Centuries ago, Shoreditch (EC2) and the surrounding areas of Hackney and Spitalfields were notorious for their poverty stricken streets and slums, one in particular being the Old Nichol slum.
Old Nichol was a dense network of 30 streets, which included Boundary Street, Church Street, Half Nichol Street and areas of Bethanl Green. Home to around 5,700 people, Old Nichol had a notorious and often ‘evil’ reputation due to the poor conditions and somewhat ‘un-savoury’ inhabitants.
In 1890, the London County Council called for the demolition
of Old Nichol, and the construction of London’s first social housing project. The block of flats that were erected around the area of Arnold Circus are still standing today, distinctive in terms of their location and design. Today, these buildings have become Grade II listed, and remain part of the 21st century regeneration of the Shoreditch we see transforming
in front of our eyes.
Thinking back to Old Nichol and the Boundary Street of the 16th century, its hard to imagine that property around these locations is now priced between £400,000 and £3,000,000. However, over the last decade or so, Shoreditch and the surrounding areas of Old Street and Hoxton, have undergone large scale regeneration and seen an influx of upmarket restaurants, shops and an underground nightlife scene which attracts visitors from opposite ends of the Capital.
Shoreditch has become one of London’s most fashionable and sough after residential locations, especially for young professionals and City workers – thanks to the excellent transport links – and it doesn’t stop there. East London is now the place to be for technology companies. Dubbed the ‘Tech City’ and home to the Silicon Roundabout (London’s version of the Silicon Valley in San Francisco), Shoreditch and Old Street continue to lure technology, IT and creative businesses, due to their stylish and open plan forms of office space.
Property developers are itching to get their hands on East London. This week, Londonewcastle resubmitted plans to Tower Hamlets Council for a 25-storey mixed use development, including ground-floor commercial office space and over 100 apartments on the Huntingdon Estate in Weavers Ward.
Further evidence of EC2’s popularity comes from the increasing number of IT and technology companies calling the Shoreditch Triangle home. This area is well known for it’s Victorian and Edwardian properties which have been turned into ideal office space solutions, with high ceilings and cheap rental rates when compared to office space in the City of London.
Internet giants, Google, have also taken to Shoreditch and the Silicon Roundabout, opening 25,000sqft of office space near Old Street later this year. Companies including Cisco, Intel and Facebook have also opted to rent office space in Shoreditch.
Future developments are also set to have a positive effect on Shoreditch. For example, with the London 2012 Olympic and Paralympic Games on the horizon, East London is set to become even more popular with international investment and property buyers hoping to get a slice of London’s Tech City. Also, 2018 should see the arrival of Crossrail which will provide even better transport links to the City of London, thus increasing the desirability of East London.
If you’re thinking about renting office space anywhere in East London, contact Search Office Space today on 0800 524 4649 to discuss your requirements.
