Bloomsbury Builds Again.
Demand for property in Bloomsbury is at an all-time high, and buyer confidence in this area is being reflected in current prices.
The Bloomsbury market, which is always popular with parents of students, second home owners looking for pied a terres, and existing residents looking to buy or upgrade, has faced a shortage of modern accommodation in recent years but we expect this to change in the next 24 months.
As we reported in our Residential Review 2011 demand for sites across the City, from Bloomsbury through to Shoreditch, with and without planning is insatiable. Developers and house-builders have secured equity partners in place of conventional bank funding to acquire sites with banks funding the build.
This long awaited surge in development activity will provide some much needed supply of housing to the capital and our sub-sectors including WC1.
Currently, we marketing a stunning development of 3 contemporary houses in Wakefield Street WC1 overlooking St Georges Gardens, Prices for the houses in Wakefield Street start at £2.5 million, as of writing this article, one house has been sold and interest is gathering in the remaining two.
In the Autumn we will be launching a new development of 5 new mews houses, converted from former garages, at The Collandes WC1; a quaint cobbled mews behind Russell Square. Prices are expected to start at £1,200 per sq ft.
We are currently consulting on a number of other forthcoming schemes in Bloomsbury, and will be offering a selection of exciting new developments in the months ahead.
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Update: Hurford Salvi Carr have just sold an office building running between North Mews and Grays Inn Road in Bloomsbury WC1 with planning consent for 7 private apartments opposite our recent development at 14 Kings Mews WC1.