Did you know that Leicester Square was once an upmarket residential area? It wasn’t until the 19th century that it became a significant destination for entertainment. It has been “the” location for cinema for almost a century now, hosting grand red carpet premieres. While that is a huge positive, and attracts millions of visitors every week, it does cause problems. In fact, there has been work to redevelop the area in the last few decades. We could see the final piece of this in the near future too. Let’s have a closer look, then you can rely on us if you need guaranteed rent in Westminster or other parts of London.
Redevelopment
As Leicester Square grew into one of the most important entertainment districts in London, problems began to pop up. Crucially, there were fears it had become very dangerous at night. So, there were plans to redevelop it, including demolishing buildings. There was also a major £15m redevelopment before the 2012 London Olympics, installing new paving and a water feature.
Almost all of Leicester Square has now been redeveloped. This includes a landmark hotel, modern retail spaces, and high spec offices. However, one corner remains. It is currently home to eight buildings. Unfortunately, the location causes challenges. There can be significant disruption whenever there are film premieres. As a result, the properties can experience high turnover.
New plans
Recently Make Architecture submitted a plan to redevelop the site. It will involve demolition of the eight buildings. This includes two from the mid 19th century and the 1950s corner building. In their place they will create an innovative new visitor attraction. Speak to us about assets and guaranteed rent in Westminster.
There are some really interesting details in the plans. Firstly, the new property would feature a massive four-storey tall screen overlooking Leicester Square. This would help make the building stand out, in a similar vein to the screen at Piccadilly Circus and the famous ones at Times Square.
Landowner Soho Estates has been exploring ways to overcome the obstruction of the buildings when there are film premieres. One idea was to create a bridge, but Westminster City Council had concerns about a negative impact on the streetscape. Therefore, there is now a proposal to install a tunnel. The concept could allow a “dramatic arrival experience” according to Matt Architecture.
It will be interesting to see if the plan gets approval from Westminster City Council. Notably, the design includes undulating facades, taking inspiration from the worlds of cinema and theatre. It’s a great touch, celebrating the heritage of Leicester Square.
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London is one of the best cities in the world when it comes to amenities and attractions. Whether you love theatre, film, music, art, literature, history, fashion, sport, or anything else, there is something here for you. In fact, you could probably do something different every single day and never get bored.
All of this makes London a very impressive place to live. In turn, it is great for investors. If you decide to invest in properties in Westminster, you could enjoy fantastic rewards. The right homes in lovely locations can command a premium. Plus, with prices falling in recent months, your money could go further at the moment.
You can rely on us if you need help with assets. Most significantly, we provide services like guaranteed rent in Westminster and other parts of London. It will protect you against voids and makes it easier to plan your finances. Contact us to learn more.
