Whiteleys shopping centre is being redesigned with new shops and restaurants, along with luxury new homes.
Historically, Bayswater has been the shabbiest but also the least expensive of the neighbourhoods encircling Hyde Park.
Its shops may lack excitement but its Zone 1 location is brilliant, its unconverted townhouses are elegant and, most importantly, regeneration is gathering pace.
You can walk to the West End or hop on the Central line at Queensway station or the District and Circle from Bayswater. From 2021 a short walk to Paddington will be rewarded by Crossrail services direct to the City or Canary Wharf.
“With its neighbour Notting Hill to the west and Marylebone to the east, where values can easily exceed £3,000 per square foot, Bayswater has long been the forgotten area of prime central London,” says buying agent Caspar Harvard-Walls, partner at Black Brick.
The reason for Bayswater’s Cinderella status? “Bayswater is blighted by Queensway, which is dominated by fast-food takeaways and mobile phone shops.”
Why Bayswater is tipped as one to watch in 2020
The clean-up of Bayswater is already clear. The first homes at the landmark Grade II-listed former Whiteleys shopping centre, which closed in 2018, go on sale this year. Prices are still to be confirmed and if you need to ask, you probably can’t afford one.
There will also be shops and restaurants at the redesigned centre, rebooted by starchitect Norman Foster. Meanwhile, a cluster of smaller developments on and around Queensway will have more flats, shops and offices that will generally smarten up the street.
The pros: Bayswater is relatively underpriced for its prime location, and Crossrail and regeneration will produce price growth.
“We know the effect that improving the public realm has on property values,” says Harvard-Walls. “The redevelopment of Marylebone High Street, Mount Street in Mayfair and Sloane Square in Chelsea have led to surges in the price per square foot in those areas. We expect 2020 to be the year the wider market really starts to sit up and take notice of Bayswater.”
The cons: it is good value for prime London, but it’s still not cheap. And there are still too many shabby two-star hotels.
Average house prices in Bayswater — and what there is to buy
An average home in W2 costs £1.25 million, according to Rightmove. Unlike other prime districts, where prices have flopped 20 per cent in the past two years, values are up slightly, from £1.2 million five years ago.
White stucco townhouses, often divided into flats, could again become the area’s loveliest homes, priced at £1,500 to £1,600 per square foot for a modernised property.
Prices for newer purpose-built flats are considerably more affordable at about £1,000 per square foot.
Goodmayes, on the fringes of London and Essex