The latest fashion queen to move to this epicentre of hip chic is Stella McCartney. Sir Paul's daughter has just bought a house in Westbourne Park Road, on the market through the agents Winkworth for £695,000.
Ms McCartney joins the likes of Henry Dent-Brocklehurst and his new Hawaiian bride Lili Maltese, who live in Courtnell Street; Paula Yates, who this month began to rent there; and Mick's daughter Jade Jagger, who lives nearby.
The area has benefited from its mix of white stucco Victorian houses; shopping in Ledbury Road which Vogue editor Alexandra Shulman dubbed the most fashionable in London; and proximity to the long-established chic of Notting Hill, where the likes of Chris Evans and Mariella Frostrup live.
The area will become even more prominent soon with the release of the film Notting Hill Film (working title) starring Hugh Grant and Julia Roberts. Hugh plays William, a travel bookshop owner who lives in - guess where - Westbourne Park Road.
One day, into his shop comes Anna (Julia Roberts), "the world's most famous movie star". The film chronicles their complicated courtship and much of the area too.
Ms McCartney's purchase was delayed, understandably, by the death of her mother Linda last month. But now she is the proud owner of a four-floor family house with a 28ft master bedroom suite, plus fireplace and bathroom on the top floor, leading up to a galleried study area with a miniature roof terrace.
There is a double reception room on the ground floor, two further bedrooms, a second bathroom and a knocked-through basement floor with a kitchen, a Japanese-style garden at the back and a dining room at the front.
The house is already decorated with the bright, minty Mediterranean blues and greens and minimalist chic that Ms McCartney is thought to favour. There are terracotta tiles downstairs, a Shaker-style kitchen, a white bedroom with wooden floor, and windows and fireplaces still with their original shutters.
Her previous abode, believed to be a studio-cum-flat in Notting Hill where she also worked, has been kept secret by a woman who fiercely guards her privacy. Presumably she will divide her time between her new home and a flat in Paris, where she works for the House of Chloe.
Last year, Ms McCartney, 26, was appointed chief designer at Chloe to the sounds of what one commentator described as a "chorus of strangulated miaowing" from jealous fashion wannabes who complained that she had only designed three commercial collections of her own and had never staged a catwalk show.
She immediately ripped out the grey carpets from the floors of her new Paris offices in favour of a parquet floor, installed funky turquoise tear-drop chandeliers bought from flea markets, and covered the walls with a collage of famous faces, such as the Queen, Donatella Versace, William Hague and Diana, Princess of Wales, and hung a Union Jack from her window.
House prices are said to have increased more in the area than anywhere else in London, locally by around 50 per cent since the worst of the slump in 1992. Agents Winkworth report that a three-bedroom house that would have cost around £300,000 in 1992 would now fetch £400,000 to £750,000.
In the words of Carrie Segrave, author of The New London Property Guide 1998, it is an "extremely fashionable" area. "Fifteen years ago it was considered dangerous," she says. "Ten years ago it was adventurous. Now it's in danger of becoming respectable.
"There are a lot of big houses there. They were split into flats when the property market dived but if you are seriously wealthy now you can get a house. There are lots of Tube trains, taxis to the West End, and the Paddington train direct to Heathrow.
"It's a nice mix. Saying you live there is like saying you're not boring."
Westbourne Park Road: Stella's £695,000 new home: