10 minutes from Sloane Square at a fraction of the price
Chelsea and Belgravia are the epitome of the prime London affluent address. Chelsea boasts an abundance of boutique shops, chic restaurants and galleries on the famed King’s Road: from the luxury alfresco restaurant Ivy Chelsea Garden to Neal’s Yard, a luxury spa shop specialising in organic beauty treatment and aromatherapy, to the world-famous Saatchi Gallery. Meanwhile, neighbouring Belgravia is home to some of the most expensive addresses in London, largely due to the Eaton Square,-Grosvenor Crescent-Chester Square triumvirate. Adjoining the two neighbourhoods is Sloane street, culminating at the iconic Sloane Square, whose long-standing masthead has been the Peter Jones, John Lewis’s premier flagship store.
However, with such celebrity comes high demand which, in turn, has driven up prices. Average prices per square foot in the Chelsea and Belgravia are £2,000 and £2,300 per square foot respectively, according to recent Savills research. These figures are some of the highest in Prime London.
Bear in mind, moreover, that this is a figure that takes into account a very broad sample of homes (such as tiny studio apartments and dilapidated Victorian terraces). The average price for spacious, good quality property in the area is likely to be far higher – perhaps as high as double Savills’ estimate.
Yet, despite the hefty price tag, it’s interesting to note the two areas are not particularly well connected to anywhere outside of the West End, with the Circle and District lines being the main arteries (neither of which are 24-hour).
So if Chelsea and Belgravia aren’t looking practical, you could very well opt for Victoria: an area that’s better connected and represents far greater value for money, whilst still being close to all that the gilded crescent of Chelsea-Belgravia has to offer. Victoria has access to three tube links via Victoria Station transport hub, as well as a vast number of national rail links including airport connections. All this whilst being a mere 15 minute walk from Sloane Square.
If this sounds attractive, then VI Castle Lane could be for you. The fantastic new development comprises 28 apartments and 3 townhouses, comes complete with a 24-hour concierge service, underground parking, and is located on one of Victoria’s most premier roads (the eponymously-named Castle Lane is a stone’s throw away from Buckingham Palace and Victoria Station).
At VI Castle Lane, you won’t compromise on the quality you’re accustomed to seeing in parts of Chelsea either. With interiors designed by Cocovara, one of Europe’s leading luxury design firms, standards are high, with oak flooring and luxury carpet in the living areas, alongside marble finishing in all the bathrooms. Residents will also benefit from superb views of SW1, thanks to the specially crafted full-length curved glass that adorns the development, offering panoramas that are simply unrivalled on Castle Lane and its surrounding streets.
For a place like this by Grosvenor Crescent or Sloane Square, you’d be lucky to get any unit for below £4 million. However, at VI Castle Lane prices start at £825,000 for a 537 sq. ft. – that’s £1,536 per sq. ft., well below the equivalent prices per square foot for Chelsea or Belgravia.
At the same time, the investment-conscious are unlikely to lose out on potential returns by choosing this area. The rate of property value increase is the same in Victoria as in Chelsea, both areas having seen an average increase of around 4% in the last year, according to Zoopla.
With all these advantages, VI Castle Lane is perfect for professionals with working lives who want a practical development with a luxury finish and that faces some of the best parts of the west end.
VI Castle Lane’s show apartment is now open; contact Strutt & Parker (020 7318 4677) to arrange a viewing. Alternatively, view the development at www.vicastlelane.com