Theatreland pied-a-terres

Development and improvement work in London's theatreland, and the growing popularity of musicals is raising the area’s profile as one of London’s most exciting places to live, comments estate agent EA Shaw.

London’s theatres enjoyed their most successful year on record in 2007, with attendances exceeding 13million for the first time, according to The Society of London Theatre's annual report, with box office takings last year rising to almost £470m. As TV shows and celebrity appearances increase the popularity of theatre as a leisure pastime to dizzying new heights, theatreland is undergoing a huge revamp to keep the place with the highest concentration of theatres in the world at the forefront of the industry.

Lisa Hollands, the head of EA Shaw’s residential department comments: “Traditionally defined by The Strand to the south, Oxford Street to the north, Regent Street to the west, and Kingsway to the east, the theatreland area is entering an exciting new phase in its history, where more people than ever are enjoying theatre on a regular basis. Westminster Council is wisely preparing the area for that next phase in its history with these improvements. This is having an excellent knock-on effect on the local property market too.”

Under a £6million plan, twinkling lights and glittering pavements plan to "put the sparkle" back into theatreland, with Westminster Council installing coloured lighting columns down Shaftesbury Avenue in the first part of the scheme, to be completed by November 2008.

Footpaths in the area will also be widened and made free of clutter, and being repaved with “sparkling” granite in alternating black and white. Transport will also be examined with improvements to bus routes expected, while street lights designed specifically for the area with strips of coloured LEDs running down the columns will be installed. These will be brighter and more intense in colour just before and after shows.

Lisa Hollands also notes that residential development of the area is a growing trend too, with the “theatreland pied a terre” becoming commonplace: “Regular theatregoers and those associated with productions and the local industry are now looking to set up more permanent presences in the area, and a number of properties, both newly built and converted, are coming onto the market to meet the demand. Because of the growing trend for theatregoers and theatrical managers and directors to reside in the area, there is strong investment and owner-occupier interest for the short and long term.”

EA Shaw is currently marketing a number of properties that meet this “theatreland pied a terre” style perfectly, including a charming one bedroom apartment in the Fletcher Buildings. Part of Martlett Court, a popular gated development in the heart of Covent Garden between Drury Lane and Bow Street, the property is close to the Piazza and Royal Opera House. The property, currently priced at £389,950, is located on the third floor and comprises an open plan kitchen reception room, double bedroom and separate bathroom.

Also on EA Shaw’s books in theatreland is Gloucester Mansions, a modern, two double bedroom apartment on the top floor of a mansion block which was refurbished to a high standard throughout approximately two years ago. The apartment has large period windows which allow plenty of natural light and give the apartment a bright and airy feel. The apartment has a well proportioned reception room, a separate kitchen which has been finished to a high standard, two good sized double bedrooms, with the master bedroom benefiting from an en suite bathroom.

Gloucester Mansions is a well maintained residential block which benefits from a passenger lift and is situated on the south east corner of Cambridge Circus, directly opposite the Palace Theatre. Priced at £699,950, it also benefits from good transport links, being in close proximity to Leicester Square, Piccadilly Circus and Covent Garden Underground stations.

Lisa Hollands also said: “Exciting things are happening in theatreland – after looking run down and somewhat tired for many years, the area is seeing the investment it needs to bring back the “sparkle” and excitement of its heyday, and along with it are coming opportunities for a uniquely exciting lifestyle for property buyers with a passion for theatre.”

For more information on properties available across Covent Garden, Soho, Midtown and Southbank, log on to Eashaw.com.