Buy-to-let landlords looking to buy property in prime London are being urged to consider the forgotten property hotspots that Black Brick describes as “two areas they may have overlooked in the past”.
The buying agency has identified Bermondsey and Fitzrovia as prime London’s forgotten property hotspots.
On the southern side of the River Thames, stretching east from London Bridge, Bermondsey was recently named the capital’s best place to live by The Sunday Times. While buyers can find loft apartments for seven-figure sums, it is also still possible to buy a one or two-bedroom ex-local authority home for around £350,000.
Tom Kain, a Buying Consultant at Black Brick, says: “For investors looking at buying in London, but without the budget for super prime/prime areas, Bermondsey, and the SE1 area in general, presents an opportunity to buy into a very centrally located area with excellent transport links.”
North of the river, Fitzrovia – bounded by Oxford Street to the south, Tottenham Court Road to the east, Great Portland Street to the west and Euston Road t the north – is one of the similarly forgotten property hotspots.
Historically somewhat drab and dominated by office buildings and the estate of University College Hospital, Fitzrovia is undergoing a wave of development and modernisation that promises significant enhancement, if not outright transformation.
The Crossrail development of Tottenham Court Road station is heralding a smartening up of the east end of Oxford Street and of Tottenham Court Road itself, and developers have been moving in to take advantage.
Camilla Dell, a Managing Partner at Black Brick, comments: “There are a raft of other smaller, more boutique new build developments and redevelopments of previously commercial buildings popping up in Fitzrovia. Combined with significant investment into commercial buildings and infrastructure, we predict the area should outperform other parts of central London over the next few years.”
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