Is this London's new Mayfair?
A new area of London is being recast as the artisitic hub of the city, as galleries, dealers and property developers flock from East London and Mayfair to Fitzrovia. Property in the region, based above Soho and beneath Regent's Park, is likely to soar in value because of the flux.
Fitzrovia, formerly associated with small-scale fashion wholesalers and cheap retail, has over the past few months received a reputational makeover. Art dealers and galleries are moving into Fitzrovia, following plans for a new futuristic development from UK billionaire property developers, the Candy Brothers.
The real-estate brothers, Nick and Christian Candy, have begun work on a 95,000m² upmarket office, residential and commercial develpoment on the site of the old Middlesex Hospital building.
Noho Square, so called due to its location North of Soho, is set to be completed by June 2011. The megalith building has been designed by Ken Shuttleworth, the man behind London's "The Gherkin". The most expensive residential flats in Noho Square will be priced above £5m.
The development has prompted interest from galleries and art dealers who are moving into the area.
Stuart Shave, owner of the Modern Art gallery which in February moved from east London to Fitzrovia, told Bloomberg: "It's so central, yet it's a lot better value per square foot than Mayfair and the spaces are bigger."
Real-estate experts say Noho Square and the growing bohemian culture will send property prices in the region soaring, as buyers look to tap into into the area.
Jeremy McGivern, director of property search firm Mercury HomeSearch, said: "Fitzrovia has always been an artistic area, but it has received a lot of interest recently because you can get a lot for your money, compared to surrounding areas like Marylebone where celebrities like Madonna have been buying. Increasing investment and publicity about Fitzrovia will certainly boost property prices."
He added that although it will be a while before Fitzrovia can boast house prices to rival Mayfair, local house owners will see benefits from the area's burgeoning reputation.
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