Dubai – Paddington Gardens project in London witnessed a huge response from Middle Eastern property investors as more than 40 per cent of the total reserved units at Paddington Gardens have been snapped up by Middle Eastern buyers, its developer confirmed to The UAE News.
Paddington Gardens is a major UK development led by Meritas Real Estate and Ahli United Bank. Its completion is expected in Q4 2018 and prices start from £825,000.
This prominent collection of four distinct buildings is set around an acre of gardens and will create a vibrant new community boasting a mix of new residential homes, offices, restaurants, retail space, primary school and a 340 room hotel.
Sarah Curtis, Partner, Strutt & Parker, commented: “We have seen significant interest in Paddington Gardens from the Middle East, with over 40 per cent of the total reserved units going to purchasers from this region. Currently undergoing a major £1 billion regeneration, Paddington still offers lower house prices than its neighbours Marylebone and Bayswater, but is predicted to enjoy substantial price growth in the coming years, making it extremely attractive to overseas investors.”
Curtis added: “Historically, London has long been a popular choice for investors from the Middle East, with the property market in particular seen as a strong and safe investment. Many investors are looking for a boltholes in one of London’s most exciting residential and commercial regeneration districts, and we expect interest from the region to increase significantly in the run up to the launch of the Elizabeth Line (Crossrail) next year, which will provide excellent transport links across London, as well as fast connections with Heathrow.”
Alexandra Vincent Martelli, Associate Director, CBRE, commented: “Paddington has generally comprised the ‘back areas’ sandwiched between major railway lines and one of the two main London westward routes. An area that was previously relatively industrial, it has undergone a transformation in recent years. As infrastructure and transport connections have steadily improved, the area has become more attractive to property purchasers, and a vibrant community has grown up in the area. Despite growing demand, there has historically been a lack of housing supply, particularly new build properties. Developers are now working to satisfy this demand. Paddington Gardens forms a key part of the regeneration of this area, not only adding 335 homes to the area, but also a hotel, school, retail and commercial space, and over an acre of greenery.”
Designed by Assael Architects and created by Powell Dobson, the scheme totals nearly 3.7 acres with four striking towers rising 17, 19, 21 and 19 storeys. The buildings will overlook extensively landscaped gardens, with the majority providing panoramic dual aspects of the London skyline.
Paddington Gardens will offer 335 spacious residences comprising 271 private apartments and 64 affordable homes. The first phase, Drummond House, boasts 95 homes and is nestled on the south-east corner of the development.
Green spaces have been meticulously incorporated into the design and an acre of gardens is at the heart of the scheme. Paddington Gardens is the only development of its kind in Paddington Basin to offer such greenery and will provide the largest public green space in the area, combining a haven for wildlife, children’s play, and recreational use.
Paddington Gardens will also offer the largest green space closest to Hyde Park. The development will be surrounded by a wide pedestrian boulevard including seating and topiary shrub plants which will connect Paddington Gardens to Regents Canal. A synergy between the green park and the towers will also be created with balconies and roof gardens designed to enable residents to grow their own plants and enjoy additional outside space.
Paddington Gardens boasts excellent transport links. Nearby Paddington Station offers quick underground links within London, while residents will also be able to take advantage of rail networks to the rest of the UK and Heathrow Airport via the Heathrow Express. The Elizabeth Line, scheduled to operate at Paddington Station in 2018, will connect west and east London like never before. Journey times to Bond Street will reduce from 15 minutes to just 3 minutes.
According to CBRE research, prices around Crossrail’s host stations continue to increase by 31 per cent over the wider market. For European destinations, the Eurostar to Paris takes under two hours from St Pancras International – just 17 minutes away.
There are also a number of excellent universities close to the development including the University of Westminster which is 6 minutes away, UCL located 8 minutes away and Central St Martins, part of the University of the Arts London which is 10 minutes away.
Residents’ amenities include the use of a Virgin Active gym next to the development, private basement car parking for up to 203 cars with charging points for electric cars and 452 bicycle spaces. 24-hour concierge and security will also be provided. – firstname.lastname@example.org