to high end of the market (larger flats and houses) is recovering with much more corporate relocation at this level being already more apparent. The continuing uncertainty with the sales market should also underpin a healthy volume of lettings in this area as more local people opt for a temporary solution until things settle down.


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