One of the areas in London that have seen progressive development and improvement over the years is without a doubt Soho. Long gone are the days of sex shops, strip clubs, shady dealings and consigned prostitution that filled the area. That is all history. And while there is still a sense of risqué living in this central neighbourhood of London, more and more young entrepreneurs and culture-loving families find it right for them.
Soho is full of many architectural surprises. The streets lined with Georgian houses, a large number of which have blue plaques to celebrate popular residents contain many interesting venues. Townhouse clubs, theatres, restaurants and cafes contribute to a reputation of lively and fascinating nightlife. Many new incomers have chosen Soho, due to the number of conversions still taking place – warehouses and offices becoming residential properties help. The population has doubled. Particularly common are the young entrepreneurs and empty-nesters looking to downsize from family homes in the suburbs.
More than half of all homes are rented, and not owner-occupied. The big office building developments by Derwent – 1 and 2 Soho Place are going nicely and bringing in more businesses to the area. With a new 600-seat theatre on the way, Soho is also becoming more attractive as a place to visit on a weekend.
Many fine Georgian houses are located in Soho. For example, there is a 4-bedroom house with a traditional interior and boasting a roof terrace for sale on D’Arblay Street for £4.95 million. Another striking example is the 5-storey, 4-bedroom Georgian house on the market for £4.9 million by Make Architects Timothy Tan and Christina Leung. Soho is rich in period conversions on a level above ground-based restaurants and shops. There are also plenty of office-to-residential conversion schemes going on. 2-bedroom houses in Richmond Mews fetch about £2.5 million.
The new-build homes
There is a Galliard development called Tottenham Court Road West consisting of 81 studios of 1, 2 and 3-bedroom flats divided over 2 blocks on Dean Street. Summer 2022 is the target for completion. The studios start at about £975.000, 1-bedroom flats at £1.495.000, 2-bedroom flats at £1.69 million and 3-bedroom flats at £2.4 million.
Westminster residents can take advantage of up to £54.500 that Westminster Home Ownership Accelerator provides. This is to help with buying a home in London, following any period of renting a subsidized flat to accumulate a certain amount of savings. Langill Road in Maida Vale has 1-bedroom flats available at about £1.000 and 2-bedroom flats available at about £1.576 a month.
Renting in the area of Soho
Rental homes in the area are always in demand because many people are working hours in nearby restaurants and entertainment venues. The studios start at about £1.500/month, with 1-bedroom flats being around £2.000 and 2-bedroom flats about £2.500 per month. If there are any homes in Soho that are the most popular, it has to be the short-et flats, with a minimum rental of 90 days. Rents range anywhere between £2.300 for a studio flat and go up to £6.500 for a 3-bedroom duplex.
Soho is a London district with superb Underground stations. There is one in each of its four corners. Oxford Circus is on the Central, Bakerloo and Victoria lines. Leicester Square is on the Piccadilly and Northern lines, Piccadilly Circus is on the Piccadilly and Bakerloo lines and Tottenham Court Road is on the Northern and Central lines.
© Occupa Commercial Property Consultants