Work has just started on the final phase of commercial property at Chiswick Park, motto 'enjoy-work'. What does this mean for the residential property market in Chiswick? Having such a large and prestigious business park in the Chiswick area provides another source of demand for local housing.
Christian Harper of fixed-fee estate agent OliverFinn: "We have definitely noticed a larger number of buyers and tenants stating that they want to live close to Chiswick Park rather than just wanting to live close to the tube.
"It is a fabulous business development and a great asset to W4 in so many ways. Local bars, restaurants and shops on Chiswick High Road must enjoy the buzz.
"It has certainly helped provide a source of income for the western end of Chiswick High Road. The shops and restaurants west of HSBC and Townends Estate Agents have certainly improved in the past years."
The 33-acre business park is five miles from central London, containing 1.45 million square feet of offices space in 10 modern buildings surrounding a lake. Property investment firm
Blackstone has started work on Building 7, a 12-storey, 334,000 sq ft building due to be completed in December 2014. This building is the final development of the 33-acre site.
West End to West London
Blackstone bought
Chiswick Park in 2011 for £480 million and the park was valued at £800 million last October, so by now the firm has probably doubled this investment. The majority of Chiswick Park’s recent new tenants have come from the West End, a trend that looks set to continue.
The park will also appeal to occupiers along the M4 corridor and in the South East who are looking to move closer to London. Sceptics warn that the park is too far from a Crossrail station, and will suffer when the line opens.
"I personally can't see a downside to the Business Park especially compared to the rundown London Underground/bus depot of the past," says Harper. But the consensus as reported in the
Evening Standard is that “company bosses don’t really care about the rent. If they like the space, they say ‘gimme’.”
Top 10 deals of the downturn
Property Week asked more than 100 top investors to name stand out deals that occurred after 2007 in the UK. In the
poll, Blackstone took the number 1 and number 10 spot in the publication’s “Top ten deals of the downturn”. The two deals singled out included our 50% stake in Broadgate (1) and the purchase of Chiswick Park (10).
Christian Harper of fixed-fee estate agent OliverFinn: "We have definitely noticed a larger number of buyers and tenants stating that they want to live close to Chiswick Park rather than just wanting to live close to the tube.
"It is a fabulous business development and a great asset to W4 in so many ways. Local bars, restaurants and shops on Chiswick High Road must enjoy the buzz.
"It has certainly helped provide a source of income for the western end of Chiswick High Road. The shops and restaurants west of HSBC and Townends Estate Agents have certainly improved in the past years."
The 33-acre business park is five miles from central London, containing 1.45 million square feet of offices space in 10 modern buildings surrounding a lake. Property investment firm Blackstone has started work on Building 7, a 12-storey, 334,000 sq ft building due to be completed in December 2014. This building is the final development of the 33-acre site.
West End to West London
Blackstone bought Chiswick Park in 2011 for £480 million and the park was valued at £800 million last October, so by now the firm has probably doubled this investment. The majority of Chiswick Park’s recent new tenants have come from the West End, a trend that looks set to continue.
The park will also appeal to occupiers along the M4 corridor and in the South East who are looking to move closer to London. Sceptics warn that the park is too far from a Crossrail station, and will suffer when the line opens.
"I personally can't see a downside to the Business Park especially compared to the rundown London Underground/bus depot of the past," says Harper. But the consensus as reported in the Evening Standard is that “company bosses don’t really care about the rent. If they like the space, they say ‘gimme’.”
Top 10 deals of the downturn
Property Week asked more than 100 top investors to name stand out deals that occurred after 2007 in the UK. In the poll, Blackstone took the number 1 and number 10 spot in the publication’s “Top ten deals of the downturn”. The two deals singled out included our 50% stake in Broadgate (1) and the purchase of Chiswick Park (10).
