When rom-coms & real estate collide…London’s wrong side of the tracks suddenly becomes so very right!
The intricacies of asset selection are intriguing, particularly when a location historically considered to be the ‘wrong side of the tracks’, suddenly starts to find favour with young trendsetters for one reason or another.
And that’s exactly what’s happened in an area once reserved for shabby bedsits to house backpackers, budget-conscious tourists and out-of-work actors. Yes, West London’s iconic Bayswater is smartening up thanks to Hugh Grant and Julia Robert’s overly large smile.
Despite its grand Victorian stucco terraces – many of which were converted into tiny bedsits and hotels in the 20th century – the neighbourhood, less than a mile from the well-heeled southern suburbs of Knightsbridge, Kensington and Belgravia, was traditionally sneered at as being “on the wrong side” of Hyde Park.
But as astronomic rises in London house prices force rich buyers to look farther afield from the so-called golden postcodes, property developers are attempting to cash in by converting cheap hotels into luxury homes, sending prices in the area rocketing.
One example is the The Hempel Collection, 34 homes developed by Amazon Property and British Land on the sites of two former period hotels.
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