Research from London lettings and estate agent, Benham and Reeves, can now reveal that to live within arm’s reach of the much-slated establishment, you’re going to have to pay £2,082/sq ft. That’s a house price premium of 76% when compared to the wider Westminster borough average.
But what about London’s other more iconic brandmarks?
The most expensive brandmarks in the capital are located in the W1K postcode area, including three of London’s best hotels in Claridge's, The Dorchester, and The Connaught. Homes here cost an average of £2,413/sq ft, a premium of 104% compared to the wider Westminster average.
Just around the corner from these opulent hotels is White’s, the oldest and most exclusive gentlemen’s club in London. Founded in 1693, current members include Prince Charles and David Cameron. Located in the SW1A postcode area, to buy a home nearby, you’ll have to pay £2,179/sq ft which is a premium of 85% compared to the wider average in the borough.
In another Westminster postcode area, W1J, which covers much of Mayfair, you’ll find such famous brandmarks as private members club Annabel’s; Michelin starred Chinese restaurant Hakkasan Mayfair; and 5 Hertford Street, once described as London’s most secretive club.
To buy a home in the same postcode as these establishments will cost an average of £2,057, 74% higher than the borough average.
Elsewhere across the city, a home close to Harrods in the SW1X postcode area of Kensington & Chelsea will require a premium of 59%.
To live next to The Shard will require a premium of 39%; while to buy near one of London’s most exclusive athletics clubs, Hurlingham Club in Hammersmith & Fulham, you’re looking at a house price premium of just 2% compared to the wider borough average.
Marc von Grundherr, Director of Benham and Reeves, commented: “London is jam-packed with globally renowned brandmarks. Many of them are found within a couple of square miles of each other in prime central London, occupying some of the most rarefied real estate on the planet. That’s why, if you want to live nearby, you’re going to need very deep pockets indeed - similar to a Tory politician, perhaps.
"The good news is, however, that London isn’t actually that big. So you can live in a far more affordable part of town and still find yourself within just a 20-30 minute commute of these famous locations. You can even venture south of the river to the city’s most affordable locations and still be able to travel to these iconic London streets in less than an hour, door to door. That’s what makes this city such a wonderful and unique place to live. There is history on the doorstep and global icons all around us.”
