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<\/p>\nAreas like Sand\u2019s End and Haggerston may not be familiar to many people but thanks to the\u00a0expansion of the Barclays Cycle Hire scheme, these former London backwaters are now\u00a0becoming sought after areas for top tenants. Because they were located miles from public\u00a0transport hubs, vast swathes of London were dismissed by tenants who are often reliant on\u00a0the tube or train to get to work. New research by Benham & Reeves\u00a0Estate Agents shows these areas are now enjoying newfound popularity because \u201cBoris Bikes\u201d now mean\u00a0that the journey to the Tube station is a mere five minute ride away rather than a half hour walk.<\/p>\n
Figures confirm that these areas have seen huge jumps in rental returns since Boris Bikes\u00a0were introduced. While rental returns across London have risen just over five per cent since\u00a0the first bike stands were installed in July 2010, dramatic gains were seen in areas where\u00a0the bikes stands were introduced but which were more than a 10 minute walk from a London\u00a0Underground overground train station.<\/p>\n
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Marc von Grundherr,\u00a0 director at Benham & Reeves\u00a0Estate Agents comments,\u00a0\u201cAs the Barclays Cycle Hire scheme has expanded outside of central London and into areas\u00a0that are a lengthy walk from the Tube, we have seen a dramatic increase in tenant enquiries\u00a0for those areas. Tenants realise that they can simply ride a Boris Bike down to the station\u00a0for little or no money at all and do not have to worry about whether their bike is secure.\u00a0Tenants also tell us that while they would be unlikely to cycle all the way to work, either\u00a0because their workplace is too far away or because they do not want to arrive sweaty and\u00a0red faced, a leisurely cycle down to a nearby Tube station presents no problem.<\/p>\n
In light of our research, it\u2019s a good reason for investors into London to thank Boris Johnson\u00a0for setting this up \u2013 well done Boris!\u201d<\/p>\n
TfL\u2019s General Manager of the Barclays Cycle Hire scheme, Nick Alworth, said, \u201cWe have\u00a0always known that Barclays Cycle Hire would bring a range of benefits to London, so it\u2019s\u00a0nice to see some of these further confirmed by this latest research. Since the scheme\u00a0opened in July 2010, the popular and now iconic bikes have helped change the way people\u00a0make short journeys across London. More than eight million hires were carried out last year\u00a0and we expect many millions more to be made during 2014.\u201d<\/p>\n
-ENDS-<\/p>\n
Contact details:<\/strong> Areas like Sand\u2019s End and Haggerston may not be familiar to many people but thanks to the\u00a0expansion of the Barclays Cycle Hire scheme, these former London backwaters are now\u00a0becoming sought after areas for top tenants. Because they were located miles from public\u00a0transport hubs, vast swathes of London were dismissed by tenants who are often reliant … <\/p>\n
\nMarc von Grundherr, Director, Benham and Reeves, Tel: 020 8600 0960<\/a> info@benhams.com<\/a> www.benhams.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"