Fitzrovia Transforming the heart of London Fitzrovia 2–3 Transforming midtown

Fitzrovia, London

Between the refinement of Spanning across the London Borough of estate. This brought in luxury retail, Fitzrovia’s appeal is diverse. Being close to project, and Tottenham Court Road and Street development, a combined office, retail Marylebone, the energy of Soho Camden and the City of Westminster, residential and leisure brands, as well as the West End and to universities, it attracts Bond Street tube, as well as to the tech hubs and residential scheme which will bring over Fitzrovia takes its name from the Fitzroy aspirational commercial tenants. It has artists and actors, students and academics, in the West End and King’s Cross has made 330,000 sq ft of floor space and 22 private and the Bohemian feel of Tavern located on Charlotte Street. attracted new hotels and restaurants and has but it is also located close to some of it the focus of residential, office and hotel apartments for sale at Asta House. In Bloomsbury lies the charming Fitzrovia is a district with a distinct character contributed to strong house price growth. It London’s premier shopping and tourist areas. development, and there is more investment addition to office and residential stock, a new literary district of Fitzrovia. and a mixture of residential, business, exemplifies how the consideration of a wide Estee Lauder have based their London to come. There are ten schemes with hotel is coming to Fitzrovia. In December education and culture. range of real estate uses benefits an area headquarters in Fitzrovia, the stock of four planning permission forecast to deliver over 2019 a new boutique 5 star hotel will open at Within walking distance of and has a positive impact on property prices. and five star hotels has increased and 100 new dwellings. There are currently 17 52 Newman Street, bringing Fitzrovia’s stock London’s theatre district, Centrally located in zone 1, Fitzrovia benefits In 2014, the office space there commanded a new office space has become available. office development schemes which will bring of 4-5 star hotels to 15. boutique and department stores from excellent transport links. Within the significant premium, with floorspace renting Fitzrovia’s proximity to Euston Station, the over 700,000 sq ft of office space. Amongst and some of the world’s most district and the surrounding areas are seven at £80/sq ft, a 14% premium against local London terminus of the HS2 high speed rail them is Derwent London’s 80 Charlotte tube stations with connections to eight prime office rents. prestigious universities, Underground and TfL Overground lines Fitzrovia is a hidden gem in the putting the whole of London within easy reach. Accessibility will be further enhanced heart of the West End. Average travel times (minutes) by with the opening of the Elizabeth Line Price premium for a scheme with (Crossrail) which will significantly cut travel effective placemaking Warren Euston times to Heathrow, the busiest airport in Great Street Square Portland Great Portland Street 10 – 4 Regent’s Europe, and to London’s financial hub at Street Canary Wharf. 10% Warren Street 6 4 7 Park Euston Square 13 – 8 Fitzrovia’s unique mix of Georgian and Goodge Street 3 – 3 Edwardian townhouses, mews and modernist buildings are presided over by CBRE Research shows that when Tottenham Court Road 10 – 5 the BT Tower, an example of 1960s placemaking alters the public image of a Oxford Circus 13 – 6 Modernism and one of the tallest towers in location, the result is dramatic. Restoring Regents Park 12 – 6 Goodge the UK. During the 20th Century Fitzrovia a historic identity to a place or creating an Street was influenced by three architectural image that enhances the tenant profile, Marylebone 29 14 12 movements which increased the district’s or both, are key outcomes supported Euston 9 14 13 attractiveness. Among these are two Grade II by the input of local stakeholders through Charing Cross 23 19 17 listed examples of the Art Deco period, BBC public consultation. The development St Pancras 25 16 17 Broadcasting House and University of of the area has added to the distinct Tottenham Court Bond City Airport – 49 58 Road London’s Senate House. local character and this placemaking has Street Oxford enhanced Fitzrovia as a destination. Heathrow Airport – 22 56 Circus Fitzrovia has benefitted in recent years from In the last ten years, the area has acquired Gatwick Airport – 49 105 the development of Fitzroy Place, a new hotels and restaurants including three prestigious office, residential and retail Michelin starred restaurants. Walking Public Transport Driving

10 years in the life of Fitzrovia

Population Households Rental Owner Average Average rent Grade A Grade A office Grade A flexible 4/5 star hotels 4/5 star hotel Average Average salary households occupiers house price (Westminster) office rents space (sq ft) space (sq ft) bedrooms retail rent (Westminster)

2008 14,495 6,523 1,681 3,132 £558,741 £2,328 57 62,714 0 13 1,806 575 38,600

% increase 26% 7% 4% 18% 181% 87% 28% 265% -- 8% 5% 65% 16%

2018 18,322 6,963 1,744 3,689 £1,570,953 £4,362 73 229,000 92,646 14 1,904 950 44,700 Fitzrovia 4–5 Transforming midtown

Fitzrovia lifestyle

From Fitzrovia’s central Study and Learning Research, innovation and tech sectors Museums and culture Shopping and dining Average travel times (minutes) position, every element of In total, London boasts 40 institutions of Student experience and graduate London is home to many of the world’s ‘When a man is tired of London, he is tired of London life within easy reach. higher learning, including specialised and opportunities in London are further enhanced best museums and galleries. The British life, for there is in London all that life can private universities. Of these, 10 form part of by the city’s research and technical sectors. Museum, Tate Modern, National Gallery and afford’. So said Samuel Johnson in 1777, Whether it is education, Covent Garden 22 – 12 employment and innovation, the University of London group and three are London’s tech hubs at Silicon Roundabout in Natural History Museum are amongst the and it is no less true today. From the in the top 10 universities in the UK and two East London (14 mins) and King’s Cross most visited institutions in the world. boutiques and department stores of Oxford Street 15 14 9 museums and culture, or are in the top 10 universities in the world. (4 mins) are leaders in the UK and Museums near Fitzrovia include the British Fitzrovia’s southern boundary, Oxford Street, Harrods 47 26 18 shopping and dining, London has an extraordinarily cosmopolitan international digital revolution, while research Museum, one of the most popular academic Bond Street, Covent Garden and Royal Albert Hall 53 41 20 student population, and over 33% of institutes such as the Francis Crick Institute and tourist destinations in London and home Knightsbridge and the shopping malls at everything is within walking Palace Theatre 13 9 14 distance. students come from outside the UK. for biomedical research (15 mins) and the to over 8 million artefacts, Pollock’s Toy Stratford and Westfield, it can be argued that In 2015-2016, almost 372,000 students Institute for Cancer Research (20 mins) are Museum and the British Library. Fitzrovia’s if something cannot be found in a London Theatre Royal 22 13 11 chose to study in London. amongst the leading medical research unique culture and history is celebrated in shop, it doesn’t exist. centres in the world. the annual ‘Fitzrovia Festival’. Walking Public Transport Driving Many of London’s premier universities are London is one of the world’s great within a short distance of Fitzrovia. King’s Average travel times (minutes) Over 15 million people a year attend the multicultural cities, noted not just for the wide College London and London School of theatre in London, and London’s West End is range of cuisines but also the sheer number Economics, which counts 33 and 18 Nobel considered to be the heart of theatreland. of award winning restaurants and bars. laureates respectively among its prestigious From the smallest arthouse theatre to palatial London boasts 71 Michelin starred alumni, is 20 minutes’ travel from Fitzrovia, City University 38 38 19 West End venues and modern arenas, restaurants, and of these, three are located while UCL and SOAS are less than 10 London has a diverse and exciting music and within the Fitzrovia district. minutes’ walk. Guildhall School of Music 47 31 26 theatre scene.

School of Oriental and 9 – 6 African Studies

University College 8 – 7

London School of 26 33 15 Economics Regents Museums Park Euston Square Warren Street Green space King’s College 29 32 17 Gordon Park Square UCL Square Bars Great Restaurants Imperial College 54 36 20 Portland Street Learning Regent’s Park Honey & Co SOAS Theatres Walking Public Transport Driving University of Shopping London Hotels London Universities in numbers:

Birkbeck, Russell Square University of Whitfield London Gardens

Kitchen Table at Bubbledogs Goodge Street Portland The British Attendant Bedford 372,000 30,000+ 40+ 100,000+ 192 Pied à Terre Crabtree Museum Bloomsbury Fields Square students in London universities Barrica Square courses are offered at international students museums and Garden Roka The Ninth institutions in London from 200 countries art galleries Mac and Wild Bourne & The Cartoon Hollingsworth The Langham Waeska The Ivy Café Museum Hakkasan Dominion Cavendish University of Sanderson Berners Tavern Genuine Square Gardens Westminster London Theatre Liquorette The Shaftesbury London College 100 Club Theatre St Christopher’s of Fashion Tottenham Court Road £500m 28% 150m 3 70+ Place Oxford Circus in research income increase in items in the British library of the top 40 Nobel Prize recipients The London Soho Square international students across 625km of shelves world universities studied in London Selfridges Palladium Gardens Bond Street since 2008 and is visited by 16,000 Liberty people per day Fitzrovia 6–7 Transforming midtown

Housing market

House price growth in Fitzrovia Much of Fitzrovia’s housing stock are flats been shown to contribute to an uplift in Price premium for living close to amenities has been boosted by the increasing and apartments, constituting 95% of the property prices. For example, universities market. Many of these apartments are in the show a 25% premium, while retail contributes house prices of Prime Central Georgian townhouses for which the area is to a 49% premium. London, in particular prices in famous. Terraced houses make up just 4% of Mayfair and St James’s. It has residential buildings and many of these are The attraction of Fitzrovia and its relative to be found in the mews style houses affordability compared to other districts in been further strengthened by developed in the 19th century. Prime Central London has led to increased boutique residential and residential construction and development. commercial developments. Over the past five years, house prices in There are currently 10 schemes with Fitzrovia’s central location Fitzrovia have grown by 57% increasing from planning permission set to deliver 102 units. 72% 25% 37% 49% 85% £985,928 in 2013 to £1,562,665 in 2018. In addition, there are currently six schemes Restaurants Universities Theatres Retail Hotels between commercial, retail and Just as house prices have grown in Fitzrovia, under construction in Fitzrovia which will academic hubs has made this new build properties have grown in deliver approximately 213 units to the area. area attractive to both owner popularity and desirability. In 2016/17 new Across the City of Westminster, there are build properties attracted an average 15% 130 schemes (3,324 units) with planning occupiers and renters. premium. Over the next five years, London’s permission and 80 schemes (3,647 units) average house prices are forecast to grow under construction. by approximately 10.5%. According to latest estimates, 51% of Property prices in Fitzrovia are enhanced by Fitzrovia’s households are private renters. the district’s unique amenity offer, with This is forecast to rise to 54% over the next shopping, universities, hotels and restaurants five years. Of these, 31% (1,905) earn over are all in close proximity. CBRE Research £100,000. Over the next five years, rents in has shown that properties in central London London are forecast to grow by 18.5%. close to world class amenities achieve a 52% Camden is forecast to achieve growth of price premium. Fitzrovia’s location puts 22.3%, while the City of Westminster is £1.5m hotels, universities, museums and high-end forecast to grow by about 15.5%. average house price retail in close proximity and all of these have

Five year apartment price growth

90

18.5% 80 rental growth forecast for 70 London between 2019-2023

60

50 Price growth %

40

57% 30 growth since 2013 20

10

0 15% St James’s Westminster Camden Mayfair Fitzrovia Soho Marylebone new build premium Five year apartment price growth Contact: Jennet Siebrits James Burrows Head of Residential Research Director +44 20 7182 2066 +44 20 7420 3054 [email protected] [email protected]

David Chapman Samuel Aston Analyst Associate Director +44 20 7182 8047 +44 20 7420 3049 [email protected] [email protected]

Sources: CBRE Research, Land Registry, Experian, Higher Education Statistics Agency, Universities UK, British Library, QS World University Rankings, Transport for London, Molior, Society of London Theatre, Association of Leading Visitor Attractions

Disclaimer 2019 CBRE CBRE Limited confirms that information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE. Images provided are computer generated. All travel times taken from TFL. © 2019 CBRE Ltd.