Already hailed as the new Covent Garden, the dramatically designed retail destination at Coal Drops Yard officially opens in London’s King’s Cross this autumn. Filled with the best shops, restaurants and bars, it is sure to be a hit with locals and visitors alike.
But what will it mean for property prices and rentals in the area? Kay & Co’s Charlotte Legge-Beale, Sales and Lettings Manager discusses properties and predictions for the area.
History in the making
Conceived in the 1850s, the Coal Drops were built to manage London’s coal supply as it arrived by train from the north of England. Luckily, the brick viaducts, cobbled streets and rich ironwork have survived. And with Victorian engineering now augmented by contemporary design, Coal Drops Yard reflects the romance and drama you would expect in such an iconic setting.
Location, location, location
“Coal Drops Yard is perfectly positioned for connections to the rest of the capital and beyond,” says Charlotte Legge-Beale from Kay & Co’s new King’s Cross office. “King’s Cross and St Pancras International stations are a short walk away, providing unrivalled rail links to other UK and European cities,” she continues. “Six tube lines can be accessed here, too, namely the Victoria, Northern, Circle, Hammersmith & City, Piccadilly and Metropolitan – and the area also offers excellent links to London’s airports.”
Bird’s eye view
To appreciate the full grandeur of the area, simply take a stroll along Bagley’s Walk viaduct. This enchanting elevated parkway follows the curve of the Regent’s Canal and is a little like the famous Highline in New York City. “You can get onto the viaduct at Granary Square,” adds Charlotte. “From there you’ll enjoy a terrific view over Coal Drops Yard and gain a real sense of what’s to come.”
What’s to come
Lots of shops, restaurants and bars, mainly. Tom Dixon, the interior designer is already here, with a flagship store and showroom in the archways of the former Coal Office. Other confirmed arrivals include Barrafina, the popular Spanish Tapas bar brand. Established names from the world of fashion include Paul Smith, Universal Works, Manifesto, Form & Thread, plus the Shoreditch team of Emin & Paul. You’ll be able to get shoes from Cheaney, lingerie from Beija, jewels from Maya Magal, specs from Cubitts, and bags from Lost Property of London. “I’m especially excited about the Samsung store that’s coming,” reveals Charlotte. “They’re calling it a ‘digital playground’, and it sounds amazing.”
A major attraction
Coal Drops Yard is sure to bring lots of people to the area. Businesses, investors and students all want to be here. Tourists, too, will want to come, if only for the ‘Harry Potter’ connection – and the shopping, restaurants and bars.
Close to Kay & Co, King’s Cross
Coal Drops Yard is just a stroll from the new Kay & Co office, which opened in April this year. “We already had offices in Marylebone and Hyde Park, and over the last few years we have seen a steady increase in demand for flats in King’s Cross,” explains Charlotte. “Due to the ‘tech boom’ here, the general amenities and the excellent transport links, we felt this was a great area to break into.”
Google this address
Kay & Co estate agents share a building in King’s Cross with Google! The office is on the ground floor of 6 Pancras Square, which is the main Google building.
So, how does Charlotte feel the development of Coal Drops Yard is impacting on property prices in Kings Cross? “The London market struggled over the past year,” she says. “But with the opening of Coal Drops Yard, I suspect prices will begin to rise again here. As for rentals, we’ve seen a slight reduction in these prices, too, during the past year or so. But now that Coal Drops Yard is about to open – and students have picked up their search for the next academic year – I predict prices will start to rise.”
Charlotte describes the housing stock in King’s Cross as mainly modern, new build and clean. It’s a contemporary area and highly desirable. “Average sale prices here obviously depend on size, aspect and building but, as a general guide, you can expect to pay £700,000 for a one-bedroom property, £1.2million for a two-bedroom property and £2million for a three-bedroom property. And average prices for rentals are £550 a week for a one-bed property, £700 a week for a two-bedrooms and £1,000 a week for a three-bedroom home.”
Perfect place to buy
Many investors come here come from overseas, but King’s Cross represents an investment hotspot for home-based buyers, too. “It’s a great place to live, with lots going on,’ adds Charlotte. “Granary Square hosts some lovely local events, especially in summer, and the central location makes it an ideal London base.” Also, prices are lower here than in neighbouring areas such as Marylebone and Regent’s Park, and the district is walking distance to lots of university colleges – which adds to the rental potential.
If you are thinking of moving to King's Cross – or perhaps selling or renting out a property here – get in touch with Charlotte at Kay & Co, on 020 3733 3899. She is happy to have a no-obligation chat. The Kay & Co staff are friendly and approachable.
• The Kay & Co King’s Cross office also specialises in property across Camden, Angel, Clerkenwell and Mornington Crescent. For more information, visit https://www.kayandco.com/contact-us/our-offices/kings-cross-estate-agents