London is changing more rapidly than ever before, as constant regeneration and gentrification transforms the landscape of the city. SellMyHome takes a look at some areas of London that are heading towards extinction or have already been replaced by something new.
Despite being a firm favourite in central London for the last 50 years, London’s Chinatown is under threat following rising rental costs and huge chain restaurants. Nestled in between Leicester Square and Soho, it’s no surprise that rental prices have risen remarkably high in comparison to what they used to be. A Guardian article earlier this year stated that Jon Man who owns a restaurant in Chinatown, had his rent increased from £66,000 a year 18 years ago to £244,000 in 2012, and the owners of Loon Tao restaurant are having to leave the area after 20 years of rent hikes, with rent going from £160,000 a year to £312,000 in the space of five years.
Best known for its Bangladeshi curry houses, Brick Lane in East London is under threat due to gentrification in the area. Lots of restaurants have closed down due to high rent. Recently, anti-gentrification protestors took to the area to demonstrate against the unsustainable rents being charged.
The topic of much controversy, the Heygate Estate was a housing estate in Southwark that was built in 1974. The estate was home to over 3,000 people, however, it was demolished in 2014 as part of Elephant and Castle’s £1.5billion regeneration scheme. The people who lived in the estate were told they would be rehomed, however these new properties had not been built by the time the residents had been forced to leave in 2007. The former Heygate Estate is now called Elephant Park and is being redeveloped into a park, retail space, and new homes – that in 2013 were estimated to cost between £320,000 and £1.1million.
And now it's time for two new areas...
Old Oak Common
Old Oak Common Railway station is the new Crossrail Interchange as part of the High Speed 2 line that will also cover London Euston to Birmingham. It’s due to open in 2026 and will become a major interchange, as the Great Western Main Line will travel through it, as well as HS2 and the Crossrail. The site is the Old Oak Common, just north of Wormwood Scrubs prison. In 2011, the Borough of Hammersmith and Fulham suggested a ‘Park Royal City’ plan for the area, and in 2013 it was announced that Queens Park Rangers were partnering up to carry out a £5 billion regeneration scheme including new properties, offices, retail spaces and a new QPR football stadium: London Borough of Brent property and development review
With the 2012 Olympic games taking place in London, Stratford underwent masses of regeneration including the new East Village – which was the Olympic Village, providing accommodation for athletes and official teams during the event - the Olympic Park, and Westfield Stratford City, a shopping centre which was built on 73 hectares of brownfield railway lands. The Olympic Park was built over 200 hectares of waste and industrial land. The area has also become a major transport hub with five train stations. Newham Borough property development