Written on 3 September 2018 by Giles Cook in News
Victoria has always had the transport links and the central city location, but it’s tended to lack a sense of community, made more acute by the dominance of the local train, tube, and bus stations and its reputation as being, first and foremost, a major intersection for commuters and travelling tourists.
While blighted by some dreary 20th Century buildings, and overshadowed by the stunning classical architecture easily encountered in the neighbouring districts of Belgravia, Westminster, and Pimlico, Victoria is often regarded as a place to travel through rather than a destination in its own right. But that is all changing.
Victoria is a neighbourhood frequently pegged as being ‘ripe for redevelopment’, and redevelopment has come to Victoria, transforming its streetscape and its fortunes.
New residential developments
Victoria Street, which links the area of Victoria with that of Westminster, has been transformed in recent years. New residential developments such as Abell & Cleland, Kings Gate London SW1, Nova, and 55VS have sprung up, with 55VS being modelled on the ‘New York style loft apartment’. This collection of upmarket apartment buildings has revitalised Victoria, bringing property buyers to the area and creating new local communities. These new apartments have typically proved popular with overseas investors, young professionals, and affluent families.
Victoria’s new residential housing stock stands in contrast to the type of property typically on offer in Westminster, where Georgian, Queen Anne, and Victorian architecture takes a front seat.
What else is new?
Shiny apartments are not the only new thing in Victoria. Shops, restaurants, amenities, and businesses have opened their doors, including a Curzon cinema, which opened in Victoria in 2014.
The Nova Building, a mixed-use development, boasts Nova Food, a destination which brings together a host of exciting new eateries. Consisting of 17 restaurants, whether you want to dine indoors, eat al fresco, or enjoy a casual or fine dining experience, Nova Food caters to every culinary taste.
Another exciting new addition to Victoria is Market Hall Victoria. This summer, a three-story market hall is set to open in Victoria’s Terminus Place, offering bars, food markets and places to eat, sit, and socialise.
Regeneration work at London Victoria Station is also ongoing, with the aim to improve access and reduce congestion at peak times. After London Waterloo, London Victoria is the capital’s second busiest station, so efforts to modernise the station helps to boost the appeal of the area as a residential destination. The modernisation project is due to be completed in Autumn 2018.
Victoria is enviably situated close to three of London’s eight Royal Parks: Green Park, Hyde Park, and St James’s Park. It is surrounded by some of the capital’s most notable landmarks, including Westminster Cathedral and Buckingham Palace, and hosts a variety of cultural (including the Apollo Victoria Theatre) and leisure facilities. Its central location in the City of Westminster has always worked in Victoria’s favour, and all the district needed to make it an attractive residential destination was modernisation, regeneration, and the construction of new homes, all of which are happening.
Should you invest in Victoria?
The answer is ‘yes’, but we do encourage caution when choosing what type of property or residential development to invest in. Regeneration has put Victoria on a better footing, and it is quickly gaining a reputation as a central location which offers comparative good value to home buyers and property investors. Perhaps unlike other parts of prime London, property in Victoria has the potential for capital growth, and you’re likely to get more for your money than in Mayfair or Knightsbridge, for example.
Transport links in Victoria, though already excellent, are improving further with the modernisation of London Victoria Station, while Victoria is also on the proposed Crossrail 2 line.
Victoria’s landscape will continue to change over the next five years or more, as regeneration work carries on, so those looking to invest in property in Victoria now should benefit from ongoing redevelopment in the area.
As estate agents in Victoria, if you’re looking to buy property in Victoria please get in touch. Or to find out more about the Victoria area, please see our Victoria Area Guide.