Crossrail Initiates the Growth of Fitzrovia
21 September 2015
Photo Credit: Crossrail
Crossrail is planned to open in 2018, creating quick and simple links throughout London. Leading up to the opening of Crossrail, redevelopment has begun in areas of London to create new office and retail spaces next to the new stations. Although prices are increasing due to the introduction of Crossrail; the new Crossrail station at Tottenham Court Road has caused a bloom of development in Fitzrovia.
A number of companies are building new office spaces and transforming sites which are expected to be completed in 2018 coinciding with the opening of Crossrail.
Facebook has acquired a large 217,000 sq. ft. area of office space at Great Portland Estate’s Rathbone Place. Rathbone Place has also become home to 42,000 sq. ft. of retail space and 162 residential units and in 2014 the greatly recognised cosmetic company Estée Lauder bought a 144,000 sq. ft. space at Exemplars Fitzroy Place.
An electronics shop on Stephan Street and Tottenham Court Walk is being reformed into a 266,000 sq. ft. commercial site by Derwent London. This mixed-use scheme on Charlotte Street in the centre of Fitzrovia will include 321,000 sq. ft. of office space, 14,000 sq. ft. of retail space and a new public realm park.
Hotels and Restaurants
Fitzrovia has a collection of prestigious hotels including the London Edition and Charlotte Street Hotel, both living up to their rewarded elite five stars. The hotels contain highly reputable restaurants within their grounds. The surrounding areas of Fitzrovia have welcomed a variety of new restaurants in the area including two new arrivals. A new Hawaiian Burger restaurant Kua’Aina has paid a premium of £300,000 for a 1,600 sq. ft. area on Goodge Street for a six-year lease. The second arrival Big Fernand has paid a £250,000 premium for a six-year lease obtaining a 2,100 sq. ft. site on Percy Street.
Galliard Homes is offering an exquisite development ‘Hanway Gardens’ for those who are attracted to luxury in the heart of Fitzrovia. 18 elite apartments are available ranging from £1.9 million to £3.1 million. Set in a perfect location, Hanway Gardens is only a short one minute walk from Tottenham Court Road and a short distance from the new Crossrail station.