London's Church Street masterplan opens up Westminster investment
The regeneration of historic Church Street will create a vibrant new community in the heart of Central London
The past few years have been a challenging time for London's real estate markets, but the continuing enthusiasm of overseas property investors and huge levels of government and private investment have seen the UK capital remain competitive. House prices recovered in 2018 and will continue to grow over the next few years, spurred on by ambitious residential, commercial and infrastructure projects.
With the finalizing of the Brexit deal bringing greater certainty, 2019 will see renewed confidence in the London property markets. Advances in digital construction methods and the government's Homes England initiative are helping to solve the house supply shortage, while the opening of the Crossrail Elizabeth Line is fueling demand for residential property in station neighborhoods.
According to new UK residential research from Jones Lang LaSalle (JLL), Central London property prices are set to grow by an average of 1.5% in 2019, increasing to 3% in 2020 and 5% in 2021. Rental values are also forecast to grow steadily by 2% in 2019, 2.5% in 2020 and 3% in 2021.
While the overall outlook is positive, it's important that investors consider their options wisely in a city as diverse as London, and find the gap where their investment will deliver the greatest returns. One promising new investment opportunity is the Church Street regeneration area in fashionable Marylebone, which aims to boost economic growth and enrich lifestyles in this popular Crossrail-connected district.
Church Street masterplan
Westminster City Council's masterplan provides a framework for all development in the Church Street area over the next 15 to 20 years. This plan aims to create a thriving new residential and business district in Central London, with four key target areas:
1. Health and wellbeing
A dedicated health and wellbeing hub will offer primary health care services to local residents. Accessible green space will be increased by 40%, adding new parks and a 'Green Spine' of trees and jogging routes running from north to south through the district.
2. Market and enterprise
A new supermarket, shops, a street market with up to 220 stalls and a food court on the corner of Edgware Road will service residents and visitors from further afield. Flexible workspaces and support facilities aim to attract a diverse range of businesses to the area.
3. Improving access
Connections and journey times across London will be improved when the Crossrail Elizabeth Line fully opens at the new Paddington Station in 2019. Crossrail trains will reach Bond Street in 11 minutes, King's Cross St Pancras International in 17 minutes (for the Eurostar) and Heathrow Airport in 21 mins. Pedestrian priority zones and slow traffic areas will also be created.
4. New homes
The masterplan aims to create approximately 1,750 new homes in Westminster, including a number of affordable homes for locals and luxury properties targeted at overseas investors. A new cultural quarter, library and childcare facilities will create a sense of community in this revitalized district.