Covent Garden Flats & Houses For Sale & Rent

Lady Gaga Buys Fitzrovia Property

2012-02-03T09:22:00.000-08:00

Lady Gaga has purchased a property in London.

It seems the 25-year old may have had a change of heart after stating in November that she didn't want to splash her cash on a property: "I’m not ready to buy a house. It feels like marriage or something. It’s such a commitment. I don’t like it."

The Metro reported that Gaga has nabbed a luxury apartment in Fitzrovia, north of Oxford Street in swank region. Fitzrovia has proved increasingly popular with celebrities over the past few years, with Madonna previously owning a town house in the area, while her ex-partner Guy Ritchie brought two mansions in May 2010.

The property is reported as having a concrete exterior, floor-to-ceiling windows, four luxury penthouses, a roof garden and a communal courtyard.The property is in a luxurious development which is still being built.

She had been staying in The Lanesborough hotel every time she visited London but because she is over so much she has decided to go for it and invest.

Chinese New Year Celebrations in Central London

2012-01-25T04:52:00.000-08:00

The Chinese Year of the Dragon will roar into Westminster this Sunday (29th) with a parade and festival showcasing the best of Chinese culture.

The festivities will start at 10:00am on Sunday 29 January 2012 with a New Year parade around London's West End, reaching its final destination of Trafalgar Square at noon.

The Lord Mayor of Westminster, Cllr Susie Burbridge, will then join Mayor of London Boris Johnson and the Chinese Ambassador to London, Mr Liu Xiaoming, to speak at the opening ceremony of the festival.

After the speeches, celebrations will kick off with traditional dragon dancing, music and performances on the Trafalgar Square stage until 6pm.

A second stage in Shaftesbury Avenue will host performances from a range of local community groups and schools.

The capital's famous Chinatown will also play host to a parade by lion dancers as well as a range of stalls selling traditional produce throughout the day.

London Property Millionaires

2012-01-13T05:25:00.000-08:00

This year has seen the number of property millionaires rise by 26,744.

According to online valuation service Zoopla.co.uk, luxury properties have continued to rise in value and there are now more people owning homes worth £1 million or more than ever.

The rise means that effectively 73 new property millionaires have been created each day in 2011.

In total there are now 253,118 homes valued at more than £1 million in the UK and the largest rise property millionaires came in London, where the number grew by 18 per cent over the past 12 months.

London is also where nine of the top ten millionaire districts in Britain are located. Kensington has the highest proportion with 56 per cent of all homes being worth more than £1 million.

Nick Leeming of Zoopla.co.uk said: "This data shows clearly how differently the top end of the market is performing from mainstream Britain."

The Knight Frank Prime London Sales Index showed that prime London property rose in value by 13 per cent in 2011.

London Property Market News

Land Registry Report London Property Prices Will See Modest Growth

2012-01-11T02:36:00.000-08:00

Prime property for sale in London will see modest growth over the next year, as predictions show that the value of houses in the capital will continue to edge up, defying the economic crisis once again.

At the end of December, the Land Registry reported that prices for London property had risen again in November. It also said that the only region in the whole of England and Wales which had seen a rise in property prices over the whole of 2011 was London, with an increase of 1.4 per cent.

Lucian Cook, director of residential research at Savills, said that this trend was most likely to increase slightly in 2012, as property will see a further modest level of growth throughout thw next 12 months.

"We are forecasting in prime central London that we will actually see some very modest growth in the market. That is largely on the back of a continuation of overseas wealth coming into those markets," he noted.

Top Property Investments in 2012

2011-12-30T08:11:00.000-08:00

International Business Times reports;
A survey of more than 360 internationally renowned real estate professionals, including investors, developers, property company representatives, lenders, brokers and consultants has revealed the emerging top earners for the real estate sector in 2012.

Residential real estate is the second top investment for the year 2012 across the Asia Pacific Region, the study revealed.

It said that in spite the weak global housing market this year better prospects are to be seen in 2012, although caution and planning are still the keys to success.

Apartments. Interviewees favoured investing in multifamily property development, which can be class A, value-enhance class B, develop from scratch, purchase in infill areas, acquire in gateway cities, or hold in lower-growth markets. "Even buy class C and upgrade, spend a little more, hold a little longer-demand will be there."

The only caveat: avoid severely affected housing markets where a surfeit of empty single-family homes will compete as rentals.

Fortress Malls, Infill Shopping Centres. Aptly named fortress malls, near upscale suburban neighbourhoods and strategic highway intersections, continue to concentrate the top brand chains and attract more shoppers away from their weakening competition-centres situated near older or more commodity class housing districts. These types of property development attract necessity shoppers to anchored centres with leading supermarket and drug store chains. Investors are in for steady cash flows.

Coastal Port Industrial Space. Global trade will power export activity around the nation's primary seaboard ports, where traditional big-box warehouse distribution assets rebound after experiencing uncomfortably high vacancies. All eyes focus on which East Coast cities can position themselves to capture Pacific container-ship traffic slated to come through a widened Panama Canal in 2014. Some winners will turn into new industrial hubs, but first need to dredge harbor channels to handle deep-hulled vessels. Miami, Charleston, Savannah, and Norfolk look like prime contenders, and New York/New Jersey will not be left out. Houston should pick up business along the Gulf Coast.

Business Center Hotels. ULI and PwC said that 2012 will be within that the point in the real estate market cycle where lodging makes sense. But only the major 24-hour cities attract consistently strong combinations of business and tourist travelers to sustain occupancies and advance room rates during the week, as well as into weekends. Middle-market hotels without food and beverage service lure budget-conscious travelers without outsized operation overheads, enhancing bottom-line results.

UK Property Seen as Less Volatile Than Stocks and Shares

2011-12-27T11:04:00.000-08:00

Lofty apartments in London's prime boroughs, chic chalet's in the finest Alpine ski resorts of France and Switzerland, and 2 bed semi's in Salford. Spot the odd one out? While there may be many reasons making the 2 bed semis in Salford the odd one out, investment potential is not one of them according to British institutional investors, who have invested heavily in British housing stock in the last 12-18 months, to capitalise on the current rental boom, and solidify their investments away from the tumultuous global stocks and bonds markets. According to data just released by Her Majesty's Revenue and Customs, financial institutions invested £2.2 billion in UK houses and apartments in the year ending April 2011, a 189% increase over the previous year. Specialist property companies also increased their exposure to UK buy to let during the period, the data shows that such firms purchased £7.5bn worth of UK rental properties, which is a 27 percent increase over the same period in 2010. Wealthy British individuals are also getting in on the action. They invested a combined £193.8 billion in the year ending April, which is surprisingly only a 24% increase over 2010. The growth is hardly surprising. The financial world is a scary place, and the stock markets are even scarier. The Eurozone debt crisis is making any European investment a high risk strategy, especially now with some reports indicating that banks are putting in place contingency plans for the Eurozone's complete break-up, although few believe this will come to pass. Never the less, this makes British property one of the few safe investments in Europe. Property is far less volatile than stocks, and of course, Britain stayed out of the euro, so, while it would suffer a shock if the Euro collapses, its property market will see a far smaller hit than those in the Eurozone. On top of the long term safety of British property, the rental yields are currently very attractive in the short-mid term as well, with the constrained mortgage market, lack of affordability and housing shortage continually drive up rental demand. The latest data rents and yields are growing across the country. The latest Residential Lettings Survey from the Royal Institution of Chartered Surveyors said that 15% more chartered surveyors reported rental yields rose rather than fell in the three months ending October. This is the 7th consecutive quarter of rising yields according to RICS.

Westminster Winter Events

2011-12-16T08:48:00.000-08:00

As temperatures drop and the holiday season is upon us, the City of Westminster is set to be transformed into a festive landscape of entertainment, music, and exclusive shopping experiences to see you through the colder months. Check out our calendar of free and budget events:
Music and caroling:

Festive shopping to gospel tunes
Where: St. Martin's Courtyard, near Covent Garden

When: Thursday 15th December, 5-7pm

What to expect: Free roasted chestnuts and warm Pimm's whilst listening to the London Community Gospel Choir.

Christmas Carols by Candlelight
Where: St Martin-in-the-Fields, Trafalgar Square, London WC2N 4JH

When: Thursday 15th December, 7.30pm

What to expect: Christmas carols by candlelight with the Vivamus Choir.

Shopping:
Christmas food market and reindeer
Where: Covent Garden

When: Saturdays, 12 noon - 5pm

What to expect: Make friends with reindeer and visit a festive Christmas food market.

Entertainment:
London theatre - Top shows from £10
Where: All over Theatreland

When:Sunday 1st January to Friday 10th February – booking open now!

What to expect: More than 50 shows are taking part including Les Miserables, Singin’ In The Rain, The Wizard of Oz, The Ladykillers, Noises Off, The Gruffalo, The Snowman, Matthew Bourne’s The Nutcracker and Tosca at the London Coliseum.

Ice skating
Where: Somerset House, Aldwych South

When: Daily from 10am to 10.30pm

What to expect: Skate on one of London's most atmospheric rinks. Free storytelling sessions for little ones by the Christmas tree. From £7.50 plus booking fee.

For little ones:
Children’s Christmas crafts and stories
Where: Maida Vale Library, Sutherland Avenue, London W9 2QT

When: Wednesday 21st December, 2.30-4pm

What to expect: Christmas stories for Westminster’s little residents, crafts and the opportunity to make your own tree decorations and greeting cards. Age: 5+

Puppet workshop
Where: Education Centre Foyer, The National Gallery, Trafalgar Square, WC2N 5DN

When: 29th December, 11am-1pm and 2-4pm

What to expect: Join in and learn how to make shadow puppets, make your own and take it home!

New Year’s Eve:
New Years Eve Fireworks Display
Where: Best views to be had from Victoria Embankment!

When: Saturday 31st December, midnight

What to expect: Ring in the year of the London Olympics in style.

New Year's Day Parade and festival
Where: The Parade starts on Piccadilly outside The Ritz hotel. It then goes to Piccadilly Circus, Lower Regent St, Waterloo Place, Pall Mall, Cockspur Street, Trafalgar Square, Whitehall and Parliament Street.

When: 1st January 2012, 11.45am to 3pm

What to expect: The first official event of London's Olympic year has an Olympic and Diamond Jubilee theme. Watch 10,000 performers from 20 countries plus marching bands, acrobats, cheerleaders and much more.

Westminster Council

West End Secure Parking For Night Workers

2011-12-08T08:23:00.000-08:00

Westminster City Council’s parking team have been listening to the concerns of night workers and is pleased to announce a deal from Q-Park to make safe and secure parking available in the West End for only £2 per hour from 6.30pm to 7am and all night between these hours for £8.

There are currently 1000 spaces in the West End available in Q-Park’s central west end car parks every night, and a key part of Westminster’s forthcoming parking policy changes is to move traffic off the streets, easing congestion and helping traffic flow.

The goal is to ensure that Westminster remains a clean, safe and vibrant place to live.

Cllr Lee Rowley, cabinet member for transport and parking, said: “London is a global 24-hour city and is as busy at 10pm as it is at 10am. Having safe, secure and affordable parking for everyone is a key element in changing our parking policies.

“Using casino workers as an example of the night workers we have been keen to engage with, they can get to a safe car park within a five minute walk of work and, if parked all night, they could do so for 64p an hour.

“The council has worked hard in ensuring initiatives like this go ahead and we will continue to listen to the needs of residents and businesses as the changes come in.”
After working with Westminster City Council, Q-Park will be introducing new reduced parking tariffs on 9th January 2012 where evening visitors and workers in the West End can park for only £2 per hour from 6.30pm to 7am and all night between these hours for just £8 in Q-Park car parks at Soho, Oxford Street and Trafalgar Sq. This works out at 64p per hour for a whole night’s parking.

The company is also set to announce further discounts on Sundays for church goers.
New controls in Zone E and G begin on January 9, 2012 and include parking controls being introduced in the evenings from 6.30pm until midnight and on Sundays from 1pm until 6pm.

Click here for more details

Leicester Square Improvemens for London 2012

2011-12-06T08:33:00.000-08:00

Leicester Square today gets a revamp as over 160 square metres of ‘Leicester Square: past, present and future’ hoardings are installed around the redevelopment works in the Square.

Designed to showcase the best of the iconic square through time, the new hoardings are part of an £18 million plan by Westminster City Council to revitalise the Leicester Square streetscape.

The improvements to the street environment around the Shakespeare statue and fountain are set to dramatically improve the pedestrian experience in Leicester Square in time for the 2012 Olympic Games, ensuring that businesses in the area can maximise the commercial potential posed by the millions of anticipated additional visitors.

Leicester Square redevelopments: the facts

• 167 square metres of hoardings installed

• Researchers trawled through thousands of archive images to find iconic images of Leicester Square through time

• 11 images from the last 250 years featured on the hoardings

• £18 million investment in the redevelopment of Leicester Square, part of a wider West End revamp plan worth £82.4 million

Swiss Glockenspiel Returns to Leicester Square

2011-11-28T01:05:00.000-08:00

One of London’s best-loved landmarks has been returned to Leicester Square, reviving a sight and sound that has given pleasure to millions of Londoners and visitors. The Glockenspiel that rang out from the corner of the Swiss Centre has been returned as a redesigned free-standing unit and was formally inaugurated today, 28 November 2011.

The original Glockenspiel – consisting of 27 bells, an astronomical clock and a procession of 23 farmers herding their cows to Alpine pasture – was given to the City of Westminster on its 400th anniversary in 1985 by Switzerland and Liechtenstein as a token of centuries of friendship. Redevelopment of the Swiss Centre from 2008 entailed its removal, but it was a condition of planning approval that the Glockenspiel should return to the square.

The rebuilt Glockenspiel features a procession of 11 moving Swiss figures against a traditional Swiss alpine backdrop, the coat of arms of the 26 Swiss cantons, 27 bells, and 4 Swiss Jacomas representing the 4 different regions with their individual language. Sliding shutters protect the figures from rain, and there is a clock with two faces at the top of the structure. The faces are inspired by the Swiss Railway Clock which was designed in 1944 and has become a famous design icon. One side of the clock faces Piccadilly Circus and the other Leicester Square.

The bells will chime and a five-minute performance takes place five times a day Monday to Friday (at 12.00, 17.00–20.00), and eight times a day at the weekend (12.00 and hourly between 14.00–20.00).

Councillor Robert Davis, Westminster Council’s cabinet member for the built environment, said:
“After a hard-fought campaign to restore one of the city’s most famous and much-loved attractions, I am absolutely delighted that the Swiss Glockenspiel is returning to London’s Square.

"I am sure that this treasure will continue to delight and enchant the millions of visitors that pass through this busy area each day.”

London Rental Numbers Will Exceed Home Ownership By 2026

2011-11-20T01:37:00.000-08:00

The number of people renting property could exceed the number of homeowners by 2026, says a survey by private landlords Grainger.

Some 67 per cent of respondents said that they felt long-term rental was becoming the common choice for most people, while 54 per cent added they expected there to be more renters than owners in 15 years time.

In addition, 49 per cent said that they do not feel any pressure or rush to purchase a property and 40 per cent stated that some time in a rented home was an important step in them deciding on how they would move forward on the property ladder.

Nick Jopling, executive property director at Grainger, said: "There is a new housing reality dawning on Britain: the financial crisis has tightened mortgage lending; house prices continue to be uncertain; and frankly there are simply too few homes for the demand."

Despite this the National Association of Estate Agents (NAEA) reported last month that the number of properties purchased by first-timers rose by two per cent in August this year.

First Time Property Buyers News

Great Portland Portfolio Benefitting from London West End Property Market Resilience

2011-11-11T01:50:00.000-08:00

LONDON property developer Great Portland Estates said it is unlikely to secure a major letting to begin construction of its planned 100 Bishopsgate skyscraper in the City for at least six months.

The group has a joint venture with Canadian property firm Brookfield to build the proposed office tower in London’s financial district, but pre-lets have become harder to secure as firms remain reluctant to move due to the economic uncertainties.

Great Portland’s adjusted net asset value rose to 378p per share at the end of September, up 20 per cent from 316p a year ago.

The value of its portfolio has risen 3.9 per cent to £1.8bn since March, benefitting from the resilience in London’s West End property market in the first half of the year.

City office leasing levels were higher in the three months to the end of September but Great Portland said it expects the full year to be down on the high levels of 2010, the group said in a statement.

Street Sweepers Clear the Way as Students Protests Leave Town

2011-11-09T04:04:00.000-08:00

Within four hours of the Student protest marching through the heart of Theatreland, Westminster City Council had already cleaned up the mess.

A dozen sweepers plus a couple of vehicles followed behind the march to complete one of the quickest clear ups on record – by 5.25pm the work was done.

As the students swept through London’s streets, WCC cleaners did their work behind them, right up to the borough of the City of London before sweeping their way back.
Ed Argar, cabinet member for city management, praised his team:

“It was a fantastic effort by the whole team. But for us that is business as usual, we have showed numerous times that no matter what the event, we are determined to get our streets back to normal for our residents and businesses as quickly as possible.

“This shows Westminster’s commitment to ensuring the best for our business and our residents.”

The road sweeping team often set themselves targets and earlier this year cleared up mess from the Notting Hill carnival in record time by working throughout the night.
Pascal Hauret, Veolia's London municipal operations director, added: "We're well used to dealing with cleaning up after large scales events in Westminster, from the London Marathon to New Year's Day Parade.”

Property Beats Banking for Value to UK Economy

2011-11-01T04:37:00.000-07:00

Commercial property adds more value to the UK economy than the banking sector, according to new research.

A property data report by the Property Industry Alliance claims that in excess of £46 billion is generated by the property sector each year, equivalent to 3.5 per cent of the UK's gross domestic product (GDP).

"From providing places for people to work, shop and play through to playing a major role in funding retirement, the property sector is a crucial cog in the UK economy," Sir Robert Finch, chairman of the Property Industry Alliance, stated."In legislating the government must be mindful of this."

The UK commercial property sector employs more than 800,000 workers, with more than 500,000 employed in the construction, development and building repair alone.

The value of commercial properties rose to an estimated £516 billion last year, meaning that it is now worth the equivalent of 25 per cent of the London Stock Exchange.

The Royal Institution of Chartered Surveyors stated recently that commercial property purchases had picked up in the first half of the year but demand fell back slightly in the quarter leading up to September.

Commercial Property in London

Covent Garden to Launch World's First Digital Nativity to Celebrate Christmas 2011

2011-09-22T09:52:00.000-07:00

With a reputation for hosting some of the UK's most breathtaking festive lights, Covent Garden London will launch a world first collaboration with Martha Fiennes's SLOimage, displaying a revolving digital Modern Nativity, on November 9, and it is set to be London's most unique Christmas attraction this holiday season.

Alongside the capital's grandest tree in the iconic Piazza, The 'Nativity,' promises to be a world-class creative and technological artwork innovation, a 'digital painting,' that will present the timeless Christmas story with all its classic associations; Mary and infant child, Joseph, Magi and onlookers.

The digital painting moves through many 'states' of evolution and change, enchanting visitors as to what may happen next, who may enter or leave the picture, whether it might rain or snow, or even change to a magical night-time scene.

In addition to this breathtaking work of art and installations by United Visual Artists there will be the neighbourhood's traditional crowd-favourites including a 32 foot topiary reindeer and giant red baubles filling the glass atrium of the Market Building.

Read more: http://www.dexigner.com/news/23911#ixzz1YbgKJQFd

London House Prices Surge in September

2011-09-20T01:29:00.000-07:00

London home sellers raised asking prices by the most in seven months in September as a lack of properties for sale and investors looking for safer assets amid financial-market turmoil bolstered values, Rightmove Plc said.

Asking prices rose 2.4 percent from August, when they fell 3.4 percent, the property website said in an e-mailed report today. Separate data from Rightmove showed national home values gained 0.7 percent after a 2.1 percent decline in August.

While values are being supported by record-low interest rates, waning consumer confidence and lenders’ insistence on large deposits are preventing the housing market from gaining momentum. Demand in London has been boosted by cash-rich buyers investing in property amid European financial volatility over attempts to avert a Greek default, Rightmove said.

“London’s buoyant property market looks set for a brisk autumn as buyers chase a more limited choice of fresh properties,” Miles Shipside, commercial director of Rightmove, said in the report. “With the continuing turmoil in the financial markets, and the threat of a Greek default, we are seeing a flight to safe assets.”

National asking prices rose 1.5 percent in September from a year earlier to an average 233,139 pounds ($368,700), Rightmove said. In London, Britain’s most expensive property market, prices were up 7.2 percent on the year to 427,889 pounds.

Bloomberg

Greater London Authority to Provide 'Welcome' Training for London Olympics

2011-09-14T08:49:00.000-07:00

Ordinary workers could be trained in welcoming visitors to London during the 2012 Olympics and Paralympic Games.It could mean hotel porters or street sweepers being given time-tables of events and taught to give directions in order to provide a friendly and helpful city.

Westminster Council officers are currently investigating the possibility of street based staff taking part in the “welcome” training being rolled out by the Greater London Authority.They will also be talking to the Business Improvement Districts about where the Games Maker training might be useful for Westminster businesses.

The move is part of Westminster Council’s extensive preparations for the Games to ensure that essential services in London are maintained during the Olympics. With millions of people expected to pour into the heart of the capital during the games, Westminster Council is gearing up for an unprecedented demand on its waste, parking, transport, trading standards and licensing services.

Three Olympic events and ten road races are taking place within Westminster which is also to play host to numerous foreign dignitaries as well as the International Olympics Committee in Park Lane.

During the Games, the council said it was expecting to see a massive rise in the amount of “guerrilla advertising” and a sharp increase in the number of illegal street traders, counterfeit goods and unauthorised “Olympics” branded goods. Volunteers all have their part to play in reporting these to the council so enforcement action can be taken

London Most Desirable Destination for Property Investors

2011-09-06T02:45:00.000-07:00

England's capital city is extremely attractive to people looking for investment properties in London because it is one of the most "desirable destinations" in the world.

According to Naomi Heaton, chief executive at property industry analysts London Central Portfolio, central London's international status makes it extremely attractive to investors.

She said: "As an international hub and one of the most desirable destinations in the world, it is highly demanded by global investors and corporate tenants.

"It has outperformed all other UK asset classes including commercial property over the last 40 years and has seen capital values doubling on average every eight years since 1969."

Ms Heaton added that she sees no reason to believe this trend will not continue, as the total prohibition on development in the area means demand outweighs supply.
She also recently said that further growth in London property prices is "entirely realistic", explaining that prices should catch-up to where they would have been if the credit crunch had not happened.

London Property News

Westminster Council Public Conveniences

2011-06-21T04:16:00.000-07:00

Westminster Council is to save taxpayers more than £2million while planning to preserve public conveniences across the city.

Plans are being drawn up which will see the council’s 21 permanent sites being leased out to a private company while the council will continue to provide mobile urinals in the West End at the weekend.

It will also continue to provide 18 accessible facilities on street level.
The council will also continue to provide temporary public conveniences during Notting Hill Carnival.

Currently it costs the council £2,115,000 a year to run the 21 conventional sites even though local authorities have no statutory duty to provide public conveniences. This has led to a significant decline in the number provided nationally with the problem particularly acute in London. The capital has seen the biggest decline in the number of local-authority run public toilets – a closure rate twice that of the country as a whole.

However Westminster has bucked this trend by providing a high quality and extensive network of public conveniences throughout the city and are visited 8 million times a year. The council has previously won the “Loo of the Year” award and is a current member of the British Toilet Association’s “Champions League” for having 21 4* and 5* rated public conveniences, and the council believes these proposals will allow this provision to continue.”

Some of the toilets cost the council more than £1 a visit, and the council has had to focus its resources elsewhere.

Soho Giraffe Bar & Grill

2011-06-09T01:44:00.000-07:00

Giraffe will launch its new Bar & Grill format on Frith Street in Soho next Saturday (11 June). A host of other restaurant and pub operators including YO! Sushi, Wagamama, Capital, Young’s, Jamie’s Italian and Le Bistrot Pierre are among others announcing new opening plans this week.

Giraffe's new-look, ‘grown-up’ restaurant will have an expanded and more upmarket menu than its conventional sites, and is the first in the chain to have a Robata grill, turning out dishes including Adobo marinated steak and West Devon lamb rump. There is also a tapas-style menu with skewers and an expanded wine list with more than 36 bins by the glass.

More conventional Giraffe elements including its Bar Buddies and Feel Good offers will remain. The two-floor Giraffe Bar & Grill will also have a late opening—to midnight on Thursdays and Fridays, and 1am on Saturdays, with live music. A private room called The Red Room will cater for parties, with room for 80 guests seated or 100 standing up

Central London Residential Property Demand

2011-06-01T01:39:00.000-07:00

There is currently a strong risk of demand outweighing supply of residential property in central London.

Commercial property firm Cluttons has noted that strong competition currently exists between domestic and overseas buyers within the sector, largely fuelled by a lack of available stock.

James Hyman, partner for residential sales at the company, said many buyers have realised that price rises are set to continue for some time, so investing now is a wise move.

"Central London property has proved to be the only stable investment throughout the downturn and increasing numbers of domestic and overseas purchasers are trying to buy a stake in it," he explained.

The expert added that people thinking of putting their property up for sale are advised to do so, as they should achieve a healthy price for it under current market conditions.

Alliance Trust Savings recently said wealthy individuals should invest in commercial property in order to build a significant pension pot.

West End Residential Parking Proposals

2011-05-16T11:19:00.000-07:00

The proposals address a number of complex issues including managing the traffic demands of the West End, improving the availability of resident and visitor parking, improving loading and waiting facilities and a review of green transportation initiatives, such as electric charging point bays and car club provision.

Charging a higher rate for second or third resident parking permits is one of the options on the table, and follows feedback from 70% of those surveyed who said they either ‘strongly agree’ or ‘agree’ that there was a case for charging a higher amount for a second residents’ permit per household.

Residents’ parking bays could also be subject to 24-hour, seven day a week controls. This comes after calls from residents that large numbers of visitors to particularly busy parts of Westminster were making it increasingly difficult to park in a residents’ bays in the evening.

In addition, the council will consult on extending the ‘hours of control’ in the evenings and at weekends in parts of the city such as the West End following research that showed occupancy rates for some paid for parking spaces on weekends was above the ‘threshold limit’ of 80% and exceeded the ‘stress limit’ of 70% on weekday evenings.

The draft policies are based on findings of a major council review of parking provision across the city that has included a public survey on parking priorities, traffic counts on key Westminster roads, and a study of how, when and where parking spaces across the city are used.

West End Office Space Will Reach Peak in 2014

2011-05-09T05:31:00.000-07:00

After a strong rebound in take-up and rents in 2010, the Central London office market slowed in early 2011 but CB Richard Ellis (CBRE) believes the cyclical recovery will continue with availability falling and rents rising over the next two to three years.

Speaking at CBRE’s Central London Market Insight seminar today, Peter Damesick, EMEA Chief Economist, said: “The key driver will be the supply squeeze in Grade A offices with completions of new space falling to a historic low in 2012.”

Damesick noted that:

•Identified requirements for Central London offices were 10 per cent higher, at 11 million sq ft, in March 2011 than a year earlier.
•A high level of lease expiries will occur in the next few years.

Damesick commented that: “The economic background to the market is challenging in the short term, with headwinds from UK fiscal austerity, higher oil prices and the Eurozone debt crisis. However, the prospects for Central London hinge on its role as a global financial centre and are much more geared to trends in world investment and trade than to the UK domestic outlook.”

Peter Damesick said: “Despite concerns over higher tax and tighter regulation, London retains very powerful competitive advantages as a global financial centre. We expect job growth in its financial and business services over the medium term linked to this enduring global city role.”

CB Richard Ellis’ forecasts for both City and West End markets show prime office rents reaching a peak in 2014 when they will meet increased supply from the new development cycle now getting underway.

Leicester Square Property Development Scheme in Receivership

2011-05-06T02:58:00.000-07:00

A development scheme on Leicester Square once valued at £200m has been placed into receivership by Ireland’s National Asset Management Agency.

It is a sign that NAMA is becoming more active in taking control of sites where it sees the potential for value to be increased but is unwilling to back existing management Last Tuesday NAMA appointed Allsop’s Jon Gershinson and Simon Davidson as fixed-charge receivers to the freehold of the Odeon Cinema West End site at Leicester Square Chambers and Leicester Square Theatre, 33 Orange Street and 7 St Martin’s Street.

The Odeon Cinema West End scheme houses the smaller of the two Odeon cinemas on Leicester Square, as well as offices. It was owned by a consortium of three Irish entrepreneurs – former Ireland rugby manager Pat Whelan, Pat Chesser and Paul Hanby.

In 2008 the 200,000 sq ft site was granted planning permission for a Make-designed redevelopment that comprised a 245-bed four-star hotel, 33 flats, four restaurants and a two-screen Odeon cinema.

The site was bounded by Leicester Square, Panton Street, Whitcomb Street, Orange Street and St Martin’s Street, and cost the owners £58m to assemble. Its value on completion was estimated to be £200m.

Covent Garden Local Services

2011-04-29T08:27:00.000-07:00

When moving into an area there are a number of local services you need to know about. Below you can access local authority information and services; we have chosen the most frequently asked information. Just put in your postcode and find out information on;

Bin Collection, Council Tax, Parking Permits, Recycling centres,Electoral roll registration, School and Term Dates and your local councillor for your new area.

London Property News