RENTAL VALUES RISE AS IN-VOGUE MARYLEBONE BECOMES PRIME CENTRAL LONDON’S RESIDENTIAL HOTSPOT
In the not so distant past, Marylebone was seen as the less desirable relative of its coveted prime central neighbours Mayfair, Knightsbridge, Belgravia and Chelsea, with rental values on average 40% cheaper. However, Pastor Real Estate report that Marylebone is enjoying a strong revival as increased demand and a number of new luxury developments and boutique restaurants have seen rental values achieve 14 months of consistent growth.
Coveted by prime property purchasers, location is everything and Marylebone provides one of prime central London’s best connected areas. Neighbouring Mayfair to the south, Fitzrovia to the east, St. John’s Wood to the north and Paddington to the West, as well as being within walking distance to Regent’s Park, Oxford Street and Hyde Park, Marylebone has London’s finest areas on its doorstep, whilst retaining a tranquility of peace and privacy within its pockets of terraced streets.
Using residential data and local market knowledge Pastor Real Estate report that rental values in Marylebone have increased by 11% in the previous 12-months, whilst achieving gross yields of 3%. Given these factors, it’s no surprise that there’s a healthy market for luxury apartments in Marylebone, of the nearly 90 schemes currently in the development pipeline in Prime Central London, 48% are set to complete in Marylebone.
According to Zoopla, the current average asking price for property in Marylebone is£2,274,270, with the number of properties for sale being around 550. For rental properties, the average monthly rental price is £3,981, with nearly three thousand properties available.
Susan Cohen, Head of Sales and Lettings at Pastor Real Estate, commented: “Marylebone has had a renaissance of late, as chic luxury restaurants such as Chiltern Firehouse have seen global celebrities and dignitaries frequent the area, which in turn has attracted a host of people that want to live amidst the hub of activity.
“Where Chiltern Firehouse has certainly played its part in the increase in rental values in Marylebone, the rise is also down to the number of high-end schemes in the pipeline, such as The Chilterns, that will inevitably attract a number of high-profile buyers. The area itself is also incredibly well-connected, within walking distance to Oxford Street and Hyde Park, the Jubilee Line service from Baker Street station can take residents to Canary Wharf in under 20 minutes.”
Chiltern Street, just a few hundred yards from Baker Street station, is now challenging Mayfair’s Mount Street as being one of London’s most fashionable thoroughfares. Home to the now well-established Chiltern Firehouse, which exclusively hosted the Tom Ford London Collections launch event in January 2015, plus fashionable shops such as Cire Trudon, as well as boutique cafes and art houses, the street is a regular haunt of London’s fashionable set.
Making Marylebone even more tempting for wealthy residents is the fact that it contains several excellent Primary and independent Secondary schools, as well as two schools for performing arts. The University of Westminster and Regent’s College are also based in the area, bringing with them families and relatives that prefer to stay close to visiting pupils. But it’s not just families who are being drawn to Marylebone. It’s increasingly popular with city-based professionals in the financial and legal sectors choosing high-spec apartments with lateral layouts, looking to take advantage of the Jubilee Line connection.
A further appeal for families is the bustling Marylebone High Street, which offers a true village atmosphere, with it’s plaza of classic independent and well-known outlets. Most notably, The High Street is home to the renowned Daunt Books an original Edwardian bookshop with long oak galleries and graceful skylights, popular with pupils and academics that frequent the numerous schools in the area. The village ambience along Marylebone High Street has long been attractive to families that reside in the area and also those who come from other regions of the city.
Appealing to both national and international residents, Marylebone provides an array of classic mansion blocks, benefitting from concierge services and underground parking as well as some wonderfully elegant private homes, some set around pristine garden squares, including Bryanston Square, Montagu Square and Portman Square.
As with the growing trend in Mayfair, Knightsbridge and Belgravia, new-build properties in Marylebone are (growing) increasing in size. Recently revealed in the latest Pastor Real Estate development report, within all schemes at the application stage in these boroughs, there is at least one two-bedroom unit, with 71% of schemes featuring at least one three-bedroom unit.
The size of apartments is also growing (as well), with the average size of a studio apartment at application stage measuring 763 sq. ft. compared to 543 sq. ft. under construction, providing more space for residents looking to raise a family in prime central London.
Pastor Real Estate has a number of properties on the market in Marylebone available to let, including a well-presented one-bedroom apartment on Paddington Street, comprising; reception room, fully fitted open plan kitchen and dining area, large double bedroom with built in storage and luxury modern bathroom. The apartment, with wood flooring throughout is available to let at £525 per week.
Also available to let on Paddington Street at £1350 per week is a recently refurbished four bedroom apartmentfeaturing architectural design elements throughout. Arranged over two floors this loft style apartment benefits from an open plan reception room with fully fitted high specification kitchen, a large master suite with walk-in dressing area and a luxurious master bathroom. On the top floor there are three further double bedrooms and two further bathrooms, one of which is en suite.
Available exclusively through Pastor Real Estate is a selection of homes currently available to let within a smart development on Marylebone Lane, which leads directly onto Oxford Street. Pastor Real Estate is the sole agent for 23 properties within the development, with each expertly interior designed providing sleek modern interiors.
At present, four apartments are on the market; one unique 631 sq. ft. studio apartment, available to let at £475 per week with a large private terrace and a one-bedroom apartment extending to 505 sq. ft., available at £550 per week. The remaining two apartments include one two-bedroom 883 sq. ft. home available to let at £825 per week, as well as a 972 sq. ft. two-bedroom apartment available at £875 per week.
Each apartment has comfort cooling/heating, wood flooring to the hallways and reception areas, with carpets to the bedrooms. The kitchens are well equipped and each home has a fully fitted separate kitchen and spacious terraces.
In popular Blandford Street, just off Marylebone High Street is a luxurious modern development of apartments with private underground parking, which is a major bonus for central London. Pastor are offering for rental a stunning interior designed two bedroom apartment at £925 per week, extending to 874 sq ft, on the third floor of the development comprising, hallway, spacious reception room with high tech open plan kitchen, master bedroom with built in storage and en-suite bathroom, double bedroom and bathroom. Other benefits include comfort cooling, wood flooring to reception and hallway, fully tiled bathrooms and concierge service.
For further information on properties available through Pastor Real Estate, or to book a viewing, contact 020 3195 9595, visit: www.pastor-realestate.com or visit the team at: 48 Curzon Street, Mayfair, London, W1J 7UL.