RESIDENTIALlettings
Covent Garden Information provided by
Rob Hill, Director at Greater London Properties
www.greaterlondonproperties.co.uk rents
•
• •
Studios from £375/week.
One-bedroom properties from £450/week.
Two-bedroom properties from £500/week.
MaryLebone
and Hyde Park Louise O’Driscoll, Lettings Manager at Kay & Co
www.kayandco.com
rents
• • •
One-bedroom properties from £450/week
Two-bedroom properties from £550/week
Three-bedroom properties £750/week
tenants These areas tend to be popular with young professional bankers in the City and Canary Wharf because of the easy commute. Also, more families are being drawn by the ‘village’ feel of Marylebone as well as the open spaces of Hyde Park. Corporate lets make up a large part of the market and we have been doing lots of deals with relocation agents from America, France, Italy and Germany, as well as City banks and law firms. Stock Marylebone and Hyde Park abound with beautiful Georgian and Victoria family homes and conversions,
apartments in mansion buildings and portered blocks, and newly refurbished mews houses. There is a quite a bit of new development, including refurbishments of existing buildings, and some new structures. Market trends The downturn saw many desperate landlords clinging onto their tenants when it came to renewals and doing all sorts of deals just to keep them, but overall there have been more highs than lows and our areas do differ. Marylebone always seems to be busier than Hyde Park for rentals probably because of the fashionable Marylebone High Street and tenants love the W1 postcode. Rents appear high for the newly refurbished flats as always and asking rents are being achieved on these more so than not. Looking ahead The rental values certainly seem to be higher than last year and again we are finding ourselves in a landlords market although with the amount of new applicants registering I see this changing in the foreseeable future. However, the market should remain strong for rentals whilst mortgages are still being hard to come by, and I expect the high level of enquiries from relocation agents to continue.
Quaint shops in cute alleys and peaceful mews houses all add to the attraction of these areas.
tenants The diverse nature of the area means that there is not one rental profile. Many young professionals are drawn to the fact that Covent Garden offers a walking commute to the City and West End. There are a significant number of married, often retired, couples who are drawn to the theatres and the Royal Opera House, and a noticeable local demographic is that there are not a huge amount of families living in the area. Stock There are a number of Victorian and Georgian properties as well as a selection of very contemporary buildings and conversions. In short something for every taste. Market trends Covent Garden, situated as it is in the hub of London’s theatre-land, has always had a special buzz. The various attractions have historically drawn people of all ages and walks of life wanting to live in a vibrant central location. Over the past five years the whole area has been having a continuous facelift, in no small part down to the regeneration efforts of Capital & Counties Properties PLC and Shaftesbury PLC. The retail aspect of the area has improved, including the opening of Apple’s largest flagship store and the recent opening of St Martins Courtyard, a high-end retail, office and residential scheme. Looking ahead Stock levels are low and prices are rising and this is a trend I see continuing throughout 2011. My advice to would-be tenants is to be patient as new properties do regularly hit the market but are snapped up like hot cakes as demand far exceeds supply.
PROPERTYdrum FEBRUARY 2011 49
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68