Centre Point continues to be at the forefront of the regeneration project currently being undertook on London’s historic Tottenham Court Road. This project features an office-to-residential conversion which will include the development of a new public square lined with a mix of restaurants and shops, the company announced via a press release.
It is hoped that once the rejuvenation efforts are finished, this central part of London will become a must visit destination that will invite people to live, socialize, eat, drink, shop and soak up the atmosphere. “Centre Point is already one of London’s most well-known landmark buildings; however, the redevelopment of the surrounding area will transform this location into one of the most visited retail, leisure and prime residential hubs in the country,” Luke Mills, executive director at CBRE UK, said in a press release.
A number of well-known destinations in England’s capital including Covent Garden and the South Bank have undergone similar rejuvenation projects. Research from CBRE Residential showed that there is a 10 percent premium for properties within residential developments that adopt effective place-making. The consultancy points out that Tottenham Court Road, including Centre Point, could see similar benefits.
Tottenham Court Road is already witnessing significant investment to the area’s infrastructure, connectivity, retail and leisure offerings which will assist in the placemaking process. A report from CBRE shows the THB18 billion regeneration of Tottenham Court Road could spearhead the transformation of this key London district.
There are a number of similar examples of successful office-to-residential conversions including the aforementioned Covent Garden and the ongoing redevelopment of London’s South Bank. According to CBRE research, prices are widely reported to have tripled over the past five years as a result of significant improvements and placemaking efforts.
“Developments rich in history and benefiting from direct access to a popular cultural hub now demand prices upward of THB1.1 million per sqm.,” Mills explained in the press release. “A similar effect can be expected for Centre Point where extensive place-making around a new public square is currently underway.”
