Bayswater has charming leafy streets lined with elegant Victorian stucco mansions. Surrounded by some of the capital’s most elite neighbourhoods, it enjoys the high-fashion living of Notting Hill and Westbourne Grove, Kensington and Mayfair.
This central London hotspot attracts homebuyers and investors from all over the globe, with its easy access to the City and a wealth of enviable transport links.
Local estate agent Paul Hyman, of Kinleigh Folkard & Hayward, has over 25 years' experience selling homes in the area. He describes Bayswater as "a cosmopolitan oasis of beautiful period charm and green gardens".
Londoners living in this bustling district have Hyde Park’s 350 acres at their disposal, smart shopping boutiques and restaurants on their doorstep and overlook the recently-unveiled façade of The Lancasters - a grand new development with homes for the super-rich.
Property insider: Paul Hyman, KFH
What properties are typical to the area?
Bayswater is characterised by Victorian white stucco terraces, many of which have been divided into smaller flats and studios, although there are some purpose-built apartment blocks. Houses are rare and expensive. The large villas in Porchester Terrace are worth on average between £6-10 million, while smaller, Sixties-built houses are worth about £2million.
What homebuyers are attracted to the area?
Bayswater attracts buyers from all over the globe, including Italy, Malaysia, China, America and the Arab nations. There is particularly strong demand from Australians, as well as from homegrown British buyers.
Young professionals in their late 20’s to mid-30’s are most often seeking two-bedroom homes priced between £600,000-£800,000, within an easy commute to the City. However, young couples with children tend to reluctantly sell up when they need to find properties with a third bedroom and outdoor space.
The Lancasters, on the northern side of Hyde Park, was once the residence of the world’s ambassadors and is now a development of fabulous new homes with porterage, super-luxe spa, pools and landscaped gardens for the joy of the global rich. It has without a doubt changed Bayswater’s profile, says Hyman. "The hoardings are down and the property looks gleaming; it’s definitely a sign that the area is coming up."
What are the 'hottest' properties in the area?
There is strong demand for all property in Bayswater, but the streets with the most cachet are Craven Hill Gardens, Cleveland Square, Lancaster Gate, Sunderland Terrace and Alexander Street. Craven Hill Gardens is one of the area’s nicest tree-lined addresses. The charming, boutique five-star Hempel Hotel is nestled among the smart homes that are beautifully positioned within seconds of Hyde Park and Whiteleys shopping centre, and a short stroll from the hub of Paddington.
Where are the 'hidden gems'?
Westbourne Park Road and St Stephens Gardens may throw up the odd opportunity for renovation or cheaper ex-council properties.
What are the best investment opportunities in the area?
As there is a shortage of properties across the board, quality one- and two-bedroom flats will always be in demand. Westbourne Terrace and Gloucester Terrace, in particular, are popular with renters; there are close to 1,000 addresses on each of these streets, and both are close to Lancaster Gate Tube station, Padding station and St Mary's Hospital, so the catchment is very good.
How is local parking?
W2 has good resident parking and a reasonable amount of underground garages.
What are service charges in the area like?
For period property: a one-bedroom apartment without a lift is about £1,000 a year; with a lift this rises to about £1,600 a year. Two-bedroom properties range from £2,000-£3,000 a year and modern blocks with a lift and a porter command additional fees of about £2,000 more each.
What are your favourite viewings to show potential buyers?
Craven Hill Gardens is definitely one of the nicest addresses.
Where would you buy in the area?
Craven Hill Gardens and Cleveland Square.
Paul Hyman is the Sales Manager of Kinleigh Folkard & Hayward's Bayswater office