Residential property within Blackfriars
The Blackfriars area sits on the north bank of the River Thames and is bordered by Fleet Street and Ludgate Hill to the North, Temple to the West and St Pauls Cathedral to the East.
The area has historically been recognised as a commercial district, infamous for legal, publishing and banking industries. Whilst many of the publishing and banking firms have relocated to Canary Wharf, many have remained including the global powerhouse’s Goldman Sachs and Merrill Lynch whose UK headquarters are based here.
The legal profession are as entrenched in their chambers and Inns of Court as they are their history; The Old Bailey, Temple, the nearby Lincolns Inn and Gray’s Inn Fields are regarded as the nuclei of the British justice system.
This unique commercial demographic has created a unique cash rich pool of residential purchasers and tenants looking for a first or second home close to work. Blackfriars’ central location, abundance of landmarks and walking distance to The Strand and West End ensures demand is further enhanced by international purchasers, whose influence has been even greater since the devaluation of Stirling in 2009.
Despite a continued and healthy demand, residential property within Blackfriars has been slow to develop; previous planning policies and the historic nature of most streetscapes restricted the size of most developments. There have been a few notable exceptions, mostly on High Timber Street, such as Queens Quay, Globe View and Sir John Lyon House which in 2007 became the first development in the City to break the £1,000 per sq ft barrier.
Property prices are directly influenced by the supply and demand fundamentals described above. Depending on aspect, road noise and specification prices typically range from £800 per sq ft to over £1,000 per sq ft, putting Blackfriars more on a par with Covent Garden than it’s nearest illustrious neighbours; Clerkenwell and The City.
Blackfriars station is currently under renovation and will become the first railway station to span the width of the River Thames (on Blackfriars Bridge). The new station, planned for completion in time for the Olympics will allow for more carriages allowing a greater footfall of passengers. Infratucture will be further enhanced by the nearby Crossrail (planned for 2017).
Follow Us!
 |
 |
 |
 |
 |
 |
 |
