Centre Point Piazza, The Metamorphosis

As many parts of the capital continue to evolve, it has meant that a number of well-known destinations such as Covent Garden and the Southbank have since realised and unlocked their value potential. Today, CBRE Residential can report a 10% premium for properties within residential developments that adopt effective place-making – highlighting Tottenham Court Road as the next regeneration story to watch.

The Metamorphosis report launched by CBRE highlights how the £350million regeneration of Tottenham Court Road is set to spearhead the transformation of one of London’s most important locations. Tottenham Court Road is already witnessing significant investment to the area’s infrastructure, connectivity, retail and leisure offering – all which contribute to placemaking.

This bespoke research is supported by similar examples of successful office-to-residential conversions with significant placemaking. This includes case studies such as the transformation of Covent Garden and the ongoing redevelopment of London’s South Bank, where prices are widely reported to have tripled over the past five years as a result of significant improvements to the public realm.

At the forefront of the regeneration of Tottenham Court Road is Centre Point, an office-to-resi conversion which will include the development of a new public square, lined with a mix of restaurants and shops. On completion, the successful rejuvenation of this central part of London will by creating a new destination that will invite people to live, socialise, eat, drink, shop and soak up the atmosphere.

Luke Mills, Executive Director, CBRE said:

“Centre Point Residences is already one of London’s most well-known landmark buildings however the redevelopment of the surrounding area will transform this location into one of the most visited retail, leisure and prime residential hubs in the country.

“Average unit prices in Covent Garden have almost doubled in the past five years, supported by effective place-making in the area. Developments rich in history and benefiting from direct access to a popular cultural hub now demand prices upward of 2,000 psf. A similar effect can be expected for Centre Point where extensive place-making around a new public square is currently underway.

“As the £1billion facelift of Tottenham Court Road Station nears completion, the future arrival of Crossrail is expected to bring 70 million people into the area every year, driving its popularity and inevitably, its values.” 

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