Sheer convenience: at the centre of the Crossrail map, these new London homes will see journey times slashed

When it comes to Crossrail’s power as a game changer, there are few areas that will feel the impact of the Elizabeth line boost more than Paddington.

Once home to a colossal waste treatment centre and historically better known for prostitutes than prime residential, it was not long ago that this district’s credentials as a homeowners’ hotspot were nigh on non-existent.

Paddington’s on-paper position is an attractive one.

Sandwiched between Hyde Park to the south and Edgware Road and Westway to the north it has prime Zone 1 status while being just 15 minutes from Heathrow airport.

Until recently, however, a lack of regeneration meant this run-down district with a Grand Union Canal basin has struggled to lure home buyers away from the boom areas of east London, and the glamorous hustle and bustle that makes the rest of the western side of the city such an attractive place to live and work.

In short, it was always going to take one hell of an overhaul to bring this forgotten quarter up to scratch.

But the ongoing regeneration of London has reached Paddington.

The massive 80-acre, £1 billion Paddington Waterside project is transforming the aesthetic of the area, bringing with it a swathe of new bars and restaurants such as Beany Green and Pergola as well as millennial-friendly occupiers including Central Working and Techstars.

The scheme will include Paddington Quarter, a mixed-use development that will deliver new homes, offices and public spaces with The Cube — an £825 million, 14-storey scheme designed by the Shard architect Renzo Piano — at its heart.

Despite the facelift, the area remains a challenging sell when measured against nearby Bayswater, Notting Hill and Marylebone.

The hangover of a seedy past clings to its edges; the district’s complicated landscape, incorporating the sprawling international train station, does not help.

But therein lies the golden ticket that looks set to cement Paddington’s fortunes as a residential success story; transport links, and the “Lizzie” line.

Crossrail will soon be up and running and it will give Paddington supercharged access to the rest of the capital.

On top of the new £65 million Bakerloo line station and ticket hall, journey time reductions will be almost unrivalled as a trip to Tottenham Court Road will be slashed from 20 minutes to just four and a current 34-minute journey time to and from Canary Wharf will drop to 17.

Simon Howard, sales director at Berkeley Homes Central London, which has a number of projects in and around the area, says: “Paddington and the wider area including Marylebone provide an attractive option for buyers and Crossrail’s imminent arrival will only serve to strengthen this.

“The new Crossrail station at Paddington will make it one of the best-connected areas in the capital, which will naturally have a positive impact on both property value and demand.”

It is worth noting that the Crossrail effect in this part of London will stack on top of strong pre-existing fundamentals.

Property prices here are reasonable by London standards, starting at around £345,000 and reaching £5.5 million at the top end of the market, with an average price of £1.2 million, according to Foxtons.

One-bedroom terrace houses in the area can be found for about £375,000 with two-bedroom homes averaging about £500,000.

It is the shiny new-build developments that really bolster this district’s value average. Prices at Berkeley Homes’ West End Gate, where apartments are currently available in 30-storey Westmark Tower, start from £749,500. Call 020 7720 4000.

Once completed, this project, designed by top architects Squire and Partners, will deliver 542 homes across five buildings comprising red-brick, contemporary mansion blocks and the Westmark.

Prices at European Land’s Merchant Square scheme start at £775,000 for a one-bedroom flat and £920,000 for a two-bedroom flat. Through JLL (020 7087 5111; canalsidewalk.com).

Residential Land has Merchant Square rentals from £515 to £1,550 per week. Call 07973 837459.

Another option within the waterside regeneration area includes Meritas Real Estate’s newly launched Paddington Gardens.

Five minutes’ walk from Paddington station, the one million square foot development is made up of homes and amenities including a hotel, gym and private school.

With one-, two-, three- and four-bedroom apartments, prices start at £1.59 million through Strutt & Parker (020 7318 4677).

For those with very deep pockets, triplex flats at Alchemi Group’s super-prime Leinster Square development start from an eye-watering £4.5 million.

Visit leinstersquarew2.com — beyond the realms of possibility for many, but a reassuring sign of an area that is destined to become seriously smart.

Emily Wright is features and global editor at Estates Gazette