How to Ensure Your Piccadilly Property Remains Occupied
Are you ready to take on an income property? Do you like the idea of investing in real estate now, watching its value grow, and then reaping the rewards later on in life? Real estate is often seen as one of the safest investment routes, as long as you’re willing to put in the time. And if you’ve been considering investing in the London market, chances are that it will be a wise financial decision. But London is a large city, filled with all kinds of interesting neighbourhoods, so which one is right for your investment property? Here we’ll take a look at why an income property in Piccadilly makes sense and some tips on how you can keep your property occupied at all times.
Exploring the Area of Piccadilly
For anyone unfamiliar with Piccadilly, it is the name of a road found in the City of Westminster between Piccadilly Circus, Hyde Park Corner and Mayfair. The road itself isn't even one mile in length, so we are talking about a very small and specific area. With that said, it's also one of the widest streets in London so it tends to feel a bit bigger than it is.
Piccadilly isn't a new road since it has played an important part in history, acting as a main route for centuries. This means it has the historic roots that so many people look for in London. It has gone by different names during its time and the 18th and 19th centuries brought about lots of development. By the 1920s the constant noise meant many residents no longer lived on the street, so there was a bit of an exodus in that sense. It also became rather rough in the 1940s, continuing that image for decades.
The good news is that Piccadilly has gone through another transformation and today it has become one of the best streets for shopping. It is now very luxurious and high-end and is home to some of the best hotels in the city, not to mention expensive office spaces. The unsavoury Piccadilly of the 1940s to 1980s is gone and it is now a prime area to invest in. Piccadilly leads directly to Piccadilly Circus, which is one of the most well-known tourist landmarks in all of London.
It Has a Small Neighbourhood Vibe
What may surprise you when you visit is the vibe that Piccadilly has in terms of a residential area. It's a true mix of housing since there is a bit of everything here. You'll find the large historic homes that were popular back in the late 19th century, moving into post-war bungalows and then 20th-century homes which are different again. There are also some apartment buildings scattered around. So, while the area itself is small, the variety of housing options isn’t. As an investor, this means you’ll have some options that will work with different budgets.
In terms of the residents themselves, you'll find singles, professionals and some families here - so again, it allows you to appeal to a wide array of potential tenants. There are a couple of elementary and secondary schools for students to choose from too. With that said, it does have a rather lively atmosphere that can put some families off, so it may not be ideal to count on them as your target tenant.
The average rental price in Piccadilly Circus was £860 per week in 2022, while the average sold price in the area was £1,733,044. In terms of rentals, it's common to find one and two beds available, with two beds fetching higher rent than the weekly average noted above.
An Impressive List of Nearby Attractions and Amenities
When marketing a property for rent in Piccadilly, you can reference the many nearby attractions and amenities. This list can include a large number of pubs, restaurants and bars, high-end shops, business and commercial spaces (ideal for short and long-term business tenants), the London Pavilion, Criterion Theatre, Shaftesbury Memoria and the Piccadilly Craft Market, to name just a few. There are public transport links to the area as well, which can be a big selling feature.
Using a Piccadilly Property Management Company Makes Sense
For all its wonderful features and amenities, it doesn’t mean your Piccadilly investment property will magically just rent itself out. It doesn’t matter if you have your hopes set on short, mid or long-term tenants, a corporate client, or individuals – there will still be work involved to find a tenant and keep it occupied. This is exactly why it’s a good idea to look into professional property management in Piccadilly from UpperKey.
Imagine turning over all the work and stress to someone else and you get to sit back and watch the rent arrive in your bank account. That is the premise behind property management companies in Piccadilly. Instead of constantly vetting and finding tenants, UpperKey acts as your primary tenant and provides you with a tenancy agreement. They pay you directly and then they work to find tenants to fill the space. Piccadilly property management and protection in the form of guaranteed rent is a huge benefit.
The property market has shown just how volatile it can be in the past few years, so just imagine the stress that can cause. Having a property management company act as your primary tenant means you are insulated from all that instability.
What are the Services Offered by Property Management Companies?
Delving in deeper, as you look at what UpperKey has to offer, it’s much more than just acting as your primary resident. While that’s a big relief in terms of financial issues, what about the typical landlord issues that people deal with? Did you know that UpperKey will also be the one dealing with common tenant questions and problems, cleaning, maintenance and more? It allows you to take a hands-off landlord approach.
So, if you’ve got your eye on an investment property in Piccadilly, all of this information can make your decision clearer. And don’t forget, enlisting the help of a property management company also makes good financial sense.