Rare property development opportunity in the heart of Covent Garden
London’s West End is historically viewed as a safe place to invest in property as house prices in the area tend to outperform the rest of the country and do not suffer from the same fluctuations. The Royal Institute of Chartered Surveyors (RICS) monthly house price survey recently reported that prices in London rose, whereas nationally they fell. West End estate agency, LDG, is seeing increasing levels of demand from people who want to invest in bricks and mortar, particularly whilst interest rates are low so not providing any returns on savings. The buoyant West End property lettings market has also added to the appeal of property investment.
LDG is currently marketing a unique West End property in Covent Garden that would make an ideal development opportunity for potential investors - The Covent Garden Coin Op - a launderette situated in a charming period building on Betterton Street. It is arranged over the ground and lower-ground floors and is currently being used as commercial premises. The vendors have already obtained planning permission to develop a two bedroom apartment with a courtyard in place of the launderette.
Laurence Glynne, partner at LDG, comments: “This property is an ideal opportunity for an investor or a creative buyer to construct a unique and spacious apartment in the heart of Covent Garden. Once the building work is finalised, I would expect the property’s resale price to increase to somewhere in the region of £1.45m.”
The Covent Garden Coin Op is currently on the market for £850,000. The property is situated close to all of the area’s fantastic amenities, restaurants and shops, including the Covent Garden Piazza and The Royal Opera House.
For further information and to enquire about properties LDG is currently marketing, please visit www.ldg.co.uk or telephone: 020 7580 1010.
