05/25/2023 | Press release | Distributed by Public on 05/25/2023 02:05
In part, this growth is a result of buyers looking for more space for their money during the pandemic but also coincides with other changes in the area including proximity to the new Elizabeth line at Paddington and, crucially, a £3bn private and public regeneration programme, signalling a level of commitment and investment not previously seen.
Past evidence tells us that central London regeneration, done well, can unlock value barriers. Take Marylebone, where outperformance of the wider prime central London market can be partly explained by its continued investment in the public realm, retail offering and local community. The high street has significantly increased its retail coverage since the early 2000s, with a migration towards more upmarket brands. The Howard de Walden estate now controls c.80 per cent of the high street, allowing for a joined-up, strategic approach.
In Bayswater, high profile residential schemes Park Modern, The Whiteley and No. 18 Porchester Gardens are game changers, offering aspirational living, revamped retail, and a world-class hotel and spa. And a number of developers have identified Bayswater as a growth area for high-end residences.
As a result, there are 273 private new homes set to be delivered over the next five years, alongside a number of sites currently being considered for redevelopment.
With improved public spaces, greater connectivity and new build development, Bayswater is well on the way to catching up with its prime London neighbours.