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FitzroviaTransforming the heart of London
Fitzrovia Transforming midtown
Designed by MAKE Architects, Asta House is the newest offering from leading commercial and residential developer – Derwent London.
Sitting proudly alongside Derwent London’s hugely successful new commercial and retail building, 80 Charlotte Street, Asta House is a commanding corner plot located on a quiet street between bustling Charlotte Street and Tottenham Court Road.
The building, originally used for light industrial use, has been meticulously transformed into 20 residential apartments and two magnificent lateral penthouses.
Its dark Cumbrian slated façade and wide, black framed windows are a striking addition to this characterful part of Fitzrovia. The added benefit of concierge and residents’ courtyard provide a touch of luxury to this former industrial building.
Asta House is located in the heart of Fitzrovia, and benefits from all a W1 postcode has to offer, with the Michelin starred restaurants and entertainment of the West End, as well as the green spaces of Regent’s Park all just a short stroll away. The scheme is perfectly positioned for some of the world’s most important education hubs – with UCL and SOAS under ten minutes’ walk from its entrance, and just a short distance to the south in Holborn sit two further leading universities, London School of Economics and King’s College London.
Asta House boasts incredible connectivity, located just two minutes’ walk north west of Goodge Street station (Northern Line), and six minutes from Warren Street station (Victoria and Northern Line). Once open, the brand new Elizabeth Line (Crossrail) at Tottenham Court Road station is just a nine minute walk away. For journeys out of London, Euston Station (National Rail) sits just two stops north from Goodge Street underground (Northern Line), and Kings Cross Station is two stops north of Warren Street station (Victoria Line).
Asta HouseWhitfield StreetFitzrovia, W1
Fitzrovia, new residences
2–3
4–5Fitzrovia Transforming midtown
Fitzrovia, London
Between the refinement of Marylebone, the energy of Soho and the Bohemian feel of Bloomsbury lies the charming literary district of Fitzrovia. Within walking distance of London’s theatre district, boutique and department stores and some of the world’s most prestigious universities, Fitzrovia is a hidden gem in the heart of the West End.
Spanning across the London Borough of Camden and the City of Westminster, Fitzrovia takes its name from the Fitzroy Tavern located on Charlotte Street. Fitzrovia is a district with a distinct character and a mixture of residential, business, education and culture.
Centrally located in zone 1, Fitzrovia benefits from excellent transport links. Within the district and the surrounding areas are seven tube stations with connections to eight Underground and TfL Overground lines putting the whole of London within easy reach. Accessibility will be further enhanced by with the opening of the Elizabeth Line (Crossrail) which will significantly cut travel times to Heathrow, the busiest airport in Europe, and to London’s financial hub at Canary Wharf.
Fitzrovia’s unique mix of Georgian and Edwardian townhouses, mews and modernist buildings are presided over by the BT Tower, an example of 1960s Modernism and one of the tallest towers in the UK. During the 20th Century Fitzrovia was influenced by three architectural movements which increased the district’s attractiveness. Among these are two Grade II listed examples of the Art Deco period, BBC Broadcasting House and University of London’s Senate House.
Fitzrovia has benefitted in recent years from the development of Fitzroy Place, a prestigious office, residential and retail
estate. This brought in luxury retail, residential and leisure brands, as well as aspirational commercial tenants. It has attracted new hotels and restaurants and has contributed to strong house price growth. It exemplifies how the consideration of a wide range of real estate uses benefits an area and has a positive impact on property prices. In 2014, the office space there commanded a significant premium, with floorspace renting at £80/sq ft, a 14% premium against local prime office rents.
CBRE Research shows that when placemaking alters the public image of a location, the result is dramatic. Restoring a historic identity to a place or creating an image that enhances the tenant profile, or both, are key outcomes supported by the input of local stakeholders through public consultation. The development of the area has added to the distinct local character and this placemaking has enhanced Fitzrovia as a destination. In the last ten years, the area has acquired new hotels and restaurants including three Michelin starred restaurants.
Bond Street
Regent’s Park
Great Portland
Street
Warren Street
Tottenham Court Road
Oxford Circus
Euston Square
Goodge Street
% increase
2008
2018
14,495
18,322
26%
Population
6,523
6,963
7%
Households
1,681
1,744
4%
Rental households
3,132
3,689
18%
Owner occupiers
£558,741
£1,570,953
181%
Average house price
£2,328
£4,362
87%
Average rent(Westminster)
57
73
28%
Grade A office rents
62,714
229,000
265%
Grade A office space (sq ft)
0
92,646
--
Grade A flexible space (sq ft)
13
14
8%
4/5 star hotels
1,806
1,904
5%
4/5 star hotel bedrooms
575
950
65%
Average retail rent
38,600
44,700
16%
Average salary(Westminster)
Fitzrovia’s appeal is diverse. Being close to the West End and to universities, it attracts artists and actors, students and academics, but it is also located close to some of London’s premier shopping and tourist areas. Estee Lauder have based their London headquarters in Fitzrovia, the stock of four and five star hotels has increased and new office space has become available. Fitzrovia’s proximity to Euston Station, the London terminus of the HS2 high speed rail
Average travel times (minutes)
Great Portland Street 10 – 4
Warren Street 6 4 7
Euston Square 13 – 8
Goodge Street 3 – 3
Tottenham Court Road 10 – 5
Oxford Circus 13 – 6
Regents Park 12 – 6
Marylebone 29 14 12
Euston 9 14 13
Charing Cross 23 19 17
St Pancras 25 16 17
City Airport – 49 58
Heathrow Airport – 22 56
Gatwick Airport – 49 105
Walking Public Transport Driving
project, and Tottenham Court Road and Bond Street tube, as well as to the tech hubs in the West End and King’s Cross has made it the focus of residential, office and hotel development, and there is more investment to come. There are ten schemes with planning permission forecast to deliver over 100 new dwellings. There are currently 17 office development schemes which will bring over 700,000 sq ft of office space. Amongst them is Derwent London’s 80 Charlotte
Street development, a combined office, retail and residential scheme which will bring over 330,000 sq ft of floor space and 22 private apartments for sale at Asta House. In addition to office and residential stock, a new hotel is coming to Fitzrovia. In December 2019 a new boutique 5 star hotel will open at 52 Newman Street, bringing Fitzrovia’s stock of 4-5 star hotels to 15.
10 years in the life of Fitzrovia
Price premium for a scheme with effective placemaking
10%
6–7Fitzrovia Transforming midtown
The NinthBarrica
Mac and Wild
Attendant
The Ivy Café Hakkasan
Pied à Terre
Roka
Kitchen Table at Bubbledogs
Honey & Co
Berners Tavern
The Langham
Sanderson London
The Cartoon Museum
The British Museum
100 Club
UCL
Birkbeck, University of London
SOAS University of London
University of Westminster
London College of Fashion
Selfridges
Liberty
St Christopher’s Place
Bourne & Hollingsworth
Genuine Liquorette
Bedford Square
Crabtree Fields
Whitfield Gardens
Regents Park
Cavendish Square Gardens
Soho Square Gardens
Park Square
Russell Square
Gordon Square
Bloomsbury Square Garden
Waeska
Portland
Regent’s Park
Great Portland Street
Warren Street
Goodge Street
Tottenham Court Road
Dominion Theatre
The Shaftesbury Theatre
The London Palladium
Oxford Circus
Bond Street
Euston SquareMuseumsGreen spaceBarsRestaurantsLearningTheatresShoppingHotels
Fitzrovia lifestyle Study and Learning
In total, London boasts 40 institutions of higher learning, including specialised and private universities. Of these, 10 form part of the University of London group and three are in the top 10 universities in the UK and two are in the top 10 universities in the world. London has an extraordinarily cosmopolitan student population, and over 33% of students come from outside the UK. In 2015-2016, almost 372,000 students chose to study in London.
Many of London’s premier universities are within a short distance of Fitzrovia. King’s College London and London School of Economics, which counts 33 and 18 Nobel laureates respectively among its prestigious alumni, is 20 minutes’ travel from Fitzrovia, while UCL and SOAS are less than 10 minutes’ walk.
From Fitzrovia’s central position, every element of London life within easy reach. Whether it is education, employment and innovation, museums and culture, or shopping and dining, everything is within walking distance.
London Universities in numbers:
100,000+international students
from 200 countries
3of the top 40
world universities
28%increase in
international students since 2008
£500m in research income
192museums and
art galleries
150mitems in the British library across 625km of shelves and is visited by 16,000
people per day
30,000+courses are offered at institutions in London
40+universities
372,000students in London
70+Nobel Prize recipients
studied in London
Average travel times (minutes)
City University 38 38 19
Guildhall School of Music 47 31 26
School of Oriental and African Studies
9 – 6
University College 8 – 7
London School of Economics
26 33 15
King’s College 29 32 17
Imperial College 54 36 20
Research, innovation and tech sectors
Student experience and graduate opportunities in London are further enhanced by the city’s research and technical sectors. London’s tech hubs at Silicon Roundabout in East London (14 mins) and King’s Cross (4 mins) are leaders in the UK and international digital revolution, while research institutes such as the Francis Crick Institute for biomedical research (15 mins) and the Institute for Cancer Research (20 mins) are amongst the leading medical research centres in the world.
Museums and culture
London is home to many of the world’s best museums and galleries. The British Museum, Tate Modern, National Gallery and Natural History Museum are amongst the most visited institutions in the world. Museums near Fitzrovia include the British Museum, one of the most popular academic and tourist destinations in London and home to over 8 million artefacts, Pollock’s Toy Museum and the British Library. Fitzrovia’s unique culture and history is celebrated in the annual ‘Fitzrovia Festival’.
Over 15 million people a year attend the theatre in London, and London’s West End is considered to be the heart of theatreland. From the smallest arthouse theatre to palatial West End venues and modern arenas, London has a diverse and exciting music and theatre scene.
Shopping and dining
‘When a man is tired of London, he is tired of life, for there is in London all that life can afford’. So said Samuel Johnson in 1777, and it is no less true today. From the boutiques and department stores of Fitzrovia’s southern boundary, Oxford Street, Bond Street, Covent Garden and Knightsbridge and the shopping malls at Stratford and Westfield, it can be argued that if something cannot be found in a London shop, it doesn’t exist.
London is one of the world’s great multicultural cities, noted not just for the wide range of cuisines but also the sheer number of award winning restaurants and bars. London boasts 71 Michelin starred restaurants, and of these, three are located within the Fitzrovia district.
Walking Public Transport Driving
Average travel times (minutes)
Covent Garden 22 – 12
Oxford Street 15 14 9
Harrods 47 26 18
Royal Albert Hall 53 41 20
Palace Theatre 13 9 14
Theatre Royal 22 13 11
Walking Public Transport Driving
8–9Fitzrovia Transforming midtown
Housing market
Much of Fitzrovia’s housing stock are flats and apartments, constituting 95% of the market. Many of these apartments are in the Georgian townhouses for which the area is famous. Terraced houses make up just 4% of residential buildings and many of these are to be found in the mews style houses developed in the 19th century.
Over the past five years, house prices in Fitzrovia have grown by 57% increasing from £985,928 in 2013 to £1,562,665 in 2018. Just as house prices have grown in Fitzrovia, new build properties have grown in popularity and desirability. In 2016/17 new build properties attracted an average 15% premium. Over the next five years, London’s average house prices are forecast to grow by approximately 10.5%.
Property prices in Fitzrovia are enhanced by the district’s unique amenity offer, with shopping, universities, hotels and restaurants are all in close proximity. CBRE Research has shown that properties in central London close to world class amenities achieve a 52% price premium. Fitzrovia’s location puts hotels, universities, museums and high-end retail in close proximity and all of these have
been shown to contribute to an uplift in property prices. For example, universities show a 25% premium, while retail contributes to a 49% premium.
The attraction of Fitzrovia and its relative affordability compared to other districts in Prime Central London has led to increased residential construction and development. There are currently 10 schemes with planning permission set to deliver 102 units. In addition, there are currently six schemes under construction in Fitzrovia which will deliver approximately 213 units to the area. Across the City of Westminster, there are 130 schemes (3,324 units) with planning permission and 80 schemes (3,647 units) under construction.
According to latest estimates, 51% of Fitzrovia’s households are private renters. This is forecast to rise to 54% over the next five years. Of these, 31% (1,905) earn over £100,000. Over the next five years, rents in London are forecast to grow by 18.5%. Camden is forecast to achieve growth of 22.3%, while the City of Westminster is forecast to grow by about 15.5%.
House price growth in Fitzrovia has been boosted by the increasing house prices of Prime Central London, in particular prices in Mayfair and St James’s. It has been further strengthened by boutique residential and commercial developments. Fitzrovia’s central location between commercial, retail and academic hubs has made this area attractive to both owner occupiers and renters.
£1.5maverage house price
72%Restaurants
25%Universities
37%Theatres
49%Retail
85%Hotels
18.5%rental growth forecast for
London between 2019-2023
57%growth since 2013
15%new build premium Five year apartment price growth
Five year apartment price growth
Price premium for living close to amenities
Pric
e gr
owth
%
St James’s Westminster Camden Mayfair Fitzrovia Soho Marylebone
90
80
70
60
50
40
30
20
10
0
Jennet Siebrits Head of Residential Research +44 20 7182 2066 [email protected]
David Chapman Analyst +44 20 7182 8047 [email protected]
James Burrows Director +44 20 7420 3054 [email protected]
Samuel Aston Associate Director +44 20 7420 3049 [email protected]
CBRE Limited confirms that information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE. Images provided are computer generated. All travel times taken from TFL. © 2019 CBRE Ltd.
Disclaimer 2019 CBRE
CBRE Research, Land Registry, Experian, Higher Education Statistics Agency, Universities UK, British Library, QS World University Rankings, Transport for London, Molior, Society of London Theatre, Association of Leading Visitor Attractions
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