The latest research by London lettings and estate agent, Benham and Reeves, reveals that homes surrounding some of London best known brandmarks currently command a price premium of 142% over each of their respective borough-wide averages.
Benham and Reeves has analysed the price per square foot for property in the postcode areas that are home to 15 of London’s most famous brandmarks to calculate what price premium they command compared to wider average prices across their respective boroughs.
Across 15 of London’s most well-known brandmarks, the average property price per square foot is £1,583. This is £929 more than the average price across the various wider boroughs which means the London brandmark price premium is 142%.
Iconic Quaglino’s restaurant is located in the SW1Y postcode district within which the average price of property is £2,581 per square foot.
This is £1,363 more expensive than prices in the wider Westminster borough, giving Quaglino’s a brandmark premium of 111.9%.
London is famed for its luxury hotels, and three of them – Claridge’s, The Dorchester, and The Connaught – are all found in Westminster’s W1K postcode district.
Here, the average price of property is £2,407 per square foot compared to a wider Westminster borough average of £1,218. This gives all three hotels an impressive brandmark premium of £1,189, or 97.6%.
The Ned hotel and member’s club is located in the City of London’s EC2 district. Here, property costs £1,412 per square foot which is £605 more expensive than the wider borough average, giving this particular swanky joint a price premium of 75%.
Despite the terrible reviews for the famed chef’s London restaurant, Nusr-et steakhouse in Westminster’s SW1X still benefits from an impressive property price premium of 72.2% thanks to its desirable location.
Elsewhere, other London brandmarks to boast significant price premiums include Harrods (56.4%), Liberty (46%), Sky Garden (27.3%), White’s (25.4%), and The Shard (16.4%).
“Central London has one of the most desirable property markets in the world. It is steeped in such historical and cultural significance that its architecture has become globally iconic.
That’s why luxury brands are clamouring to position themselves in this part of town. By placing luxury branding on buildings of incredible majesty, tourists and locals alike cannot help but look up in awe, or snap photos for the memory box.
But it’s not always the case that these brands have searched out London’s most expensive postcode districts to set up shop. In some cases, the postcodes have become valuable in part because they’re home to such iconic brands.”
|Table shows the average property price (per sq ft) in postcode districts that are home to iconic brandmarks, and the difference compared to prices in each respective wider borough|
|London brand-marks||Borough||Borough – outcode average price £ per sq ft||Postcode district (used)||Postcode district – average price £ per sq ft||Difference £ (borough vs brandmark postcode district £ per sq ft)||Difference % (borough vs brandmark postcode district )|
|Claridge’s / The Dorchester / The Connaught||Westminster||£1,218||W1K||£2,407||£1,189||97.6%|
|The Ned / Ned’s Club||City of London||£807||EC2||£1,412||£605||75.0%|
|Harrods||Kensington and Chelsea||£1,341||SW1X||£2,098||£757||56.4%|
Annabel’s / Hakkasan Mayfair / 5 Hertford Street
|South Kensington Club||Kensington and Chelsea||£1,341||SW7||£1,832||£491||36.6%|
|Sky Garden||City of London||£807||EC3||£1,027||£220||27.3%|
|Kensington Roof Gardens||Kensington and Chelsea||£1,341||W8||£1,602||£261||19.4%|
|The Ivy / The Savoy||Westminster||£1,218||WC2||£1,334||£116||9.5%|
|Hurlingham Club||Hammersmith and Fulham||£904||SW6||£926||£22||2.4%|
|London (outcode average overall)||£654||–||£1,583||£929||142.0%|
Property price data sourced from PropertyData and LonRes
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