About a decade ago, one of the West End’s hippest streets was actually quite unremarkable and was mostly lined with drab wedding dress shops and lacked excitement.
The arrival of the Chiltern Firehouse hotel – from the leading American hotelier Andre Balazs – changed everything. Suddenly, there was a stylish new “see-and-be-seen” hotel and restaurant brimming with allure, transforming the street into one of Marylebone Village’s top destinations.
Fast forward to 2024, the announcement that the BT Tower – that iconic world famous landmark found in Fitzrovia – will be converted into a hotel, developed by another American group – MCR – and to be designed by the visionary Thomas Heatherwick team, who boast Coal Drops Yard (Kings Cross) and The Vessel (Hudsons Yard, NYC) amongst a envious display of world celebrated works.
With such a high profile team behind the development, it is little wonder why it has sparked speculation about the property market in Fitzrovia, but in particular, the areas nearest the BT Tower site.
It is therefore little surprise that the northern quarter of Fitzrovia is demanding a lot of attention at the moment in the real estate market, especially since the recent acquisition of a major commercial property portfolio by Elliot & Oval Real Estate, who are undertaking major renovations to create best in class office accommodation, in addition to 2-3 luxury residential developments that will further elevate the local profile.
We see a lot of similarities to when Chiltern Firehouse was the catalyst for change, boosting Chiltern Street and its surroundings, therefore it can strongly be speculated that this pocket of Fitzrovia is about to experience the “Firehouse Effect” that was seen in Marylebone.
Cleveland Street is predicted to benefit the most. To the south of the BT Towards lies the Cleveland Street Parade, a pleasant row of retail units with residential spaces above. To the north, Cleveland Street extends to The Regent’s Park and hosts the iconic 101 Cleveland Street development. For a long time, The Remedy Wine & Kitchen has stood out as the prime establishment on the street, and already there have been a sprinkling of new ventures appearing on the street, including Kafi, a sustainable coffee shop that recently relocated, and various intriguing new food establishments. A profile piece on the northern quarter of Fitzrovia would not be complete without mentioning Guy Ritchie’s much loved premium pub the “Lore of the Land” on Conway Street, that continues to draw crowds, and not just from film fans.
Speculation on its success for the area will very much depend on the hotel’s entrance location.
If it remains on Maple Street, this side, along with Conway Street, will likely see increased interest and activity. However, the main entrance could be relocated south side, which may be preferred by the hotel, linking it nicely with Charlotte Street, and ultimately extending footfall traffic further north on the street.
Whilst the cost of renting has grown dramatically, sale prices in Fitzrovia really haven’t moved much in the last decade and the market does feel rather timid, with plenty of value to been had, especially if a big piece of placemaking acts as a price catalyst and injects into the neighbourhood with a dose of that famous “Firehouse Effect.”
