Lyon Croix-Rousse, an atypical neighbourhood

In the prolongation of the peninsula between the rivers Rhône and Saône, the hill rises to an altitude of over 250 metres, imperiously surveying the third largest city in France. The locality was once a bastion of the silk industry, a tradition recalled by each building in La Croix-Rousse. Since the start of its urban rehabilitation in 1990, it has drawn a well-heeled clientele in search of authenticity and a friendly atmosphere.

In the 19th century, a good number of “canuts”, or silk-weavers, settled here, and developments sprang up one after another to house their families. The buildings were five to six floors tall, with high ceilings and large windows to let in the light. Large looms occupied the main room, wives and children took over the mezzanines. In 1852, between two revolts protesting against the harsh working conditions, La Croix-Rousse was grafted onto the town of Lyon. Ten years later, a funicular railway - an advanced innovation at the time -, connected the two entities. A century later, a tunnel linked the banks of the Rhône and Saône. A distinction should be drawn between Les Pentes (1st “arrondissement”) and Le Plateau (4th “arrondissement”). The first is characterized by steep, narrow streets, leaving little room for parking. A worthy heir to the “canut” culture, this neighbourhood still plays host to several associations. In 1998, UNESCO designated the area, popular among artists and students, as part of its World Heritage. Le Plateau is more residential, though it hasn’t lost its village atmosphere, exemplified by the market and bowling terrains. At the turn of the 21st century, La Croix-Rousse, with its commanding position, its shops, cinemas, “café-théâtres”, bistros, its colourful history, unique buildings and its high density, meets all the conditions required to attract trendies.

“It really is a village within the town,” says Hélène Mollière of L’Immobilière de la Soie. “Here, serenity and well-being go hand-in-hand.” From “canut” buildings to houses in urban areas via luxury residences, offerings are uncommonly varied. Young couples and first-time buyers fall for the charm of the old silk workers’ buildings, full of fireplaces and high molded ceilings, especially as they can increase their surface area by building mezzanines. Recently, one such example of 84 m2 in excellent condition changed hands for 293,000 €. Residential addresses on Place Tabareau, Rue Chazière and Rue Denfert-Rochereau or the immediate surroundings of the theatre of La Croix-Rousse offer more recent accommodation, comfortable and practical, 3- or 4-bedroom apartments close to highly appreciated schools, such as the Collège Saint-Exupéry. A penthouse of 100 m2 built in 2005, with a terrace of 90 m2 overlooking Lyon, sells for 540,000 €. Houses, on the other hand, may well exceed 1 million euros. A townhouse of 200 m2 in need of refurbishment, with a garden of 260 m2 and a parking place (a rarity on the hill), will find a taker at 700,000 €. A 1930’s building on a perpendicular street near Chazière, offering 120 m2 to restore with a walled garden of 400 m2, is currently worth 640,000 €. All categories combined, the demand is so strong that it is proving hard to meet. Here, as in all intramural parts of Lyon in fact, available stocks are extremely limited and the time they take to sell, surprisingly short.

“A few years ago, the loft made its appearance on the industrial wastelands,” explains Brigitte Gondard of the agency bearing her name. Some clients were looking for precisely these open-space volumes, both generous and bright, especially if they came with parking facilities, a courtyard or patio. Often well-placed, they are easily accessible. However, acquiring a factory in its original state is pretty difficult for a private individual. Very often, property dealers and developers buy them up, split them into lofts and sell them off. Fans willing to pay 3,600-3,900 €/m2 benefit from communal premises in impeccable condition. La Croix-Rousse also offers some prestige properties. In 2010, Brigitte Gondard sold an apartment of 235 m2 with a terrace of 45 m2 and two garages for close on 2 million euros, and a duplex of 243 m2 with a balcony terrace of 62 m2 and the same amount of parking facilities, for 1.2 million euros. These exceptional properties appeal to local residents who have been used to living in houses, but now want to return to the convenience of condos and their proximity to all amenities.

“Within this micro-market, comparable to a small Montmartre, the imbalance in favour of demand is clear to see. A victim of its own success, the neighbourhood is seeing many more arrivals than departures,” comment Virginie de Barjac and Bruno Delhaye of Croix-Rousse Immobilier, an agency also present in Les Monts d’Or. They also point to the frequent trans-fers between these two addresses, depending on whether the person wants to live in an apartment or a villa. Served by the metro and dotted by free-access bike racks, La Croix-Rousse enjoys a positive image in the outside world. Very often, people transferred from other French regions have the firm intention of settling here. The neighbourhood has a unique social and generational mix. Less expensive because less convenient, Les Pentes posts prices 10-15 % lower for equivalent properties, serving henceforth as a fall-back solution. Specializing in the field, our estate-agents say that many clients are very enthusiastic about properties in need of renovation : depending on the neighbourhood and the floor, they sell from 2,000 to 3,000 €/m2, with buyers fully aware that they then need a budget of 1,000 €/m2 for refurbishment and the creation of a mezzanine. One example of 57 m2, with a ceiling 4.10 m high, awaiting modernization, has just leave the agency files at 180,000 €. With a further 40,000-50,000 €, ie. a total budget of 230,000 € maximum, the new owner can obtain living space of 72 m2, perfectly appointed, a commodity currently worth 250,000 € on today’s market. Les Pentes also attracts investors willing to pay 100,000 to 300,000 € for a prime location and low charges. In addition to the certainty of being able to re-sell, they enjoy gross rental income of 5%. A 1-bedroom apartment can be rented out at 550-700 € per month, a 2-bedroom apartment for 700-900 €. Finally, some rare properties do not follow the prevailing logic. Such is the case of an apartment of 128 m2, Place de la Croix-Rousse, facing due south, priced at 545,000 €.

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