Investors considering buying property in London should take a second look at the Royal Borough of Greenwich in the East End of London as it has been ranked by Frommers, the worldwide travel guide, as one of the Top 10 Destinations of 2012, it is claimed.
Sitting alongside exotic global destinations such as Ghana and Beirut, Greenwich, often considered to be the gateway to the East End of London, is set to enjoy its time in the limelight even further next year due to the numerous Summer Olympic events happening right on its doorstep.
According to Ray Withers, director of investment experts, Property Frontiers, which is marketing a new hotel investment in the Royal Docks, the area is benefitting from being revitalised.
‘We are delighted to see that the East End of London and indeed Greenwich receive internal accolade for its touristic appeals. The area as a whole has developed considerably in the last two decades with the establishment of the Canary Wharf financial centre, revitalisation of the Docklands, expansion of London City Airport and the Olympic Site having a very positive impact. It is certainly one area which holds a great deal of interest both to us and our clients,’ he explained.
‘An up and coming tourist destination within London, if you get under the skin of Greenwich it is easy to see why this little green patch of London has been given such an exciting accolade. Greenwich was the main naval centre of England in the 18th and 19th centuries and is steeped in history, to the point that it is now an UNESCO heritage site.
‘The architecture is awash with remarkable baroque facades by architects such as Wren, Hawksmoor, and Vanburgh as well as fine cuisine, interesting shops and a wonderful covered market which sets this area apart from many others in London,’ he added.
It is also home to the largest leisure arena in Europe, the O2, is also due to be the place to alight from when the new Emirates Air Line cable car which is being installed across the River Thames, opens. It is expected to take thousands of tourists to and from the Olympic Park at Stratford.
With already high levels of tourism to the area and Frommers earmarking the borough as a top place to visit in 2012, demand for accommodation is also set to rise, creating a lucrative opportunity for savvy property investors, Withers believes.
‘If you want to make a property investment which has a winning formula not just for today but for the future then you need to select an area that is just about to hit the big time and where there is long term growth forecast. Rising tourism and a shortage of accommodation makes the East End of London the perfect investment environment,’ he added.
Over 5,000 hotels rooms have been opened or re-opened in the east of London already with thousands more expected in the next few years. Global brands, such as Holiday Inn Express, have identified the potential of this area and are investing heavily.