Victoria is bang in the heart of London and shares its SW1 postcode with Buckingham Palace, Big Ben, Belgravia and parts of Knightsbridge. Yet, despite being next door to some of the country’s primest properties, it’s rarely regarded as a prime residential area.
Before the middle of the 19th century, Victoria was run-down. It was gentrified to some extent when Victoria Street was built and slums were replaced with substantial buildings. Victoria station opened in 1860 and today is a major transport interchange for buses, Tubes and long-distance coaches – via the nearby coach depot – as well as trains. Currently being upgraded, it’s in Zone 1 and an annual Travelcard costs £1,256 from January 19.
Architecturally, Victoria’s most unusual building is Westminster Cathedral, the country’s largest Roman Catholic church. Although it dates from 1895, it’s a far cry from your everyday late-Victorian place of worship, modelled on a Byzantine basilica and brick-built with bands of contrasting Portland stone, turrets, domes and with a marble and mosaic interior.
Tucked behind the cathedral you’ll find elegant mansion blocks, popular with politicians and senior civil servants due to their proximity to Westminster and Whitehall. The cost of a compact one-bedroom flat is around £550,000, or from £345 a week to rent.
Victoria’s property portfolio is expanding rapidly as the area undergoes a huge makeover. Land Securities, Britain’s largest commercial property company, is
instrumental in its transformation into a vibrant and desirable district, having invested £2.2billion in refurbishing existing buildings and constructing new ones to house offices, shops, restaurants – and, of course, people.
The Nova Building on Buckingham Palace Road forms part of Nova, Victoria, a mixed-use scheme of five landmark buildings. Some 170 studio, one, two and three-bedroom ultra-modern apartments and penthouses are due for completion in 2016 and will offer amenities including concierge services, a rooftop garden overlooking Buckingham Palace, a private cinema and gym. Apartments in the first phase, launched later this month, start at £625,000.
Further flats are available at Kings Gate, one of two new buildings on the site of the former Westminster City Council town hall. Alongside it, the Zig Zag Building – so-called due to its undulating shape – provides office space.
Both will be finished in spring 2015. Land Securities has recently secured planning permission to convert Portland House, Victoria’s tallest building, into high-spec apartments.
Abell & Cleland on John Islip Street is a luxury development by Berkeley Homes of 277 one to three-bedroom apartments and penthouses in two buildings. Two-bedroom homes in the first phase at Abell House start at £1.8million and the second phase, Cleland House, launches this spring.
As well as people, businesses are moving into Victoria too. Many are in the creative and cultural sectors: Tom Ford, Burberry and Jimmy Choo are recent arrivals. St James Theatre in Palace Street is central London’s first new-build theatre in 30 years.
Victoria Business Improvement District (BID) is a business-led and funded initiative set up in 2010 to improve Victoria and raise its profile. Successes include reducing crime by more than 25 per cent and launching a privilege card scheme that offers discounts and benefits to people living or working locally.
Property price-wise, Victoria is regarded as undervalued but unlikely to stay that way for long. Estate agency Knight Frank estimates property values will rise 25 per cent by 2016 and other agents are forecasting changes in perception as well as prices.
‘For many years, Victoria was considered no more than a transport hub, somewhere you passed through to get to more well-known parts of central London; however, it is now becoming a go-to destination in its own right,’ explains Susannah Odgers of Hathaways estate agents.
‘Previously undervalued, we are seeing prices shoot up and expect this to cause a ripple effect further into Westminster and Pimlico.
‘Interesting times are ahead, with the news that London Underground is looking to convert its Grade I-listed headquarters at 55 Broadway into flats, speculation rife over New Scotland Yard’s future and developers working hard to change the dynamics of the area.
The glossy new developments, increased pedestrianisation and top brands have added a new dimension and are putting Victoria on the map as one of the best locations in the capital. It is certainly the place to watch in 2014.
Caspar Harvard-Walls, of buying agency Black Brick, is also optimistic. ‘Victoria should be one of the prime spots in central London but decades of bad planning and under-investment left it lagging behind its more salubrious neighbours,’ he says. ‘The current redevelopment is long overdue, given its location and excellent communication links, and the scale will alter the area forever.
‘The smart money may be worth investing in mansion flats on roads such as Morpeth Terrace, Carlisle Place and Thirleby Road, where properties can still be purchased around the £1,000 per sq ft mark while retaining original Victorian grandeur.
‘We are seeing a huge surge of interest from buyers and expect this to continue as an area once dominated by offices and transport becomes a fantastic place to live.’