It’s bargain time for Square Mile renters
WITH prices still slightly down from their 2008 heights, now is the time to get into the London rental market if you or your company are looking for non-permanent living space in the capital. Traditionally, demand grows as the summer wears on and with the property market picking up, prices are only going to go one way.
Anyone looking to live close to the City can find great value modern apartments in the busy environs of Liverpool Street. The area is full of plush developments that offer City workers big windows, wooden floors and smart, modern furnishings for a very reasonable £350-£450 per week. And Charles Dowson of Square Mile Property Management admits that despite recovering from the 20 per cent discounted lows of 2009, “we’re still a good 10 per cent down on 2008”.
Similarly high-spec newly built apartments are also available further south towards Aldgate and the Docklands. If you’re lucky, Aldgate offers the opportunity to find something with stunning views over the City or extensive roof terraces. Here and in Wapping some of the most appealing spaces are in converted old brick warehouses with features like exposed beams and old-fashioned cranes on the outside.
For a more traditional rental, City workers should look to Mayfair and Marylebone,
where the prices are higher but the properties tend more towards grandiose detached houses going for anything from £1,000 to £15,000 per week . As such, the rental clientele tends to include more foreign executives and managers on corporate postings to the UK, many with their families. The discounts are also not as great as in other areas, with prices down only about 5 per cent on 2008. For that, though, you should expect something truly impressive such as a traditional Mayfair mansion or large serviced apartment. Some of these even have jacuzzis and walk-in wardrobes.
HIGH DEMAND
For any outside space, expect to pay a hefty premium ranging from 20 to 25 per cent. The only exception to this is in new-build developments such as those found around the Aldgate area, some of which have very small balconies built across massive windows. Some of the highest-end rentals to the west of the City also offer 24-hour porters, gyms and spas for which you might have to pay an extra 20 per cent. As ever with London rentals, council tax and utilities are not included, a factor to bear in mind if you’re looking at an old-fashioned and energy-inefficient warehouse pad.
Either way, you should move soon. As Robert Burwood of estate agent Hudsons says: “Competition for rental property becomes very, very high in the summer and anyone looking to rent during that period would be advised to get on with it now.” Find a place soon and you can lock in a discounted rental for the next year.
CINNABAR WHARF
£1,500 per week
This stunning split-level three-bedroom three-bathroom penthouse apartment is set on the top two floors of a modern 24-hour portered development. The property boasts river views from the balcony and double-height floor-to-ceiling windows in open plan reception room. The apartment has a outside space directly on to the river and also to the back of the building. Located on Wapping high street, it’s a short walk to Wapping and Tower Hill underground stations, St Katharine’s Dock and Tower Bridge. Available furnished or unfurnished.
Contact: Knight Frank, tel: 020 7480 6848, www.knightfrank.com
HERTFORD STREET
£3,500 per week
This sumptuous and spacious interior-designed apartment on the ground and lower-ground floor of a smart period building has its own grand street entrance. Close to Hyde Park and Mayfair, the two-bedroom property features wood flooring, high ceilings and a decked terrace. Forming part of a five-star Park Lane hotel, the apartment gives you use of the gym, spa, room service, resident members’ bar, five-days-a-week cleaning and free wi-fi. Utilities, satellite TV and council tax are also included.
Contact: Chesterton Humberts, tel: 020 7235 3530
DAVIES STREET
£2,000 per week
A wonderfully large top-floor apartment in this five-story, period mansion block, situated in highly fashionable Davies Street, Mayfair, moments from Berkeley Square. The apartment has a wonderful quality of light throughout, particularly in the large reception room with its massive windows and ample dining space. There are three fully carpeted double bedrooms and three modern bathrooms (two en-suite) and the block is served by a lift and porter.
Contact: BR Lets, tel: 020 7402 9866, www.brlets.co.uk
WEST INDIA QUAY
Price: £2.75m
This stunning two-bedroom, two-bathroom duplex apartment is situated in a stylish development close to West India Quay DLR station – just four stops from Bank and one from Canary Wharf. The property boasts amazing views of the Olympic site, O2 arena, the dock and side-views of Canary Wharf through the floor to ceiling windows. The apartment is beautifully decorated with pale wooden floors, modern furniture and white walls to complement the light, airy feel.
Contact: Chesterton Humberts, tel: 020 3040 8600