Property agents - you always have to take their claims with a pinch of salt. But this agent has proved herself to be reliable in terms of recommendations. Our properties bought through her have done very well.
So, when she said this is the BEST project they have had for some time, we took a closer look. So, what's the deal with this Zone 1 project?
London Paddington Station National Rail
First looks, very interesting indeed. Location-wise, excellent. The project is a 5 minute walk to London Paddington station.
Something about Paddington Bear you said?
No, the historic and very central London Paddingtion Station, Zone 1. The station is the terminus for many services, e.g. from Reading, Bristol, Oxford and for inner-and-outer suburban services. More than 35 million use the National Rail through this station annually.
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| Hello from London Paddington |
London Paddington Station Underground (aka Tube)
London Paddington is served by four London Underground lines through two separate stations. The Circle, Bakerloo and District lines have a combined station to the south of the main line station, and the Hammersmith & City and Circle lines have a sub-surface staiton to the north. Circle line services go through both stations as part of a spiral route. (Circle, remember?)
Furthermore, many commuters just take a short walk to Lancaster Gate Tube station for the Central Line. This will get them to the City or the West End, and is usually faster than other routes. In total, the London Underground served more than 46 million out of London Paddington.
Ok, very good so far. This place must be very central, and it is.
Crossrail - the icing on the cake
Compared to other Zone 1 builds, this place will get Crossrail. Yes, I hear your wows.
Examples of Centrality
Heard of Bayswater? Ok, maybe not. What about the famous Duck? Yes, go to Bayswater for the Duck. From Paddington, 1 stop to Bayswater, just one.
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UCL - Hammersmith Line takes you to Euston Square in 4 stops.
Not very convenient to LSE. (London School of Economics) at the moment. However, once Crossrail comes online, it is literally 3 stops to LSE with just one change. Crossrail power.
OK, you got my attention now. What's the Damage? Obviously, a BEST project like this won't come cheap. If it did, something must be wrong right?
Prices
You are looking at GBP 1,400 to 1,500 psf. E.g. a one Bedroom on the 5th floor, 888 sq ft (rather big) - abt 1.25 Mil GBP.
Well, obviously this is not an every man's property. This is right smack in Central London, premier location, high-class property. It doesn't suit us, as we have explained in our other blog posts. Anyway, for all practical purposes, we can't afford this.
However, this does not mean that the property is no good. In fact, I would venture to say that if I had the million odd pounds to spare, I would seriously look at this property as a long-term investment. (Usual disclaimers apply)
Do share your views on my community forum here.
Important Disclaimer - . The views contained in this blog and blog post are entirely mine. We cannot be made responsible for any investment decisions you may, or may not, take. Nothing in this blog can be construed as professional investment advice, as we are NOT professional investors and we are ill qualified to give you any advice. Read the blog at YOUR own risk
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