Friday 10 February 2017 2:00 pm

Focus On Victoria: A £4bn investment in housing, retail and infrastructure is making it a destination in its own right

If the Queen’s getting a £369m refurbishment of Buckingham Palace, it seems only fair that the neighbourhood surrounding it should get a polish, too.

£4bn should just about cover it, and that’s how much has been invested in the area by developer Land Securities over the last five years. Around £700bn of that has gone on revamping the train station, a major terminus that’s also set to be a hub for Crossrail 2, if current proposals go ahead.

Traditionally, the areas around big rail stations haven’t made desirable places to live and Victoria was no exception. Tall, grey, faceless office blocks characterised much of its property stock for decades and the retail offering was pretty poor, making it one of the cheapest spots in central London.

“While over three quarters of Westminster falls into a conservation area, Victoria is one of the few neighbourhoods that doesn’t, paving the way for change,” says David Fell, research analyst at Hamptons International. “The face of Victoria has been transformed over the last five years as the expiry of long commercial leases for the replacement of 50-year-old buildings already showing their age.”

One of the most high-profile sales was the site of New Scotland Yard, which went for £370m; the Ten Broadway development that follows is highly-anticipated and is expected to set a new price premium for the area.

Cardinal Place, new shopping centre on Victoria Street

Another new build making waves is 55 Victoria Street which “has changed beyond recognition”, says buying agent Jo Eccles, luring names as diverse as Deutsche Bank, Tom Ford, and Jason Atherton, whose new Italian restaurant in the area opened this week, and the UK’s new National Cyber Security Centre.

Her agency Sourcing Property manages around 30 flats in the area for a diverse range of smart tenants; “we have senior executive tenants ranging from the CEOs of insurance companies, group heads of leading food chains and those holding senior positions within some of London’s high profile embassies.”

And this has pushed up prices, making it one of the few places in Prime Central London where house prices grew last year.

“Property prices in Victoria used to be as much as 30-40 per cent lower than its more salubrious neighbours,” says Stephen Lovelady from the local Foxtons office. “Now, however, the gap in prices has closed due to the improved quality of accommodation and a great range of retail facilities and eateries available locally.”

There’s plenty on offer for those looking for more traditional digs, too. Sought-after period mansion blocks also characterise the area. Some renovated developments such as 62 Buckingham Gate aim to capitalise on this, but those looking for traditional property are better off looking around Ashley Gardens and Ambroseden Avenue, where large apartments go “for around 25 per cent less than the new builds”, according to Tom Kain, buying consultant at Black Brick – and there are plenty of bargains to be had at the moment due to 2014’s Stamp Duty rise and Brexit uncertainty.

“For new build buyers, there are some good opportunities on the re-sale market from distressed sellers looking to exit from their investment. We were recently offered a one bedroom apartment in the Nova building for 10 per cent less than the current owner bought for off-plan.”

For longer term investment, he advises waiting for the market to strengthen once our post-Brexit position is clear. With investment pouring in from all sides, it’s a decent time to hedge your bets on property in Victoria.

Westminster Cathedral

Area highlights

One of London’s most hotly-anticipated musicals, Hamilton, is taking up residence in the Victoria Palace Theatre this November and you’d be right in the thick of it. A view of Westminster Cathedral, the mother Catholic Church for England and Wales with stripped back Byzantine-style architecture, is often a perk of buying property in Victoria. A Royal Park, St James’s, is right on your doorstep for picturesque jogs and the changing of the guard. For robust Scottish fare and a fine cigar, Boisdale of Belgravia is only a few paces away from Victoria Station and has an impressive selection of whisky on offer, too. Cardinal Place is one of many new shopping havens on Victoria Street, but has a particularly good food offering, with a food market every Thursday lunchtime. Full to the brim, waddle over to the new Curzon Victoria on the same street to take in a film in one of its comfy sofa seats.