Midtown Booms While City Busts

Ballowshed_night_lg[1] Hugh B. of Caledonian Road thought the following selection from a longer article published in the 13 October issue of The London Paper would be of interest to local residents.  The article raises the perceptions of the local area and helps dispell some of the gloom about the London property market.

A new boom zone dubbed "Midtown London" has been tipped to become the capital's coolest area.

Midtown – bounded by St Paul's Cathedral in the east, Trafalgar Square in the west and running from King's Cross down to the Thames – has become a magnet for top designers and a clutch of media heavyweights.

The area is bucking the economic downturn and becoming a financial "hub", while the City has been hit by job cuts sparked by market turmoil…

 …The average costs for tenants in the Square Mile – including rents, rates and service charges – is about £90 per square foot, while in Midtown the figure is £80. Julian Hind, head of leasing, sales and development at Farebrother, said; "Many of the big media lot are based in Midtown, as are many designers. There is a real media vibe around here, while the City is struggling, with loads of free office space."

Midtown redevelopments include Regent Quarter – a scheme next to King's Cross station – and the Eurostar teminal at St Pancras.

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