With luxury developments in easy reach of Crossrail cropping up at a rapid rate, one-sleazy Soho is set to become a London property hot spot
Soho is one of the most vibrant areas of London’s West End, and it can be a fantastic place to invest in a property. Soho’s reputation has improved over recent years, and it is generating more business for estate agents in central London. Could you be one of the growing number of purchasers to set their sights on Soho?
Once the seedy heart of London’s underworld, Soho now boasts sophisticated restaurants, such as Señor Ceviche – a showcase for Peruvian food, fun and cocktails just off Kingly Street – designer stores (check out the Nudie Jeans Repair Shop in D’Arblay Street or Oliver Spencer in Berwick Street) and some of London’s most fashionable bars. Hint: Try Milk & Honey in Poland Street.
Not only does Soho have a great vibe both day and night, thanks in part to it being in easy reach of more than 40 theatres showing world-class productions, it is also home to a wide variety of high-quality residential property that attracts interest from home-based and international buyers.
Excellent transport links
Bordered by Oxford Street, Regent Street, Leicester Square and Charing Cross, Soho’s collection of narrow streets are well served by public transport.
There are no fewer than seven Tube stations serving Soho and Covent Garden. In addition, when Crossrail opens in 2018, the train will stop at the nearby Tottenham Court Road station.
Crossrail is forecast to bring a £2.45bn boost to the West End by 2020 as thousands more visitors pour into central London, new research shows.
The New West End Company, which represents 600 businesses, says annual turnover for its retailers is predicted to hit £11.25bn just two years after completion of the new high-speed rail link, compared with £8.8bn today.
Increase in high-end property
Soho’s renaissance as a West End destination has led to an increase in the number of residential properties available in the district as developers focus on converting former office blocks into luxury apartments. In fact, the Financial Times reports that there has been almost 800,000 square feet of conversions made in the West End since 2013.
Good investment opportunity
All of this is attracting more people to Soho, and it is making the area a more attractive investment proposition.
And with residential prices starting in the region of £1500 per square foot, homes in Soho are excellent value compared with property for sale in Mayfair or many other parts of prime central London.
However, prices in Soho are tipped to rise faster than other areas on the Crossrail route, according to estate agents in Shoreditch and other parts of east London.
Not only that, The Telegraph claimed that Soho is stealing the march of the new growth postcodes. “With average prices now ranging from £1.4m to £1.6m, areas like Soho are getting very expensive,” it reported.
Consider Soho for your investment
By combining its old-style, traditional fixtures, such as Berwick Street Market, with a new crop of properties, Soho is proving to be one of the most exciting places to invest in London. A creative, vibrant, buzzing area with excellent transport links and fantastic restaurants, bars and nightlife, it could be exactly what you are looking for.
And with property prices predicted to increase considerably over the coming years, you may find that now is the perfect time to invest in a Soho property.