Tuesday 11 December 2018 12:21 pm | Updated: Monday 03 June 2019 2:26 am

Focus On Pimlico: This central spot is the perfect place to pick up a period conversion flat and benefit from the re-development of Victoria

In London, you often have to make the choice, whether to live in a traditional part of town that’s earned its towering house prices, but isn’t likely to soar again anytime soon; or take a punt on an up-and-coming part of town that’s better value and has the potential for price growth.

Luckily, with Pimlico, you can have both. Sitting as it does on the edge of Belgravia and Chelsea – it was originally dubbed ‘South Belgravia’ – it’s still centrally located and relatively great value for money. “A decent one bedroom flat is approximately £600,000 to £700,000, compared to £1.5m in Belgravia,” says Oli Russell, head of search and acquisition at SP Property Group.

At the same time, its rapidly transforming neighbour Victoria is delivering the boost to house prices. All the while, residents in nearby Pimlico can see Hamilton, eat at Hai Cenato, then walk home back to their charming English period conversion in The Grid, the most sought-after part of the neighbourhood.

“Residents here enjoy the best of both worlds, living within a historic street but a stone’s throw away from booming regeneration projects,” says Harry Buchanan, director of Jackson-Stops’ Pimlico branch.

Many landlords are choosing to let their properties out, rather than sell, at the moment, meaning supply is low and competition is fierce

Though there are some boutique new builds scattered around the edges, most are early Victorian/Regency houses that have been converted, with flats accounting for 90.6 per cent of stock, according to research from Savills, using Land Registry data.

“Pimlico began to take shape as a residential neighbourhood in the 19th century when Thomas Cubitt, cited as London’s master builder, went about creating grand Regency style architecture and garden squares for London’s gentry,” says Frances Clacy, Savills research analyst. “Its history is recognised in the area’s listed buildings; there are more than 350 Grade II listings locally including houses, churches, public houses and even a telephone kiosk and cabmen’s shelter.”

The same figures put the average second hand price at £939,965, which has increased 62.2 per cent in the last decade, although there has been a slowdown in recent years. “Average prices have increased by approximately 10 per cent in the last five years, but much of that was pre-2017 – prices have remained pretty consistent for the last 18 months,” says Russell from SP Property Group.

The Cambridge Street Kitchen

Top sales tend to be in Eccleston or Warwick Square. A large apartment in the latter “will reach around £1,300psqft” says Philip Eastwood, head of London at The Buying Solution. Outside of the garden squares, “properties do tend to have smaller gardens, often just a terrace or courtyard, which can be a downside for buyers,” he adds.

For investors, ex-local authority blocks, such as those around Churchill Gardens, are seen as good fixer-uppers. Many landlords are choosing to let their properties out, rather than sell, at the moment, meaning supply is low and competition is fierce.

“Competitive bidding and attempts to gazump from buyers hoping to capitalise on the current market between now and Christmas are also becoming commonplace,” says Laurie Kavanaugh from Marsh and Parsons Pimlico.

Messiah is currently playing at The Other Palace

Area highlights

If we’re talking about infamous addresses, there are few more notorious than Dolphin Square. Built in the 1930s, its proximity to Westminster has made it the home of MPs, senior civil servants and spies for many years, from Oswald Mosley to Princess Anne, though there are plans for a £400m overhaul. Aside from Tate Britain, with its marvellous Turner Wing and Henry Moore collection, walk up the road to The Other Palace, formerly St James’ Theatre, for a fabulous cultural venue known for new musical theatre. The restaurant offering has improved vastly in recent years, but there are still some solid local favourites from the historic Grumbles brasserie to Italian charmer O Sole Mio. A run down Victorian boozer is now The Cambridge Street Kitchen, a casual diner tucked away under the Artist Residence Hotel. For beer lovers, there’s no better place than Cask for discovering premium beers and ales on tap from around the world, with a decent burger on the side.