It’s out with the old and in with the new in one of London’s most historic boroughs. Westminster, home to such venerable and enduring institutions as Westminster Abbey, Whitehall and the Houses of Parliament, is well known for its period housing stock. Small streets are generally lined with Georgian townhouses and bookended by 18th century churches.
But a slew of developers have seized on the opportunity to drag the area into the new world, using its prestigious reputation both at home and abroad to get buyers to invest in lateral living and communal roof gardens on the north bank.
The most recent example is Westminster Quarter, where a collection of studio to three bedroom apartments went on sale this week. Bolstered by the success of its sell-out scheme at 73 Great Peter Street, developer Taylor Wimpey Central London has built its newest scheme practically next door on Monck Street.
“The lack of new residential stock in this area combined with the regeneration of Victoria presents an excellent investment,” says Peter Gibney, director in the residential team at sales agent Jones Lang LaSalle. “The area around Westminster Quarter has traditionally been characterised by older residential stock, historic buildings and government/civil service offices, which has created limited investment opportunities in the new build market. By comparing the significantly lower prices here to the traditional prime areas bordering Victoria and Westminster you can really see the huge growth potential which is driving demand in this location.”
Architects Darling Associates says its aim was spread the new homes between three low-rise buildings – named Chadwick House, Ashley House and Liberty House – to blend in with the existing architecture. Modern touches include electric car charging points, floor-to-ceiling windows, a landscaped roof garden and courtyard and private outdoor space for every apartment (a luxury in Westminster). The scheme is also set to accommodate over 3,700sqft of office and commercial space.