The first garden square, Southampton Square (now Bloomsbury Square), was built in the mid-17th century by the 4th Earl of Southampton. During following decades, the palatial residences that encircled the square became havens for aristocracy, successful traders and professionals.
The gardens in most of these squares have been for the benefit of and maintained by the residents since their inception. There is even evidence dating from the late 17th century of a levy afforded upon residents for the upkeep of ‘rayles, payles, fountain and garden’.
Within the first boom of popularity for garden squares, the highest profile and exclusive addresses tended to be around Mayfair, as the centre of London became busier toward the end of the 18th century. Hanover, Grosvenor and Cavendish Squares were top addresses; Grosvenor Square, with its private oval garden, was known as ‘the pinnacle of social prestige’ due to residents such as the ‘Bentley Boys’, whose lavish all-day parties in its south-eastern corner were social legend at the time.
Martin Bikhit, managing director at Kay & Co, comments, “In Central London, garden squares are extremely appealing as they are usually accessible to residents and offer beautifully landscaped and well maintained outside space. W1 and W2 are home to some of London’s most sought-after garden squares where many of the original houses have been divided into a wide selection of properties that can be bought for varying budgets.
“Not only are these properties popular because they offer outside space, but they also tend to see higher price growth than those not on a square. We recently carried out some research into this and found that, over the last decade, the average price paid per square foot in W1 and W2 increased by 72% versus those not on a garden square, which increased by 45%. Our research also found that properties with access to private gardens achieved, on average, 15% more per square foot than those without.”
Premium pricing
Camilla Dell, managing partner at Black Brick, reports that Eaton Square, Chester Square, Cadogan Square and Belgrave Square are some of the most sought after, desirable and expensive addresses in prime central London. “Our data shows the average price paid per square foot in Eaton Square was £4,113,” she says. “When we compared this to nearby Eaton Place, buyers paid an average of £2,404 per square foot. That is a whopping 42% premium to be on Eaton Square.”
Gardens are desirable, however even more prestigious than a garden is owning a prime property facing on to one of Mayfair’s three iconic garden squares – the oldest of which is Hanover Square. Fred Scarlett, sales and marketing director at Clivedale London, says “Three hundred years ago the epitome of status and prestige was to have a house or apartment facing on to a Mayfair Garden Square, such as Hanover Square.
“In modern, super-prime developments, this still holds true today. While purchasers are also focusing their attention to the demands for five-star living – ensuring properties additionally offer hotel concierge and room services, world class gym and wellness facilities, and beautifully appointed contemporary apartments – the leafy green vista or ‘Belvedere’ will always add enormous amount of value to any home or development. If a purchaser seeks a garden, or even a garden square view, in terms of rarity this is as ‘rare as hen’s teeth’ – and such scarcity will drive buyers to pay significant premiums to secure a once in a lifetime purchase.”
As a result, properties in the capital’s most prestigious residential garden squares tend to hold their value and are generally considered a safe haven both for end users and those looking for a long-term investment. Simon Tollit, director of Tedworth Property, says, “Taking into account the current climate of uncertainty in prime central London, we continue to see potential buyers from all corners of the globe expressing interest in the most exclusive properties in garden squares. Buying a turnkey apartment and residing in the heart of London with security, a concierge and parking, alongside far-reaching garden views, is often the holy grail for many buyers and nowadays, there is no specific nationality which favours these exclusive properties over another.
“In the absence of a crystal ball, it’s impossible to predict the future of prices, but what we can say with certainty is that any price growth that is experienced over the next three to five years will be seen most notably in garden squares such as Eaton Square, Cadogan Square and Grosvenor Square.”
