Vantage NW: Spotlight On Maida Vale
Mon 01 Apr 2013
Natasha Mace, associate director and sales manager of Marsh & Parsons in Little Venice extols the virtues of this highly desirable area. In the three years that i have been running our Little Venice office, I have seen the property market change significantly. In particular the demand for mansion style property property has grown exponentially and quite simply, there is not enough property coming onto the market to satisfy the sheer number of enthusiastic buyers, both locally and across the globe. In 2009, prices for mansion apartments started at a modest 620-640 per square foot, but since their popularity has escalated, and London property prices have risen, we have seen this increase considerably. Some of the most sought after apartments are those overlooking the Paddington Recreation ground, which are superbly located just a few minutes walk from Maida Vale underground station, as well as being on a very quiet, tree lined street. Indeed, in the last few weeks, we have sold a property on Grantully Road ( where most apartments offers views over the Padding Recreation Ground) for 960 per square foot-an increase of 64 per cent in three years, and as demand fails to dwindle, this upwards trend seems likely to continue. Of course, London as a whole has experienced substantial price increases, but there are other forces at work in the Maida Vale area, contributing to its ever increasing popularity.
Firstly, foreign investment, which has traditionally been saved for more central and well known areas of London, has penetrated areas like Maida Vale, where investors experience reassuringly good returns and a capital appreciation to rival even the most glamorous London addresses. Foreign investors also love the period charm of traditional mansion blocks, which boast original Victorian features and beautifully high ceilings, as well as perfect lateral living. Incidentally, of the four most recent mansion apartments we have sold, two of the buyers were French, one was Italian and the other was Nigerian. Another reason for this surge of interested buyers is the sports grant awarded in 2012 to the Paddington Recreation Ground, which has transformed the track. Sports enthusiasts are now enticed to the area for its fantastic sports facilities. Furthermore, Paddington Station, which is just a short walk away, not only offers the Heathrow Express, it will also boast a new link to the city. which is due open in 2018. This servicewill provide accesstoLiverpool street in 10 minutes and Canary Wharf in 17 minutes, aswell as 24 trains an hour at peak hours in each direction-perfect for the city commuter. We have just sold an apartment in Leith Mansions overlooking the Recreation Ground, where all three seperate buyers wanted access toPaddington Station, but ahome in a more leafy part of London.
Undoubtedly, these developments will provide homeowners, seeking a medium to longterm investment, excellent returns in the future, whilst offering a lot more for their money in the short term, compared tomore traditional, neighbouringsreas such as HollandPark, Kensington and Notting Hill.