Victoria is set for a landmark £4bn investment over the next decade, set to unlock over 3m sq ft of new office, retail and residential space cementing the area as a major visitor destination for London, and attracting many hospitality businesses.
Victoria Vibrancy Report 2014
The Victoria Vibrancy Report 2014 marks the significant regeneration of the area to date. Over 200 businesses gathered to hear of the major Public Realm Strategy led by the Victoria Business Improvement District (BID), which will create nearly 150% of new spaces in Victoria including public art, seating, water features and green infrastructure.
Migration to Victoria
The first of its kind analysis of Victoria reveals a major migration is afoot. Businesses traditionally located in The City, Mayfair and edgier areas of London are now choosing Victoria from luxury brands Giorgio Armani, financial institutions including Wellington Hedge Management, through to New Zealand coffee house Iris & June.
Eclectic and distinct retail and restaurant scene
Ruth Duston, Chief Executive Office, Victoria Business Improvement District says, “The extent of the development and investment into the area is a testament to the potential Victoria has to become a major visitor destination for London. Victoria’s residential offer is being revived whilst an eclectic and distinct retail and restaurant scene is emerging together with a new ‘hub’ for independent retailers to flourish.”
New centre of gravity for West End Office Market
The Victoria Vibrancy Report 2014 reveals highly competitive occupancy rates are fuelling increased demand for prime office space with an increased uptake of 75% Y-O-Y in 2012. Victoria now has a competitive edge against neighbouring districts thanks to new large scale, high quality offices up to £70 per sq ft with equivalent spaces upwards £120 per sq in Mayfair and St James’s. Already home to Burberry, Tom Ford and Moet Hennessy the last 18 months has seen the arrival of Jimmy Choo [123 Victoria Street] and the recent signing of Giorgio Armani in Autumn 2013 to Howick Place signalling the rise of London’s newest luxury district.
Affordable residential property
For the first time in over a century, Londoners now have access to prime residential property in Victoria. Extensive development anchored on the conversion of commercial into residential is returning period buildings to their original use. While property in neighbouring Knightsbridge and Belgravia starts from £5,000+ per sq ft, Victoria is now offering affordable living spaces starting from £1,600 per sq ft, and expected to rise to £2,000 by 2016.
Retail – and eating – revival In Victoria
The Victoria Vibrancy Report 2014 reveals the creation of prime residential space is stimulating a ‘virtuous circle’ in the area, prompting an improved retail, and leisure offer making Victoria an attractive location for Londoners wanting a central base.
Big brands and emerging eateries expanding their presence in the Capital are also choosing Victoria including Ibérica and Leon. Competitive occupancy rates is also driving an influx of independent retailers, with New Zealand coffee house Iris & June set to opens its doors in Howick Place in March 2014.
Land Securities are also seeking to attract eclectic and independent restaurant and retail brands to its flagship 85,000 sq ft development Nova, Victoria.
Victoria BID
The Victoria Business Improvement District officially launched in April 2010. The purpose of Victoria BID is to bring together the business community to help shape and influence Victoria’s future development and infrastructure, positioning Victoria as a vibrant and thriving destination to be enjoyed again and again.
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