A New Vision for Angel
A New Vision for Angel
Angel is a very special area bursting with investment potential. This Islington district is packed full of industry-leading establishments yet presents them in a modest and idiosyncratically classy manner. From the Business Design Centre to the Screen on the Green, Angel combines renowned quality with an open-doors policy.
When it comes to restaurants, there is no exception. There are dozens of fantastic restaurants in Angel that offer great quality as well as great value. Angel has a vibrant mix of cuisines from different nations, as well as exceptionally high dining standards. The restaurants here have opened up a world of flavours to everyday diners at great prices.
This mantra of elite-but-accessible is reflected in the state of Angel’s property. Recently, Time Out billed the area as an affordable alternative to Westminster – not just in terms of the prices in its shops and theatres, but rent prices too.
Just last year, the average one bed flat cost £523 pw in Westminster, but only £335 pw in Angel. As an indicator of general rent prices, this shows Angel to be much more affordable than the premium locations in the West End.
Many factors contribute to the rental prices residential landlords can command, but there is one factor whose importance is quickly gaining the recognition it deserves
Restaurants and Property
There can be no denying that restaurants have a big effect on house prices. Having the right restaurants around the corner can boost the rent of the surrounding area by 20%.
But that’s not all. If a restaurant receives a Michelin Star, the property prices can skyrocket a huge 50% over the regional average.
This effect is intensified in mixed use property. Much of London’s new-build restaurant property is coming into the market as part of mixed use developments. The idea is that there is less risk for investors if they don’t place all their eggs in a one-purpose property basket.
In mixed use property, the yield-boosting effects that the right leisure and restaurant property can play is compounded due to the sheer proximity of residential, commercial and leisure space.
But in terms of reducing risk there is no magic at play here. Mixed use doesn’t decrease risk ‘automatically’. Developers still need to strive to find the best occupants they can for every type of space within the development. Otherwise they are just preparing to fail on two or three fronts instead of one.
What Makes Angel Unique
From retail to leisure to exhibition space, the companies and institutes that choose Angel as their home tend to be the best in their field.
The Almeida Theatre is one of London’s leading playhouses. Last year its production of Charles III had an epic run of sold-out shows before being toured around the country. It was also given the Olivier Award, Critics Choice and South Bank Award for New Best Play.
A similar story could be told of Sadler’s Wells for dance, or stores like Diverse and Cop Copine for fashion which ensure a stream of stylish and fashion conscious professionals always flow though Angel’s major arteries.
But for all the world leading establishments Angel offers, it’s worth noting that of London’s 82 Michelin Stars, none are in Angel. For an area so well known for its restaurants, this is a staggering oversight – especially considering the well documented boost a world-leading restaurant could bring to the area’s property market.
Restaurant Property have a proven track record of working with exclusive restaurateurs, successful business operators and landlords to produce world-leading restaurants. If you would like to discuss what we can do for your property development, speak to us today.< Back