Belgravia began to be developed in 1824 by Thomas Cubitt (The Thomas Cubitt pub is named in his honour).
Prior to this date, the land was mainly farmland and prone to flooding. After making his fortune by developing Belgravia, he turned his attentions to the south of Belgravia, referring to this development as South Belgravia. Today it is known as Pimlico.
The fact that it was originally developed by the same master builder who developed Belgravia, explains why Pimlico properties share many of the attractive features as its next door neighbour.
It has wide streets and architecturally attractive squares with elegant frontages. Eccleston Square, Warwick Square and St George’s Square are just three of the outstanding features of Pimlico. And yet Pimlico prices are considerably lower than those on offer in Belgravia.
However, Pimlico is not just a collection of Georgian squares and stately townhouses, attractive as they are. Rather, it offers a range of alternative styles of flats and houses.
A variety of housing stock available
In the years after World War II, Westminster Council began an ambitious programme of rebuilding. The results of this programme are the garden estates of Lillington and Longmoore, and the more recently sought-after Churchill Gardens. All of these are now in conservation areas. In addition to these estates, there is the pre-war development of Dolphin Square.
This wide variety of architectural styles, along with the stylish Georgian houses, make Pimlico an attractive place in which to invest – though it is not only the variety of the housing stock that is attracting buyers.
Excellent investment opportunities
Property prices in Pimlico are considerably lower than in Belgravia – in some cases, by as much as 50%. However, rent levels are certainly not 50% lower. This delivers a higher rental yield and makes the area an excellent place to invest in residential property.
Traditionally, Pimlico has not appealed to wealthy buyers and investors from Russia, the Middle East or Far East, who have more often preferred the undoubted prestige of living in Belgravia. Pimlico has instead proved more popular with domestic buyers and buyers from Europe.
A good place to live
Pimlico not only offers a great range of properties, but is a good place in which to live.
It has excellent transport links to all parts of the Capital and the rest of the country. Pimlico underground station on the Victoria Line, provides speedy access to other parts of London, including King’s Cross St. Pancras, Finsbury Park, and of course Victoria Station, a major railway terminus with 30 minute fast services to London Gatwick airport.
In addition to good transport connections, for those people who seek the bright lights of the West End, Oxford Street, Covent Garden and Shoreditch are within easy reach. Pimlico also has a good cross-section of restaurants and bars, supermarkets and local shops, while Battersea Park is close by.
A good place to invest
Pimlico has so much going for it as a place in which to live or invest in. It is only a short walk from Belgravia, and shares a lot of the same sought-after stucco-fronted period houses and apartments, and yet is cheaper than Belgravia. Pimlico offers good value and convenience and its star is burning brightly, which makes it an ideal area for buy-to-let investors.
Andrew Reeves have been trading successfully in London SW1 – including Pimlico, Westminster and Belgravia – for nearly 20 years, as selling, letting and managing agents and as investment managers for their many private clients.
If you need to know more about the investment opportunities available in Pimlico, contact us today. We will guide you as to the best investment properties in Pimlico and advise you throughout the entire process of buying and letting your property.
