White City: London's new commercial and residential hotspot
- Former home of the BBC, W12 is becoming one of London's most attractive postcodes for business, retail and property investment.
[Sponsored article]
With the bulk of London's urban regeneration projects taking place in the central districts and the east, West London is making up for lost time. White City in W12 is the most dynamic of these revitalized areas, a former industrial and broadcasting site that's quickly become established as a compelling alternative for overseas property investment.
The £8 billion (HKD 82.6bn) White City Opportunity Area is a collaboration between the local Hammersmith and Fulham Council and investors that will see the addition of two million square feet of commercial and office space to White City over the next few years. This includes the expansion of Westfield London, Europe's largest shopping mall, and 400,000 square feet of repurposed commercial space at the former BBC Television Centre.
\With this commercial expansion comes the creation of an estimated 20,000 new jobs over the next five years, 8,000 of these related to the Westfield expansion alone, and local government has pledged £600,000 to provide training and apprenticeships to local residents to improve their employability prospects.
More people working locally also means more housing is needed, with approximately 6,000 homes being added to White City over the next few years. These will be a mix of affordable homes and luxury apartments targeted at local and overseas property buyers, supported by a wide range of amenities to support the growing community.
New lease on life
White City's most iconic building, the Grade-II listed BBC Television Centre, is the epicenter of the urban regeneration. Purchased by Stanmore in 2012, the first phase of renovations created over 400 luxury homes and 400,000 square feet of commercial space in the distinctive doughnut-shaped building. Notable tenants include Bluebird Café, boutique grocer Bayley & Sage, Homeslice pizzeria and White City House, a 45-room hotel with rooftop pool operated by Soho House.
Nearby, the £600 million expansion of Westfield London, originally opened in 2008, has secured its status as Europe's largest shopping center. Featuring more than 400 retail and dining venues, a 17-screen cinema and other entertainment and leisure amenities, Westfield is also home to the largest John Lewis department store in the UK.
North of Television Centre, more restaurants and lifestyle amenities have joined the world's leading brands and researchers at the mixed-use development White City Place on the site of the old BBC Media Village. Developers are also finding creative ways to turn disused structures into prime commercial real estate across White City, including renovating 31 old railway arches at Wood Lane Underground station to house retail and leisure space.
Connected living
The commercial expansion of White City is good news for current and future residents who will benefit from government and private investment in improved transport infrastructure, public spaces and convenient homes. Shepherd Bush Overground station already received a £3.9 million upgrade to accommodate more passengers ahead of the Westfield expansion, while nearby Old Oak Common station is in the process of a major £1.3 billion overhaul that will see it become London's only high-speed interchange serving both Crossrail and HS2 when the latter service comes into operation by 2026.
As well as being convenient for local workers and businesses, residential property in White City also offers unique opportunities for investment, with West London property prices forecast to rise faster than any other part of the city over the next few years. At present, prices per square foot in White City are still considerably cheaper than in other London neighborhoods such as Holland Park, Kensington and Notting Hill, making this new district attractive for domestic and overseas property buyers.
Several residential projects are already welcoming investors in prime locations alongside the new developments. The most significant of these is White City Living by St James, an estate of more than 1,400 homes and amenities next to Westfield London, Television Centre and the new Imperial College London campus that also has direct access to transport links, opening up the wider city and international connections.