Chartwell Magazine - Issue 1

INTERNATIO N AL | L U XU RY | PRO PE R T Y

F IRST EDIT ION

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Welcome

Welcome to the first edition of Chartwell Magazine, in which we not only showcase the services of our company, but also reveal the very best luxury living in all its forms.

The Chartwell Group, located in Monaco and in St. James’, London; comprises of Chartwell Estates, Chartwell Bespoke and Chartwell Monaco.

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Within the Chartwell Group, we offer exclusive property for sale and purchase through Chartwell Estates, as well as design, development and renovation on an international scale through Chartwell Bespoke and Chartwell Monaco.

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The majority of our business comes from personal recommendation and we would like to think our continued success comes from not only meeting our clients’ needs but also far exceeding them.

Inside our magazine, we talk to leading experts in property and financial services to find out more about market conditions and property investment both in London and the South of France.

We cruise in style aboard the 118 WallyPower and head to Richard Branson’s Moroccan hideaway; Kasbah Tamadot.

PERFECT BALANCE

In London, we visit Jack Barclay Bentley, delving in to the company’s fascinating sporting heritage before taking a spin in the new Bentley Continental GT. And indulging in a spot of retail therapy, we find out more about Backes & Strauss, the oldest diamond company in the world.

Chanel recently celebrated 90 years of its iconic No5 fragrance and we reveal why it has become so beloved among the world’s most beautiful women.

And as The Savoy opens its doors once again following a £220million renovation, we pay a visit to this most iconic of London institutions – as ever, casting a critical eye over every detail!

Enjoy!

Matthew Hargrove Chief Executive

Victoria Sheppard Director of Marketing

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Contents The Jewel In The Crown

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Taxing Times

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Backes & Strauss’ glittering diamond timepieces In an era of high taxation, huge savings can still be made

Jack Barclay Bentley

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Makeover Masters

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The Mayfair Bentley specialists reveal their latest model Introducing Landmass London

Chanel No5 18

Chartwell Estates Office: Appleby House 46 St. James’s Place London SW1A 1NS T: +44 (0)207 409 0549 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

Chartwell Monaco Office: Le Mirabel 4 Avenue des Citronniers MC 98000 Monaco T: +377 97 97 56 67 E: office@chartwell.mc W: www.chartwell.mc

Chartwell Magazine offers advertisers an exclusive target audience of discerning, affluent readers. The magazine is distributed to Chartwell clients on an international scale. The next issue will be published in April 2011.

The new MaseraTi GranTurisMo s The Maserati GranTurismo S is the ultimate sporting expression of the ‘Trident’ badge, the perfect balance between performance and comfort. A car with four full seats, but with a 440bhp 4.7 litre V8 engine, fast MC shift electro-actuated gearbox and a 0 to 62mph acceleration time of 4.9 seconds, making it the ideal choice for negotiating chicanes or continents. Wherever you drive, the Maserati GranTurismo S redefines the meaning of ‘the perfect balance’.

The Maserati GranTurismo S is priced at £90,455 on the road including 3 year/unlimited mileage warranty.

For more information on the Maserati GranTurismo range or Maserati events, 01943 871 660 or visit www.maserati.co.uk Car shown with metallic paint at £552 and 20-inch Grigio Mercury Neptune design alloy wheels at £470. Official fuel consumption for the Maserati GranTurismo S in mpg (litres/100 km): urban 10.9 (25.8), extra urban 25.2 (11.2), combined 17.4 (16.2). CO2 emissions on combined cycle: 385g/km.

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Chartwell Magazine is published and printed on behalf of Chartwell Estates by bh Publications Ltd. bh Publications, Unit 8, Branksome Business Park, Bourne Valley Road, Poole, Dorset BH12 1DW Tel: +44 (0)1202 765988 | Fax: +44 (0)1202 763997 | www.bh-publications.co.uk Managing Director: Editor: With thanks to:

Simon Rodway Production Director: Sam Dykes Liz Kavanagh Sales Director: Louise Dykes Stephen Bourne, Trevor Gabriel, Louise Kulaksiz, Sophia McDore, Matt Joy, Gary Watson and Shabeer Yousuf.

90 years of the world’s finest fragrance

A Good Time To Buy

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Timeless Elegance And Glamour

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Life At The Top

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The World’s Most Sought-After Smoke

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The Bugatti Of The Waves

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The Computer Says No

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Kasbah Tamadot

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How opportunities are re-emerging in a fragile market Why The newly refurbished Savoy is London’s most iconic landmark Now is the time to buy a Monaco penthouse Cohibe Behike: the king of cigars Introducing the 118 WallyPower

A personal approach to lending is essential in challenging times Richard Branson’s Moroccan hideaway

Whilst every attempt has been made to ensure that the content in this magazine is accurate, neither bh Publications nor Chartwell Estates can accept, and hereby disclaim, any liability to any party for loss or damage caused by errors or omissions resulting from negligence, accident or any other cause. All rights reserved. No part of this magazine can be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of bh Publications Ltd. Information is correct at time of going to press. Views expressed are not necessarily those of bh Publications or Chartwell Estates. Every effort has been made to trace the copyright holders of material used in this magazine. If any copyright holder has been overlooked, we will be happy to make any necessary arrangements.

Neither bh Publications nor Chartwell Estates endorses any advertisements or opinions expressed within this magazine.

For all advertising and editorial enquiries please contact bh Publications Ltd.

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THE JEWEL IN THE CROWN Sophia McDore reveals the enduring appeal of the Backes & Strauss timepiece

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ounded in 1789, Backes & Strauss is the oldest diamond company in the world and is renowned for its diamond watches, which combine technological brilliance with exceptional gems.

Backes & Strauss watches are made in collaboration with the

Franck Muller Group, maker of heirloom timepieces – a partnership of the very best master craftsmen. And Backes & Strauss does not simply encrust a standard watch with diamonds. The sweeping curves of the case are carefully calculated to allow the optimum light to reach the stones. Mounted by hand in an invisible setting, each diamond is displayed to its best advantage from every angle.

As well as featuring diamonds around the dial, every Backes &

Strauss watch has at least one diamond set into its crown. Just like all Backes & Strauss diamonds, it is cut and polished to perfection, then placed by hand. It is the Backes & Strauss signature: the jewel in the crown.

Crafted in either 18-carat white or rose gold, every watch is designed to enhance the diamonds that adorn it. On the dial every numeral and index is polished by hand. And every watch can be made with a full diamond bracelet – transforming a day watch to an evening showpiece.

Reflecting Backes & Strauss’ London provenance, three diamondset watch collections, The Berkeley, The Regent and The Piccadilly, are inspired by London’s Regency architecture.

RECTORY FARM WINFRITH NEWBURGH, DORSET Extensive Equestrian Property Detached luxury renovated Grade II Listed farmhouse 4 bedrooms, all en-suite

GUIDE PRICE:

£3.95 million

T: +44 (0) 207 409 0533 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk 5

The Berkeley takes its name from one of the most charming of London’s great squares: a graceful garden in the heart of elegant, bustling Mayfair. Originally laid out in the 18th century by Palladian master and landscape architect William Kent, Berkeley Square has particular resonance for Backes and Strauss: its great plane trees, among the oldest in London, were planted in 1789, the year the company started trading.

The Regent draws on the architecture of John Nash, who was commissioned by the Prince Regent in 1811 to develop a huge swathe of London, then known as Marylebone Park.

The classical proportions of Nash’s work – Regent Street, Regent’s Park, St James’s Park – can be seen in the sweeping curves and bold symmetry across the collection.

The Piccadilly is inspired by John Nash’s great circular junction, Piccadilly Circus, the epicentre of London since it was built in 1819.

It also connected Nash’s dramatic vision, the height of modern fashion, with Piccadilly itself, the bastion of traditional style.

Backes & Strauss is also renowned for its bespoke-made watches. Its most luxurious watch to date, The Royal Berkeley 43, recently sold for 1.5 million Swiss francs in Monaco.

Crafted with 330 diamonds weighing a total of 106.45 carats, its 18-carat white gold case alone was hand-set with 44 customcut diamonds weighing 12.44 carats. Its dial hand was set with 96 custom-cut diamonds weighing 15.43 carats, and a bespoke, full diamond bracelet featured 189 custom-cut hand-polished diamonds.

In April last year Backes & Strauss launched two jewellery ranges based on Victorian designs from the company’s archive. Every piece is crafted in white and rose gold, and as with all Backes & Strauss creations only the finest stones are used.

The Victoria Collection is based on 19th century designs made by the company in its Victorian heyday and features classical designs embellished with diamond details.

The Crown Collection is inspired by the crown from the Backes & Strauss watch collections, where a solo and central diamond is hand-set in every crown. A brilliant handset diamond is key to every piece in the collection, which includes The Solar Star Enamel Pendant and The Black Enamel Cocktail Ring, both featuring a hearts and arrows diamond weighing 5.65 carats.

The Royal Berkeley 43, priced at £1,124,990

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Backes & Strauss diamonds

Hearts and arrows The Backes & Strauss hearts and arrows cut diamond is legendary and reveals a pattern of eight arrowheads when viewed from above and eight heart shapes when viewed from below.

Hearts and arrows diamonds are the ultimate, most magnificent and brilliant ideal cut diamonds. The team of expert diamond cutters and polishers at Backes & Strauss takes extensive care to manually polish each diamond to perfection. Each natural diamond is planned, cut and polished in an effort that requires hundreds of hours of meticulous work. Almost half the rough diamond is lost in the achievement of the perfectly polished Backes & Strauss diamond.

The ideal cut

The Berkeley Imperial, POA

Mathematician Marcel Tolkowsky was the first to discover the exact angles to which a diamond must be cut in order to produce maximum brilliance. In an ideal cut all the light that enters the stone refracts internally from 57 precisely placed facets and disperses through the top of the diamond, producing maximum fire and brilliance.

The ideal cut diamond remains the undisputed king of cut in the diamond world. If the diamond is shallow or deep, light escapes from the diamond and its brilliance is affected. This cut follows the strict proportions prescribed by Marcel Tolkowsky.

Polishers at Backes & Strauss have perfected the ideal cut and are able to obtain the best cut for the maximum beauty and brilliance of the diamond.

Backes & Strauss diamond watches cost from £8,255. Backes & Strauss, 113A Jermyn Street, First Floor, Mayfair. London. Tel. +44 (0) 20 7839 8709. www.backesandstrauss.com.

The Royal Regent, priced at £1,012,500

These are diamond watches which combine technological brilliance with exceptional gems

The Piccadilly Diamond Dial 45, priced at £43,125

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TAXINGTIMES In an era of high taxation Shabeer Yousuf of Shipleys Tax Consulting reveals how huge savings can still be made

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rganising assets to reduce taxation is particularly important for the wealthy. Tax experts such as Shipleys Tax Consulting are well versed in the intricacies of tax law and practice and work with some of the world’s richest families to both manage their tax affairs and ensure they are not paying more than they need to in tax.

Inheritance tax (IHT) IHT has commonly been described as a voluntary tax, and with good reason. It can usually be reduced with proper and often simple planning, ranging from lifetime planning to will planning, or even

after will variation or disclaimer. IHT planning will help preserve family wealth and will reduce tax bills for your heirs.

Asset protection Asset protection is essential for protecting and preserving company and family assets from third-party claims, divorce, bankruptcy, spendthrift spouses and youthful improvidence. It has a number of forms, including: • Company asset protection: the valuable assets in a company – namely property, cash and brand – may in certain circumstances be protected by a restructuring exercise, using group structures, all without triggering taxes on the restructure whilst affording protection • Family assets and wealth protection: family assets and wealth can be protected and preserved from claims, bankruptcy and divorce. Typically assets are placed into a properly constituted trust within certain limits, with the result that they are preserved and protected without adverse tax consequences.

Capital gains tax (CGT) CGT will essentially apply to gains made on the sale and gift or transfer of second homes or investment properties. If you have two

homes it is possible to choose which one is eligible for principal private residence relief, and with the statutory ability to vary the election; this can reduce the CGT on both properties.

There still appears to be a general misconception that property gifts, transfers and swaps are exempt from CGT. They most certainly are not. Do not get caught out, and consider trust planning and/ or HMRC concessions to reduce CGT (and stamp duty land tax in certain circumstances).

Non-UK dom/non-UK resident?

Over the years there has been a steadily increasing squeeze on taxpayers claiming reductions on tax payments due to non-UK

domicile/non-UK resident status.

However, if you are in the tax-privileged position to be either nonUK dom or non-UK resident the tax benefits are still extra ordinarily valuable in the right circumstances.

Charities Registered charities and charitable organisations are generally tax exempt, so if a property transaction is properly structured, there should be no stamp duty land tax or indeed VAT (if applicable) payable and no CGT or IHT on gifts (subject to conditions and the new definition of charity organisation adopted in 2010).

Shabeer Yousuf LLB is a chartered tax adviser and head of tax planning at Shipleys Tax Consulting. Tel. +44 (0)114 243 6566. www.shipleystax.com.

The Regent 1609 AD in white gold with baguette diamonds

113A Jermyn Street, First Floor, Mayfair, London, SW1Y 6HJ Available from Asprey New Bond Street, Harrods Fine Jewellery and Watch Room, Selfridges Wonder Room, Weir & Sons Dublin For details of our worldwide retailers, please visit

www.backesandstrauss.com

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THE DRIVER’S CAR

Bentley Boys: Racing driver Frank Clement and Jack Barclay

Outside the Jack Barclay showroom in Mayfair

The enduring appeal of the Bentley

Derek Bennett, managing director at Jack Barclay

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t’s the world’s largest dealership for one of the outstanding car marques of all time. And business at Mayfair Bentley dealership Jack Barclay is positively booming.

“We’re still selling a Bentley a day from our Berkeley Square showrooms,” says Derek Bennett, Jack Barclay’s managing director.

Bentley sales have been boosted in recent months by the launch of the new Continental GT, which has a price tag of £138,000. The model brings the Bentley marque within the range of other top-end cars, such as the most expensive BMWs. “The new Continental has all the features and refinements to be expected of a car from the Bentley stable, but its price is reasonable, making ownership possible for a wider but still discerning group of buyers,” Derek says.

While at the top end of the range the Mulsanne retails from £235,000, Bentley clients are still conscious of making their cars run as economically as possible. “All the cars in the Bentley range are built to take a mix of conventional fuels and bio-fuels,” Derek says.

“Economy of fuel use has become increasingly important.”

While economies are there to be made on fuel consumption, expenditure on interior modification is often without limit.

“Bentleys can be fitted with personalised tread plates and painted in any hue,” Derek says. “As well as taking bespoke orders on embroidery finishes we regularly fit champagne fridges, plasma televisions and computer workstations to our interiors.”

While some things change, many stay the same. The Bentley very much remains a ‘driver’s car’. “Bentley owners tend to be Bentley drivers,” Derek says. “When you’re driving a Bentley you can’t help but feel you have a very definite presence on the road.”

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The lower showroom at Jack Barclay

The famous Bentley logo

The Jack Barclay Bentley story Jack Barclay was a remarkable man. Time and again he raced and won at Pendine, at Southport, at Brooklands.

In 1926 he was already a successful motor car dealer but Jack Barclay went racing because he wanted to know, in the most immediate yet scientific manner available, what really made a motor car work and what above all would make it work better. He went racing, he said, because he wanted to be a better car dealer.

In 1924 he beat the millionaire Bentley works driver, Woolf Barnato, at Brooklands and became one of the Bentley Boys: daredevil racing drivers of their day who partied as hard as they worked.

Five years later, in 1929, Jack’s passion for fast cars saw him race a Bentley in the BRDC 500 and win the then fastest long-distance race in the world.

Jack had long admired the unparalleled engineering of Bentley, and when he set up his second company in 1927, that was the marque he sold.

Jack wanted his customers to understand the cars they were buying and to share his enthusiasm for their capabilities. His passion rubbed off on his clients and they returned year after year.

Today Jack Barclay Bentley clients continue to buy cars for the same reason they bought them from the man himself in 1927. Not only do the sales team at Jack Barclay Bentley drive the cars they sell: they also share their founder’s passion.

The new Bentley Continental GT – Matt Joy takes to the road Measuring the success of a car is possible in all sorts of exacting numerical methods, but there is a lot to be said for how it plays in the hearts and minds of its public.

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Bentley Continental GT facts at a glance: Price: £138,000 Engine: 6.0-litre petrol unit

producing 567bhp and

516lb/ft of torque Transmission: Six-speed manual gearbox

driving all four wheels Performance: Top speed 198mph,

0-60mph in 4.4 seconds Economy: 17.1mpg combined Emissions: 384g/km of CO2

The new Bentley Continental GT

A discerning buyer comes as standard at this end of the market, so keeping them on side means improvements in every area, starting with the exterior.

The new Bentley Continental GT might not look that different from previous models at first glance but it’s certainly that little bit sharper. A more rakish angle to the front grille, new bumpers and jewel-like headlamps similar to those on the Mulsanne saloon all play their part, but the use of a production technique called superforming allows sharper creases on the front wings and the boot lid. The result is a shape that is familiar but more impressive, like a best friend that’s spent six days a week in the gym.

Better still are the detail changes. A slicker touch-screen system makes short work of operating the sat-nav, which itself is improved and offers features such as Google Maps and the ability to navigate via geo-tagged images.

Underneath the elegant bodywork there are yet more improvements. The engine now puts out 567bhp, up 15bhp on before, with a similar increase in torque, thanks to efficiency improvements.

Quicker shift times from the gearbox as well as the ability to double downshift helps to squeeze the maximum performance from the engine, while the torque distribution of the four-wheel drive system is now biased 60:40 towards the rear. It might not sound like much, but the combined effect is both positive and effective.

The first thing you’ll notice, however, is that the Continental has lost none of its ability to waft along gracefully. Sink into the new, lighter seats, start it up and the engine fires with a brief snarl of revs before settling into a barely-audible rumble.

Slot the transmission into Drive and the GT sighs into motion, pottering over bumps despite running on 20-inch or optional 21-inch wheels. Driven like this, as most examples will be for most of their lives, it’s hard to believe it is capable of nudging 200mph, but this is a key part of the car’s appeal, and Bentley has been careful not to sacrifice it in the name of a sharper driving experience.

Tapping into the more dynamic side of the GT takes only a moment. The new touch-screen system allows the driver to sharpen the response of the electronic dampers, while the transmission offers a Sport mode as well as full manual control.

Push the pedal to the floor and the GT pulls relentlessly; only the impressive levels of refinement shield you from just how fast this car is: 0-60mph is despatched in a scant 4.4 seconds.

Squeeze on the power and the rear bias keeps it all in line more easily too, and this car can be hustled with remarkable speed and a lack of drama.

If there’s one thing the Continental GT lacks it is true rivals. No one else offers quite the same mix of performance, luxury and style in such an alluring package.

For more information contact Derek Bennett at Jack Barclay Bentley, London. Tel. +44 (0)20 7629 7444. www.jackbarclay.co.uk.

VILLA PHILAUPAS VALBONNE, SOUTH OF FRANCE beautiful provencal villa in stunning village Detached 300 sqm villa, 5 bedrooms, handmade kitchen, 4,200 sqm garden and terrace, large heated outdoor swimming pool

GUIDE PRICE:

#1.695 million (Price includes all French purchase taxes) 12

T: +44 (0) 207 409 0533 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

MAKEOVER MASTERS Introducing Landmass London

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andmass London has been transforming tired and outdated properties into recherché homes for the last 12 years. Beginning in 1998 with the acquisition of a two-bedroom apartment in south London, the company quickly grew to become a residential developer rather than operating in the buy-to-let market.

Landmass is now a market leader in bespoke design in the challenging residential property markets of Knightsbridge, Belgravia, Kensington and Chelsea, and one of the most successful top-end developers in the capital.

Landmass’s most valuable expertise lies in capitalising on an asset’s value through the creative use of space and light. Since its establishment it has built a reputation for overcoming the constraining difficulties of small spaces in London, especially in mews houses.

This is done through the use of space-maximising techniques in design, materials and layout, as well as through structural work.

Projects have varied considerably in size and scope, from onebedroom apartments to award-winning mews houses.

Daylight, daylight, daylight At Grosvenor Crescent Mews the three-bedroom property was ambitiously extended to provide an inner atrium with a nine-metre internal water feature, a Zen garden, media room, steam room, gym, study and large garage.

Through the use of voids, glass floors and sliding roof lights Landmass achieved the difficult task of channelling natural light all the way down into the new basement level.

Grosvenor Crescent Mews was named Best Single Residence in London and Best Interior Design in the UK in the 2009 Daily Mail UK Property Awards, won the Outstanding Residential Development Award in the 2009 Daily Telegraph Home Building Awards, and was nominated for the Best New Luxury Home category in the 2010 Evening Standard Design Awards.

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Creating space from within Landmass is now developing a property at Cadogan Lane which will double the existing floor area of the currently dilapidated building.

By digging down to gain an additional two floors below ground level, Landmass will create five floors of accommodation, with the option of two or three bedrooms. Natural light will flood the entire building through the use of light wells, intelligent interior design and specifically designed materials. Buyers will be invited to specify their own design preferences, allowing them the luxury of the ultimate bespoke-designed property.

Property acquisition, design and build Landmass is now broadening the scope of its competencies beyond property development and providing property acquisition and design and build services.

Landmass was already an expert in property acquisition. A gap in the market became apparent when prospective clients began to approach the company with acquisition requests for private homes and investment property.

Landmass has accumulated a web of contacts, allowing the company to be well briefed on properties not yet on the market and those being discreetly sold off-market.

Landmass’s design customisation service is offered to new clients as well as to those who have acquired their property through Landmass.

The process begins with the development of a detailed brief. The team focuses on using this brief to create a design for a home that will enhance the future resident’s way of life while also applying its own extensive knowledge and experience to deliver a home that is tailored to the smallest detail.

Detailed drawings, layouts and specifications, along with mood boards and samples of materials, are prepared and presented to the client for approval.

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BELGRAVE MEWS NORTH BELGRAVIA, LONDON SW1

CADOGAN LANE BELGRAVIA, LONDON SW1

Belgrave Mews North is one of Belgravia’s finest Mews addresses, tucked between Wilton Crescent and Belgrave Square, 200 metres from Waitrose on Motcomb Street.

Cadogan Lane is uniquely equidistant between Sloane Square and Knightsbridge.

The house will be fully redeveloped to become a luxurious and contemporary residence. Accomodation will include 3 bedrooms, roof terrace, outside private parking, media room, formal reception, study area, plant room, wine cellar and open plan kitchen dining area Following this, Landmass’s experienced project management team puts together and manages a team of architects, designers and consultants, all specifically chosen to fit the particular demands of each individual project.

The project management team keeps the project within the agreed budget and time frame while acting as a constant point of contact for the client. Finally, the house is fitted out using a selection of high-quality fittings, luxurious materials and soft furnishings, chosen by the client under the expert guidance of an interior designer.

Investment opportunity Having established a reputation for knowledge and expertise and an enviable track record, Landmass is now offering strategic investors the opportunity to invest in prime residential property in central London.

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Investors are being invited to engage individually in a Landmass project, or as part of a joint venture.

With a team that is passionate about achieving the very best, Landmass hopes to continue its pursuit of design and construction excellence, expanding and gaining further recognition in the competitive central London prime market.

A selection of Landmass properties are available to buy from Chartwell Estate Agents. Tel. +44 (0) 20 7409 0549. www.chartwellestates.co.uk.

Landmass London.

Tel. +44 (0) 20 7731 6147. www.landmass.co.uk.

The charming house will be fully redeveloped to become a luxurious and contemporary home.

Accomodation will include 3 bedrooms, garage, open plan kitchen dining area, media room, gym, large reception with glass roof and laundry room.

GUIDE PRICE:

GUIDE PRICE:

£6.25million Freehold

£6.25million Freehold

T: +44 (0) 207 409 0533 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

ICONIC STYLE AND ELEGANCE

CHANEL N 5 o

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n 1920 Gabrielle Chanel was the queen of Parisian fashion. With hats, then dresses and easy-to-wear clothing, she succeeded in imposing her singular concept of elegance on the world:

freedom, simplicity and comfort. A style that surpassed all fashions that came before.

Accompanied by the Grand Duke Dimitri of Russia, a cousin of the Tsar, she went to Monte Carlo to meet friends, the painter José Maria Sert and his wife Misia, who were thoroughly entrenched in the artistic world of the era.

The idea sprang from a conversation: Chanel would launch a fragrance. It was a unique project at a time when couturiers and perfumers practiced very separate arts. The fragrance, she decided, would be sophisticated, contemporary and striking – a perfume that captured the very essence of women.

Ernest Beaux, former perfumer to the court of the Tsar, became Chanel’s ‘nose’. And in 1921 he presented her with several samples.

Chanel chose the fifth, to which she had him add a great quantity of jasmine from Grasse, one of the most luxurious perfume raw materials in the world.

N°5 was a perfume which had a presence from the very beginning.

Its heady top notes were dominated by ylang-ylang and neroli, while its floral heart and lingering trail of sandalwood and Bourbon vanilla made it complex, sophisticated and seductive.

In opposition to the sappy lyricism associated with the traditional single note floral fragrances of the time, Chanel opted for a simple stamp, a registration number that made it instantly identifiable.

N°5 was an easily remembered name that needed no translation to cross borders, making it unanimously adopted by women all over the world. At the liberation of Paris, American soldiers lined up in front of the boutique on Rue Cambon to bring back a bottle of the famous fragrance to their wives.

And from its conception, beautiful women the world over made it their own. In 1954, when a journalist asked Marilyn Monroe what she wore to bed, she answered, “I only ever wear Chanel N°5,” and the fragrance became legendary.

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Associations with other beautiful women added to Chanel’s kudos. Gabrielle herself had been the first ‘face’ of Chanel in 1937, and over the years the elegance and seduction of N°5 has been portrayed

by a number of iconic women including Carole Bouquet, Catherine Deneuve, Nicole Kidman and most recently Audrey Tautou.

No5 was a perfume which had presence from the very beginning And it wasn’t only the Chanel women that made the perfume so legendary. The minimalist styling of the N°5 flacon became as renowned as the perfume it contained, with a N°5 bottle added to the permanent collections of the New York Museum of Modern Art in 1959. A few years later it inspired a series of nine silk screens by painter Andy Warhol.

In 1969 Richard Avedon created the first scripted commercial for N°5 in New York. It became the most expensive ever produced. Since then, N°5 directors have included Ridley Scott, Jean-Paul Goude, who explored the new technique of morphing, Luc Besson and Baz Luhrmann.

In 1986 Jacques Polge created N°5 Eau de Parfum – a contemporary

reinterpretation of the original fragrance with lighter citrus notes and a fuller fragrant trail.

And in 2008 N°5 audaciously reinvented itself once again with Eau Première, with an abstract bouquet offering a softer, fresher take on the traditional fragrance.

Classic Chanel N°5 remains true to the perfume created in 1921, its fragrance unchanged in its 90-year history. Elegant, feminine and sophisticated, Chanel N°5 has become not only the top-selling perfume of all time but one which women the world over continue to cherish.

For more information about Chanel’s latest collections visit www.chanel.com

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RESIDENTIAL SALES Chartwell Estates offers a property portfolio that spans the globe. The Chartwell Group has an International background, making prospective purchasers and potential vendors just a phone call away.

RESIDENTIAL LETTINGS&MANAGEMENT

ENERGY ASSESSMENTS In accordance with European legislation all residential properties, when sold, will require an Energy Performance Certificate. Chartwell Estates is in contact with assessors locally that can carry out this service on your behalf.

T: +44 (0) 207 409 0533 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

BESPOKERENOVATION

Chartwell Estates can assist you with surveying and other property-related services. Please contact us to discuss your requirements.

BESPOKEDESIGN

SURVEYING

BESPOKEMANAGEMENT

Through our wide circle of contacts, we have access to buyers and sellers of commercial properties of all sizes and types worldwide.

BESPOKECONSTRUCTION

COMMERCIAL SALES

T: +44 (0) 207 409 0545 E: enquiries@chartwell-london.co.uk W: www.chartwell-london.co.uk

BESPOKEPROFESSIONALSERVICES

We offer a superlative service in all aspects of property management and residential lettings. We recognise that every client differs in their requirements and we look forward to discussing how we can best assist you in this area.

A GOOD TIME TO BUY Opportunities are re-emerging in a fragile market, says Stephen Bourne of Hub Capital Partners

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or 20 years the UK was one of the world’s most developed markets for corporate transactions. Acquisitive quoted companies, serial entrepreneurs, cash-rich private equity houses and international buyers provided strong demand for good businesses.

Both debt and equity capital were plentiful and for much of the time growth prospects were good, encouraging attractive prices.

The UK business community provided a regular stream of sellers looking to realise the capital value of their business assets. Deals flowed.

In 2007 there were around 1,500 sales of businesses in the UK and an army of corporate lawyers, accountants, corporate financiers, bankers and business brokers became dependent on servicing

EATON MEWS NORTH LONDON, SW1 in the heart of belgravia In the heart of Belgravia, a double fronted mews house of 3234 sq ft. over four floors, currently set out as 6 bedrooms, study and a small internal garage. This property has the benefit of already having been extended by the addition of the second floor and the excavation of the lower ground floor to create a large party room.

It would now benefit from refurbishment and remodelling.

GUIDE PRICE:

£6.3 million

T: +44 (0) 207 409 0533 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

ownership changes. This dependency fuelled a need for even more deals – and then the world changed.

Lack of buyers – and sellers The decline in UK business sales in 2008 and 2009 was dramatic: 1,100 transactions in 2008 and only 600 in 2009. Similar declines were seen around the world. Debt finance, a major driver of rising prices and rising deal volumes, dried up.

Without new debt, private equity houses became uncompetitive bidders, and in any case had to focus on the challenge of renewing the debt in their existing investments before making new ones. At the same time deep uncertainty over global economic prospects sparked urgent reviews of corporate strategies and heralded a more cautious era.

Corporates too found the debt tap turned off, and those with cash focused on conserving it rather than spending it on acquisitions.

Buyer appetite collapsed, but so did the supply of businesses for sale. Owners were unable to use a convincing growth story to justify a high price, and they have been forced to continue running their businesses until buyers once again believe that the future looks good.

The UK corporate transaction industry has been decimated, and many fine corporate finance professional service firms have drastically reduced the size and quality of their businesses.

Morale in many firms has collapsed as too many practitioners still chase too few deals, and earnings remain in the doldrums. A lot of people are hanging on, willing an upturn in the market.

Early signs of recovery 2010 saw a negligible improvement in the overall climate, but there are signs that transaction activity is growing, and a feeling of cautious optimism is developing about 2011.

There are several reasons why this should be so.

More vendors need or want to sell: there is pent-up demand to sell from entrepreneurs planning a retirement sale, private equity houses needing to exit investments and corporates looking to realise assets to pay down debt.

Vendor price expectations are adjusting: although indices measuring the prices paid for companies as a multiple of earnings are inaccurate (because they are based on historic earnings rather

than current or future earnings), the pricing trends shown by those indices are broadly correct.

Some show prices peaking in 2007 and falling by over 30 per cent by 2009. No one chooses to sell at the bottom of the market, but as time passes there is a growing acceptance that 2007 prices are unlikely to return in the near future. More people will choose to sell at a compromise price now rather than work hard in a challenging economic climate for several more years in the hope that prices will recover strongly.

The recent increase in Entrepreneurs’ Relief will aid this process.

Banks are supporting the sale of over-indebted businesses: there are a lot of good UK businesses making healthy operating profits and

seeing those profits disappear in debt servicing costs. Management teams do not want to work for the next 10 years just to pay the bank, and the banks are often willing to sell debt at a discount to an acquirer (if you can get their attention).

Funds revival Specialist funds are in the market: with equity markets open only very selectively and conventional debt still hugely in short supply, alternative pools of capital have been created to buy or fund the purchase of businesses.

These range from equity funds looking to buy distressed businesses, to informal clubs of high-worth individuals, and increasingly popular convertible debt products.

Corporates have completed their strategy reviews: cash has been tightly managed, costs have been cut, non-core assets have been identified, and new growth strategies are being implemented.

Growth by acquisition is loved by business leaders, and they will start to buy and sell as soon as they can. Those with cash resources are in the market now.

Playing the long game There are still significant barriers for many potential acquirers who want to rejoin the game. The days of banks lending high multiples of earnings to fund acquisitions have gone. Raising equity on public markets remains challenging.

Those buyers that are in funds have an excellent opportunity to buy as the price curve starts to rise enough to tempt sellers into the market. To do so they need to get there first: identify and approach potential targets before they are being formally auctioned, build relationships with companies that are not yet ready to sell, ensure the right financing options are explored in advance, and set up processes to run a smooth buy-side project.

Business confidence is still very fragile, and buyers need to play a long game, but for the right people with the right approach this could be a good time to buy.

Stephen Bourne is a partner at Hub Capital Partners, a discreet fund-raising and transaction advisory firm founded by a group of senior corporate financiers focused on the mid-market.

Tel. +44 (0)20 7823 2060. www.hubcapitalpartners.com.

23

TIMELESS ELEGANCE AND GLAMOUR Liz Kavanagh visits The Savoy following its £220million refurbishment The Front Hall

The American Bar

I

n 1246 a stretch of land between the Strand and the Thames was presented by Henry III to Peter, Count of Savoy, uncle and consort to the king’s wife. Peter built himself a luxury palace, a home where no expense was spared and from where he could gaze in splendour across the river.

Today The Savoy hotel stands on the ancient site – its interior every bit as splendid as the palace that came before it. And newly open following a £220 million restoration, this much-loved British institution is once again one of the finest hotels in the world.

In 2007, with 3,000 of its fixtures and fittings sold at auction, The Savoy closed its doors and an international team of architects, builders and interior designers moved in.

Those who had made The Savoy their own held their breath as the media speculated about the inevitable changes that were going on inside. Would the integrity of the building be retained? Would the elegance and charm of The Savoy’s Edwardian and art deco interiors be compromised by modern styling?

The Savoy they loved of old was very much present, but now with a sparkling new finish, with interior guru Pierre-Yves Rochon and his team combining the timeless elegance of the past with cuttingedge modern design.

Step through the revolving doors and the first thing you’ll notice is the gleaming marble tiles of the Front Hall. Gone is the formal concierge desk and instead there’s an elegant bureau, from behind which the concierges provide a personal welcome.

Walk through to the Thames Foyer and you’ll pass Savoy Tea, an elegant boutique selling the tea, pastries, cakes and chocolates that have made afternoon tea at The Savoy such an institution.

The Thames Foyer has seen the introduction of a winter garden gazebo, beneath which an ornate glass cupola fills the room with daylight. The traditional feel remains, with the gentle tickling of the piano adding to the genteel atmosphere, but it’s now open for allday dining, allowing guests an alternative setting for breakfast or a light lunch or supper.

The iconic American Bar, favoured by the likes of Marilyn Monroe, Marlon Brando and Sophia Loren for its sophisticated cocktails, has been re-opened with a sleek new look while retaining every bit of its sharp art deco styling.

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The River Restaurant

And new to the hotel, the Beaufort Bar, a heady mix of opulent black marble and burnished gold, exudes old-fashioned glamour.

The bar stands on the hotel’s former cabaret stage that was graced by luminaries such as Carroll Gibbons, the Savoy Orpheans and George Gershwin.

Retaining its reputation for world-class fine dining, the River Restaurant has been redesigned, its art deco style interiors complementing the sweeping views over the River Thames and Embankment Gardens. The restaurant is overseen by chef de cuisine Ryan Murphy and offers a modern French menu, the fine food and wine matched by impeccable service.

Laurence Olivier fell for Vivien Leigh at The Savoy Grill, and the restaurant returns again, its interior newly refurbished, under the operation of Gordon Ramsay Holdings, with chef patron Stuart Gillies and head chef Andy Cook at the helm.

Upstairs, the 268 guest rooms and suites have been given a complete makeover. Guests can choose between Edwardian and artdeco-styled rooms and suites, with lighter colour schemes providing a fresher and brighter feel.

Framed photographs of former Savoy guests grace every room, adding to their intimacy. The nine signature suites styled after some of The Savoy’s most high-profile guests have their own dedicated butlers, while a newly-created two-bedroom Royal Suite boasts its own library, dining room and kitchen as well as two emperor-size bedrooms, each with a walk-in wardrobe.

Take a look in the glass cases of the newly-created Savoy museum and you’ll see all manner of letters, photographs and memorabilia.

But the most telling of all these is an envelope on which the sender wrote ‘To The Manager Of The Greatest Hotel in London, England.’

‘Try The Savoy’ wrote a Post Office clerk, and so it arrived at the destination for which it was intended.

The Savoy brings to the 21st century its own style of quality, charm and originality, steeped in the character of London, of which it is an essential part. Authentically celebrating its past, The Savoy is now also leading the present.

Room rates at The Savoy start at £350 per room per night.

Tel. +44 (0)20 7836 4343. www.fairmont.com/savoy.

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LIFE AT THE TOP Now is the time to buy a penthouse in Monaco says Trevor Gabriel

T

he Principality of Monaco has not been spared in the recent slowdown in the global real estate market. However, this market is rather different to most, and declines in value have not been as dramatic as in some other places.

The reasons for this are several but probably boil down to the fact that there tends to be little or no leverage or debt in the vast majority of ownership structures or models in Monaco.

Speculation is not prevalent, possibly because values are high in the first place; this can lead investors to think they are more likely to see higher value increases elsewhere. Yet historically the Monaco real estate market has never failed to rise with other markets, and in downturns it tends to drift downwards only gently rather than dropping dramatically. In effect the bubble never seems to burst, which means there are fewer transactions, because owners, who are perhaps under less pressure to sell here than elsewhere, tend to wait until prices stabilise or even increase.

The result is that there are now a number of opportunities for investors and incoming residents to benefit from reduced prices and from the fact that the stock of properties which are available (if not being actively marketed) is distinctly more plentiful than at any time in the last four years.

Among these opportunities are a number of penthouses, the most sought-after properties at the top end. In Monaco these properties are even better than villas, because most villas have been unfortunate and lost their view, having been blocked by new buildings between them and the sea.

Monaco Villas has been asked by a number of owners to seek offers for several penthouses, and is aware of other owners willing to consider unsolicited offers.

Le Shangri-La, at €12 million, is a two-bedroom penthouse with the most spectacular view of the main port and therefore of the Grand Prix. It has two car parking spots in the building and a cellar.

Le Florestan, a large three-bedroom and three-bathroom apartment with very a spacious living room and in excellent

26

repair, has superb balconies and a roof terrace, plus its own heated swimming pool, three parking spots and three cellars. It also includes a large studio apartment on a lower floor in the block for guests or a nanny. Offers are invited at around €27 million.

Parc St Roman is a refurbishment project. It was originally two separate penthouse apartments side by side, and plans have been developed to produce a superb four-bedroom and four-bathroom apartment with separate living and dining areas and an office. The roof terrace includes a pool. The property is offered at €25 million as it is, with the renovation estimated at around €5 million.

The Palais Armida penthouse occupies the entire top floor of a block which is within five minutes’ walk of the casino yet overlooks the port and has views across to the palace and the Rock of Monaco.

It is a large three-bedroom, three-bathroom apartment with ample reception rooms and terraces. It is off-market but the owners would consider unsolicited offers in the region of €20 million.

The beautifully spacious and decorated Prince de Galles has six bedroom suites, vast reception rooms and a total space of 1,000 square metres, including a private swimming pool. The views are quite simply breathtaking, and the casino is just three minutes’ walk away. Offers are invited at around €80 million.

The Villa Bianca has been carefully and painstakingly redeveloped by a professional builder to become one of the most exceptional properties in Monaco. It has 450 square metres of living space, with a roof terrace and balconies adding a further 400 square metres, including a private, heated swimming pool. Offers are invited in the region of €50million.

Monaco Villas has a number of apartments and villas for sale in the Principality of Monaco and across the French Riviera.

Contact Trevor Gabreil for more information. Tel. +377 9770 1010. www.monaco-villas.com.

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THE WORLD’S MOST SOUGHT-AFTER SMOKE IT’S BEEN THE TALK OF MEN’S CLUBS AND SMOKING AFICIONADOS THE WORLD OVER – ALTHOUGH ONLY A HANDFUL OF PEOPLE CAN CLAIM TO HAVE SMOKED ONE. THE COHIBA BEHIKE CIGAR HAS BECOME SO SOUGHT-AFTER THAT DISCERNING SMOKERS ARE PREPARED TO PART WITH HUNDREDS OF POUNDS TO SAVOUR ITS UNIQUE QUALITIES

C

uban Cohiba has long been renowned as a luxury cigar maker and became the official cigar company of the Cuban government. Famed for the Lancero, the Corona Especiale and the Panetela, the company added the Esplendido, Robusto and Exquisito to its range in 1989, and in 1992, to mark the 500th anniversary of Columbus’ discovery of the Caribbean, the Siglo series was introduced.

Named after the witch doctor of the Taino tribe, who performed sacred rites with tobacco, Cohiba Behike cigars were launched to mark the 40th anniversary of the brand, with only 100 humidors containing 40 cigars ever sold. Each humidor was priced at almost £12,000, making its highly prized contents not only the most exclusive cigars in the world but also the most expensive.

The cigars themselves were hand-made by Norma Fernández Sastre, one of the most senior torcedoras (rollers), who has been making cigars for over 40 years. Plants from the seedbed from the best growing fields of Vuelta Abajo were selected. The outside leaf was chosen by Pancho Cuba, Alejandro Robaina and Antonio María Paz, three of the most prestigious Cuban tobacco growers, and the finished cigars were double-ringed and numbered from one to 4,000.

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The humidor itself was a work of art, made by the prestigious Paris-based company Elie Bleu and crafted in galuchat, or manta ray skin, one of the most luxurious materials in the history of decoration, with black ebony, mother-of-pearl, sycamore, cedar and ox bone detail.

The experience Like a vintage wine, the Cohiba Behike offers the smoker a complex journey with which to savour every draw. The first third delivers a regular but massive smoke: grassy, vanillin with hints of delicate tobacco spices. Once the first third is almost finished, the Cohiba Behike takes you by surprise with an explosion of aromas.

A wave of oak overwhelms your mouth in a generous and heavy smoke. The draw becomes easier, faster and more complex. Once you get used to the new style, it mutates again. As you prepare for the finale the cigar evolves once more, expressing all its complexity and strength.

For more information about Cohiba cigars and international dealers visit www.habanos.com.

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Image © Gilles Martin-Raget

THE BUGATTI OF THE WAVES

GRAND BAHAMA ISLAND BAHAMAS unique beachfront community 21 custom-built houses, each with its own 90ft deepwater dock tailor-made to your exact specifications

GUIDE PRICE:

£14 million (for complete development site)

T: +44 (0) 207 409 0533 E: enquiries@chartwellestates.co.uk W: www.chartwellestates.co.uk

Why the 118 WallyPower is the ultimate high-performance superyacht

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The deck, cockpit, navigation, dining and saloon areas have been conceived as one continuous element

W

hen Top Gear television presenter Richard Hammond was sent to road-test the Bugatti Veyron, one of the fastest and most expensive supercars on the planet, he opted first to pay his respects to a boat.

Hammond was awestruck. The superyacht understatedly called the 118 WallyPower was easily the Bugatti of the waves. Its engineering and style gave a glimpse of life in the 22nd century. If Darth Vader were a pirate the 118 WallyPower would be his ship, gushed Hammond as he marvelled at its dark, mysterious looks, carbon fibre technical genius and classic design simplicity.

A match for any supercar in style and performance, yet simply named after its length in feet, the 118 WallyPower is a high-performance superyacht which broke the mould in yachting design and technology. Its outstanding design and nautical technology are unsurpassed by rival boat builders.

This powerful stealth-fighter-esque boat turns heads everywhere she goes with her spine-tingling torpedo design and truly awesome speed.

Shaped in the Ferrari wind tunnel, and with gas turbine engines giving out 16,800 horsepower, the 118 can power through the water at 60 knots (70mph) yet turn like a classic speedboat – despite weighing 95 tons.

Not surprisingly the 118 WallyPower has won the Millennium Yacht Design Award, dedicated to ‘the layout of the third millennium’, as judged by a jury of architects, engineers and university professors.

The 118 is the most acclaimed high-performance superyacht in the world

© Guido Grugnola

The forward cockpit provides maximum privacy

© Gilles Martin-Raget

The port console

© Gilles Martin-Raget

The elegant dining area with intergral port and starboard teak storage cabinets © Guido Grugnola

The dining tables can be mechanically lowered to provide a large cushioned relaxing area © Gilles Martin-Raget

thanks to her mesmerising combination of innovative technology and futuristic design.

The beast’s vertical bow, the air inlets and the deck superstructure together create the sleekest profile ever seen on a yacht – designed as much for safety reasons as for aesthetics and sheer speed. The 118’s dark mysterious looks and pure lines, from the faceted black-glass jewel of the pilothouse to the diamond cut of the profile, cleverly mask the highengineering content of this ground-breaking yacht. The deck layout is flush, with all equipment hidden away yet accessible at the touch of a button. There’s no spaghetti rigging to negotiate.

The interior offers superior comfort too, albeit without the usual gadgets found on typical luxury gin palaces.

The 118 is organised on three levels. The top level houses the dining and navigation/steering area and the forward social cockpit. The aft cockpit and the saloon inside the superstructure are on the middle level, while the lower deck has the guest crew and service areas as well as the engine room.

The brainchild behind the concept and the design is Luca Bassani Antivari, the founder of Monaco-based Wally (named after the HannaBarbera cartoon character, Wally Gator), a builder of big superboats, both power and sail. He was chief financial officer at a leading manufacturing company but then decided to break the mould of yacht design when he couldn’t find a luxury superyacht that was small-child-friendly and impressively fast but also capable of being captained by a novice. Bassani recently partnered up with the UK entrepeneur John Hunt, who is the Chairman and CEO of Wally.

“Our clients are not professional sailors at all,” Bassani says with passion. “They love their Wallys because they get the feeling of powerful sailing with very little crew and the same performances they get when they are racing. In the same way they can sail a long passage and also an ocean crossing.”

All that power, engineering and futuristic design and anyone can sail her?

Short answer: yes. This beauty is so automated that she’s yours to explore the oceans with from the day you step aboard, requiring barely a skeleton crew.

No wonder Richard Hammond was impressed. He concluded: “The trouble is, after this any transport on dry land just seems so shabby.”

The 118 WallyPower is priced at 15 million EUR. For more information visit www.wally.com.

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33

Chartwell MONACO

LONDON

THE COMPUTER

SAYS NO T

C

RENOVATION

he decline in residential lending in the UK has made headlines across the world. Latest figures show that gross lending in September was down to £12 billion, the lowest September figure for a decade.

Despite the UK government pumping

“ONLY EXPERIENCE GUARANTEES THE FINEST QUALITY”

TURN-KEY PROJECTS CONSTRUCTION

MAINTENANCE

Chartwell has expertise in the construction and renovation of exclusive residential property in Monaco, the South of France and London. It prides itself on its ability to deliver projects to exceptionally high standards, on time and within budget.

Avec une grande compétence dans la construction et la rénovation de propriété de qualité à Monaco, dans le sud de la France et à Londres, Chartwell est fière de sa capacité de livrer des projets d’une très haute qualité, à l’heure et dans le budget.

Working with the finest craftsmen from its locations in Monaco and central London, Chartwell provides bespoke services to their discerning international clients, turning their dreams into reality.

Chartwell travaille avec les meilleurs spécialistes de la région à Monaco et à Londres pour fournir des prestations spécialisées à ses clients internationaux et transformer leurs rêves en réalité.

Whether you are restoring an historic building or wish to surround yourself with cutting-edge technology, please come and discuss your project with Chartwell.

Que vous voulez restaurer un bâtiment historique ou vous entourer des dernières technologies, venez discuter de votre projet avec Chartwell.

LONDON Tel: +44 (0)207 409 0533

MONACO Tel: +377 97 97 56 67

office@chartwell-london.co.uk www.chartwell-london.co.uk

office@chartwell.mc www.chartwell.mc

billions of pounds of taxpayers’ money into the coffers of a select few banks and building societies, credit remains limited, with many borrowers finding it difficult to access funds.

Banks keep cash to repay government There are two reasons for this. Firstly the banks are intent on repaying government loans as quickly as possible, to the detriment of the people the loans were supposedly made to help; and secondly and perhaps more frustrating is the lenders’ reliance on computer systems to assess mortgage applications.

This ‘computer says no’ attitude to lending, coupled with lenders’ refusal to let brokers discuss cases with a human being, is a key factor in rejected mortgage applications.

However, there is one area where a sensible attitude to lending still exists.

Specialised lenders A select number of high street lenders and private banks operate in the £1 millionplus loan sector for both residential and investment properties.

They understand that high-value clients have different needs and more complicated financial situations than most of their clients, and they have tailored their offerings accordingly.

They have returned to old-fashioned methods of underwriting, where each case is assessed individually on its own merits, with both income and assets being taken into consideration when deciding possible loan amounts. This enables them to be flexible on interest rates and loan-to-value and often allow loans to be made on an interest-only basis.

Cash-rich buyers Cash-rich buyers who do not require mortgages, especially those looking at property at the top end of the market, often believe that a cash offer will speed up the buying process.

This may not be the best option, as specialist lenders are well positioned to move quickly from application to offer stage to help meet tight deadlines.

By keeping borrowing down to a sensible level of around 50% of the purchase price a well-advised buyer can use the bank’s money to take advantage of historically low interest rates. They can then retain a sizeable amount of their own cash that could be put to better use elsewhere.

Wealthy foreign buyers An increasing number of foreign nationals are also now buying UK property, especially in London. For them, raising a mortgage may be the preferred option, as they may face a currency risk when converting their cash into sterling. It may also be advantageous for them to keep their cash out of the UK for tax or other reasons, especially if they intend to return to their country of origin some time in the future.

Good-quality prime residential property is in short supply and buyers need to move quickly to secure a sale and organise the necessary finance. Working with a broker who understands the market and has access to lenders who can process your application quickly and efficiently is crucial.

Gary Watson is an independent financial advisor at Chartwell Financial Ltd, which provides bespoke independent financial and mortgage advice both remotely and face to face. Tel. +44 (0)115 958 4115. www.sterlingfs.co.uk.

35

KASBAH TAMADOT THE ULTIMATE MOUNTAIN RETREAT

R

ight at the heart of Morocco’s Atlas Mountains lies a property so special that it won over one of the most successful entrepreneurs in the world on his very first visit.

In 1998 Richard Branson went to Morocco with the goal of circumnavigating the globe in a hot air balloon. Whilst there his parents discovered a beautiful kasbah and dreamed of turning it into a Moroccan retreat. By the end of his stay he had decided to buy it and it is now part of Virgin Limited Edition – a portfolio of luxury retreats.

Kasbah Tamadot is one of the most spectacular properties in northern Africa, with its location on the outskirts of the Berber village of Asni, a 45-minute drive from Marrakech, making it perfectly placed for taking in both the hustle and bustle of the city and the quiet beauty of the surrounding area.

Kasbahs are to Morocco what castles were to medieval Europe: fortified dwellings created for the nobility, with high, crenulated walls, towers and interior courtyards. An indulgence in comfort

and luxury, Kasbah Tamadot is lavishly decorated in traditional Moroccan style, its 24 rooms and suites paying homage to its former owner, the renowned Italian antique dealer Luciano Tempo.

When Sir Richard bought Kasbah Tamadot he also inherited a 1,000-square-metre warehouse containing Luciano’s prized collection of Moroccan artefacts. Today they adorn most rooms, with intricate carvings, mosaics and detailed metalwork among the treasures on display.

Accommodation at Kasbah Tamadot is sumptuous, with the 24 rooms and suites reflecting the architecture of the building and traditional Moroccan design. Six Berber tented suites perch on the hillside and offer stunning views of the Atlas Mountains. Large soaking tubs are positioned to take in the mountain views, with private terraces featuring heated plunge pools. The master suite sits on a promontory, offering complete privacy, a private pool and a huge roof terrace.

Opulent, tranquil and still, this is the perfect place for pure escapism 36

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Winding staircases, shady painted courtyards and pretty gardens add to Kasbah Tamadot’s magical feel, with indoor and outdoor pools, a library and tennis courts providing additional escapism. The Asounfou Spa offers a full range of treatments as well as a hammam, where the skin is deeply cleansed, purified and softened as part of a traditional weekly Moroccan cleansing ritual.

Dining here is a feast for the senses. With its intimate fireside bar and breathtaking terrace views the Kanoun Restaurant serves both local and international cuisine, using fragrant local herbs and spices, fruit and vegetables from the kasbah gardens and a combination of innovative and traditional cooking methods.

Tables are set alfresco around the infinity pool, on the rooftop terrace beneath the stars or somewhere private just for two, with the mountain backdrop offering majestic views as far as the eye can see.

In keeping with Sir Richard’s commitment to supporting the local communities in which his properties are based Kasbah Tamadot employs local Berber staff from the surrounding villages, giving guests a sense that they are staying in a Moroccan home rather than a hotel. Staff are unobtrusive yet attentive and extremely knowledgeable about the culture and history of the area.

By day air-conditioned 4x4s provide the most comfortable way to take on the winding mountain roads, with trips out to discover more of the region. Mountain exploration can be enjoyed by quad bike, mountain bike or donkey as well as in the comfort of a chauffeured vehicle, while hot air balloon rides provide breathtaking views from the skies.

Culture and history can be enjoyed in Marrakech, which is under an hour’s drive away. Here the sprawling Jemaa El Fna Square couldn’t be futher removed from the stillness of the mountains, with its snake charmers, fire eaters and animated stallholders selling everything from orange juice to birds. Just off the square the Grand Souk is a treasure-trove of sequinned slippers, painted bowls, carved wooden boxes and hand-crafted metal work – with animated bargaining all part of the experience.

History and culture abound in Marrakech, and the medina, still largely surrounded by its original 12th century ramparts and fortress walls, is a UNESCO World Heritage Site, its myriad of alleyways home to workshops, living spaces and historic monuments.

From the 16th century Koranic school of Medersa Ben Youssef to the Bahia Palace built for a wealthy aristocrat in the 1890s and the elegant Majorelle Gardens, which bear testimony to the days when the French ruled Morocco, Marrakech is very much a melting pot of eastern and western culture. So enamoured was fashion designer Yves Saint Laurent by the city that he requested his ashes be scattered there.

Marrakech may be just under an hour away from Kasbah Tamadot but life inside its walls couldn’t be more far removed from that in the city – or indeed in any other place in the world. Opulent, tranquil and still, this is the perfect place for pure escapism.

Three-night breaks at Kasbah Tamadot (excluding flights and transfers) cost £1,200 based on two people sharing a superior room on a bed and breakfast basis and can be booked through Cadogan.

Tel. +44 (0)20 7838 9132. www.cadogantravel.com.

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Chartwell MON AC O C Ô T E D ’ A Z U R

The view from the roof The Kasbah bedrooms

The Kasbah dining terrace

CONSTRUCTION RENOVATION MANAGEMENT

A view from one of the bedrooms

Tel: +377 97 97 56 67 office@chartwell.mc www.chartwell.mc

t h e n e w c o n t i n e n t a l g t. a u t o m o t i v e a r t.

Welcome to a new chapter in Bentley history. The new Continental GT – a remarkable fusion of breathtaking performance, sensuous luxury and modern technology. This stunningly sculpted coupe’s sharp features are indicative of Bentley’s DNA. It harnesses an incredibly powerful 567bhp (575PS, 423kW) FlexFuel W12 engine sporting innovative capabilities for everyday driving. This is matched with an exquisitely handcrafted,

contemporary interior to ensure you are transported by all-wheel drive across countries and continents in superior comfort and elegance. Supreme motoring that is unmistakably Bentley. Welcome to the new Continental GT. Fuel economy figures for the Continental GT in mpg (l/100km): Urban 11.1 (25.4); Extra Urban 24.9 (11.4); Combined 17.1 (16.5). CO2 Emissions (g/km): 384.

J AC K B A RC L AY

Jack Barclay Limited 18-19 Berkeley Square, London W1J 6AE. Tel 020 7629 7444 www.bentleymotors.com/jackbarclay enquiries @ jackbarclaybentley.co.uk The name ‘Bentley’ and the ‘B’ in wings device are registered trademarks. © 2010 Bentley Motors Limited. Model shown: Bentley Continental GT, mrrp £135,760. Price correct at time of going to press and includes VAT at 20%.

Price excludes road fund licence, registration and delivery charges.