For many years Victoria has been regarded as a small residential area. It offered some of the best prices in the City of Westminster as a result, particularly because of a lack of amenities such as retail. Fortunately this has been changing over the last five years or so.
A huge amount of money has been invested to improve the housing, infrastructure, and amenities in the area. The final bill will exceed £4 billion when everything is completed.
A cornerstone of the investment is the work on Victoria Train Station. The idea is to turn it into a major hub for Crossrail, adding those services to the multitude already on offer. This would make it one of the largest stations in the whole of the capital. Around £700 million has been invested to make this happen and to improve the site.
Several high profile projects are in the pipeline in the area. Ten Broadway is perhaps the biggest following the £370 million sale of the New Scotland Yard building and permission for redevelopment being granted in April 2016. The property is currently being prepared for demolition and will clear a large site that can be used to create new homes and commercial premises.
Several businesses have been drawn to Victoria recently as the area continues to change. Amongst these are Deutsche Bank, fashion designer Tom Ford, and the new Italian restaurant of Michelin star chef Jason Atherton.
With the big changes it is no wonder that more people are looking to purchase and rent properties in the area. There are plenty of great opportunities to take advantage of, particularly with prices still lagging behind more established parts of Westminster. The potential for more affordable rent and better capital growth in the future are both attractive.
At Finefair we provide an array of services in the Borough, from investment advice to arranging council leasing in the City of Westminster. We serve our clients with passion and ensure we provide the help they need to achieve their goals. There is demand for rental properties across the area, including in Victoria, so landlords have plenty of options. Leading with the local council provide good security on your income.
If you would like to learn more about Victoria, other areas in the City of Westminster, or our services, please get in touch.