Famous for its Theatreland, Opera Houses, specialist shops and world renowned restaurants, Covent Garden has long been established as a focal point for visitors to Central London’s West End. Bordered by Bloomsbury, Holborn, Soho and served by the boroughs of Camden and the City of Westminster, the area offers vibrant Central London living with an emphasis on fun and entertainment. It’s known by many for its central square, The Piazza, which was designed by Inigo Jones in 1630 and is famous for being the stage of many street performers. The covered market has been completely transformed from its previous incarnation as a fruit and vegetable market and is now home to a range of designer shops and cafes.
With its rich historical heritage Covent Garden contains a diverse mixture of period and modern residential property with a wide range of architectural styles. Significant investment in both commercial and residential property has breathed new life into the area and over recent years brought this part of London to the attention of an international audience of investors. Already well served by both underground and overground rail connections, the opening in 2018 of Crossrail with fast connections to Heathrow Airport will further enhance the desirability of the area.
The conversion of old commercial space to create new homes has been enthusiastically embraced throughout the area and has allowed for a sympathetic supplementation to the existing property stock. The area is particularly popular for second home purchases not only for providing a London base to enjoy the entertainment attractions of the area but also due to the high rental demand the area enjoys. The area is home to a number of world renowned universities, including, LSE, Kings and UCL, along with major offices for some of the world’s largest corporations, and as a result demand for rental accommodation is high. Being within walking distance of The City of London’s financial district is also an attraction.
There is no doubt that the significant investment and redevelopment undertaken over the last 10 years by some of Covent Garden’s large property owners such as Capital Counties and Shaftesbury PLC has rejuvenated the area both from a commercial and residential perspective. Property values have shown significant growth and we expect the popularity of the area with private investors to only increase. The completion in 2018 of the new Crossrail station at St Giles will add yet more appeal and value to the area.