The value of proximity
Properties situated close to certain luxury amenities have been found to have a higher value, and the area surrounding VI Castle Lane has plenty to offer.
House prices in London are notoriously disparate among different areas. This is particularly the case for properties that are more central or that sit in historically affluent neighbourhoods. For this reason, according to Zoopla, the current average value of properties in Belgravia sits at £3,711,924 compared to £312,666 in Peckham – the two areas being less than 5 miles apart yet having over ten times the price difference.
However, even within the same area, house prices can still vary considerably. The average price of a property in Westminster, for example, is £1.68 million, but it is not uncommon for similar properties in the borough to fetch around £3.5 million.
The price of proximity
What causes this difference in value within a single area? It may be that there is a particular road or enclave in the area that has a certain prestige tied to its address. Perhaps parts of the area have a prevalence of period properties, which often fetch more than those built over the last few decades. Or it could be that some of the properties in question have particularly impressive interiors or other notable features.
Another factor that inevitably affects the value of a property is its proximity to certain amenities. Properties that are nearby to prestigious attractions and luxury resources including museums, universities, top restaurants, theatres, hotels, renown department stores and retail venues can fetch higher prices than those in a similar area but that aren’t as close.
Indeed, recent research published by CBRE shows that living close to these amenities can increase the price of a central London property by around 50%. This proximity therefore not only makes these properties more desirable to live in but also a reliable investment.
So, what’s on the market right now for those who are looking for a property with this enduring premium?
Amenities at every turn
Enter VI Castle Lane, a new luxury development in Victoria with an enviable proximity to a large number of fantastic amenities.
The properties are mere minutes away from Buckingham Palace, one of the most famous heritage sites in the world, accompanied by The Royal Mews. A short walk to the south sits the prestigious Goring Hotel – the only hotel in the world to have been granted a royal warrant and the place where Kate Middleton spent the night before her wedding to Prince William.
The development is also lucky enough to be a short distance from two Michelin-star restaurants. The Dining Room at The Goring offers sophisticated interpretations of classic British dishes and South Indian restaurant Quilon is only two minutes from the development’s doorstep
Two of London’s biggest theatres, playing two of the West End’s most popular shows, are both within 5 minutes’ walk from Castle Lane. The Apollo Victoria has been hosting the hit international musical ‘Wicked’ for the last 11 years whilst the Victoria Palace Theatre, having previously hosted ‘Billy Elliot the Musical’ until 2016, is now home to the instant Broadway sensation ‘Hamilton’, which opened late last year.
On top of this, the development is surrounded by an array of shops in and around the glassy heights of Cardinal Place mall and Victoria Street. These include a host of high-end and well-loved brands such as House of Fraser, M&S, Jo Malone, Hugo Boss, as well as many great restaurants.
Not only is the development in the midst of all these amenities, but it’s less than 10 minutes’ walk from the Victoria transport hub which has London-wide and national connections by tube, national rail, and coach. Inside, the properties themselves certainly live up to this premium. All boast luxury interiors finished to the highest standards and residents benefit from a dedicated 24-hour concierge service.
So, if you’re looking to invest in a property that’s at the heart of great amenities that’ll prove a lasting investment, book a viewing at VI Castle Lane – and why not stop by The Dining Room at The Goring whilst you’re nearby?
VI Castle Lane has just opened new one, two and three bedroom show apartments; contact Strutt & Parker (020 7318 4677) or Knight Frank (020 3826 0673) to arrange a viewing. Alternatively, view the development and register your interest at vicastlelane.com
Prices range from £1.2 million to £3.5 million