|A Westfield Effect On Chiswick Property?|
Shopping centre drawing attention of buyers and investors
Westfield London, the giant new shopping centre in Shepherd's Bush, is set to blur the postcode boundaries and house prices in West London.
Despite the downturn in the housing market, the arrival of Westfield has been drawing the attention of buyers and investors attracted by the increased rental demand from the influx of workers and shoppers.
Christian Harper of Chiswick estate agent Oliver Finn, “Westfield has been the catalyst for new buyer and rental registrations in the nearby residential areas and there will be a knock-on effect in neighbouring postcodes including properties in W4.”
The area benefits from improved public transport with the re-opening of Shepherds Bush tube, a new overland station and a new Hammersmith & City Line tube station at Wood Lane. “It’s difficult to monitor the effect on Chiswick property prices as it’s only been opened a few weeks but it’s a definite draw to West London, especially for tenants and pedestrian owners,” says Harper.
The Westfield scheme is set to have an immediate impact on properties in W14 and W12, which are closest to the centre. Local estate agents expect properties to experience a price boost due to the increased activity and investment.
Westfield is the largest inner-city shopping centre in Europe, tipped to rival Knightsbridge and Bond Street as London’s leading retail centre. The centre boasts over 260 shops including top designer brands such as Gucci and Louis Vuitton in the £1.7bn mall. A restaurant-lined promenade adds to the shopping experience.
January 2, 2009