Covent Garden offers affordable alternative in the rising London market
Covent Garden, which falls within the Boroughs of Westminster and Camden, is one of the capital’s most renowned areas for tourists and shopping, yet, it is also a popular residential hotspot due to its proximity to the whole of the West End, the City, and numerous transport hubs. There are a surprising number of ex-local authority homes in the area, meaning for the savvy buyer, it can be one of the more affordable West End locations for property. According to West End estate agent, LDG, it is not uncommon for there to be an uplift of approximately 10-15% between ex-local authority and private buildings.
Laurence Glynne, partner at LDG, comments: “Ex-local authority properties provide value for money and offer competitive pricing per square foot in comparison to privately developed properties. At the top end of the market in Covent Garden, we have just sold an ex-local authority penthouse for just under £1,000 per sq ft, whilst a similar private property in the area would sell for in excess of £1,300 per sq ft.
“The appeal of ex-local authority properties in Covent Garden varies from their price, location and low outgoings/low expenses – the buildings are cheaper because the service charges are much lower than in one of the modern private mansion buildings, which could explain why so many people choose to buy here.Drury Lane and the surrounding streets are popular with buyers as they have a residential feel but are just moments from the tourist hotspots, such as Neal Street, Long Acre and the Piazza.”
LDG is currently marketing a one bedroom ground floor apartment on Tavistock Street in a red brick ex-local authority mansion block, offering architectural stateliness and a prime location at £450,000 / £980 per sq ft.
