Friday 31 August 2018 11:35 am | Updated: Friday 24 May 2019 7:44 pm

Focus On Covent Garden: The tourist trap turned foodie hotspot also does homes

Who lives in Covent Garden anyway? To most Londoners, this historic 17th century piazza is synonymous with street performers and burger bars. It’s always been a place to pass through on the way to the theatre, rather than a place to spend much time in or, god forbid, live in.

But all that is changing rapidly. Since developer Capco became the majority landowner in 2006, it’s set about “restoring Covent Garden to how it should rightfully be,” according to Michelle McGrath, director of Covent Garden. London’s sprawling nature and decades of mismanagement allowed this central patch of real estate to turn into a tacky tourist trap practically unnoticed, but McGrath’s team have been systematically transforming the retail and food and drink offering.

James Street and King Street have turned into pedestrianised boulevards during the day and luxury brands such as Tiffany, Burberry and Apple have been invited to take over. Food chains still prevail, but enticing imports such as Frenchie and Balthazar are drawing diners in, alongside an Ivy brasserie (formerly a Pizza Hut) and the new Petersham Nurseries. This last sits in a courtyard overlooked by The Floral Court Collection, Capco’s newest set of multimillion pound homes set to go on sale this autumn.

Residential opportunities are scarce in this part of town, with 75 per cent of the estate taken up by retail. This means the property portfolio is relatively simple; either period conversion flats above a shop or restaurant or, in rare cases, a new build flat above a shop or restaurant.

The new retail units on James Street. Photo: Brendan Bell

“For this reason, it’s a location that’s popular with downsizers wanting a place that they can lock-up-and-leave which also has culture and cuisine right on its doorstep,” says Frances Clacy, research analyst for estate agent Savills.

McGrath confirms that the “vast majority” of its buyers were Brits, though Alison Battrick at Dexters Covent Garden says there’s “a lot of interest from the Middle and Far East thanks to all the new builds popping up” just off the main estate at 190 Strand and The Hexagon in Parker Street.

Peter Preedy, director at JLL Residential, says prices now comfortably exceed £2,000 per sqft for new builds. “The area has risen in popularity in line with Soho, which is now similarly priced but was certainly not considered prime a few years ago.”

Jack Ballantine, a director at Sotheby’s International Realty, says it’s even “started to attract buyers who would have previously favoured property in Belgravia, Knightsbridge and Mayfair.”

Another big draw for investors is the number of wealthy international students that will be looking to live in the area, which is on the doorstep of the London School of Economics and Kings College London.

And, unlike other locations in prime central London, prices are likely to hold due to limited supply. “The centre of Covent Garden has almost reached saturation point with little left to develop around the key areas such as the Piazza and Seven Dials,” says Jamie Read, director at estate agent Tavistock Bow.

With the opening of Crossrail at nearby Tottenham Court Road and new office workers moving in at Renzo Piano’s St Giles towers, there will be demand for years to come.

A dish from the Covent Garden Petersham Nurseries

Area highlights

If you’re a culture vulture, there are obvious advantages to living in Covent Garden. The Royal Opera House and Royal Ballet is on your doorstep and currently undergoing a £27m refurbishment. In addition to that, you’re right in the centre of Theatreland, the generic term attributed to the cluster of West End theatres that stretch from Trafalgar Square to Holborn. The second Petersham Nurseries is the latest addition to Covent Garden’s burgeoning restaurant scene. More refined than Soho, but more affordable than Mayfair, it’s become the perfect spot for a mid-price date night in recent years. On the edges, you’ve got St-Martin-in-the-Fields church which stages candlelit classical musical concerts practically every evening and serves a mean roast dinner in its crypt. Covent Garden is still overrun with tourists, but it’s also populated with young, hip sorts thanks to its proximity to the London School of Economics and Kings College London.