Gilt-edged prospect

Here, the estate is keen to enhance their Georgian nature with simple wooden shop fronts all painted in different colours, with spacious maisonettes above.

"Unlike a purely commercial landlord, we can afford to take the long view and wait for the right kind of tenants," says Seaborn. "We would like to see shops for the local residents such as a butcher, a fishmonger and a baker. We also have an idea for a farm shop that could be supplied in part from the Portman's country estates in Herefordshire."

Already the streets are looking smarter, with new arrivals in New Quebec Street, such as Gustavian, selling Scandinavian furniture and household goods, the Italian Furniture Group, selling state-of-the-art kitchens, and Sharon Cunningham, with her haute couture dresses.

Along Seymour Street, relative newcomer William Clarke Flowers, which sells beautiful flower vases and tasteful blooms, rubs shoulders with longestablished Marble Arch Paints, the kind of decorating shop that every neighbourhood should have.

The practice of taking back property when leases expire and refurbishing them to let is now estate policy, and although leasehold reform has meant that more and more owners are buying the freehold or extending their leases, opportunities to take back property into the direct control of the estate still exist.

But where the estate does not have full control it is encouraging its lessees to invest. For example, the leaseholder of the Cumberland Hotel, which has a wonderful view down Park Lane, is embarking on a £20 million refurbishment of this once-grand hotel.

And Jamie Ritblat's property-investment company, Delancey, has recently obtained planning permission for a large mixed-use development on the south side of Portman Square.

The one blot on the landscape is the departure of Marks and Spencer, the area's largest single employer, from its offices in Baker Street to Paddington later this year.

Seaborn admits that this will have an impact, especially on the small shops in the nearby streets.

"Marks has a long lease on the site and has some exciting plans for redeveloping it, including inserting a new residential street and shops along Baker Street, so hopefully the economic down-turn will be short-lived."

Local factfile

Council: Westminster.

Schools: the area has two primary schools, both with well-above-average results: Hampden Gurney in Harrowby Street, which has an award-winning new building, and St Mary's Bryanston Square in Enford Street.

Families with girls are well served for secondary schools, with St Marylebone in Marylebone High Street, which gets the best GCSE results of any Westminster school. Good results are also found at two local independent girls schools: Francis Holland in Clarence Gate and Queen's College in Harley Street.

Council Tax: among London's lowest, ranging from £380 in Band A to £1,140 in band H in the 2003/2004 year. Hospitals: St Mary's in Praed Street, with an A&E department, is the nearest.

Close to: Paddington station, which is being partially rebuilt as part of the area's regeneration scheme. Parks: the 197 acres of Regent's Park contains London Zoo, a boating lake and the open-air theatre. Hyde Park and Kensington Gardens's 625 acres are also close by, and good for riding, roller blading and cycling.

Shopping: Selfridges, one of London's top three department stores, is the local shop. All the high-street names can be found along Oxford Street and there are more unusual shops in the revived Marylebone High Street. Brides-to-be are well served by all the shops in Chiltern Street, nicknamed bridal alley.