Agency launches dedicated lettings team for rejuvenated London area
Savills has launched a dedicated residential lettings office in an area of prime Central London which is seeking to shed its tired image.
The agency’s new Hyde Park team is headed by Guy Spencer, who until last year headed up Hyde Park and Queens Park lettings at Knight Frank.
He and his team will oversee the Hyde Park Estate, Bayswater, Queensway and Paddington Basin areas. T
Savills says the W2 postcode is seeing significant investment and regeneration with new homes, hotels, restaurants, retail and public spaces, including several landmark developments and enhanced connectivity courtesy of the new Elizabeth Line.
Queensway in Bayswater is being transformed into a pedestrian-friendly neighbourhood for shopping, dining and living, including a new plaza and the recent launch of The Whiteley, the redevelopment of the Whiteleys department store. A new entrance to Kensington Gardens, twin Royal Park gates leading onto Bayswater Road, will be the gateway for what Savills calls ‘Bayswater Village.’
2022 was an incredibly strong year for prime London, with prime rental growth ending 2022 up +10.9% on the year as tenant demand continues to significantly outweigh supply. Rental growth reached the highest level ever recorded (+14.0% on the year) in Q3. Q4 2022 marks the second strongest quarterly growth seen in December for over 10 years and the outlook for 2023 and beyond remains strong, with 13.6% growth forecast across the five years to 2027, despite the wider the economic slowdown.
Spencer himself says: “It’s a very exciting time for W2 as it experiences a significant transformation and I am delighted to be part of its revival working closely with the nearby Savills offices to expand our reach and provide a dedicated service in the area.
“We aim to combine unrivalled local W2 expertise with a broadened reach through our extensive national and international Savills network to better serve our clients.
“With the transformation of the canal side around Paddington Basin and the regeneration of Bayswater with Queensway’s evolution into a destination retail location, the area is set to flourish and alongside its neighbouring areas. Additionally, the post code’s park side position overlooking Kensington Gardens and Hyde Park further enhances its appeal as proximity to green space continues to be near the top of wish lists when searching for our clients.”
