Co-organised by The Standard and Sing Tao The Standard Overseas Property Online, the Overseas Property Facebook Live gathers insights from industry professionals and introduces outstanding property projects from top markets around the world.
In the last episode of Overseas Property FB live held yesterday, Victor Li, Senior Director, International Residential Sales at CBRE Hong Kong, shared his views on the UK property market and introduced the brand new, completed development in London’s SW1, Westminster Fire Station, UK.
Location is everything when it comes to property investment. As the UK’s largest city and capital, London has always been the top choice for Hong Kong investors over the years. Westminster in SW1, central London, is, in particular, the economic and political hub of the UK, not to mention a plethora of London’s most beautiful architecture, historical attractions, and iconic landmarks, such as the Big Ben, the Houses of Parliament, Westminster Abbey, Buckingham Palace, St James’s Park, and more. This affluent borough has attracted councilors and professionals who value its prestige, prime location and high-end properties.
Li points out that there has been a significant recovery in the London rental market due to the relaxation of pandemic restrictions and transition towards a post-pandemic lifestyle. More people are drawn back into the city, which translates into higher demands for rental units near their workplace.
Westminster is a borough with strong growth potentials, with a top-ranking educational network, a superb railway system and a comprehensive collection of amenities and facilities. Li advised buyers to move quickly as an interest rate up-cycle had just begun, and property would be attractive for both investment and self-occupancy due to its steadfast performance.
The area is forecast to appreciate in value due to a shortage of supply, and is expected to out-perform its affluent neighbors and Greater London, with prices rising in excess of 20% by 2025 while rental prices are estimated to grow by nearly 15%.
Li recommended Westminster Fire Station, a project with the thoughtful re-imagination of an Edwardian, Grade II Listed fire station as an exceptional contemporary new residential building with 17 bespoke 1, 2, 3-bedroom apartments and 2 magnificent penthouses: 6 in The Fire Station and 11 in The Station House.
Residents can look forward to luxurious facilities, including a concierge, a private courtyard and bicycle storage. Nestled between the Fire Station and the Station House, the peaceful landscaped private courtyard, by James Lee Design, is a source of wellness and wellbeing that transports residents away from the hustle and bustle of city life. Westminster Fire Station has parking spaces available for residents.
With unparalleled connectivity, the property provides fast access to the city’s hotspots thanks to the close proximity to major hub stations, which are within a reasonable commuting distance. Located at a mere 5-minute walk to St James’s Park Station, an 8-minute walk to Victoria Station and an 11-minute walk to Westminster Station, it takes convenience to a new level. The above stations offer residents easy access to District, Circle, Victoria and Jubilee lines as well as to national railway services, providing convenient access to wherever one wishes to go.
An abundance of shops, eateries and bars satisfy residents’ shopping and dining needs. Entering through the original carriage doors of the fire engine bays, you discover ‘Mathura’ – a new restaurant by two-time Michelin Star chef, Atul Kochhar. The fashionable and vibrant Sloane Square, featuring flagship stores of the world’s luxurious fashion designer brands, is just 1.4 miles away.
The exceptional education in Westminster is also one of the many reasons many families own a home here. A well-rounded range of premier state and private schools, such as the world-famous Westminster School, is within easy commuting distance from Westminster Fire Station. You are also spoiled for highly acclaimed university choices as nine universities are located in the Borough of Westminster, including the London School of Economics and Political Science and University College London. Top-notch Oxford and Cambridge universities are also only around one hour away by train.
Prices for 1-bedroom apartments start from £895,000, with a service charge of £8.58 per square foot. Ground rent is exempted, providing investors with a lower barrier to entry as well as greater flexibility for resale. Westminster Fire Station is expecting a 4% rental yield.
The 17 apartments are currently ready for sale and are ready to move into immediately. With London’s active rental market, these units are expected to be leased out immediately with no void period, according to Li.
1-to-1 appointments available
Agent: CBRE
Email: ipm.hongkong@cbre.com.hk
Tel: +852 2820 6553
Whatsapp: +852 6010 2769
