Extra Time
Luxury watch brands join the world’s most mass-marketed sport
City
Kingpin How Peter Cruddas went from Boy Scout to the Square Mile’s most famous son
+
The rise of Europe’s Tea Parties What does it mean for the markets?
The Future of Forex Osborne gets tough on Foreign Exchange
Banks, Brokers and Regulators: Where do they leave the consumer?
Š Didier Gourdon
14743 Steinway Mayfair Magazine DPS_Layout 1 18/02/2014 16:28 Page 1
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CONTENTS
NEWS 15 18 20 23
86
the city edit BON VIVEUR FOOD & DRINK THE CITY DIARY
LIFESTYLE 70 THAI TOUCH
FEATURES
The next best thing to a Thai escape 85 SHEAR. SHAVE. SHINE A dapper gents go to grooming guide 106 THE SUMMER OF LYCRA We’re gearing up for a season of cycling
24 IF YOU WANT SOMETHING
DONE PROPERLY ...do it yourself, learns Peter Bellerby 28 THE GREAT DEBATE Social Media vs Luxury 30 WHAT THE SKYSCRAPER DID NEXT Architects take design to unbelievable new heights 72 A MODERN ERA FOR LIBERTY 140 years of floral fabric 82 UNDERCOVER BRANDS Three quiet achievers to put on your radar
ART & INTERIORS 92 WHAT MAKES DANIEL WEIL TICK 94 A TIME & PLACE We meet interior design mastermind, Ed Godrich 98 HOME: OUT OF THE ORDINARY Achieve an eclectic but balanced living space
BUSINESS & WEALTH 35 THE CITY BRIEFING 38 PETER CRUDDAS
TECHNOLOGY 102 THE NOT SO SMALL
We meet the charismatic founder of CMC Markets 42 THE RISE OF EUROPE’S TEA PARTIES 44 DAVID STARKEY ON FOREIGN EXCHANGE 45 THE BANKERS AND MERCHANTS’ Banquet 2014 46 THE FUTURE OF FOREX Two City analysts comment on Osborne’s Mansion House speech 48 LEX VAN DAM ON EQUITIES 49 NICK HUNGERFORD ON PAY RISES 50 RICHARD JEFFREY ON MACROECONOMICS
COLLECTION
74
104
SCREENS Four TV makes and models are put to the test THE SOUND CHECK We deconstruct the new Tubecore Duo
MOTORING 110 SPARRING PARTNERS
30
16
24
54 EXTRA TIME
Hamilton vs Rosberg
112 GREEN ZONE
It’s high time for hybrid supercars 116 SNAKE BITE Matthew Carter drives the Daytona Cobra Coupé
TRAVEL 120 ISTANBUL We explore the sights of this Turkish delight 124 DESERT ROSE Take time out at the stunning Amangiri resort
Like us, the luxury watch industry has football fever 64 DEEP BLUE SEA Boodles unveils its ocean inspired treasures
HOMES & PROPERTY
FASHION 68 STYLE HER 74 OLIVER CHESHIRE
On set with the model-ofthe-moment STYLE HIM
112
130 PROPERTY NEWS 147 INSIDER KNOWLEDGE 170 DEVELOPMENT SHOWCASE
Drive your dream. Bringing you the hallmark of automotive luxury and style. Our bespoke service means you can expect special treatment every step of the way. And with our make and model guarantee you’re choosing a dream you can drive away. Available in London at Marble Arch and Heathrow Airport Hertz branches.
hertzdreamcollection.co.uk Information and booking: 01895 627 241
Contributors Editor-in-Chief Lesley Ellwood Managing Editor Emma Johnson (maternity leave) Deputy Editor Richard Brown Motoring Editor Matthew Carter Collection Editor Annabel Harrison
Gabrielle Lane
Jack Phillips
Josh Sims
Gabrielle contributes to both The Huffington Post and Positive Luxury. With experience writing across style, beauty and culture, this month she interviews model-of-the-moment, Oliver Cheshire.
Jack is a roving writer and radio producer originally from London. He has written for Dazed and Confused, The Guardian, Vice, Tank Magazine and Monocle. He is currently stationed in Sydney.
Josh Sims is a freelance writer contributing to the likes of the Financial Times, The Times, Wallpaper, The National and The Rake. His most recent book is 100 Ideas That Changed Street Style (Laurence King).
Editorial Assistant Tiffany Eastland Staff Writer Melissa Emerson Senior Designer Grace Linn BRAND CONSISTENCY Laddawan Juhong General Manager Fiona Fenwick Production Alex Powell Hugo Wheatley Oscar Viney Amy Roberts Property Director Samantha Ratcliffe
Tessie satchel in Poppy Red, from £495, mulberry.com
Grenson tan leather Stanley Brogues, £200, liberty.co.uk
Arts & Architecture 1945-49, Benedikt Taschen, David F. Travers, £44.99, taschen.com
Head of Finance Elton Hopkins Executive Director Sophie Roberts Managing Director Eren Ellwood
Published by
RUNWILD MEDIA GROUP
Matthew Carter
Mike Peake
Tom Sheen
Matthew is a noted freelance journalist’s who’s been writing about cars for most of his working life. A former editor of Autocar magazine, this month he gets behind the wheel of a Daytona Cobra Coupé.
Mike has written extensively for The Sunday Times and The Daily Telegraph. This month he interviews a collection of individuals, who stumbled upon business ventures while on a quest for the best.
Tom has been a national newspaper journalist for the last 18 months working as a digital sports reporter for MailOnline and now The Independent. Previously, he was a reporter for Tower Hamlet’s council’s East End Life.
Porsche 918 Spyder, £712,088, porsche.com
The Galileo, £12,950, bellerbyandco.com
Limited edition watch roll, £475, domreilly.com
One Canada Square, Canary Wharf London, E14 5AX 020 7987 4320, rwmg.co.uk
Members of the Professional Publishers Association
Runwild Media Ltd. cannot accept responsibility for unsolicited submissions, manuscripts and photographs. While every care is taken, prices and details are subject to change and Runwild Media Ltd. take no responsibility for omissions or errors. We reserve the right to publish and edit any letters. All rights reserved. Subscriptions A free online subscription service is available for The City Magazine. Visit the subscriptions page on our website: rwmg.co.uk/subscribe
EDITOR From the
T
he most popular myth surrounding CMC Markets’ founder Peter Cruddas is that he used to commute, on a daily basis, from Monaco to the City via private yet. You can find out whether that’s true on page 38. What’s not in question is Cruddas’ credentials as a self-made-businessman. The son of a Smithfield market trader, Cruddas left school at 15 with no qualifications. By the time he was 55, the Sunday Times Rich List had named him as the richest man in the City. Following a year in which his company has more than trebled its profits (How? Let’s just say there will be no more free cream tea at the company’s Houndsditch HQ), we talk to the ex-Tory Treasurer about doing things his way. The sun may have set on the British Empire a long time ago, but one place where London continues to dominate the world is in foreign exchange. So when Forex scandals hit, it’s London they hit the hardest. In this derivatives special issue, our financial contributors digest the news that George Osborne plans to get tougher on currency trading (p. 46), while three analysts predict the possible effects of the tea party gains at the recent European elections (p. 42). Away from finance, our menswear reporter Stephen Doig goes on a journey of sartorial discovery, lifting the lid on a host of under-the-radar brands of which you really should have heard (p. 82). Elsewhere, we talk to a collection of individuals (p. 24) for whom the mantra, ‘if you want something done properly, do it yourself ’, meant jacking-in the day job and doing just that – we’re sure Cruddas would be proud.
“The game of life is a lot like football. You have to tackle your problems, block your fears, and score your points when you get the opportunity.” – Lewis Grizzard – Leaving business behind for a city break, we board a flight to Istanbul, the booming mega city and holiday hotspot. At the historic heart of this ancient city, we explore its most iconic sights before crossing the Galata Bridge to discover new Istanbul, an area buzzing with contemporary art galleries, exclusive wine bars and sophisticated lounges (p. 120). But just as we settle in with a cocktail, we’re whisked back to reality. When we touch down in London, we immediately find ourselves back in the fast lane as Matthew Carter puts three new hybrid supercars through their paces, find out who crosses the line first on page 112. Shifting gears on the final stretch, we turn our attention to another race taking place this month on page 106. The Tour de France will be visiting the north of England for the first time, and we’ll be keeping a close eye on our defending champion, Chris Froome. We hear he’s looking well prepared, and that indicators are good for a third UK victory. Good luck Team Sky.
Residents
JOURNAL extra Time
Luxury watch brands join the worLd’s most mass-marketed sport Written for residents by residents JUNE 2014 • IssUE 14
City
Kingpin how peter cruddas went from boy scout to the square miLe’s most famous son
+
the rise of europe’s tea parties What does it mean for the markets?
the future of forex osborne gets tough on foreign exchange
Banks, Brokers and regulators: Where do they leave the consumer?
On the cover Football legend Pelé participates in the Hublot Loves Football campaign world tour, March 2014. Image courtesy of Hublot watches, hublot.com, © Fred Merz.
RUNWILD MEDIA GROUP
| news |
THE CITY EDIT The commodities and consumables raising our interest rates this month
© David Naldin
Art on Two Wheels The seat of the Enfield was inspired by vintage Italian speedboats
A motocross accident leaves you confined to the couch for three months – what you gonna do? How about getting creative with a bicycle by adding an engine to it? That’s what New York-based designer Maxwell Hazan did, before realising his talents were wasted on pushbikes. Recovering from his injury, but deciding to pursue his newfound passion for motorbike design rather than return to his day job, Hazan began building exquisite, hand-crafted motorcycles. To date, he’s produced four one-of-akind pieces. The latest two – the Royal
Enfield and Harley-Davidson Ironhead – have been built entirely from scratch, with Hazan fabricating everything (“every lever, linkage and cable”), except the engine. Retro styling, subtle frosting and hints of patina lend the bikes a vintage look, while unconventional components – a tractor headlight and even kitchen utensils – showcase Hazan’s dexterity with design. So far he’s been producing two creations a year. If you want one, join the back of the queue. hazanmotorworks.com
THE CITY MAGAZINE | July 2014
15
Suited and Booted One for the shelf of any selfrespecting man of style, Paul Smith has just unveiled a limited-edition football. Launched with a short film starring football freestyle world champion John Farnworth, the Guinness world record holder pirouettes from a schoolyard to a Paul Smith store without breaking a sweat. Or indeed a crease. paulsmith.co.uk
Symphonic Seduction Not only is it drop-dead gorgeous, but Parmigiani Fleurier’s Tecnica Ombre Blanche is one of the most complicated timepieces in production. Housing a tourbillon, a minute repeater, a perpetual calendar and a power reserve indicator, the creation incorporates some of the most prestigious functions in watchmaking. Proof that Parmigiani has mastered the most complex of horological pursuits, the Tecnica Ombre Blanche will chime the hours, quarter hours and minutes of the day with enchanting clarity. At 13mm, the rose-gold case is particularly slender for a timepiece with a minute repeater, which is activated by pivoting a knurled bezel delicately integrated into the profile of the watch, rather than through a traditional side bolt. The watch comprises 504 components and an 18ct rose-gold case, dial and lugs. No surprise, then, that it costs £445,000. Parmigiani Fleurier, 97 Mount Street, W1K, parmigiani.ch
“The more you leave out, the more you
highlight
what you leave in.” — Henry Green —
Scandinavian Style Spend as much time on Mr Porter’s and Opumo’s websites as we do, and you’ll probably already have stumbled across bag-makers Mismo. If not, say hello to a Danish-based, husbandand-wife duo, who, between them, are manufacturing some of the most stylish backpacks, totes and holdalls around. Check out the Serve bag, which features a large inside compartment for documents or magazines and a zip pocket on the opposite side above two smaller slit pockets. It also comes with a detachable shoulder strap. What better way to transport The City Magazine? mismo.dk
Images courtesy of Kapok. ka-pok.com
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THE CITY MAGAZINE | July 2014
| news |
Life. Only Louder.
In our humblest of opinions, Marshall’s Monitor headphones are the best on the market, leaving their more ubiquitous, rapper-endorsed rivals in their ear-splitting wake. Now, the brand has launched a retro-infused brown version of its Stanmore portable speaker, providing bachelor pads across the land with stadiumquality sound. Connect it to your TV, stereo, vinyl player or phone. marshallheadphones.com
Saddle Up Maserati is celebrating its centenary year with a worldwide, summer-long polo tour. It’s also collaborated with polo brand La Martina to produce this limited-edition saddle. We’re told the blue, black and silver colour scheme is inspired by Maserati’s new premium executive saloon, the Ghibli. Swap the driving seat for the saddle and experience horsepower of a different kind. maserati100.com
Safe and Sound Bang & Olufsen offshoot B&O Play has teamed up with contemporary fine-leather goods maker Hard Graft to produce a series of accessories designed to accommodate the Danish brand’s headphones. The Peak is a softto-touch, sleek-to-look-at pouch that has enough room to house both B&O Play’s over-ear headphones and an iPad mini. The Peak also doubles up as a stand. It is available in either black or heritage brown. beoplay.com
THE CITY MAGAZINE | July 2014
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Our man-about-town, Nick Savage, presents this month’s must-visit haunts
Bon Viveur W
hilst brunching in London as we know it is often attributed to Americans, it was actually a Brit who coined the portmanteau, and, no, it wasn’t Shakespeare. Guy Beringer, in an 1895 edition of Hunter’s Weekly put forward the plea for a later breakfast, to make way for a gentler morning following dissolute Saturday evenings. In our times, whether you’re licking your wounds or creating some anew, brunch is part and parcel of weekend relaxation. 8 Hoxton Square First rule in brunch club? Know your local. This one’s mine and puts most others to shame with one of the best Full English breakfasts in the country for £9. The dining room is classy and restrained, the Bloody Marys are top-flight, and those who are looking for cuisine a bit more adventurous will be rewarded with scrambled eggs lashed with ingredients like morcilla or uni.
Bacanal - La Plage
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THE CITY MAGAZINE | July 2014
Aqua Shard, Strawberries & Cream
Duck & Waffle Duck & Waffle alighted on London’s dining scene like a UFO on the Heron Tower. Open twenty-four hours a day, perched above The Gherkin and The City’s skyline, you’d think they’d settle for colour-by-numbers comfort food, which is patently not the case. Instead, chef Dan Doherty has created wonderfully strange, cultish cuisine in a vibrant setting, with an open plan kitchen at one end and tremendous vistas at the other. On paper, the food sounds like it wouldn’t work, but somehow, in practice, it works deliciously. Not settling for the customary eggs Benedict, the kitchen opted to use 63 degree eggs with hollandaise and sriracha – a kind of Malaysian/Vietnamese interpretation of the breakfast staple. This, however, seems run of the mill when juxtaposed with a massive globe of a doughnut impregnated with molten ox cheek and accompanied by apricot jam. It was the most extraordinary doughnut I’ve eaten and also one of the finest.
Innerplace is London’s personal lifestyle concierge. Membership provides complimentary access to the finest nightclubs, the best restaurants and top private members’ clubs. Innerplace also offers priority bookings, VIP invitations and insider updates on the latest openings. innerplace.co.uk
Selection of dishes from Duck & Waffle
| NEWS |
Aqua Shard: viewing gallery (above); Battenberg Martini and English Breakfast (below)
Bacanal – La Plage Whilst we’re on the subject of Saturday drinking, for those looking for a real NYCstyle brunch party, Bacanal is the first and foremost in London. La Plage is set in the top-floor conservatory of the Millennium Hotel on Gloucester Road and gets fairly balmy even on overcast days. When guests have finished padding their stomachs, things quickly devolve into Vegas/Ibiza style debauchery, with clothes hitting the floor, dancing on the tables and fusillades of Champagne. It may not be to everyone’s taste, but, de gustibus… Aqua Shard
Saturday nights at South Place
South Place To make a clean breast of it all, I’m a slave to the work week and not getting any younger, so the idea of bottomless cocktails on a Sunday tends to invoke trepidation instead of eagerness. However, shift bottomless cocktails to Saturday and it’s business time. The best location for this is 3 South Place at The South Place Hotel, where daytime gluttons can not only enjoy a three-course meal at a very reasonable £25 a head, but can also bolt on bottomless Prosecco, Bellinis or Bloody Marys for a meagre £15. These pair up well with a selection of eggs and upmarket comfort food, including a ludicrously tasty chocolate pot with salted caramel. The meal is guaranteed to result in either two ways, with a Saturday afternoon kip or a Sunday hangover. Mine entailed a bit of both.
If Guy Beringer were still around, I think he’d really take a shine to Aqua Shard, a restaurant that truly echoes his ‘have it all’ ethos. Diners who arrive are treated to some of the best seats in the city; there’s something almost regal about watching the capital go about its Sunday business from above while nursing a Champagne
South Place
cocktail. What really makes me think that this place would endear itself to Beringer, however, is that you can enjoy both brunch and traditional Sunday fare. Aqua Shard’s immensely popular lobster Benedict boasts an incredible hollandaise sauce, so rich and cut through with lemon that it almost outclasses the crustacean itself. The portion size is small enough so that you can indulge in a rare breed roast afterwards, complete with Yorkshire pudding, beefdripping potatoes, honey-glazed carrot and sprouts with smoked bacon. For those with less voracious appetites, there are some lighter options on the menu, but I can only imagine Beringer’s apparition shaking his head in dismay.
8 Hoxton Square, Image by Emma Marshall
THE CITY MAGAZINE | July 2014
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Cellar Gascon 147 Leadenhall Street, EC3V, 020 7444 9960 steamandrye.com
Steam and Rye Created by Kelly Brook and London nightlife entrepreneur Nick House, Steam and Rye was bound to have an edge; housed in the old Bank of New York building, it encapsulates a bold, all-American attitude. Spicing up Monday nights, its latest addition is an authentic cow-hide bucking bull. To train like a US rodeo superstar, the cuisine has to fit the bill; hearty dishes include pulled pork and BBQ ribs. Tackle if you dare.
To celebrate 10 years of participation in the Taste of London festival, Cellar Gascon is offering a special summer tasting menu; diners can explore the winning dishes and exquisite entries, past and present, of Michelin-starred chef Pascal Aussignac. The star of the show, quite literally after winning the ‘Best in Taste’ award in 2011, is the shockingly indulgent Foie Gras & Truffle Burger. For something quirkier, try the unique combination of duck flan and marmite in Marmite Royal and Soldiers. From 18 June, Monday-Friday, 57 West Smithfield, EC1A, 020 7600 6144, clubgascon.com
31 Lovat Lane, EC3R, 020 7929 1547 salottoandroda.com
Restaurant review
Salotto & Roda You’re told to visit Milan for fashion and Bologna for food, but following our recent discovery, we’re led to believe that the best of both worlds can be enjoyed under one City roof, writes Tiffany Eastland STYLE: Modern Italian SERVICE: Flawless; founder Giancarlo Macioce and his team ensured we were impeccably well-looked after. GO WITH: Clients or colleagues; Salotto & Roda is the perfect venue for a working lunch, dinner meeting or just a few well-earned drinks. SIP: The exclusive Salotta & Roda Francia Corta wine. Don’t look for an excuse to start with a glass of bubbly, but if you have to, do so because I told you to. SAVOUR: The Ossobuco Ravioli with Rosemary Sauce, or any one of its homemade pasta dishes. Having sampled a shamefully large portion of the menu, I feel confident in saying, you will be delighted no matter what you order. If you opt for a main course without pasta, I can’t guarantee you won’t suffer food envy when a beautiful big bowl arrives for your colleague. DON’T MISS: The elegant men’s clothing shop upstairs, which houses Italian designer Luca Roda’s made-to-order menswear. His stunning, tailored shirting and bespoke ties take centre stage among the finest selection of scarves, knits and pocket squares.
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Core
Aldermary House 10-15 Queen Street, EC4N, 020 7618 9020, corebar.co.uk
Core hasn’t taken long to establish itself as a centre point for good food and strong drinks, providing everything from coffee to cocktails from lunch through to dinner into early morning; it’s rare to find a place that covers all bases so well. The Brew & Brew menu, which unites craft beers and coffees with creative cocktails, will excite those with a penchant for the artisan, while the venue’s sketchbook-style menus and extensive seating areas make it more social hub than beery boozer.
Coq d’Argent riviera rooftop Coq d’Argent is hosting a themed summer pop-up inspired by the French Riviera. No surprise, then, that extravagance is number one on the agenda. Its bar and outdoor terrace lies high above the City, combining spectacular views of the skyline with a day-long drinking and dining menu; with an emphasis on seafood, a lavish grill menu takes centre stage. The Champagne-led bar has an especially extensive selection, ranging from magnums to Balthazar bottles, served alongside Riviera-inspired cocktails and gourmet fast-food-style snacks for sharing, from crab fritters to deepfried calamari. No.1 Poultry, EC2R, 020 7395 5000, coqdargent.co.uk
3
| news |
Ask for Janice
OF THE BEST
Ginventions
Named after a Beastie Boys’ classic, Ask for Janice is the latest opening trying to make a mark on Farringdon’s foodie scene. With a raw and rustic feel (the hidden basement bar is decked out in industrial concrete), the all-day restaurant also hosts contemporary artworks, from graffiti to a Damien Hirst print. Food comes courtesy of ex-Hix chef Nik Prescott and the admirable effort to rely on London suppliers reaches beyond food, with an impressive selection of local ales and 45 London gins.
Bompas and Parr The Andaz Liverpool Street Hotel is fast becoming a foodie paradise, with the inventive duo behind culinary event creators Bompas and Parr – Sam Bompas and Harry Parr – on board as Andaz Cultural Insiders. The hotel hosted the pair’s British Menu Archive in June, an installation representing British culinary culture past and present; the submissions, such as a menu signed by Winston Churchill, are now being archived online to create an unrivalled public resource. The hotel’s New York-style brasserie has also launched an innovative weekend brunch menu, with an in-house bakery and locally-sourced, fresh produce. If you happen to be organising an immersive, food-led experience for your work, The City Magazine can’t recommend Bompas and Parr enough. 40 Liverpool St, EC2M, london.liverpoolstreet.andaz.hyatt.com, 020 7961 1234 britishmenuarchive.com
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Three new brands unlock gin’s potential as a versatile mixer, with increased artisanal distillery and the prominence of bold botanicals. With its quirky, reversible bottle by artist Jackie Tsai, D1 London Gin favours smooth notes of orange and blackcurrant, triple distilled in a copper pot. The King of Soho balances 12 unusual botanicals from grapefruit to coriander, while the oldest UK distillery produces the limited-edition Bloom Strawberry Cup, a floral gin blended with the iconic summer fruit.
50-52 Long Lane, EC1A, 020 7600 2255, askforjanice.co.uk
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THE CITY MAGAZINE | July 2014
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St ra
25–28 SEPTEMBER 2014 Take on this extreme Mallorca cycling challenge and raise money for the children at Great Ormond Street Hospital.
Prologue - 4km Stage 1 - 151km Stage 2 - 145km Timed climbs Limited numbers Team/individual entry
Great Ormond Street Hospital Children’s Charity. Registered charity no. 235825.
Image © David Isaac
Visit www.gosh.org/Mallorca Call 020 7239 3164 Email challenges@gosh.org
| NEWS |
THE City Diary The who, what and when of Square Mile EVENTS this month
© Luis Sartori do Vale
City of London Festival As part of this summer’s City of London Festival, a 10 metre high, inflatable bowler hat will be taking up residence in Paternoster Square. Open until 17 July, the bowler hat popup can seat 212 visitors and will play host to over 100 events. Commuter-hour debates on the City-related themes of Justice, Money and Power will take place from 6pm, while later in the evening shows will feature stand-up satirists Richard Herring and Andy Zaltzman. To book tickets, visit colf.org
© Alex Maguire
Sculpture in the City Sculpture in the City (3 July - May 2015) returns with a selection of contemporary art pieces in and around the Square Mile. Transforming London’s business district, the exhibition includes works by internationally renowned artists including Cerith Wyn Evans, Lynn Chadwick, Ben Long, Julian Wild, Nigel Hall and Paul Hosking. In its fourth year, Sculpture in the City will use Leadenhall Market for the first time. Elsewhere, educational programmes run by Open-City will inspire schoolchildren by being held in the iconic offices surrounding the artwork sites, which stretch from St Botolphs to Great St Helen’s, and from the Gherkin to Leadenhall Market. cityoflondon.gov.uk
The Standard Chartered Great City Race 2014 marks the 10th anniversary of the Standard Chartered Great City Race. This year, the 5km Citybased challenge takes place on Thursday 10 July at 7.15pm. More than 5,000 runners from 350 corporate teams will complete the course, which starts at the Honourable Artillery Company (HAC) and takes runners past some of the most iconic buildings and landmarks in the City. “We are raising money for the charity Seeing is Believing, which we founded in 2003,” said Richard Holmes, Standard Chartered’s CEO of Europe. “The charity aims to eradicate avoidable blindness. It’s a really good cause; it gets a lot of people motivated and having fun, and doing that, on a Thursday evening, is a bit better than just going to the pub.” cityrace.co.uk
3 JULY 2014 : City Beerfest Sample the beers of more than 12 of Britain’s most popular breweries in Guildhall Yard. 12pm - 9pm 9 JULY 2014 : Gin O’Clock Jazz Swing into Eastway Restaurant, at the Andaz Hotel for a session of live jazz. 6pm - 8.30pm 20 JULY 2014 : The City Life Community Fair Guildhall Yard will be a blaze of colour as it hosts a fun-packed afternoon of food and entertainment for all. 1pm - 4pm
© Robb McRae
THE CITY MAGAZINE | July 2014
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If Words: Mike Peake
On a fateful day, six years ago, Peter Bellerby, now 49, was quietly running his retro-themed tenpin bowling club in Bloomsbury when he found himself occupied with thoughts of what to buy his father for his landmark 80th birthday. His dad loved travel and adventure, and Peter hit on the idea of an imposing, hand-crafted globe. All he had to do was find one. “What surprised me when I started looking was the lack of craftsmanship in the ones that were available,” says Peter. “I realised that I would be spending quite a lot of money on something I didn’t have much faith in.” The thought that he could, perhaps, make his own entered his head. How hard could it be? ‘How hard could it be’ is a familiar refrain amongst the remarkable group of individuals who have almost accidentally created a business out of their desire to craft something exactly as they want it. For Peter, the answer to this £38,000 question turned out to be two long and incredible years in the making. “I basically had to rediscover the lost art of bespoke globemaking,” he says. After several false starts came the dawning of the magnitude of Peter’s undertaking. “I started to understand why quality had disappeared over the centuries,” he says. “It’s because making globes is incredibly hard to do well.” The desire to get everything just right led Peter to Buckingham Palace and
you want something
done properly... Sometimes customisation isn’t enough, and bespoke just isn’t cutting it either. For a dedicated few, the only way to get their hands on the object of their desires is to make it themselves…
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THE CITY MAGAZINE | July 2014
Downing Street to try and find details of Winston Churchill’s famous WW2 globe; he also found himself enlisting the help of F1 fabricators who assisted in the creation of the perfectly-spherical moulds he needed. As his skill-set grew, Peter saw the chance of becoming a world authority on ultraluxurious globes, and by 2010 he’d not only delivered his father’s (belated) birthday present but established Bellerby & Co Globes, too. Today, the company’s creations are on sale in Harrods; they have been featured in an assortment of movie and TV productions and demand is high. They are a labour of love expressed to the nth degree – yours for prices that range from £999 to more than £50,000. Passion and dedication of this intensity are exactly the kind of driving forces that inspired 42-year-old graphic designer Giles
| feature |
‘How hard could it be’ is a familiar refrain amongst the remarkable group of individuals who have almost accidentally created a business out of their desire to craft something exactly as they want it Ellis to create luxury brand the Schofield Watch Company in 2011. It, too, is a business born out of a desire for perfection. “I wanted a watch that would look and feel a particular way without compromise,” says Giles, who was finally able to wear his dream watch four years after beginning his journey. “It started off as one watch for myself because I couldn’t afford the 10 watches that I wanted,” he says. “There was no one watch that ticked all the boxes, until I’d made my own. But it was never meant to be a commercial enterprise.” Quickly discovering how economies of scale were at the heart of watch production (you have to buy dials, for example, by the 100), he took a punt and decided to make a business out of it. Priced between £3,500 and £9,900, his three watch models have all sold well (one has sold out) and a new one is coming out in November.
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| feature |
From a business perspective, I wouldn’t do it this way again. But on a personal level, I love it and I’m as passionate about it as when I started
“From a business perspective, I wouldn’t do it this way again,” says Giles, “because it’s certainly not easy and it takes so much time when you don’t have millions to invest. But on a personal level, I love it and I’m as passionate about it as when I started.” London bike-maker James Kennedy’s business odyssey hasn’t quite been so allconsuming: he was up and running just over a year after conceiving his idea to design and make quality bicycles and sell them direct from a workshop near Hackney. “When I moved to London from Somerset I started cycling to save money on the commute to work,” he says, “and after thieves stole my bike I thought I’d try and make a replacement from parts I’d got hold of. I found it lots of fun and quite therapeutic.” When his wife Florence saved up a sizeable sum to buy a new bike and a visit to the shops highlighted how little her money would get her, James, 27, figured he could do better. With a lean production line, he could challenge the accepted model if he cut out the middle man and sold a quality product direct. Fast forward a year, and Kennedy City Bicycles now makes a handful of bikes each week for discerning customers who appreciate James’ personal touch, the Great Dane Huxley that hangs around his workshop and of course the bikes, too, which have several customisable options. “I’d recommend doing what I’ve done more than anything I’d recommend in this world,” says James, who judges his success by the smiles of his customers and the ability to pay his rent. “If I’d had this idea, given it a shot and it had turned out to be wrong, I’d still be glad that I’d done it.” bellerbyandco.com schofieldwatchcompany.com kennedycitybicycles.co.uk
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THE CITY MAGAZINE | July 2014
Original, limited-edition Art Deco posters by leading artists
Limited to editions of 280, our Art Deco-inspired posters have been printed on 100% cotton fine art paper using traditional techniques. They are signed, hand-numbered and bear our embossed stamp of authenticity. Each poster is approximately 97 x 65 cms (38 x 26 inches). Price: ÂŁ395 each inc. VAT, unframed
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20/06/2014 14:19
The great debate
SocialVSMedia Luxury We may all like to share pictures of our newest piece of wrist candy with our friends, but how does the accessibility of social media enforce a luxury brand’s image? Gabrielle Lane asks the experts
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THE CITY MAGAZINE | July 2014
| feature |
D
iscretion. Personalisation. Exclusivity. At first glance, the bywords for luxury aren’t immediately aligned with the concept of social media – an online network that prides itself on enabling its users to say, do and see anything, anywhere – with often more than a dash of illthought colloquialism. As Facebook continues to tweak its algorithms and warn business users that their news posts are now competing with an average of 1,500 others to be displayed, the debate about how premium brands should engage with their consumers online has been reignited. Getting it right is essential. In the past five years, the number of online sales of luxury goods made globally has grown by nearly 25 per cent, according to market research firm Euromonitor International. And while “the difference between being a natural part of these circles and over-extending oneself into irrelevant audiences is targeting,” admits Phillip Dyte, Social Media Manager at digital marketing agency iProspect, he explains that “the average UK user checks their smartphone 110 times per day, spending about 15 to 20 per cent of their time on Facebook and eight per cent on Twitter. When it comes to social media, the biggest mistake would be to ignore it.” Having worked on the digital strategies of brands including Burberry, Mini and Diageo, iProspect has witnessed the growing importance of social media as a marketing strategy, first hand. “Brands are becoming bolder and more confident,” says Dyte. “They understand more than ever that yes, people really do make decisions and alter their behaviour based on social signals from their friends and from advertising, and that they must be a part of that process. We have seen a jacket purchased from China, via Alibaba, following a blog referral, after a Google Image Search, triggered by Pinterest. That is the kind of user journey we now have to quantify.” Just being present online, however, isn’t enough for a brand to reinforce its allure. For Louisa Corben, Marketing & Communications Director at IWC Schaffhausen, all interactions with an estimated 791,000 Facebook fans, 29,300 Twitter followers and 49,600 Instagram subscribers must be carefully executed. “By ensuring the content is of a luxury nature and of high quality at all times, it is possible for a luxury brand to use social media
platforms to amplify the brand’s luxury positioning,” she tells me. “In the case of IWC Schaffhausen, whose social media channels enable the brand to express its identity and communicate in a dialogue with its customers, luxury content including the use of high-end horology imagery, high-profile events and luxury experiences ensures that this dialogue… exposes IWC’s community to the brands luxury universe.” While a professional approach is considered fundamental, in particular to digital activity in the luxury sector, Phillip Dyte points out that a company’s digital strategy should be changed for each platform. “At first glance the content seems so transferrable: short copy, images, video, even hashtags are multi-platform these days. Yet the differences are what make these platforms: if Facebook, Twitter, YouTube and Pinterest were all the same, there would only be one social network that did everything! Likewise, then, you must be supple and fluid between these options. As a business, you must make sure that you really understand why people would want to hear from you on each destination, and how you would then speak to them accordingly.” The ability to adapt to different platforms and contribute to an over-arching brand experience has been exemplified in recent years by Burberry, which coincidentally has the highest number of Facebook fans of any luxury fashion brand, with a figure of more than 16.8 million. Since August 2013, Burberry has had a presence on Weixin or ‘WeChat’ – China’s largest global messaging and networking tool. With storytelling key to Burberry’s marketing strategy in China, the brand opened its flagship store in Shanghai in April of this year, with an interactive show featuring Cara Delevingne flying through the air and musical performances by Paloma Faith. While in itself, the event was a successful spectacle, users of WeChat could unlock extra information about the performance, brand and store by zooming in, swiping or tapping their devices. It was, as creative director Christopher Bailey explained, about ‘touching people emotionally’. “In China, storytelling stops things from being [just] product and starts to give it life,” he said. Does social media, intangible and sometimes anonymous, promote emotional engagement? Can it simultaneously do this while making people feel like the treasured friends of luxury brands? Yes, says Phillip Dyte. “Social media is about people. We still befriend the friends we wish to; it is still intrinsically about our networks and our experiences. If I’m a high-net-worth individual, all my best friends are in the room without any unwelcome interlopers crashing the party – so that when I scroll through the news feed, it is filled solely with the elements of life that are relevant to me, from the people I hold most dear. What could be more exclusive?”
THE CITY MAGAZINE | July 2014
29
Words: Jamie Carter
What THE
skyscraper did NEXT
30
How do you make a tall building fit in with its surroundings? Architects are experimenting with ‘vertical forests’ and even skyscrapers that disappear
THE CITY MAGAZINE | July 2014
| feature |
Though almost 70 per cent don’t want to live in a tall building, 61 per cent of those polled said they were perfectly happy to work in a tower or skyscraper
Left and below Tower Infinity, Cheongna City, South Korea. RIGHT The world’s tallest vertical garden in Sri Lanka. © Milroy Perera
Londoners are in love with skyscrapers, but most don’t want to live in one. The Norman Foster-designed 30 St Mary Axe – aka The Gherkin – topped a recent poll with 36 per cent of the vote to find Londoners’ favourite high-rise, edging out The Shard and The Leadenhall Building, but it could have stiff competition in the future if plans go ahead to build another 236 tall buildings. As part of London’s Growing... Up! exhibition during June’s London Festival of Architecture, the poll revealed mixed feelings about tall buildings in the capital, with two-fifths thinking that there are already too many. Though almost 70 per cent don’t want to live in a tall building, a whopping 61 per cent of those polled said they were perfectly happy to work in a tower or skyscraper. However, it was the design of tall buildings – and how they fit in with the city’s skyline – that topped the list of Londoners’ priorities. “Well-designed towers in the right place can enhance the skyline,” said Peter Murray, curator of London’s Growing… Up! “Equally bad ones do the opposite – so we must be vigilant.” With a New London Architecture and GL Hearn building survey revealing that there are at least 236 towers above 20 storeys currently planned for London, Murray is calling for a London Skyline Commission to ensure that only the best quality buildings get through the net. That might be a wise idea, because currently, mould-breaking concepts seem to be all the rage from architects across the globe.
THE CITY MAGAZINE | July 2014
31
| feature | The vertical garden Residential buildings of any size can often be noisy, and in Sri Lanka there’s oppressive humidity to worry about, too. Hence this vertical garden proposed for Clearpoint Residencies, a 46-storey residential building designed by Milroy Perera that’s due to open next year in the centre of the capital, Colombo. Featuring garden terraces on every level, the presence of trees is a natural way of creating fresh air while dampening the noise from neighbours. Better still, all the plants and trees at Clearpoint will be watered by an automatic drip system. With a minimal carbon footprint and low-maintenance costs, Milroy Perera says that Clearpoint is, “Taking urban living forward while still maintaining a balance with nature.”
The high-rise pool Due to be completed in 2015 is Sky Habitat: a novel attempt at joining two tall buildings. While most architects plump for a walkway or bridge, IsraeliCanadian architect Moshe Safdie has chosen a high-rise infinity pool on the roof. Dubbed the ‘sanctuary in the sky’, this 574-room double-condo for Singapore includes a 50-metre swimming pool strung across the top at 38 storeys high, while one of the three other bridges that connect the towers is also a pool. However, Sky Habitat is almost as much about greenery as Clearpoint; the exterior cascades will create outdoor areas for two-thirds of the residents. Safdie has history in aerial aquatics, having designed Singapore’s iconic tripletower Marina Bay Sands development, which also has a pool up top. The Gherkin might have looked special a decade ago, but not compared to some of these tall stories.
ABOVE The 450-metretall Tower Infinity in Seoul, South Korea, uses cameras and LED screens to disappear from view © GDS Architects
Tower Infinity will be the world’s first skyscraper that, for a few hours a day, will be completely hidden from view
Left Sky Habitat’s twin towers are joined by swimming pools © Moshe Safdie
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THE CITY MAGAZINE | July 2014
The invisible skyscraper Currently being built in Cheongna City near Seoul, South Korea, Tower Infinity will be the world’s first skyscraper that, for a few hours a day, will be completely hidden from view. “Tower Infinity will boast the third highest observation deck in the world and will become the world’s first ‘invisible tower’ through the use of a sophisticated LED facade system with optical cameras,” says Michael Collins, Director at GDS Architects, which has offices in Pasadena, Seoul and Taipei. Using 18 speciallypositioned, weatherproof cameras and LEDs that together create a ‘reflective skin’ on all sides of the building, Tower Infinity is designed to occasionally reveal an unobstructed view of the sky behind it. Tower Infinity won’t be invisible from everywhere. Its designers have carefully chosen 11 places in Cheongna from where pedestrians will see the illusion of a disappearing skyscraper, then calculated the resolution necessary to make the effect convincing. The HD cameras will effectively film a live picture of sky and clouds to display on the LED screens covering the building’s near side.
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21/05/2014 12:10
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10
THE CITY Briefing International Wealth Report
S&P’s Global Equity Index charts
ten years of change
Country Name
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
1 Turkey
113.2
32.91
49.47
-3.99
74.82
-62.4
99.6
21.37
-37.01
60.69
2 Nigeria
57.54
23.9
20.69
33.95
108.3
-35.4
20.29
-29.54
52.95
3 Philippines
41.43
25.01
21.31
50.3
36.02
-53.65
71.52
56.67
0.22
44.38
4 Kenya
186.21
-15
59.99
60.3
11.81
-40.31
0.56
33.8
-31.63
43.23
5 Egypt
79.31
126.4
158.05
10.22
52.24
-55.85
35.55
11.5
-49.14
41.18
6 Panama
-15.7
15.45
12.83
18.04
40.43
7 Thailand
147.18
-6.44
3.79
6.17
39.4
-50.52
72.77
52.14
-4.73
39.61
8 Poland
29.49
59.3
20.79
38.13
23.22
-57.8
41.9
11.26
-33.35
34.12
9 Belgium
34.88
40.01
6.77
43.85
-3.13
-65.57
54.47
0.5
-15.06
33.32
10 Austria
57.15
61.3
21.88
37.12
-0.42
-65.32
57.02
10.9
-35.84
29.85
S&P Global Equity Indices - Annual percentage change 2003 - 2012 – rated from best performing in 2012
Figures have just been released charting the percentage change in Standard & Poor’s Global Equities Index during the years 2003 - 2012. Following the burst of the technology stock bubble, most equity markets had started the 21st century in free fall. However, by 2003 both developed and developing countries were rising out of the bear market, an upward trend that continued until 2008, reports Global Finance. Highlighting the truly global effect of the financial crisis, Bangladesh was the only country that did not have an overall decline in stock market values in 2008. Developed economies were hit harder by the crisis,
but several emerging markets – including Argentina, Bahrain, Jamaica and Tunisia – continued to decline all the way into 2012. Perhaps unsurprisingly, Greece was the worst performer in 2010 (-43.8 per cent), although it was surpassed in 2011 by Cyprus, whose equity index slumped 71.9 per cent. Further afield, China went from a 52.7 per cent decline in 2008 to a 66.3 per cent increase in 2009. After two years of positivity, US stock market prices reported no overall change in 2011, though they did increase by 13.4 per cent in 2012. In the UK, stocks fell 49.5 per cent in 2008, before growing by 35.3 percent in 2009. In 2012, the UK index grew by a modest 5.8 per cent.
THE CITY MAGAZINE | July 2014
35
THE CITY Briefing
Qatar named as world’s richest country 2013 Ranking of Coutries, from Richest to Poorest, According to Gross Domestic Product based on Purchasing-Power-Parity (PPP) per capita
4 2
9
7
6
178 175 3
1
179
5
180 181
184
182
8
177
183
176 10
Richest Countries 1 Qatar 2 Luxembourg 3 Singapore 4 Norway 5 Brunei Darussalam 6 Hong Kong 7 United States 8 United Arab Emirates 9 Switzerland 10 Australia
Poorest Countries 175 176 177 178 179 180 181 182 183 184
36
105,091.42 79,593.91 61,567.28 56,663.47 55,111.20 53,432.23 51,248.21 49,883.58 46,474.95 44,073.81
Afghanistan 1,072.19 Madagascar 972.07 Malawi 893.84 Niger 853.43 Central African Republic 827.93 Eritrea 792.13 Liberia 716.04 Burundi 648.58 Zimbabwe 589.46 Democratic Republic of the Congo 394.25
THE CITY MAGAZINE | July 2014
Qatar ranked as the world’s richest country last year with a GDP per capita (PPP) of 105,091.42 international dollars. In second place was Luxemburg with a GDP (PPP) of 79,593.91, followed by Singapore with 61,567.28 and Norway with 56,663.47 – a dramatic, precipitous drop that highlights just how wealthy Qatar has become. While the ten richest countries were spread across North America, Europe, the Middle East and parts of Southeast Asia, the ten poorest
Source: International Monetary Fund World Economic Outlook Database
were far more geographically centred – the first nine found in Africa and the tenth poorest being Afghanistan. The Democratic Republic of Congo ranked in last place with a per-capita GDP (PPP) of 394.25, followed by Zimbabwe (589.46), Burundi (648.58) and Liberia (716.04). Rather than relying on exchange rates, GDP based on purchasing power parity takes into account inflation rates and relative costs of living, giving the truest indication of wealth differences between countries.
| BUSINESS & WEALTH |
THE CITY Briefing
Income inequality widens across the world Geographically-speaking, inhabitants of Northern Europe enjoy the best income equality of anywhere in the world, says statistics from the World Bank. Sweden, Norway and Finland all rank within the top five countries when it comes to national distribution of wealth. The data is compiled using the GINI coefficient, which according to the bank “measures the extent to which the distribution of income or consumption expenditure among individual households within an economy deviates from a perfectly equal distribution.” Some much poorer countries also distribute their wealth relatively evenly, with Afghanistan, Ghana and Kazakhstan appearing at 8th, 10th and 11th on the list respectively. The poorest performing country is the Seychelles, followed by Comoros, Namibia and South Africa.
Income Distribution (GINI Coefficient) from the latest available data
Top 10 performing Country Name
Country Code
Latest available data
1
Sweden
SWE
25
2
Norway
NOR
25.79
3
Slovakia
SVK
26
4
Ukraine
UKR
26.44
5
Finland
FIN
26.88
6
Belarus
BLR
27.22
7
Serbia
SRB
27.8
8
Afghanistan
AFG
27.82
9
Bulgaria
BGR
28.19
GHA
28.31
10 Ghana
Worst 10 Performing Country Code
Latest available data
Seychelles
SYC
65.77
2
Comoros
COM
64.3
3
Namibia
NAM
63.9
Country Name 1
4
South Africa
ZAF
63.14
5
Micronesia
FSM
61.1
6
Haiti
HTI
59.21
7
Angola
AGO
58.64
8
Honduras
HND
56.95
9
Central African Republic
CAF
56.3
BOL
56.29
10 Bolivia
Source: Data is from the World Bank Development Indicators
Finance from Afar Diamond eyes African opportunities Ex-Barclays CEO Bob Diamond is investing in Africa. In conjunction with investment company Atlas Mara, Diamond has acquired BancABC and its controlling shareholder, ADC African Development, for £158 million. He has also signed a nonbinding MoU to take over the commercial arm of the state-owned Development Bank of Rwanda, reports Global Finance. It’s a move not everyone believes is governed by altruism. “This isn’t to help develop Africa. Bob Diamond exists to make money for Bob Diamond,” says Garry White, chief investment commentator at stockbrokers Charles Stanley. Brazilian Unemployment Falls In the build-up to the football world cup, Brazil announced that its official unemployment rate in April had fallen to the lowest level on record for that month. Despite a sluggish economy which faces falling into recession, the Brazilian Institute of Geography and Statistics announced that the unemployment rate in six of Brazil’s largest metropolitan areas had fallen to 4.9% from 5% in March and 5.8% in April 2013. South Africa sees output shrink First it was Russia, then Brazil, now South Africa looks like the latest BRIC nation at risk of slipping into recession. Following widespread strikes within the mining industries, and as the global commodity boom fades, output in SA contracted by 0.6pc in the first quarter of 2014, the worst since the Lehman Brothers crisis. China is SA’s largest trade partner, worrying news given that China is seeking to reduce its dependence on foreign resources.
“The renaming of Heron Tower is a great disappointment to us. The appearance is that we are simply subletting a few floors from Salesforce. The overall negative response to the renaming makes it clear this was a big misstep.” Ant Sharp, deputy chairman at Powa Technologies, comments on the Heron Tower becoming the Salesforce Tower.
THE CITY MAGAZINE | July 2014
37
Peter Cruddas Born to a Smithfield market trader, he became one of the Square Mile’s wealthiest sons. As CMC Markets celebrates its 25th year, The City Magazine sits down with the company’s charismatic founder, and ex-Tory treasurer Words: Richard Brown
I
t’s the archetypal City success story – workingclass lad leaves school at 15 with no qualifications to become a multi-millionaire via the financial markets. With a meat-selling father and an officecleaning mother, Peter Cruddas grew up on a council estate in Hackney before landing a job as a telex operator at Western Union aged 16. In 1989, following subsequent positions in the FX trading departments of various banks, at the age of 39 Cruddas set up what is now CMC Markets. Twentyfive years on and the spread betting, CFD and foreign exchange specialist company comprises more than 500 people in 11 offices across the world. Previously ranked as the richest man in the City of London (in 2012, Forbes estimated his wealth to be around £775 million), Cruddas operates the selffunded The Peter Cruddas Foundation with the aim
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THE CITY MAGAZINE | July 2014
of improving the lives of disadvantaged youngsters. Cruddas is the largest single donor to the Prince’s Trust and a big supporter of the Duke of Edinburgh’s Award. We spoke to the chief executive in his London office, 133 Houndsditch. Can someone with a background like yours still succeed in the City? To make it in the City you now need capital. To start your own company, you’d have to work for another City firm, make your money and then start your own thing. The successful people in the City now seem to have got a degree, worked at one of the major banks and then set up their own hedge fund. When I started CMC I was able to secure trade lines with £10,000. I think it’s almost impossible for someone to do what I did now.
| BUSINESS | xxxxxxxxxxxxx & WEALTH |
THE CITY MAGAZINE | July 2014
39
What have been the biggest changes to the industry in the last 25 years? The internet has provided massive amounts of scalability. We can process thousands of trades per second without any human intervention, we can measure our risk profiles, we can hedge, we can do everything in milliseconds. But the biggest change is how competitive and how transparent trading is now. If Joe Bloggs wants to trade the financial markets, he can open an account and trade on the same rates as the major banks. You can see all of the realtime breaking news, you can have real-time charting, you can have real-time analytics. It’s never been so good for clients. How does CMC Markets maintain its competitive edge? You have to own your own technology. Most of our competitors don’t do that. They buy legacy platforms off-the-shelf which limits what they can offer clients. You must develop and deliver your own mobile apps, trading programs, charting, real-time news, hedging software etcetera. The way we manage risk means we will always be able to offer low spreads and dealing costs. Pound for pound we are the cheapest company to trade with and the most transparent. I don’t know any other company that has depth of market on all of its products. I’m an extrader; I know what traders want. Have banks become harder to do business with? In the last couple of years, yes. They are more conscious of ROC [return on capital]. They are more selective with the terms they offer you. They prefer not to commit capital to businesses that are not going to show them a decent return. But there is still plenty of liquidity around. Will the behaviour of banks put smaller companies out of business? That’s a natural process. It’s not got that much to do with banks providing liquidity. If a smaller player came to us and they were fully regulated we would provide them with liquidity. If there is consolidation in the industry, that’s because competitors find it hard to compete with bigger firms like us. If you want to open a company in this industry you need a lot of money, a decent platform, a decent infrastructure, a big marketing budget – and the profit margins are not that good. Over-regulation is making it harder for smaller competitors and start-ups to succeed, which is wrong. We need more competition. Last year, you changed your job title from chairman to chief executive. Why? I didn’t like the way the company was being run. To exaggerate, you’d come in on a Monday and get fresh cornflakes. On a Wednesday there would be free fresh fruit.
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THE CITY MAGAZINE | July 2014
Photographs by Michael Drummond
| BUSINESS & WEALTH |
On Thursday we’d have a cream-tea party. On Friday people were allowed to ‘work from home’. I said “this is bloody ridiculous”. I stopped the cream teas, I stopped the free fruit and I banned working from home. “In a year’s time,” I said, “I want to pay you all a big bonus and you can buy as much fresh fruit and cream teas as you like.” I said, “How about you don’t work from home and you get a bigger bonus? Then you can buy a bigger house and send your kids to a better school.” The year before I started as chief executive we made £14.1 million profit EBITDA. The year after we made £51.5 million. That’s not all down to market volatility. Predict the future of the derivatives industry? Regulation around the world is getting tougher. If you can tell me what’s going to happen to the financial transaction tax then I might have a better understanding of where the industry is going. I think it will continue to grow. For the established players, there will be good growth opportunity. For the smaller players, it will be difficult. It won’t be long before we are doing 50/60 per cent of our business on mobile devices. We are doing over 30 per cent now. Europe: in or out? In, but on different terms. I sit on the board of a group called Business for Britain. We are not anti-Europe, we would just like to renegotiate the terms of our membership of the European Union. It seems to me that we are governed by Europe but have little say in the laws that affect us. We are pro a European referendum. What’s the worst thing the EU has done in the last ten years? Created the euro. The euro cannot work unless there is full political and financial integration. What do you think of Nigel Farage? I’m a Conservative. You can thank Thatcher for that. With regard to Europe, only five per cent of British firms export to Europe but 100 per cent are governed by their laws. Why should a business that doesn’t export to Europe, which sells to people in Britain, which employs British people, which pays tax to the British government, be governed by European law? I have no view on UKIP. I’m not interested in them. Which business leaders do you most admire? Maggie Thatcher changed my life. Before she came to power, working in the City and in this country wasn’t easy. She gave me the chance to buy my own house, to build a career. She got rid of exchange controls, she opened up the City.
Would you like to be PM? Definitely not. Politicians are constantly in the media’s glare. You have to be too careful about everything you say and do, you always have to be politically correct.
I said: How about you don’t work from home and you get a bigger bonus? Then you can buy a bigger house and send your kids to a better school Favourite Restaurant? San Lorenzo, Beauchamp Place
Favourite Bar / Pub? Never go to them
Biggest ever indulgence? Private jet
Favourite car? Rolls-Royce Wraith
Favourite city? London
Favourite watch? IWC Tourbillon
Phone? BlackBerry. Can’t stand the iPhone
Facebook or Twitter? Twitter. I love Twitter
Three historical figures you’d like to have dinner with? Mandela, Thatcher, Churchill
Complete the sentence: I would die a happy man if… Arsenal wins the Champions League
The internet says you used to commute to the City of London from your house in Monaco every day. Is that true? It’s a myth. I used to live in Monaco but didn’t commute on a daily basis. I’d come in on a Tuesday and head back on a Thursday. I travelled by private jet. If you lost everything today, what would you do tomorrow? Retire, sit back and claim the dole. I calculate that through taxes – corporation tax, indirect tax, employee’s tax – I generate a minimum of £30 million a year for this country. The country would have to keep me. Why don’t you retire? Why would I stop doing something I love? The Peter Cruddas Foundation was set up to help disadvantaged youngsters. Why this cause in particular? My father invented binge drinking. What got me out of a difficult household was the Boy Scouts. I would go two or three days a week and camping at weekends. The Boy Scouts got me away from the stress of living at home and it taught me how to be self-sufficient, how to cook, sew, be independent. Organisations like the Boy Scouts are safety blankets for people with difficult upbringings. So when I started earning a bit of money I wanted to help people from a background like mine. How do you help these kids? We give people the opportunity to do something with their lives. I’m keen on supporting people who have ideas. I’m a big supporter of the Duke of Edinburgh’s Award. Some of these kids have never won any awards or received any recognition in their lives. I’ve also been a big supporter of the Prince’s Trust. So far we’ve been able to support 122 charities, donating an average of £100,000 to each. Is there a place for National Service? I don’t have a view on National Service, however, I have seed-funded an organisation called The Challenge, which was designed – and it was Cameron’s idea – to replicate or replace, in a very small way, National Service. Its aim is to take every 16-year-old kid on a two to three-week course, whether they are rich or poor, and give them a challenge to give something back to the community. This has now become the National Citizen Service. I believe there are 50,000 kids about to start in the next year.
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The rise of
Europe’s Tea Parties Against a post-crisis backdrop, the recent European elections saw the continent voice its dissatisfaction with the current status quo. Minority parties in the Netherlands, the UK, France and Greece all fared well, so how can we expect the markets to react?
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Kathleen Brooks
Christopher Vecchio
Joshua Raymond
research director at Forex.com
currency analyst for DailyFX.com
chief market strategist at City Index
The rise of Europe’s anti-establishment parties is dangerous. UKIP’s good showing could be a precursor to Scotland voting for independence in September. Could the UK’s mainstream parties panic and start to up their anti-EU rhetoric ahead of the 2015 general elections? The same is true of SYRIZA in Greece, which could now agitate for a general election. A national election win for SYRIZA, which is set on tearing up the terms of Greece’s bailout programme and quitting the Eurozone, could ignite the sovereign debt crisis 2.0 – this time bigger and worse than ever. The upsurge in Europe’s Tea Parties, particularly in Greece, the Netherlands, France and the UK, could trigger calls for an anti-euro establishment. Although bringing these parties together would take time, we think signs that a coalition of anti-euro parties could have the largest downward impact on risk assets.
After years of contracting economic activity and downtrodden labour markets, European voters aired their discontent with policymakers across the continent by hoisting euro sceptics into power at the end of May. With France’s National Front, Greece’s Golden Dawn, and the United Kingdom’s Independence Party (UKIP) gaining considerable support, one can’t help but sense a xenophobic and ultimately euro-phobic attitude setting in. But does the euro care? Not in the slightest. On June 5, The European Central Bank, after weeks of rampant speculation, delivered on its promise made on May 8 for substantive policy action. The market is taking the ECB’s actions as a sign that they’re willing to do what is necessary to help spur lending and ultimately growth in the region; sovereign yields have plunged, equity markets have rallied, and the euro has been steady in the ECB’s wake. Without a doubt, the breadth of ECB action was plentiful, insofar as there were many changes to various aspects of the ECB’s current accommodative monetary program: rate cuts, new liquidity measures, and enhanced forward guidance. With the market fixated on central bank stimulus as a panacea for seemingly every problem that has developed the past few years, the euro (sadly) couldn’t care less about the lingering social and political ramifications of the debt crisis and the recent European parliamentary elections’ results.
The huge strides made by anti-euro parties in the recent European elections has, in the short-term, made no real impact on the markets; it is, perhaps, the long-term we should be focusing on. Of course, a swathe of anti-Europe support was to be expected – a factor implied by the majority of pre-election polls – and as such, whilst the result sent a political shockwave through Europe, given the low historical support for anti-Europe parties such as UKIP, there wasn’t so much as a minor tremor in the markets. The euro has barely moved whilst most equity indices traded with a bias dictated by other factors such as corporate earnings.
The market impact EUR: the single currency has been remarkably resilient to political risk in the currency bloc over the last 18 months. For example, the FX market barely blinked during last year’s French and German elections. The single currency also has a negative correlation with peripheral bonds, as the risk premium for peripheral bonds has fallen, compressing yield spreads with Germany, the EUR has risen. Equities: The gains for SYRIZA, UKIP, Front National and the Netherlands’ Freedom Party could trigger some capital outflows, as enhanced political risks put investors off the currency bloc. If this happens then we could see risk aversion rise, helping to generate inflows into safe havens including US Treasuries, the Swiss franc and the Japanese yen. The pound could also benefit, as it attracted inflows during the peak of the sovereign debt crisis in 2010-2012.
So what impact could the European election have in the long-term? Whilst the markets are not naïve enough to be convinced that the increase in anti-European voting is a precursor to the demolition of the euro (something that can only happen should Angela Merkel change her opinion), the voting patterns should not be ignored. The rise of UKIP as a potential third tier party in the UK is concerning and could have consequences for the strength of the pound sterling. The pound has enjoyed a fantastic rise in power over the past year, rallying 15 per cent against the US dollar to $1.70, its highest level since August 2009. The potential for UKIP to steal Liberal Democrat support raises the chances of another hung parliament in the UK, and one in which both the Conservatives and Labour will face difficulty seeking a majority coalition. A minority government within a hung parliament makes policy implementation fragile, could sour sterling confidence and increase market tensions. If there is anything that could take the wind from sterling’s sails, it’s next years’ election.
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FOREIGN EXCHANGE
Regulation is simply an element of natural selection David Starkey dstarkey@cmriskmanagement.co.uk
T
he post-financial crisis environment has left all stakeholders in the financial services industry more cautious. This is especially true for regulators and large banks, those whom the general public tend to hold most responsible for the events of the last five years. In an effort to both avoid a repeat of 2008 and in response to a disgruntled tax-paying public who funded massive bailouts, regulators have moved to increase their degree of oversight into financial markets. Most notably through sweeping legal doctrines like Dodd-Frank in the United States and EMIR (European Market Infrastructure Regulation) in the EU. One of the areas where these directives have had the biggest impact is over-the-counter derivative markets, in which brokers often act as channels through which transactions take place. As banks come to terms with write-offs, restricted shareholder appetite for risk and ongoing legal costs, there is a built-in impetus to reduce exposure to risk. The additional expense, both real and potential, of new regulations has only further reinforced their new conservative mantra. This has led banks to take the drastic step of re-evaluating whom they do business with and the kind of business that they do. One of the groups most affected by this has been smaller brokers. With banks refocusing on their core activities, like servicing the retail depositor and borrower, they have been quietly distancing themselves from brokers. In some cases, this means limiting the business that they do with a broker and in other cases cutting ties altogether. This has raised concerns that a smaller broker market may result in a less competitive industry, to the detriment of the end customer. However, that line of reasoning precludes regulation from being an element of natural competition. The general public, who, no matter how you slice it, are the end users of financial services, have declared
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It follows that consolidation in the broker industry will result in a more sustainable marketplace
David Starkey is a currency options dealer and senior market analyst for Cambridge Mercantile Group. David has worked as a trader, risk manager and hedging expert in the USA, UK and Canada. Cambridge Mercantile Group has been providing foreign exchange and global payments services for over 20 years. cambridgefx.co.uk
quite clearly that they want more oversight. Given that consumers make up an essential element of commerce, regulation in this instance becomes an element of the calculus for doing business. The discourse can be distilled down to the following: a higher bar to do business via both compliance with new regulations and the stricter litmus test banks now apply will lead to a higher calibre of broker. This in turn will benefit the end user. As it stands, brokers range in size from one-man-bands operating out of a spare bedroom, to multibillion sterling institutions with operations around the globe. In any other industry, suppliers – in this case banks – would stop dealing with those distributors who they feel put their own operations at risk. Smaller outfits tend not to have the resources of the larger brokers. This generally results in a diminished product offering to customers,
additional counterparty risk for suppliers and a lower standard of service across the board. Arguably, the loss of that tier of broker is simply natural selection playing out, in much the way competitive forces weed out weaker actors in any other industry. It follows that consolidation in the broker industry will result in a more sustainable marketplace, which in turn benefits customers. It’s true that the costs associated with the new regulations complicate the matter, and that these costs will inevitably impact customers. Presuming that the desired objective of a more prudent financial services industry is achieved, they are justified. As such, brokers who lack the resources and/or diligence to operate in the new regulatory environment were unfit to begin with, and only stood to elevate the risk of another collapse.
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The Bankers’ and Merchants’
Banquet 2014
Last month, Chancellor George Osborne delivered his Mansion House speech during the annual Lord Mayor’s Banquet for Bankers and Merchants of the City of London. Here, we print the most important extracts from that speech...
“M
y Lord Mayor, Ladies and Gentlemen, it is again an honour to attend this wonderful dinner and to speak to you as Chancellor for the fifth time… The City of London has emerged from the wreckage of what went so badly wrong, stronger and better regulated, more international and more responsive to the needs of customers here at home. Our financial exports grew 10 per cent last year, and our surplus in finance and insurance has reached £45 billion – twice as much as our closest competitors. We’ve welcomed to Britain the headquarters of some of the world’s largest insurance firms. And we have been chosen as the location for the International Forum of the world’s Sovereign Wealth Funds…
The revelations about the manipulation of LIBOR added further damage to reputation of financial services, here and abroad. In Britain, thanks to the leadership of Martin Wheatley and Andrew Tyrie, we acted swiftly to punish the wrongdoers and fix the system. Let us not wait for the next wave of scandals in financial markets to hit us before we respond. The integrity of these markets matters to us. London is home to 40 per cent of the global foreign exchange business; 45 per cent of over-the-counter derivatives trading; and 70 per cent of trading in international bonds. And Mark Carney and I intend to keep it that way. So today I can announce that the Treasury, the Bank of England and the Financial Conduct Authority will conduct a comprehensive review of standards in our fixed income, currency and commodity markets…
People should know that when they trade in London, whether in commodities or currencies or fixed income instruments, that they are trading in markets that are fair and effective.
The Review will produce its report in a year’s time. And some of its recommendations may require international agreement. In the meantime, we will act here at home. I am today announcing that we will extend the
new powers we put in place to regulate LIBOR to cover further major benchmarks across foreign exchange, commodity and fixed income markets – many of which are currently entirely unregulated. Based on the Review’s conclusions we will publish and consult on the full list of benchmarks to be covered by this autumn, and we will have the new regime in place by the end of the year. I am also extending the senior managers regime to cover all banks that operate in this country, including the branches of foreign banks. And I can also announce that we will introduce tough new domestic criminal offences for market abuse, rather than opt into European rules we do not think suitable or sufficient for our needs. Let me make this clear, so no one is in any doubt. The integrity of the City matters to the economy of Britain. We’re not going to wait for more scandals to hit – instead we are going to act now, and get ahead.” George Osborne, chancellor
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The Future of
Forex Chris Beauchamp
is a market analyst for IG @ChrisB_IG
It is a brave chancellor who takes on international Forex markets. Yet that is what George Osborne has set out to do. It is part of his efforts to improve the regulation of financial services, which in itself forms an element of a global shift by governments towards greater supervision of the industry in the wake of the financial crisis. In part, this is a publicity move. The 2015 election is looming, and the Government is aware that the financial services industry is still unpopular with the general population. Resentment against bankers lingers and a tougher government line plays well with some sections of the voting public, as well as providing some degree of protection from opposition accusations that the Government has not done enough to rein in the industry. It is also important from a foreign view of the country. The UK remains a hub of international Forex trading, but scandals such as Libor and others have tarnished the global image of the City. Such a move, which is being co-ordinated with institutions such as the Financial Conduct Authority and the Bank of England, and indeed with the global Financial Stability Board, is designed to reassure potential investors that the Government has the situation under control. The measures are designed to keep control of the most egregious practices – Osborne is surely aware, as are all participants, that the $3trillion FX market is far too big to be affected by one country. He will also be looking to tread a fine line between excessive regulation and too little. The general view is that pre-2008 supervision was too weak, and that many of the worst practices were, if not encouraged, then permitted by the system. However, Mr Osborne will be understandably keen not to discourage companies from operating in the UK by enacting regulation that is too stringent. The comments made are of a general kind, not specific measures, reflecting this attempt to walk the tightrope between two extremes. It would be unfair to say that the Mansion House comments were made purely for press headlines, but I don’t expect too many new regulations to be passed in the coming weeks. The need to co-ordinate action globally means action from the UK authorities will be long in coming, with perhaps an occasional highprofile case designed to ‘encourage the others’.
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Last month, during his annual Mansion House speech, Chancellor George Osborne announced there would be a comprehensive review of standards in the UK’s fixed income, currency and commodity markets. We ask two City analysts what Osborne’s comments mean for the FX industry
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Daniel Sugarman is a content executive at ETX Capital daniel.sugarman@etxcapital.com
Chancellor George Osborne delivers his annual Mansion House speech during last month’s Bankers’ and Merchants’ Dinner
The era when London was at the heart of a global empire may be over, but when it comes to foreign exchange trading, the City still reigns supreme. Consider: 40 per cent of global FX trading takes place in London – compared with just 19 per cent in New York, the closest rival. So when scandals hit the Forex markets, it is in London where they are most keenly felt. In the last few years, more than a dozen banks have been accused of a variety of Forex-related offences; techniques alleged to have been used include ‘front running’ – trading just before clients and subsequently benefiting from price fluctuations at the clients’ expense – and misleading clients about the size of spreads. In his Mansion House Speech on Thursday 12 June, Mr Osborne announced that Forex, fixed income and commodities markets will be subject to similar legislation to that imposed in the aftermath of the Libor affair, after a joint review by the Bank of England, the FCA and the Treasury. In a move that may have Eurosceptics rejoicing, the Chancellor dismissed the possibility of adopting EU criminal sanctions that are due to come into effect in 2016, saying that “We will introduce tough new criminal offences for market abuse, rather than opt into European rules we do not think sufficient for our needs.” Under EU law, offenders would face a maximum jail sentence of four years; the Chancellor announced maximum jail sentences of seven years or an unlimited fine, as with the Libor scandal. The viewpoint of the Exchequer seems to be that since the potential for manipulation is greater in the larger UK market, there needs to be a more significant system of deterrents in place. Just how severe that deterrent level should be is a matter of contention. While there is definitely a feeling in the City that some measure of legislation is needed to prevent abuse of the markets, there is also concern that if such laws are seen as too draconian it will encourage business to move to friendlier locales. As Gerard Lyons, economic adviser to the Mayor of London, stated, “In recent years, the regulatory pendulum swung from one extreme of light regulation before the crisis and now continues to head towards the other extreme.” Either way, the City’s financial markets – and Forex markets in particular – are entering a new chapter. Whether that chapter is a positive or negative one remains to be seen.
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Equities
A stock is a good stock if it makes me money Lex van Dam
lex@lexvandam.com
L
ast month, we discussed step one of 5-Step-TradingŽ, which looked at generating your own ideas so you don’t get stuck with an investment based on someone else’s thoughts. Otherwise, you could end up not knowing when to take profits or when to give up and get rid of the position at a loss. This time I want to focus on step two, which is analysing companies from a fundamental perspective. It is relatively easy to come up with a potential trading or investment idea. But at the end of the day, if you put your money into a certain company you need to find out as much as possible about the company you are considering investing in. You need to understand the business it is in and how this business has performed over time. You need to understand if the company is growing or shrinking. You need to understand if the business is run properly, i.e. whether the management is capable and experienced. You need to try and understand its competitors and the regulatory environment. You need to understand which companies supply them and what kind of clients they have. You also need to know how international a company is, and if there are any specific markets a stock is particularly exposed to. For example, if your product is being manufactured in Russia, you might have to consider this as an additional risk above buying a company that has its factories in Germany. Larger stocks are analysed by many professional analysts who will come up with many different price targets. Before you listen to them, it is important to understand who they work for, and what motivations they or their employers might have. Their opinions could just represent a different sort of PR for a company and not proper company analysis. That is why you must examine the financial health of a company for yourself. In my courses, I will teach you how to find the most important information. You may have already heard of a balance sheet or an income statement, but I will explain
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Love is generally an emotional and expensive business. Not great when it comes to trading and investing
Lex van Dam is a hedge fund manager and financial educator, specialising in trading equities, currencies and financial derivatives
which of these concepts of company performance I find useful and which ones I find irrelevant. At a basic level, it is important to know how much debt a company has, and how high their earnings are. You also need to consider how other traders look at these numbers and work out which companies are cheap and which ones are expensive. Who else is invested in a particular stock? Is it owned by short-term hedge funds or long-term, stable institutions? Is there one large investor who controls what happens or is the government a big stakeholder? Does the company have a large pension deficit? Has it just had a profit
warning? All these things matter. Ignore them at your peril. One of my aims is to help you avoid some very common mistakes in investing. Some companies are great but they may not be a good stock to invest in. I believe a stock is a good stock if it makes me money. That means I like to buy it when it is cheap and sell it when it is expensive. Doing fundamental analysis helps me with this and avoids me falling in love with my stocks. Love is generally an emotional and expensive business. Not great when it comes to trading and investing. Next time we will look at charts and how they can help you improve your timing.
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INVESTMENTS
Anyone for a pay rise? Nick Hungerford
I
f your boss isn’t already aware, perhaps you should give him or her a subtle nudge in the right direction. You could start up a discussion on employment trends at your next weekly meeting. You could initiate a benchmarking project for your team. You could even leave a copy of this magazine strewn across their desk with a discreet page fold. One way or another, they need to know... rumour has it that you’re due a pay rise. With the global economy now in steady and prolonged recovery mode, there’s growing evidence that average salaries are likely to increase this year – consistently above the rate of inflation – for the first time since the financial crisis bit in 2008. Ahead of the curve The Office for National Statistics recently revealed that wages were up 1.7 per cent in the 12 months to March. This edges ahead of the inflation rate of 1.6 per cent recorded at the same time. Since then, further reports indicate the trend is set to continue throughout
info@nutmeg.com 020 7806 6158
the troughs, as well as the peaks, can persevere for a number of years.
2014, with skilled roles in the energy, finance and tech industries likely to lead the charge. If it comes to fruition, it’ll be welcome news for us all, following several years of desperately low savings rates, a sluggish economy and a job market that could be best described as volatile and uncertain. But where is your increased income likely to end up?
Your personal finance economy A pay rise or bonus haul is the perfect opportunity to assess your disposable income and figure out if you’re directing your hard-earned cash into the areas that are right for you. An interesting way to do this is to think about your finances as your own virtual economy, or your own personal version of a government budget. Consider your revenue, spending, investments and debt. Is your mortgage manageable? Could it be reduced? Are there additional ways you might want to increase your revenue? Just as the Government decides how much to invest in education, are you setting aside enough for your children’s university life? Are you investing for the long term? What do you really want in five, 10 and 20 years from now?
To save or to spend Consumer spending and retail confidence are beginning to bloom, so it’s reasonable to expect many will be unlocking the purse-strings and splashing out on a deserved luxury or two; perhaps a dream holiday, a better car or simply a few more extravagant nights out and weekends away. After years of caution, you’d be easily forgiven for cutting loose. But let’s pause for a second. Let’s not unfurl the victory banner just yet. The recession we’re now thankfully emerging from should stick in the memory banks for a while yet, a reminder to us all that the economy is a cyclical beast and
Nick Hungerford is CEO of Nutmeg, the online investment management company that builds and manages portfolios tailored to each customer for a single low fee.
£ With investment comes risk. The price and value of investments mentioned and income arising from them may fluctuate and you may get back less than you invest.
Long-range shooting Sound investing requires a long-term lens and long-term thinking doesn’t get all the credit it deserves. In many walks of life it is, quite frankly, considered boring. A lot of people tend to plan in relatively short timescales because short term has the appeal of bringing more instant gratification. But when it comes to investing, the long-term is actually far more fascinating and often far more gratifying. With a long-term investment, you can generally take on more risk in search of higher returns. You have plenty of time to ride out the troughs in the market and take advantage of the peaks, so you can put your money into more volatile and interesting types of investments. Short-term investments tend to be relatively safe, stable and your opportunities for high returns diminish as a result. So before you throw your next bonus at a Maserati Quattroporte V8 – and by all means do, if that’s what ticks your box – think what that money could be worth and what you could do with it in 10 years’ time. Now, go and take your boss for a coffee. You need to talk.
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Macroeconomics
The common currency exposes a lack of proficiency Richard Jeffrey
info@cazenovecapital.com
I
t is proving tough in the Eurozone. Last year, the Eurozone economy shrank by 0.4 per cent following a contraction of 0.7 per cent in 2012. In the first quarter of this year, GDP was still only 0.9 per cent higher than in the same period of 2013. By way of contrast, the UK grew by 0.3 per cent and 1.7 per cent respectively in 2012 and 2013, and in the first three months of this year, GDP was up 3.1 per cent on a year earlier. It is hardly surprising, therefore, that the European Central Bank (ECB) has come under increasing pressure to do something. Unfortunately, while it can tweak monetary policy, there is not an obvious action that it can take that will make an immediate difference to the outlook. More to the point, the ECB and member states of the Eurozone may have to come to terms with the fact that for some countries, being locked into a ‘one size fits all’ policy may result in a permanently deflationary tendency. The euro was supposed to create a level playing field in Europe. The problem is that not all of the players possess the same skills or the same economic physique. Rather than helping those who are less skilled, the common currency actually exposes their lack of proficiency. There is a multitude of reasons why unified monetary policy is not appropriate across a range of countries with such diverse economic attributes. However, there is one core feature that, in my view, makes the common currency unworkable: productivity (output per person). Different economies will tend to have different levels of productivity and different productivity growth rates. The predicament that this can bring about in a common currency world is relatively easy to demonstrate. Start with two countries that actually have a similar industrial structure and similar levels of productivity. But then suppose that in one of those nations, productivity starts to grow faster. This leaves the other country at a competitive disadvantage, since its costs per
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unit of output will rise in relation to the country with the faster productivity growth. In a world of floating currencies, the country with the poorer productivity growth path would maintain its competitiveness through a depreciation in its currency. Sure, national income would not grow as fast in real terms, but it would be able to compete. If you prevent that currency adjustment, to maintain competitiveness, the country with the lower productivity rate will have to reduce production costs – and the only real way of doing this is to cut wages. Unfortunately, lower pay will tend to reduce demand and output growth, creating a permanently deflationary environment. Of course, the situation in the Eurozone is not quite as
Richard Jeffrey is chief investment officer at Cazenove Capital
straightforward as this. However, to the extent that productivity levels and growth rates do differ, the result will be seen in increasing economic stress. It is appropriate, of course, to ask why productivity trends are not similar across the Eurozone. As much as anything, it may simply be differences in economic and social cultures that are the best explanation. If this is so, then productivity trends may gradually come together. But this is likely to take a long time, and attempts to bring about homogeneity are likely to be met with considerable resistance. As much as anything else, therefore, the biggest issue facing the Eurozone and the ECB is the euro itself. If you take this view, it puts a very different slant on the current policy debate.
Does your insurer value your most precious assets as much as you do?
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From the Honeycomb Eternelle Ring Collection
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| collection |
COLLECTION
8
After
For the house of Dior, eight is a very lucky number, representing the opening day of its first couture house (8 October 1947), the eponymous designer’s Avenue Montaigne address in the eighth arrondissement of Paris and the name of the first collection, En Huit. So it is only fitting that the first ceramic timepiece created by Dior would feature the numeric symbol VIII. Previewed at Baselworld, the new Dior VIII Montaigne timepiece collection marks one of the biggest from the brand this year and it will be available towards the end of July. Prices start from an accessible £2,350 and the pieces come in three different sizes – 25mm, 32mm or 36mm – as well as in a selection of metals, including stainless steel and pink gold. Dior VIII Montaigne collection, launching end of July; dior.com
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M
Extra
TIME
Even before World Cup fever swept the… er… world, the watch industry was already getting cosy with some of the finest domestic teams. Alex Doak asks why the luxury sector would suddenly become so interested in a mass-market sport
any moons ago, iconoclastic watchmaker Richard Mille hooked up with an obscure young tennis player called Rafael Nadal and made him a watch that cost in the region of £400,000. It was a high-tech piece so shock-resistant that the hard-hitting rookie could wear it when he played and when he started lifting trophies, which he did at Roland Garros in 2005. Mille then made a bright, white and superlight piece for another unknown sports star – a self-taught golfer called Bubba Watson, who, sure enough, went on to win the Masters, twice, with a magnesiumcased RM038 strapped to his left wrist, still ticking despite the American’s brutal 126mph swing. “Richard just has this amazing ability to pick future superstars of sport,” attests Beatrice Giusti, Mille’s communications director for Europe. “He can sense rising talent.” But despite his form on sports stars, the watch world was still left scratching its head when Mille announced a partnership with Manchester City FC in 2012. Sure, we’d all spotted a chunky titanium piece on Roberto Mancini’s wrist in the dug-out but what was the sponsor of a glamorous regatta in glitzy St Barths and the highly exclusive Le Mans Classic race doing, aligning itself with an ailing Premier League team whose directors could barely afford the resulting extra-time-counter Mancini watch, let alone the fans? The ‘Mille effect’ has indeed come to pass, however, with Man City’s fairytale victory in the Premier League this year (Mancini-less, it must be said). And, would you believe it? Chelsea, Manchester United, Arsenal and even FC Barcelona all now boast ‘official timekeeper’ partnerships; Rotary, Bulova, JeanRichard and Maurice Lacroix respectively. Elsewhere, just in time for the World Cup, Switzerland’s virtuoso but rather gnomic Parmigiani Fleurier aligned with the Confederaçåo Brasileira de Futebol, releasing a version of its Pershing Yachts chronograph in the Brazilian colours (go figure). Hublot is keeping time on the World Cup as a whole, peppering the streets of Rio with oversized clocks
Hublot is keeping time on the World Cup, peppering Rio’s streets with oversized clocks LEFT Hublot celebrates Roy Hodgson’s 66 by presenting the King Power RIGHT Juventus: Hublot Loves Football campaign world tour stops in Italy in March 2014 Both images courtesy of Hublot
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The critical factor for the watch industry is the global audience that the English Premier League enjoys, especially in Asia
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and making friends with the legendary Pele and Roy Hodgson. Even TAG Heuer – already blessed by the visages of Leonardo DiCaprio, Cameron Diaz and Maria Sharapova – added the greased, cherubic features of Cristiano Ronaldo to its brandambassador roster in May, fresh from his Champions League victory with Real Madrid. Although he was playing for his country in the World Cup at time of going to press, there was a hairy moment when competing in Rio with Portugal looked unlikely thanks to injury, which would indeed have been just as painful for TAG Heuer’s marketing department. But, for all the glamour and global exposure of this summer’s World Cup, what could possibly be motivating luxury watch brands to align with a traditionally working-class sport – brands more likely to be seen adorning the hoardings of polo pitches and F1 paddocks? As you’d expect, the official line being towed by the press releases cites shared values of
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precision, excellence and team spirit. However, some brands are being rather more honest about the market leverage such alignments afford. “London as a global city and capital is the perfect platform for JeanRichard to welcome our clients and visitors,” said JeanRichard’s CEO Bruno Grande, fresh from a reassuringly impressive display of skill on the hallowed turf of the Emirates during the recent launch. “But Arsenal has a great visibility in a lot of countries; they reach all the way to an especially big following in the US and Asia. As one of the leading teams of the English Premier League [EPL],” Grande concludes, “and one of the ‘best to watch’ soccer clubs in the world, the Gunners were, in our opinion, the perfect fit.” Apparently, the critical factor here is the global audience that the EPL enjoys – especially in the Swiss watch industry’s most important market, Asia. As a recent BBC Online report attests, England gave football to the world, but nowadays a more accurate description
TOP Manchester City FC (image courtesy of Richard Mille) LEFT Parmigiani Fleurier watch
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TOP FROM LEFT JeanRichard Terrascope, Rotary’s Chelsea watch, Hublot Big Bang Unico Bi Retrograde Chrono edition, the official watch of the 2014 World Cup ABOVE Bulova’s Manchester United watch
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is that England sells football to the world. A new EPL TV deal running from 2013-16 is worth nearly £5.5 billion, and more than £2 billion of this comes from the sale of overseas rights. Thailand, Singapore, Hong Kong and Malaysia paid £650 million between them. Any Briton who has visited southeast Asia will more than likely have been asked by locals whether they support Chelsea or Man U – something that invariably irritates diehard West Ham fans as much as football refuseniks. So why do Asians love the EPL so much? As for many British businesses, the language helps. The time zone helps too; games that traditionally kick off at 3pm in England will be broadcast at primetime in southeast Asia. As traditionalist fans find to their irritation, weekend matches are even staggered to maximise both the UK and Asian TV audiences. This popularity is good news for TV networks,
THE CITY MAGAZINE | July 2014
but also great business for producers – luxury watchmakers and jersey manufacturers alike. As Alice Tsang, an economist for Hong Kong’s Trade Development Council, attests: “Apparel such as football strips and jackets are the most popular items among the fans in Hong Kong. Apart from fashion items, a number of traditional English football clubs such as Arsenal and Liverpool have even set up lucrative soccer schools in Hong Kong and China respectively.” Tsang cites the rising middle-class income and purchasing power in the East as reasons for making higher priced football-related merchandise, such as luxury watches, a more viable commercial proposition nowadays. “Also,” she says, “by manufacturing one-of-a-kind, long-lasting memorial watches for historic football teams, it reinforces the Swiss brands’ prestigious image for far longer than this seasons’s home strip.” Whether the trend as a whole proves to be as durable as the watches themselves is yet to be seen. But given younger fans’ slavish devotion to their favourite players, a newfound passion for Swiss watches among footballing fans worldwide may be here to stay. Watch this space.
www.bachet.fr
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WATCHES Breitling’s Space Odyssey A month after The City Magazine took to the Gloucestershire skies with the Breitling Jet Team (an experience we are yet to come down from), the brand has announced that its dedication to aviation will take it to the edge of the stratosphere next year. That’s when Swiss Space Systems will be opening its first weightless ZeroG flights to the public. As the project’s main partner, Breitling will provide passengers with a S3 ZeroG chronograph. Equipped with a SuperQuartz movement, it will be ten times more accurate than a standard quartz watch and act as a boarding pass for the programme’s successful applicants. Registration has just opened. To apply, visit zerog.s-3.ch. breitling.com
Luminor’s Latest Incarnation To celebrate the Panerai Classic Yachts Challenge reaching its 10th year, Panerai has created the Luminor Submersible 1950 3 Days Automatic Titanio. This version of the iconic dive watch comes with a 47mm case and is powered by the brand’s in-house P. 9000 calibre movement. If you’re looking for a robust, over-sized classic, you’ll do well to find better. Only 50 will be made and each will cost around £6,800. Expect to see more on the wrists of City boys than deep sea divers. panerai.com
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ONE TO WATCH
Royal Oak Offshore Chronograph 3126/3840, £29,700, Audemars Piguet
New for 2014, the 26470 Royal Oak Offshore Chronograph collection maintains the original 42mm ‘supersize’ diameter of 1993, but this time is distinguished by a more technical and sculpted aesthetic
Arsenal Punt Pays Off Ten minutes into the FA Cup Final and Bruno Grande must have been a nervous man. The JeanRichard managing director, whose brand acts as official timekeeper at Arsenal, was about to watch the one-time league hopeful’s season go from a calamity to a disaster. Luckily, Aaron Ramsey stepped up in extra time to prove the sponsorship had been a masterstroke all along. JeanRichard celebrated the victory by unveiling a limited edition of its Aeroscope Chronograph (£4,400), complete with fully red dial and black titanium case. It’s a young, dynamic and athletic-looking piece. Much like the team, then. jeanrichard.com
Swiss movement, English heart
Calibre JJ03 modification (Patent pending) of ETA 2893 self-winding movement / Personally assembled by Master Watchmaker, Johannes Jahnke and team at CW’s Swiss atelier / 2 x 24 hour time-zone display / 24 airport code identification and simultaneous world map indicator / 43mm, marine-grade, 316L polished steel case with sapphire crystal and transparent case-back / Ethically sourced, midnight blue, Louisiana alligator strap with Bader deployment
299_ChristopherWard_TheCity.indd 1
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C E L E B R AT I N G 3 0 Y E A R S
Aurora Inspire romance with this 0.86ct Fancy Intense Australian Argyle Pink Diamond Ring, reflecting the warm, vibrant and fiery hues of its extraordinary and ancient origins. A highly prized, rare and collectable jewel.
To receive the beautiful Calleija brochure, please contact us The Royal Arcade Old Bond Street London london@calleija.com +44 (0)20 7499 8490
The Westin Martin Place Sydney sydney@calleija.com.au +61 (0)2 9233 6661 calleija.com
Marina Mirage Main Beach Gold Coast mirage@calleija.com.au +61 (0)7 5528 3666
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Rare Jewels Graff Diamonds’ Monaco Rare Jewels exhibition 29 July – 17 August graffdiamonds.com
This year marks the 10th anniversary of Graff Diamonds’ Monaco Rare Jewels Exhibition; held at Hôtel de Paris from 29 July to 17 August, the annual event will once again present the house’s very finest luxury jewels and watches. Those of you who had the misfortune to miss this year’s Baselworld will be given another opportunity to see the most talked-about piece of the entire show; Graff ’s multi-coloured diamond Hallucination watch, which broke the record for the most expensive timepiece ever created (valued at £33 million). Other remarkable pieces on display from the Graff Jewels collection will include stunning tiaras, opulent brooches and elegant Alice bands, along with timepieces from the brand’s Luxury Watches collection.
armentacollection.com
Set Free
Fly on the Wall
Cutting
On a flying visit to London before Edge the Vegas Couture Show, Texanbased jeweller Emily Armenta, whose eponymous jewellery brand launched 12 years ago, presented her latest collection. Incorporating ancient techniques such as micromosaic and stone layering, each piece within the new collection tells an intriguing story:
Parisian-born Raphaele Canot’s CV is certainly impressive; she has worked in jewellery design for the past 18 years at Cartier and De Beers. This May saw the designer break free from these historic jewellers with the launch of her first solo collection. Comprising 30 pieces and christened the Set Free Diamonds collection, it is aptly named to describe the range of wearable diamond pieces which have, quite literally, been set loose from their traditional gold settings. Pieces include delicate rings and mini hoop earrings in pavé or adorned gold, and revisited solitaire pendants. Available at Dover Street Market London raphaelecanot.com
“As with all my collections, I’ve tried to bring a piece of history forward and make it relevant to today. The new collection was inspired by the Spanish poet Federico Garcia Lorca and his vision of ‘duende’, which is essentially the powerful beauty of life”
Until the end of August, Nick Knight’s SHOWstudio on Motcomb Street has been transformed into a weird and wonderful chamber of curiosities as it plays host to contemporary jewellery designer Shaun Leane’s new exhibition. Notable works from the avantgarde designer include his very first creation, a finely crafted single diamond tusk earring which was first seen on Alexander McQueen’s catwalk in 1994, not to mention a whimsical 22-karat gold jewel beetle brooch. Each bespoke piece has been thoughtfully paired with a piece of art, fashion item or natural history specimen; a butterfly brooch sits next to an original Damien Hirst painting, for example, while an elaborate pair of feather hoop earrings is being shown alongside a Philip Treacy hat. Until 29 August Nick Knight SHOWstudio 19 Motcomb Street, SW1X showstudio.com; shaunleane.com
— Emily Armenta —
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This June saw British jeweller Boodles unveil its new high jewellery collection, Ocean of Dreams and it has already made quite a splash, reports Olivia Sharpe
Blue SEA
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B
ritish heritage jeweller Boodles has never actively sought out fame; however, being the creator of some of the most exquisite pieces of fine jewellery, it is only natural that on occasion it is in the limelight. One such example of this was just a few months ago when Channel 4 decided to go undercover at the 215-year-old British jewellery house in an exclusive documentary, The Million Pound Necklace: Inside Boodles. The fascinating documentary revealed the work that goes into creating some of Boodles’ most celebrated suites, in particular the Greenfire emerald necklace, which is part of the most valuable set of jewels ever made by the house and is currently valued at £2.8 million. The show took us on a journey explaining how these precious gems are sourced before they are then entrusted to the design team in the firm’s UK-based jewellery workshops and transformed into wearable works of art. Three months later, Boodles has returned with a new collection of unique, design-led creations. Ocean of Dreams is a couture collection of 11 one-off high jewellery pieces inspired by the mystery and magic of the underwater world. Nicholas Wainwright, the chairman and creative director of Boodles, tells me how he fell in love with the concept as soon as his head designer Rebecca Hawkins pitched it to him: “It’s easy to see why the ocean has been the inspiration behind so many designs in the past; it’s so captivating and entices you with its elements of mystery.” Each suite, ranging from Atlantic Blue to Mermaid’s Tale, paints a whimsical picture of the ocean through its combination of diamond and coloured stones with delicate and intricate design motifs. Nicholas explains: “Dolphins’ Serenade, for instance, captures a series of dolphins’ fins as they emerge above the water by using marquise diamonds surrounded by smaller pavé set diamonds, while the Sea Star suite uses a more obvious pink and white diamond encrusted starfish motif.” At the unveiling of the collection, co-designer Lorna Shaw explained that the process of designing the collection, which took two years, began with creating the Atlantic Blue Suite; featuring incandescent Paraiba Tourmalines, which has become somewhat of a trademark stone of the jewellery house, these were used to capture the ocean’s mesmerizing waters. For Shaw, this particular suite sums up the entire collection with its vibrant colour and intricate design. The majority of the stones, including the Paraiba Tourmalines, were sourced two years ago in Basel and in the case of the Ocean Moon set, which features an array of sapphires, chalcedony and aquamarines, the design was centered on the stones themselves. Similarly, Pastel Reef pays tribute to the wealth of flora found in coral reefs through its combination of aquamarines, tsavorites, pink and yellow sapphires, and green and yellow beryls with
diamonds, and in Deep Sea Treasure, freshwater pearls are used to depict the rare natural treasures which can be unearthed from the depths of the sea. However, this was not the case for all the pieces. In Mermaid’s Tale, for example, chairman Nicholas comments how it was the design which came first: “This suite has been inspired by the most mythical of sea creatures and the way in which different elements of the mermaid subtly surface as you carefully inspect the cuff.” It features swirls of diamonds and platinum evoking the ripples that remain on the water after a vision of the sea maidens. Indeed, every single design tells its own enchanting story which goes beyond the wearer’s wildest dreams. While the design-led pieces are undoubtedly the most spectacular, Shaw predicts that the simplicity of the Dolphins’ Serenade, which includes classic drop diamond earrings made up of fin-shaped sections, will prove the most popular among clients. Nicholas Wainwright has worked at Boodles for more than 43 years and he continues to be very much involved in all aspects of the business. He and his brother Michael (managing director) took over from their father in 1992 and Nicholas’ son Jody and his nephew James Amos are joint directors, proving the age-old expression that blood is thicker than water. Those of you who watched the Channel 4 documentary will remember that it was Jody who sourced the exceptional Colombian emeralds found in the million pound suite and according to Nicholas, he has taken over “the lion’s share of travelling”. However, the chairman is still heavily involved in the stone sourcing process. “I was in the Far East recently and bought some fabulous emeralds and rubies and combined this with some of my duties as Honorary Consul of Thailand.” Nicholas confides that it is very much the company’s plan to focus on design-led projects over the next two years and this is currently being headed up by Rebecca and her team of five world-class designers including Lorna Shaw. One of the many exciting projects in the pipeline is Boodles’ first watch, launching this October. “We feel that our brand is now at the right place for the watch to really make an impact. It is something that we have always wanted to do and it was a very natural transition for us. It will be a ‘jewellery’ watch featuring pink and white diamonds, and mother-of-pearl… we are all very excited!” Boodles is currently expanding its New Bond Street showroom; this is set to be completed in the spring of 2015 and the flagship store will effectively double in size as it takes over premises on Albemarle Street. Nicholas remains tight-lipped as to the surprises expected to be found in store but it’s clear that still waters certainly do run deep. Ocean of Dreams, available in Boodles’ showrooms, POA; boodles.com
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1
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Lost 4
Embrace the S/S14 tribal vibe with statement accessories 1 18-karat yellow gold and wood earrings set with boulder opals, diamonds and sapphires, £1,660, by Armenta at Talisman Gallery, 020 7201 8582 2 Chalcedony, wood, leather and bronze necklace, £1,950, by Monies at Talisman Gallery, as before 3 Tula necklace, £124, Vice & Vanity, farfetch.com 4 Horn and gold-leaf cuff, £295, by Monies at Talisman Gallery, as before 5 Cia earrings, £350, Sarah Angold Studio, farfetch.com 6 Gold-plated, Swarovski crystal and wood necklace, £1,195, VICKISARGE, vickisarge.com 7 Heleni horn and bronze earrings, £270, Ashley Pittman, net-a-porter.com 8 Stone ring, £662, Beth Orduna, farfetch.com 9 Gold-plated horn necklace, £565, Maiyet, maiyet.com 10 Shasira bone and garnet earrings, £310, Ashley Pittman, net-a-porter.com 11 G old-tone bar choker, £1,565, Alexander McQueen, alexandermcqueen.com
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Sunseeker Magazine: Aaron Basha advertisement
Aaron Basha Boutique • 685 Madison Avenue • New York • 212.935.1960 • w w w.aaronbasha.com Athens
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Lady
DIOR
Almost 20 years since its debut, we look at the Lady Dior bag and how it became the icon that it is today DID YOU KNOW? The Lady Dior bag was named after Diana, Princess of Wales who was gifted the bag by Bernadette Chirac (the former French President’s wife) in 1995. Clearly impressed, the Princess ordered every available version, and was rarely seen without the new icon. In 1996, as an homage to the Princess and with her blessing, the bag was renamed Lady Dior. DESIGN & DETAILING Featuring its iconic padded and stitched leather, the Lady Dior bag is steeped in the history of the fashion house. The stitching pattern, or cannage, is inspired by the Napoléon III chairs that Christian Dior adored, while the letters D.I.O.R on charm pendants act as an eternal signature. DEVOTEES The Lady Dior can be seen on the arms of some of the world’s most beautiful women, including those that have graced its campaigns. In 1996, Carla Bruni fronted the very first campaign; actresses Diane Kruger and Monica Bellucci followed in her footsteps, and today, actress Marion Cotillard stars as the face of Lady Dior in a campaign shot by the legendary Peter Lindbergh. dior.com
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| fashion |
What’s in store? All eyes are on Selfridges following the launch of its most ambitious project yet. One of the world’s best department stores (and perhaps the most competitive) it has set out to become the largest and most comprehensive destination for accessories in the world. With a £300 million investment in the pipeline – the biggest ever for a single project by a department store anywhere in the world – we’d say it is on the right track. As part of the transformation, the current luxury-handbag department will more than double in size and eventually span more than 50,000 square feet of the ground floor. We will have to be patient though, as the redevelopment’s not expected to be complete for another five years. selfridges.com
Bright idea All eyes on… From cat eye to butterfly, this season at Chanel it’s all about contemporary and stylised shapes. Playing with rich materials and intricate detailing, the collection radiates with a cosmic sparkle and almost lunar purity. The bijou models feature subtle rhinestones along the arm and double Cs in ruthenium, silver or gold. Butterfly Sunglasses, £520, Chanel, chanel.com
Better to be bold than boring The Little Black Dress is versatile and timeless for sure, but let’s be honest; it’s safe and predictable too. So next time you reach into your wardrobe for that go-to black cocktail dress, don’t. Dare to be different and opt for something a little more exciting like this gorgeous magenta silk-cloqué dress by Gucci. We guarantee you’ll turn heads. Silk-cloqué dress, £990, Gucci, net-a-porter.com
PERFECT PAIRINGS
is the
only beauty that
never
Strappy sandals, £422.87, Gianvito Rossi, farfetch.com
fades” — Audrey Hepburn—
Just in:
Escada pre-autumn 2014 Escada’s latest collection is an absolute treasure trove of gems, certainly in terms of the stunningly rich colour palette that brings sapphire, tourmaline and tanzanite into soft silks. For this season, fashion director Daniel Wingate played with new proportions of longer skirts, cropped sweaters and lean pants, while subtle detailing, including gold metal elements, featured throughout. The outcome? A collection of absolute showstoppers. Largely inspired by the renowned artist James Turrell and his light installations, Wingate drew colour and mood from Turrell’s masterpieces, reflecting the changing lights when autumn arrives. uk.escada.com
Cushion cut rings, £POA, Dolce & Gabbana, dolcegabbana.com
Padlock leather clutch, £670, Alexander McQueen, matchesfashion.com
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| lifestyle |
Thai Touch With its organic products, treatments inspired by royalty and an authentic Thai heritage, the Thai Square Spa shows a lesserknown side of Thailand
B
ehind the façade of a Victorian warehouse in Covent Garden lies the unique and exotic Thai Square Spa. The building was converted and opened in December 2010, and its ambient interior comprises 14 individual treatment rooms. Far from the white and sometimes clinical surroundings of many modern spas, the Thai Square Spa has a rich and earthy feel with exposed brickwork, wooden panelling and gleaming copper baths. Five of the treatment rooms are specially designed for guests to experience a Thai massage. Spa manager Sara Lee points out that “apart from Thai food, Thailand has a world-renowned massage practice”. It is perhaps less surprising then that the spa is owned by the Thai Square restaurant group. It is a fully immersive and authentic experience, the “only Thai spa in London”, with a genuine emphasis on its heritage. Symbolic Buddhas watch over from the walls as a refreshing Thai tea is served on arrival. The luxurious treatments are carried out by expert Thai masseurs, who are selected graduates from the traditional Wat Pho School in Bangkok. In keeping with this approach, all products used in the spa are made in Thailand and inspired by ancient remedies and rituals, bringing numerous benefits to beauty and wellbeing. Treatments offered range from beauty basics such as manicures, to specialised maternity packages and the ultimate in luxury, the Royal Treatments. For something a little regal after a hectic week, the Royal Treatments are six rituals for ultimate relaxation, developed exclusively for the spa. In the late 19th and early 20th centuries, in what was then known as the Kingdom of Siam, ladies of the court used natural and native ingredients, primarily herbs, flowers and roots to create their own specialised beauty products
and treatments. The spa aims to revive and maintain this organic knowledge, as Sara elaborates: “There are a number of Thai herbs that are not widely known but they have fascinating effects in terms of beauty – for instance turmeric. It can give amazing results to make the skin glow.” All of the products used have the benefit of being natural rather than processed and are free of artificial additives. One of the Royal Treatments in particular was inspired by noblewomen of the past, who would prepare for royal ceremonies with an extravagant ritual of covering their bodies and faces with glimmering gold. The idea remains popular with brides-to-be today. In honour of this cultural ceremony, the London spa’s latest offering is the incredible 90-minute Golden Maharani Facial Treatment. A thorough skin cleansing and herbal compress precede the 24kt Pure Gold Collagen Mask, which leaves the skin shimmering, firmer and more hydrated. For one of the spa’s more established classics, the traditional Thai Herbal Healer is a pampering and restorative experience. The hot poultice that begins the treatment reads like a complex recipe with its combination of 16 herbs; many of these are more familiar in the culinary sense, like turmeric and lemongrass. Through deep heat, they are absorbed by the body to effectively tone and soften the skin, relieve and relax muscles and stimulate healthy circulation. A therapeutic massage with a blend of aromatic essential oils follows. The spa’s cultural essence, combined with such carefully thought-out treatments, makes it a truly enriching experience.
Royal Thai ladies are famous for their immaculate complexions and have long kept to themselves the secret of their ageless beauty
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25 Shelton Street, Covent Garden, WC2H 020 7240 6090, thaisquarespa.com
modern for
Liberty Liberty of London celebrates its 140th birthday next May. Despite its recent financial woes, the company continues to break boundaries and champion great design, from London right through to Sydney Words: Jack Philips
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| feature |
W
hen Arthur Liberty first conceived the idea of opening a small store in London trading in exotic goods and textiles from the Far East, he probably wouldn’t have guessed that almost 140 years later his brand would be globally recognised as a hallmark of British luxury. The iconic Tudor Liberty London department store on Regent Street is a mecca for top end design and objet d’ art, whilst the wholesale fabric arm Liberty Art Fabrics sells to the biggest and brightest fashion houses in the world. Yet, over the years the store has shrunk from the chain it once was and struggled to turn a profit, despite the five million customers that stroll through its doors each year. Managing director Ed Burstell joined Liberty from New York’s luxury department store Bergdorf Goodman in 2008, tasked with turning around the historic store’s fortunes. Since his arrival, Liberty has experienced continued double digit growth and sales are now up to £60 million per year, with £2 million reportedly in profit. Perhaps surprisingly, it is Liberty Art Fabrics that’s the real money spinner. Liberty historically catered to the likes of Christian Dior in the 30’s and 40’s, Yves Saint Laurent in the 60’s, Vivienne Westwood in the 70’s and continues to supply the likes of Paco Rabanne, AG, J.Crew, Acne, Paul Smith and Sportscraft today. With offices in London, New York, Shanghai, Sydney and South America, Liberty is more than just a London store – it is a global business. “We have had business in Japan since 1905,” says Peter Redding who currently heads up the Sydney branch. As the General Manager of Liberty Art Fabrics in Australia and New Zealand he says being here gives his clients “a more direct dialogue” with Liberty. “That way there are no duplications of products, our control of the brand is 100 per cent rather than through third parties.” But even with its admirable heritage and recognisable floral prints, Liberty has not been without its problems. In 2009, its 70,000 square foot flagship store on Regent Street was sold for £41.5 million and leased back to pay off debts. In 2010, it was subsequently taken over by private equity firm BlueGem in a deal reported to be worth £32 million. However, with some savvy business strategy and stern advocates like Peter Redding stationed around the world, Liberty is back on track. “We always touch on our heritage and we always touch on our experience,” says Redding. “We have over 43,000 designs in our archive so our clients love to reflect back on where we have come from and sometimes we will create an entirely new design specifically for a client.” Even in a cafe in Sydney’s leafy Surrey Hills, Peter Redding is resplendent in Liberty print. A quintessential Brit decked head-to-toe in floral, it’s his job to get brands excited about the Liberty product even on the other side of the world. “Sportscraft in Australia has its 100th anniversary this year,” he explains, “and we created a design that was based on Australian fauna just for them. So we went to the Botanical Society and researched Australian fauna going back 100 years.” It is this tailor-made approach to design that keeps Liberty on the catwalk. In recent years, Liberty Art Fabrics has collaborated with some seemingly unlikely brands in a bid to keep fresh. Barbour, Nike, Vans, Dockers and Levis have all used iconic Liberty prints. Even New York street-wear brand Supreme released a limited edition flat cap last year, which promptly sold out. “We retain the title of the world’s premier printer and design house so we are always in an element of fashion,” says Redding. “I think innovation should be the
“I think innovation should be the focus for any company that wants to be around for 100 years or more”
LEFT Selection of fabrics by Liberty of London. ABOVE & BELOW Craftsman at work; LIBERTY - A voyage of discovery, published by Goodman, £35. Available to buy online at carltonbooks.co.uk Images courtesy of Goodman.
focus for any company that wants to be around for 100 years or more. Liberty is always breaking new product categories so that we are always moving forward.” To commemorate its 140th birthday, Liberty has released a coffee table tome that charts the company’s trajectory over its many years. Published by Goodman and sporting the title “LIBERTY - A voyage of discovery through the archives and memorabilia of the last great emporium for innovative British design” it’s a good indication of how a heritage brand can continue to break boundaries without losing its sense of identity. The global financial crisis has hit retail hard and Liberty has coped better than some in pulling themselves back into the black. “We have a magnificent creative team,” says Redding, “that’s our secret and it always has been. We invest in great design and we invest in great people. That’s our key to success.”
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ma ab n To ou wn t
Ol ive rC he sh ire :
As su th e Co cce Br s s iti th lle e- cti ful sh m on m fa om s: en sh en Me ’s s ion t O n, ho in liv Ga wc dus er br as tr Ch ie e i y c es lle n t ele hi La he br re ne fo at is rm es a on of n o -s et Lon the r d w ith on m od el -o f-
| fashion |
Ink check jacket, ÂŁ495, Hardey Amies, hardyamies.com; White shirt, ÂŁ170, D Squared, dsquared2.com; Trousers, POA, Lou Dalton, loudalton.com
Hand-knitted argyle pattern cashmere sweater, ÂŁ1,295, Pringle, pringlescotland.com; Suit (trousers shown), ÂŁ1,650, Dunhill, dunhill.co.uk
“
We could have
10
shot
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t’s a Tuesday in May, and having been given the opportunity to speak to model and rising star Oliver Cheshire just weeks ahead of London Collections: Men, we’ve pulled together Burberry, Pringle and a vintage Jaguar worth a rumoured £1 million with a week’s notice, taken him for lunch at the Baglioni and got him to ply his trade – brooding menswear fashion shots. The photographer wants cigarette-smoked, 60s-style stuff and Cheshire is good. He slinks his body around, flashing the odd grin and picking through the rails of blazers and shoes, naturally gravitating towards British brands. And, as the photographer implies, the whole thing becomes easy. Ten years after being scouted by Select Model Management as a 16-year-old schoolboy, Cheshire already has campaigns for Calvin Klein, D&G, Vivienne Westwood and Paul Smith under his belt, and has been the face – and torso – of both Abercrombie & Fitch and Orlebar Brown. Anyone in doubt that modelling is something you can learn to do better should watch him in action. “You do get more comfortable in front of the camera,” he admits. “In the beginning, if a photographer put me ‘there’ [in position], I’d stay there, especially on a big shoot, but the more confident you get, the more you can bring to it.” The ability to add something extra is becoming increasingly important. The men’s fashion industry in Britain was valued at £10.4 billion by market research firm Mintel in 2012 and is on course to have grown a further 11 per cent by 2017. Now in its fifth season, London Collections: Men continues to draw more than 130 designers and international brands to present their latest work, as well as the press and buyers from 37 countries, keen to see it. For Cheshire, this growth brings more competition – “more guys want to do modelling,” – but also more opportunities. “There are a lot more shoots and a lot more e-commerce. Before, you could do a shoot for a magazine, now there’s a lot that are internet-based; you can end up shooting five times a week, which was unheard of 10 years ago.” Success in men’s fashion is dictated by uniqueness. Aside from his razor-sharp profile, Oliver Cheshire’s preppy, clean-cut image is relevant to both runway and high-street fashion and it’s something he’s aware of: “There is pressure to look your best and to be fit and healthy, otherwise you’d be doing yourself out of work,” he says, matter-of-factly. “It’s my profession to look good, be healthy and sell clothes. If a footballer didn’t train every week, he wouldn’t get picked; it’s the same thing.”
looks in half an hour
In the past month he’s been shot for arty bimonthlies and mainstream campaigns, celebrating the finished projects with nights out, trips to St Tropez on the arm of his pop star girlfriend and personal appearances at the Monaco Grand Prix. Nice work if you can get it. However, while his boyish good looks are serving him well as he prepares to turn 26, the future doesn’t faze him. “I think male models earn most of their money age 25 to 35. Men want to see ‘men’ in fragrance campaigns; they want to buy an aftershave fronted by a man. It’s not that they just get better, but they get used more with age, in bigger ads and for bigger suit companies,” he says. In his down-time he’ll admit that modelling might not last forever. “It’s hard to turn down work; you don’t have a fixed income obviously and you never know what’s going to come,” but the same nonchalance applies to starring in those – ever increasing – topless shots. “I do a lot of swimwear!” He laughs. “It’s flattering and it’s better that they stick me on a beach, than in the rain with a big coat on.” While he may seem generally light-hearted, those around Cheshire are tipping him for big things, privately comparing his appeal to that of a young Leonardo DiCaprio. And although the acting arena will surely beckon one day – thanks to his passion for Meisner drama training – it is precisely his laid-back attitude which he regards as essential to his current career. “You have to have a good personality [to be a model] because if you were on a job with someone and they were moody, you wouldn’t book them again. No one wants to go away on a shoot for five days with someone with a bad attitude; because everyone needs to chip in… you need to be able to say ‘I’ll carry the bags and photography equipment up the hill’.” Fashion is, luckily, something he loves and understands. A style columnist for Telegraph Men and regularly named one of GQ’s Best-Dressed, Belstaff leather jackets, Grenson shoes, Savile Row tailoring and Hackett check-prints all make his ideal wardrobe. “I’ve always loved clothes and dressing well. When you’re a model you’re learning from the best. If you’re on a job with a stylist who says ‘this shape fits you well’ and ‘you look good in this’, then you know. I’ve learnt a lot in 10 years; even photography-wise, now I always know where the light is. I know how to work it – work it!” And with that he’s off, asking if he can take the Jaguar for a spin, with a final, infectious laugh.
”
Orange and brown wool jumper, £179, Paul Smith, paulsmith.co.uk; Oxford Shirt, £110, Paul Smith, as before; Charcoal mouliné stretch wool modern fit travel tailoring suit (trousers shown), £1,295, Burberry, burberry.com; Wilde loafers, £445, Mr Hare, mrhare.com
Charcoal mouliné stretch wool modern fit travel tailoring suit, £1,295, Burberry, burberry.com; T shirt, £145, Sunspel, sunspel.com; She wears: chunky jumper, £595, Mauro Grifoni, maurogrifoni.com
Dark grey distort check jacket, £450; Dark grey distort check trousers, £185; Grey shirt, £145; all by Hardy Amies, hardyamies.com; Sunglasses, £350, Thom Browne available at Mr Porter, mrporter.com
Beige cotton mac, £485, Paul Smith London, paulsmith.co.uk; Polo top, £80, Paul Smith London, as before. She wears: Black and grey check wool blend dress, £370, Paul Smith Black Label, as before; Sunglasses, £370, DITA, dita.com
MAKE-UP Cassie Steward @ LHA Represents using Sigma Beauty HAIR Charley McEwen @ Carol Hayes Management using Bumble and Bumble MODEL Annabeth Murphy-Thomas @ Select Model Management PHOTOGRAPHy Dominic Nicholls photography ASSISTANT Sam Thirgood stylist David Hawkins @ Frank Agency WITH THANKS to The Baglioni Hotel, baglionihotels.com; Classic Car Club for the kind loan of the Jaguar E-Type, classiccarclub.co.uk
UNDERCOVER
BRANDS Words: Stephen Doig
London’s menswear tribes are a well known bunch; Savile Row boasts the share of bespoke suiting, St James is a haven of old world, gentlemanly charm and various pockets of East London have become cool enclaves of sartorial experimentation. But what’s interesting is that, now more than ever, there are a host of brands that operate relatively under the radar while boasting incredible history and impeccable, beautifully made clothes. SUNSPEL To look at the gauzy t-shirts, crisp polo shirts (as sported by a certain Daniel Craig in his role as James Bond) and sleek vests and underwear (as sported by no less than Connery’s Bond), you’d be forgiven for thinking that this cult leisurewear label was entirely 21st century modern. While the aesthetic undoubtedly is, the history of this label reaches back almost as far as British heritage label Burberry; for all the cutting edge cool of the brand’s current identity, it has it’s roots firmly in traditional British manufacturing and craft. In founding Sunspel in 1860, textile magnate Thomas A Hill wanted to produce simple, classic pieces in impeccable, lightweight, Egyptian cotton; a dash of luxury next to the skin that works for everyday, if you will. Fine gauze cotton t-shirts swiftly became the mainstay (initially worn in Victorian England as underwear), along with the label’s underwear (which appeared in 1985’s famous Levi’s ‘launderette’ advert on male model Nick Kamen). In 2005 the brand were taken over by new owners, who remain faithful to the craft angle that makes Sunspel unique; the company’s site at Long Eaton is still where the pieces are made entirely by hand, and has been since 1937.
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Thurloe sunglasses in ebony, £220; Ledbury sunglasses in walnut, £140; Beaumont sunglasses in walnut, £170. All by Finlay & Co. finlayandco.com
FINLAY & CO Founded in 2012 by entrepreneurs David Lochhead, Dane Butler and Tom Stannard, Finlay & Co.’s style credentials have been on the ascent since the fashion press became enamored with their beautifully crafted sunglasses. The brand’s beautifully made shades are rendered in wood, making them both environmentally sound and entirely innovative. The glasses are made completely by hand and undergo a 16 step process to ensure they’re executed beautifully. Anna Wintour and Carla Sozzani made a point of stopping by the brand’s stand at Milan’s Talent Corner fair earlier this year, with the revered editors’ making off with an engraved pair each; one of the USP’s is the label’s bespoke service, which engraves names or initials into the wood.
| feature |
Dom Reilly
ABOVE Sunspel campaign image sunspel.com LEFT Selection of accessories domreilly.com
It was life on the road – quite literally – that prompted former Formula One executive Dominic Reilly to launch a range of impeccably made, beautifully executed luggage that married practicality with a sense of style and substance. Launched last year, the brand employ the most rigorous testing methods for each component of the accessories and luggage – a nod to Reilly’s F1 background. It’s an indicator of how exacting the quality testing is that the founder, Reilly himself, signs off every single product personally. With a recent collaboration with the Financial Times newspaper under their (suitably beautifully made) belt, the brand are focused on sharp, sleek accessories to carry the high-net-worth business traveller through from boarding gate to board room, with pieces that focus on making life for the frequent flyer as easy as possible: travel wallets, handsome luggage, neat card holders and watch holders, for example. Using the most butter soft of full grain leathers, these pieces guarantee an instant upgrade.
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| lifestyle | Never leave the house without... My phone, wallet, keys; plus a quick mirror check to make sure my 10-month-old son hasn’t left any of his breakfast on me. Looking sharp is important in my industry. One product you simply can’t live without... The Ruffians Daily Facial Moisturiser. I created the formula myself and it’s the first and only moisturiser I’ve found that’s perfect for me – gentle, effective and not too oily. To shave or not to shave? To shave, but you have to accompany it with a decent haircut. Any guy can pull off... A great shave, however most men forget that it’s about preparation, a sharp blade and skin protection at the end. Always use a facial scrub beforehand and a moisturiser afterwards. And take the time to learn about yourself – our barbers are always happy to help educate you about your skin type and hair growth patterns. Ruffians in Covent Garden (Images courtesy of Jonathan Daniel Pryce)
Shear. Shave. SHINE Award-winning barber shop Ruffians has unveiled a brand-new flagship store in the heart of Covent Garden. We asked its founder Andrew Cannon to answer a few of life’s biggest questions
A good barber will always... Listen to the customer and give a thorough consultation so they fully understand what the customer wants. The biggest mistake you can make... Is not going with your gut instinct – you need to feel confident within yourself about how you look and not let others influence you. The best piece of advice you’ve ever received... Don’t be different for the sake of being different; be different because you believe it’s better. The difference between a good haircut and a bad one is... The relationship established between you and your barber. We could all learn a thing or two from...Our grandparents’ generation. The men knew how to dress smartly, groom properly and they had decent manners. I use my great-grandfather’s cut-throat razor to this day and try to be at least half as well-turned out as he was. If you could offer your services to any man, who would it be? Prince Harry. He’s got a great crop of hair to work with, and I bet he’s got some great stories to chat about throughout the haircut.
OPENING HOURS Monday to Friday: 9am – 9pm Saturday: 10am – 7pm Sunday: 12noon – 7pm
Since 2012, Ruffians has been awarded Best Independent Salon, Best New Salon and Best Designed Salon in the UK. 27 Maiden Lane, WC2E 020 7240 8180, ruffians.co.uk
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This no fuss dial pays tribute to the timeless codes of classic watchmaking, while giving them new life in an elegant but modern timepiece.
SECOND TO NONE
CELLINI TIME
These faceted hands count every second, minute and hour with absolute precision, thanks to an impressive self-winding chronometer movement that’s working away behind the scenes.
If only time will tell, what does the Cellini say? Understated, timeless and incredibly masculine, this month we eat, drink and think like the man that wears this Rolex
“If you don’t have time to do it right, when will you have time to do it over?” – John Wooden, sportsman –
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SIP…
STAY…
An El Estadista; the delicious concoction from a highly-skilled team of mixologists at Bassoon Piano Bar in the Corinthia Hotel. Dewars 12 is stirred with Lustau East India sherry, Pierre Ferrand Dry orange curacao and Bassoon’s own grenadine syrup. It’s served with a twist of lemon peel and presented with impeccable 21st century style. Whitehall Place, SW1A
At the Andaz Tokyo Toranomon Hills. Situated in the 52-storey Toranomon Hills tower, the new Hyatt hotel provides easy access to the Ginza shopping district and the city’s central financial area. The hotel offers 164 spacious guestrooms and a Rooftop Bar that crowns the tower on the 52nd floor. Andaz Tokyo Toranomon Hills andaztokyo.com
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The cases are available in 18ct white gold or Everose gold, which is cast by Rolex in its own foundry.
| fashion |
Huntsman to Hollywood Off the cuff Round Checkerboard Classic Cufflinks, £135; Rose Gold Knot Cufflinks, £140, both Brooks Brothers, brooksbrothers.com
Step in store Things are looking up for Aquascutum, who has launched a new menswear store on the corner of Jermyn and Duke Street. In fact the new boutique which spans 1,268 sq ft, is not too far from the company’s old Regent Street flagship, which closed in 2011 following financial difficulties. This new concept stocks outerwear, tailoring and casual wear. aquascutum.co.uk
Hunstman, the iconic Savile Row tailoring house, is honouring Hollywood icon and lifetime patron Gregory Peck with an in-store exhibition: Gregory Peck, Style Archive of An Icon. From a red-carpet dinner jacket he wore to collect a Best Oscar award, to sporting jackets and tweeds for off-duty, the pieces on display reflect the versatility of his legendary style, and are all Huntsman originals. The archive will be complemented by the brand’s new ready-to-wear collection, and a preview of two new tweeds, modern-vintage hybrids inspired by the star. h-huntsman.com
Mightier than the sword
Defi Ball Point Pen, £210, S.T. Dupont, stonegift.com
S.T. Dupont’s new limited edition collection takes a step back from its rich Parisian heritage, instead inspired by a projection of future military wear. Armours of Tomorrow uses a brand new, highly scratch resistant ceramicaluminium alloy, Ceramium, in the fountain and ball point models. Three years in development, it produces pens that are tough, yet enviably light and smooth.
© Everett Collection / REX
SPRUCE UP…
SPLASH ON…
SLIP INTO…
SAVOUR…
Your office with the Westbury Task Lamp from Ralph Lauren Home. If you’re going to burn the candle at both ends, you might as well do so with a great looking lamp. We love the unique yet simple design that’s available in natural brass and polished nickel. Westbury Task Lamp in Polished Nickel, £775, Ralph Lauren Home, ralphlaurenhome.com
Eau Sauvage Parfum from Dior. For the first time, this legendary men’s fragrance is available in the noblest of concentrations. We’re told a spritz of this will immediately make you more masculine, sophisticated and mysterious. And here we were thinking it was just a bottle of cologne. Eau Sauvage Parfum, £73, Dior, harrods.com
A pair of brogues from Crockett & Jones’s luxury line. Our pick is the Clifford, a classic full brogue oxford that features a punch pattern on the toe. Made from the finest calf leather with bark tanned single leather soles, this classic style forms part of the Hand Grade collection. Clifford, £500, Crockett & Jones, Royal Exchange crockettandjones.com
The Roasted Peking duck from Hutong. We promise it more than lives up to the hype, but if this unrivalled Northern Chinese cuisine is not enough to pique your curiosity, perhaps its location is – level 33 of The Shard. Perfect for client lunches, drinks or dinner dates, Hutong is a definite crowd pleaser. 31 St Thomas Street, SE1
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Let’s Take It
Outside The sun’s out so why aren’t you? Find your perfect table at Canary Wharf’s must-visit al fresco dining spots – all within walking distance of beautiful parks and the best shops
Ibérica La Terraza Inspired by Madrid’s terrace culture, Ibérica La Terraza is the perfect summer complement to Ibérica’s permanent restaurant. The menu, created by Michelin star-winning Nacho Manzano, is typical of
northern Spain; try the delicious pinchos – bitesize bread with different toppings. Pair with signature cocktails or original Sangria and live like the (Spanish) locals do. D Cabot Square, 020 7636 8650
The Parlour The Parlour has re-launched its stylish outdoor area this summer. Designer furniture and oversized umbrellas make it an enjoyable place to relax, with casual BBQ dining or ice-cold refreshment in the form of quirky alcoholic slushies. Open-air screens, and ping pong tables, mean there’s no missing out on summer sporting action; a great place to gather with friends. D Park Pavilion, 0845 468 0100
RESTAURANT Roka
Roka has earned an iconic status among Londoners – and quite right too. In summer, there is simply nowhere better to enjoy its Japanese robatayaki cuisine than outdoors on the terrace. With comfy sofas and relaxed candle-lighting, the terrace is an inviting accompaniment to the main restaurant, while the spectacular architectural skyline of Canary Wharf provides a dramatic backdrop to your meal – a room with a view indeed. D Park Pavilion, 020 7636 5228
Boisdale of Canary Wharf Boisdale of Canary Wharf has opened up its doors for the summer season, transforming its sophisticated terrace into an English Garden. To match the space, there’s a fresh and light summer menu featuring some of the best seafood you’ll find in the capital. There’s also The Cigar Terrace, where connoisseurs can choose from a globe-spanning menu of cigars and enjoy them sat in the comfy armchairs and sofas – ideal for a boys’ night out with a difference. D Cabot Place, 020 7715 5818
Plateau Restaurant Bar & Grill Plateau Restaurant Bar & Grill has opened two terraces. The first is the English Garden terrace, sponsored by the English sparkling wine Nyetimber, which serves food from the Bar & Grill menu. The second, the Moët Ice Garden Terrace, serves from the main restaurant’s French-inspired menu. Both have stunning floor to ceiling views of Canada Square Park (home to a buzzing series of musical, sporting and family events this summer) and both come well-stocked with bottles of bubbly just waiting to be popped. D Canada Place, 020 7715 7100
canarywharf.com
@yourcanarywharf
art The Art & Design Windows GALLERies: in Canada Place display work by up and coming artists and designers. Showing this month are:
WINDOW
Stripes on Stripes (detail), 2011 (©ChristopherJonas)
Claudia Rice Jubilee walk Claudia Rice seeks innovative ways of integrating broken jewellery, clock parts and precious materials to breathe life into discarded objects filled with history. D claudiarice@hotmail.com
Graham Hodgson Canada walk
Graham won the first Britain’s Got Artists award. This collection of paintings explores the north, its culture and its hard-working people. D hawthornarts.com
Equinox Partners: The River of Power Jubilee walk
This exhibition showcases part of the float from the 2013 Lord Mayor’s Show by City law firm CMS Cameron McKenna whose senior partner Fiona Woolf CBE was appointed as the 2013/14 Lord Mayor of the City of London – making her only the second woman in 800 years to hold the office. D equinoxpartners.co.uk
VISUAL ARTS Take a break to explore and enjoy Canary Wharf’s temporary exhibitions and permanent art collection around the estate
Carpe Momentum: Photographs by Christopher Jonas UNTIL 29 August Lobby, One Canada Square, Canary Wharf FREE to visit
As he withdraws from some of his business and pro bono interests, Christopher Jonas CBE has brought his second career as a photographer to the fore. Having worked creatively in photography for some 40 years, first with a 35 mm camera and now digital, Carpe Momentum is an exhibition of more than 60 photographs reflecting Jonas’ abiding interest in people and places around the world. On Tuesday 29 July from 6.30 – 7.15pm, Curator Ann Elliott will tour the exhibition with the artist. To reserve your place please email visualart@canarywharf.com. D cwjpix.org
events
Summer
Events
Sport at Wood Wharf wimbledon at Wood Wharf
Whether it’s sport, opera, theatre or live music that takes your fancy - Canary Wharf has it all and will keep you entertained throughout July!
Until Sunday 6 July • Daily • FREE A free screening of the 2nd week of Wimbledon.
Action For Kids Beach Volleyball Championships
Monday plays in the park
Performances from 6.45pm • Jubilee Park, Canary Wharf FREE
Until Friday 18 July • 11am – 10pm FREE Beach volleyball is back for three weeks of beach activities and tournaments. Why not enter a team into the Championships, turn up during the ‘pay to play’ sessions or take part in a taster session?
Celebrate Shakespeare – Outdoor Theatre Each Monday throughout July there will be fantastic live performances of a different play from the quill of the most celebrated playwright of all time, William Shakespeare.
D actionforkids.org / citybeachvolleyball D Register at 020 8347 8111 /beach@ actionforkids.org
Tour de France Fan Park
musical Weekday shows
Twilight Delights
Angela Gheorghiu as Mimi in La bohème (©Catherine Ashmore)
On the 16, 22 and 29 of July, Canada Square Park will be alive with an array of open air performances. There’s something for everyone with West End classics, pop and a 1950s tribute show.
Performances from 7pm • Canada Square Park, Canary Wharf FREE
BP Big Screens Live from the Royal Opera House, Covent Garden
Thursday 24 – Sunday 27 July • 11am – 10pm • FREE Come to Wood Wharf and watch all the action of the 100th Tour de France on a large outdoor screen. Marie Curie Cancer Care will be running static cycle challenges too with all the funds raised going to the charity. D tourdefrancefanpark.co.uk / mariecurie.org.uk
A screening of La bohème will broadcast live from the Royal Opera House directly to Canada Square Park Summer Screens on Tuesday 15 July. The unfolding love story carries you on a musical journey through Giacomo Puccini’s romantic depiction of 1830s bohemian Paris. Canary Wharf’s Carluccio’s, Le Pain tuesday Quotidien and Obikà Mozzarella Bar night at the offer delicious picnic items for such an al opera Performance from 7.30pm fresco occasion. • Canada Square Park, D roh.org.uk/bpbigscreens Canary Wharf FREE
www.canarywharf.com
@yourcanarywharf
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| art & interiors |
B
oth Daniel Weil and the Design Museum are contemporary leaders in their fields, and they have joined forces for a unique retrospective exhibition of Daniel’s design work this summer. Unexpectedly engrossing and thought-provoking, Time Machines: Daniel Weil and The Art of Design showcases the last 30 years of Daniel’s career. Truly multi-talented, his projects span various fields from product and packaging design, to interiors and art direction. It is often said that the journey is more important than the destination, which in this case rings true; in order to give a glimpse into his creative process and show how influences and inspirations are absorbed, the exhibition purposely features unfinished works alongside the finished, a comprehensive collection of curios and David’s personal archive of sketchbooks, which have never been seen before. Like an inquisitive physicist, he has a particular
interest in exploring elements of sound and time; the seminal 1981 Bag Radio is a radically-deconstructed presentation of a common object, while a special collection of clocks have been created to coincide with the exhibition and are available to buy from the museum. The exhibition is curated by Martina Margetts, Senior Tutor in Critical & Historical Studies at the Royal College of Art, where Daniel was once an industrial design pupil and is now a Senior Fellow. His biggest accolade to date is his long-term partnership with Pentagram, the world’s largest design consultancy firm. From the more traditional architecture of Lego, to globally-dominant brands like Coca-Cola, David has been exposed to a rich and diverse pool of clients and projects, proving his adaptability and making him the perfect example for the next generation to be exposed to. The exhibition runs until 25 August. designmuseum.org
from top clockwise Daniel Weil Radio in a Bag © Design Museum, Time Machines: Daniel Weil and The Art of Design © Luke Hayes, Adante Clock © Daniel Weil
What makes
Daniel Weil
Tick
Argentinian-born Daniel Weil is a prominent figure in the design world. A new exhibition at the Design Museum explores his multi-disciplinary work past and present, with an interest in all things scientific proving he is as much an inventor as designer
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A time & place They say doctors make the worst patients – is the same true of interior designers? We find out when we speak to Ed Godrich of Godrich Interiors WORDS: TIFFANY EASTLAND
F
or years, Ed Godrich has been programmed to think for others. As the founder of Godrich Interiors, it’s his job to make decisions daily on behalf of his clients. To do so successfully, Godrich and his team have learnt to think like their clients, so it comes as no surprise that he was rather thrown when he took on a Knightsbridge project, as not only the designer, but the client too. We asked him how his approach varied: “It’s tough actually. You really have to shift yourself into a completely different space, you have to program yourself to think, what do I like myself ?” When he did, his overarching goal was quite clear: “I wanted the house to feel like its contents had been collected over a period of time,” he explains. And with this in mind, Godrich collected various objects from different periods, making a conscious effort to mix contemporary, mid-century antiques, furniture and all different types of art. The outcome? A balanced yet eclectic interior: “The basic look is quite vintage, quite antique but balanced.” This is something he strives for all his clients: “We don’t want the clients to have something that looks like it took six months to purchase, but rather like it’s 20 years’ worth of collecting,” says Godrich. And when it comes to sourcing unique pieces for himself and his clients, he admits to being quite obsessive about it: “I wake up in the middle of the night and
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start looking for things on the internet. I’ve got a really overactive imagination that often wakes me up.” However, it’s this imagination that often leads him to the unlikeliest of places, sourcing beautiful hidden treasures for his clients. When he’s not bidding at some of the most sophisticated auction houses in Europe, you’ll often find him shopping in markets and charity shops. For Godrich, that’s the fun part, in fact the chase is what he enjoys most. His passion for collecting is certainly evident when you look round the main living space, which is full of beautiful and unique curiosities and art. Every piece has a story, and Godrich remembers where and why he bought each item. “It’s the same with our clients. We try to build up a portfolio of items for them and ensure they know where they’ve come from and the history behind each,” he says. History is a major consideration for Godrich, and this was certainly the case in his Knightsbridge property. Set in a traditional building, his aim was to make the property as open-plan as possible without spoiling the integrity of the space or the flat. In terms of the flow of design, the colour palette and flooring was a major consideration, as he used it to fuse the different areas. “I’m against walking into a property where each room has a very distinct identity,” he explains. Godrich believes the flooring and the colour on the walls should never be the main focus, but
Main living space in Knightsbridge 2 (All images courtesy of Godrich Interiors)
| art & interiors |
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| art & interiors | rather that they should act as a canvas and a platform for art: “We want people to say what an amazing picture, what beautiful lights, rather than, what colour is your wall?” For Godrich and his team, that would mean they’ve failed in a way. There was a lot riding on this project for him, and that was half the challenge: “It’s basically my shop window. Clients come and see that apartment and employ me on the basis of it, so the main pressure is that I get it right.” Thankfully, everything came together: “When it’s my home, I complete it over a longer period of time. It’s a slightly slower, more organic process, so there’s less that could go wrong.” Godrich often tries to educate clients that they don’t have to purchase for the whole house all in one go, but admits that most of their clients generally want everything done yesterday. He’ll often try to encourage them to get the bulk of the project done and then live in the house and spend the following year buying special items and pieces of art. “We like to think that at the end of the project, the client can safely say they’ve had involvement and selected most things themselves. Again, that’s something we encourage and that also lessens the opportunity for things to arise and not be quite what the client expected.”
We don’t want the clients to have something that looks like it took six months to purchase, but rather like it’s 20 years’ worth of collecting In terms of keeping the client happy (enter Rupert Hunt, Financial Director at Godrich Interiors), the company boasts the perfect balance between its creative integrity and the financial management of a project. For years, Hunt worked in the City, specialising in corporate finance before joining the team at Godrich Interiors, which means stringent financial management is an absolute guarantee for all their clients. Spreadsheets and breakdowns aside, when you look round Godrich’s Knightsbridge property it’s obvious how he and his team have earned a reputation for delivering world-class design. From their attention to detail, to their personal yet professional approach, Godrich Interiors offers a truly thoughtful level of service, not to mention some good old-fashioned, hard work, and it clearly shows. godrichinteriors.com
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ANNA CASA MAYFAIR SHOWROOM 2 HAY HILL LONDON W1J 6AS | 020 7629 0045 | INFO@ANNACASA.NET ANNAWWW.ANNACASA.NET CASA MAYFAIR SHOWROOM 2 HAY HILL LONDON W1J 6AS | 020 7629 0045 | INFO@ANNACASA.NET WWW.ANNACASA.NET Anna Casa.indd 1
19/11/2013 15:30
Anna Casa.indd 1
19/11/2013 15:30
BASIL LAMP Loosely inspired by the multiple domes of Russian church roofs, the Basil Lamp is a timeless statement that blends seamlessly into any home or interior aesthetic. Crafted from brass and blown glass, the brass metalwork at the base of the lamp has been cast and lathe-turned, before being distressed, lacquered and waxed. Measuring 460mm in height, the Basil Lamp is available in a number of finishes including distressed gold lacquer, bronze, silver plate, antique silver plate and polished or brushed nickel.
AURELIA THREE-SEATer SOFA Choosing a sofa is no simple task – after all it’s an investment. One wrong move and you’re stuck with it for a while. We were therefore thrilled to cross paths with Aurelia, a three-seater sofa that will add a touch of glamour to any living room. Contemporary yet timeless, this sophisticated sofa features button-back details and dark wooden legs; a clever contrast to the upholstery, a soft-to-touch linen blend. Forming part of the Pied a Terre collection, the Aurelia sofa is available in elegant Dove Grey as pictured here, and a versatile rose tone.
£600 plus VAT (excluding shade) coxlondon.com
£909, houseoffraser.co.uk
Out of the ordinary
HOME
Unlikely pairings and a mishmash of materials help create an eclectic but balanced interior akin to Knightsbridge 2
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ART LINE CARD AND CREST As this month’s interior designer Ed Godrich has rightly pointed out; our walls should be treated as a canvas. With this in mind, we found two quirky prints from Timothy Oulton’s eclectic Art Line. Sourced from the very best archives around the world, the collection comprises a meticulous selection of art images. The team in charge
of sourcing are dedicated experts who work tirelessly to compile a unique collection of beautiful and rare images. The Art Line is printed using the best and most traditional printing machines, with each image painstakingly treated to achieve a vintage aesthetic that resembles a painting. £POA, timothyoulton.co.uk
| art & interiors | MAXFIELD LOUNGE CHAIR Every living space needs that special armchair, and our pick is the Maxfield Lounge Chair from Ralph Lauren Home. It makes the perfect statement and provides masculine edge in a living room that’s perhaps a touch too feminine. In fact, this 19th-century-inspired lounge chair achieves a great balance when juxtaposed with soft, textured upholstery, like the dove-grey Aurelia three-seater sofa. Featuring bobbin supports, casters, pronounced arm pads and separate pillows, this timeless piece achieves the perfect balance of cool and comfortable. While it’s also available in a fabric version, we’re rather partial to the leather chair pictured here. Be warned, as the best seat in the house, you’ll have to be quick to claim it before someone else does. £5,895, ralphlaurenhome.com
GLASS ART AND ACCENTS You can have some striking pieces of furniture, but we believe it’s the intricate details that make a house a home. For generations, Finnish glass manufacturer Iittala has produced essential objects designed to enrich people’s everyday lives. From its beautiful glassware to incredible art projects, there’s
something to complement every interior. The Kastehelmi candle holder and Alvar Aalto vase make the perfect addition to any mantel, but the star piece that you’ll want to take centre stage in your home is this stunning glass bird from the Birds by Toikka collection. £POA , iittala.com
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The NOT so small
SCREENS This month, with your viewing pleasure in mind, we take a close look at four different TV makes and models
BANG & OLUFSEN – BEOVISION AVANT For the designer home: However, this TV is not just a pretty face, in fact the BeoVision Avant from Bang & Olufsen has redefined the audio impact a TV can deliver. Featuring a three-channel speaker system, local dimming across eight million pixels and Ultra High-Definition (4K) picture, our only concern is the side effects that come with owning one; impossibly high standards, anti-sociable behaviour and unrealistic expectations. £5,995, bang-olufsen.com
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| technology |
Editor’s
PICK
LG – ULTRA HD TV For perfect picture:
PANASONIC – SMART VIERA TX-L55ET60B For the eco-conscious:
SONY – X85 TV For spectating sports:
This is the world’s first 84” Ultra HD 4K TV, but that’s not its only claim to fame. This smart 3D TV offers a truly cinematic experience right from the comfort of your own home, thanks to its 4K resolution, making it four times higher than Full HD. For your viewing pleasure, the TV also offers an Ultra HD Upscaler feature, which upgrades both standard and HD pictures, so that they appear significantly enhanced.
Thanks to the Smart Viera TX-L55ET60B from Panasonic, there’s no longer a fight for the best seat in the house. This sleek looking TV, that’s smart indeed, offers a beautiful picture at every angle, and reproduces images with high-levels of brightness, colour and contrast. This VIERA TV features a wide aperture panel and highly-efficient backlight, improving image quality while suppressing power consumption.
Get closer to the action with the X85 TV from Sony. Boasting 4K resolution, you’ll see more and miss nothing. Football fans will love the Live Football Mode, which automatically adjusts sound settings for a close to authentic stadium experience. Furthermore, the X85 TV allows you to share moments with fans all around the world, while displaying video chats and live tweets, so you’re never home alone.
£14,899, currys.co.uk
£999, currys.co.uk
£1,599, sony.co.uk
“[The television is] an invention that permits you to be entertained in your living room by people you wouldn’t have in your home.” — David Frost —
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| technology |
The
Sound Check
Control Freak
Media Mogul Not only designed for the ultimate in sound, the Duo is an intelligent digital media hub. By harnessing the power of its on-board computer, it has streaming capability for media including music and TV from any device via Bluetooth. Ideal for Netflix and Spotify addicts.
I
t feels like technology is advancing at lightning speed, but for those who still want to combine the latest gadgets with a retro look and sound, there’s the Tubecore Duo. Born from Jason Perkins’ love of guitars and aviation, and funded by Kickstarter along the way, this finely honed machine has established itself as a highend, all-in-one home audio system and digital streaming hub. A frontrunner in the move away from small, discreet music players, it is the ultimate statement piece in a room. Stylish wooden casing disguises a surprisingly powerful core of high-end components, with tube amplification to satisfy even the most dedicated audiophile.
Away with fiddly dials and plastic; a large, smooth disc cut from solid aluminium is the ultimate simplified and streamlined control surface at your fingertips. Mounted on a high-resolution encoder on top of the hi-fi, with one state-of-the-art dial you can up the volume, switch between four different inputs or play with system preferences. Customisable controls are a bonus. iBeacon wireless support will soon be the latest addition to its iOS and Android app; it will gather both speed and location data via mobile phone tracking, for contextual and hands-free interaction.
shop.tubecore.co
Test Tubes
Fine Tuning Currently built from White Maple and sustainable mahogany Sapele, the hardwoods used in production will vary according to availability and the style of the grain. It’s how Gibson makes their Les Paul guitars, and in fact Duo has two luthiers on board, constructing each hi-fi with the level of detail that string instruments require. For a brighter look, optional magnetic covers come in 10 standard and 27 custom colour ways.
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Personalised Power For a system of its size (18.5 inches high and 9.37 inches wide to be precise), the Duo is the most powerful in the market. The system’s integrated computer comes in two compatible models, the Raspberry Pi which comes as standard equipment, or the alternative and slightly more expensive UDOO. User controlled RGB LEDs and a choice of vacuum tubes provides the ultimate component personalisation.
Essentially electric valves, the vacuum tubes use high voltages to increase the volume of the sound produced. With rich, warm tones and crystal clear highs, and a perfected unamplified signal, audiophiles usually have a heavy price to pay for such quality. The Duo hits the perfect note, being more powerful and less expensive than other tube-driven systems.
Saturno Dining Table and Vesta Chairs
Discover the Natuzzi Italia dining collection. natuzzi.co.uk
02031 314 001
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06/06/2014 10:49
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| lifestyle |
The Summer of
Lycra You thought this summer was all about football, when it really belongs to the bike WORDS: Chris Allsop
Image courtesy of Altura Cycling
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| lifestyle | Prudential RideLondon-Surrey 100
W
hat’s that sound? A squeaky hinge? No, it’s the sound of cyclists across the country donning their Lycra for a full summer schedule. After a slow burn that began with Chris Boardman’s gold at the Barcelona Olympics in 1992, cycling’s popularity in the UK has finally exploded, fuelled by our consecutive successes at the last two Tour de France competitions and the 12-medal haul at the London Olympics. British Cycling, the national governing body for the sport, has recorded 35,000 new members since Sir Bradley Wiggins won the Tour in 2012 (growing its membership to 88,000) while during the Olympics around 250 people were joining the organisation each day. The sport’s continued popularity is being highlighted this summer by the relentless cycle (pardon the pun) of events taking place over the coming months. And it’s already begun, with the Jupiter London Nocturne racing through dark urban streets at the start of June and, two weeks later, the Tuscan export L’Eroica Britannia cutting a vintage dash through the Peak District on pre-1987 bicycles. But the best is yet to come. July changes to a higher gear with the Tour de France in its first visit to the north of England (previously it has toured the south
coast and the capital). Indicators are good for a third UK victory: defending champion Chris Froome looks well-prepared to put in a strong challenge, while Wiggins made history in May as the first Briton to win the Tour of California. Yorkshire’s Grand Départ 2014 features two stages of the world’s largest annual sporting event, taking riders first from Leeds to Harrogate, and then York to Sheffield. The third stage takes the Tour south, travelling from Cambridge to London. Festivals have sprung up around the event, and if you’re planning to travel north for the first two stages, be sure to connect with the Yorkshire Cultural Festival (ending on 6 July). Its events programme includes photography exhibitions, screenings and bicycle-themed performances, including a Chaplinesque pulling of a grand piano – with players – up a six-mile hill by a team of cyclists. If you’re itching to get closer to the Tour experience, consider the Ride le Route at Harrogate’s Rudding Park Hotel: a two-night stay that includes add-ons including an Altura yellow jersey, bike check and a screening of The Tour, The Legend of the Race in Rudding Park’s private cinema (don’t forget to actually ride le route). If you’re planning on remaining south for the Tour, Cambridge is putting on its own Velo Festival this year. A highlight will undoubtedly be the fusion of high art and sport that is the festival’s bike ballet on the Saturday and Sunday of the weekend of 4 July. Come August, there’s the Prudential RideLondon cycling festival. Taking place on 9 and 10th of the month, the organisers claim that the event “combines the fun and accessible element of a free family ride with the excitement of watching the world’s best professional cyclists race the following day”. While applications to race the Prudential RideLondon-Surrey 100 – a charity challenge using the same closed roads as the professionals – has now closed, Saturday’s Freecycle event is open to all and guides you along an eight-mile traffic-free route past some of London’s most recognisable landmarks. The last of the summer’s headline events takes place across a week in September (7 – 14) as the UK’s biggest professional cycle race, the Tour of Britain, departs from Liverpool city centre. The race, which dates back to just after the Second World War, was revived in 2004 after a five-year hiatus. Split across eight stages (before 2004 the race comprised only five), the course roughly charts an eastwards tending dogleg that takes in the length of Wales and a good portion of the West Country before wiggling east to culminate in London. If the sheer visceral pleasure of bicycle riding or spectating is not enough, the cycling holiday tour operator The Carter Company has honoured the Bard’s 450th anniversary by combining Bard and bike in a new trip entitled ‘Shakespeare’s Way’. Happily, this doesn’t involve being locked in your study anxious about looming deadlines, but is instead a self-guided six-day cycle loop from Oxford to Stratford-upon-Avon. Cruise along the Oxford canalways and freewheel through picturesque Cotswold villages with nightly stays at choice hotels, manor houses and inns along the route. The ‘Classic’ tour costs £895pp or you can bump up the quality of your accommodation with the ‘Luxury’ option at £1,360pp. Ride away.
Yorkshire’s Grand Départ 2014 features two stages of the world’s largest annual sporting event
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Lee Valley VeloPark, Queen Elizabeth Olympic Park Ready for your next challenge? Track | BMX | Road | MTB
Book your session now visitleevalley.org.uk/velopark
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17/04/2014 16:44
Words: Tom Sheen
Sparring Partners Lewis Hamilton
Age: 29 Birthplace: Stevenage, Hertfordshire, Great Britain Races: 135 Championships: 1 (2008) Wins: 26 Podiums: 59 Pole positions: 35 Fastest laps: 14 First race: 2007 Australian Grand Prix Previous team: McLaren
About the boy Hamilton began karting at just eight years old. At the age of 13 he was signed to McLaren’s Driver Development programme before making his F1 debut at just 22 years old (he shares the record for most wins in a debut season with Jacques Villeneuve). Hamilton became the youngest ever World Champion at the age of 23 (since beaten by Sebastian Vettel who is 168 days younger). According to The Times Rich List, he is the wealthiest British sportsman with a net worth of £68m.
M
ercedes is not just developing a car superior to the rest of the field, it is festering resentment between two drivers unlike anything that’s been seen since Alain Prost and Ayrton Senna 25 years ago. Lewis Hamilton and Nico Rosberg plainly don’t like each other. With 13 races remaining, the pair, who were team-mates as teenagers on the karting circuit, are barely on speaking terms. Hamilton said Rosberg was not a “friend” but a “colleague”, after a tense weekend in Monaco – Rosberg had seemingly crashed on purpose to deny Hamilton a final lap in qualifying, which left
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the German in pole. Hamilton then upped the ante with an astonishing jibe, claiming Rosberg wasn’t as “hungry” as Hamilton because of his wealthy upbringing. Rosberg, the son of 1982 F1 World Champion Keke Rosberg, did not respond, but the pair could barely look at each other after Rosberg’s victory. A few days later, Hamilton tried to downplay the altercation by saying they were “still friends”, but the problems have been ongoing all season. Both men have used the power boost in a race, despite it being banned – Rosberg used it in Bahrain when trying to overtake, while Hamilton did it in Spain to gain breathing space with Rosberg closing.
There have certainly been rivalries in previous years, but Prost and Senna’s was a hatred that ran long and deep; their two years at McLaren were marked by controversies on and off the track. However, a key difference in that rivalry was the fierce respect each driver had for McLaren Team Principal Ron Dennis, a stern presence on the pit-wall. At a race in Imola in 1989, Senna won after breaking an agreement the pair had struck not to overtake in the first braking zone, Prost threatened to leave the team but a furious Dennis resolved the dispute by taking Senna to one side and reducing the Brazilian star to tears.
| motoring |
Six wins out of six and already 141 points ahead of their nearest rivals in the Constructors’ Championship, the mood in the Mercedes pit-lane should not just be rosy, it should be in full bloom
Nico Rosberg Age: 28 Birthplace: Wiesbaden, Hesse, West Germany Races: 153 Championships: 0 Wins: 5 Podiums: 17 Pole positions: 6 Fastest laps: 7 First race: 2006 Bahrain Grand Prix Previous team: Williams
About the boy Rosberg is the son of 1982 F1 World Champion Keke Rosberg. He grew up, and now lives, in Monaco. He started karting at the age of 10 before winning the Formula BMW Championship in 2002. In 2005, he won the GP2 title with ART and joined Williams in 2006. Rosberg became the youngest ever driver to set the fastest lap at the age of 20, 258 days on his debut. He recorded two podium finishes in four years with the team before deciding to join Mercedes, where he won his first race at the 2012 Chinese Grand Prix. Rosberg has a net worth of around £16m.
Nico Rosberg by Jaggat Rashidi
No such figure seems to exist at Mercedes. Three-time World Champion Niki Lauda is part of the team, but it is unclear what power he actually wields. The Austrian has also ruffled feathers in the Mercedes camp with comments that stray from the official line. After Monaco, he said the team “can’t stop” the rivalry from brewing and it is likely he upset Rosberg by saying that Hamilton was “unbeatable” after winning in Spain. The tetchy Hamilton has now fallen out with every team-mate he’s had in F1 – he joined McLaren in 2007 behind double World Champion Fernando Alonso, but soon problems emerged between the two. There were a number of incidents
during the season and Alonso eventually terminated his contract, believing McLaren favoured the youngster. Hamilton mostly enjoyed a good relationship with Jenson Button, but then accused the driver of “disrespecting” him because Button unfollowed him on Twitter – an immature tirade anyway, as it turned out that Button had never followed him in the first place. How long can it last? Mercedes’ dominance has dictated all the headlines this year and the HamiltonRosberg feud has been the only spark in a dull 2014 season; Hamilton’s retirement in
the opening race was the only time they haven’t scored a one-two. Some have suggested that the rivalry is good news for Mercedes; it may increase the brand’s value among the media, fans and sponsors. However, it will surely only be good for them for as long as they are dominating. Working in an environment where the two most important assets are at each other’s throats might be manageable when the going is good. But when the other teams catch up, the Hamilton-Rosberg feud will prove too much to bear, as it did with Prost and Senna who lasted just two years together despite each winning a World Championship.
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green Zone Lean and green, the eco supercar has finally arrived, writes Matthew Carter
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| motoring |
Porsche 918 Spyder Surely Porsche’s 918 Spyder can lay claim to being the most beautiful car of the bunch, but it may also be the most versatile. Its plug-in petrol-electric powertrain unites a 608hp 4.6-litre V8 engine with two electric motors. The first delivers a maximum of 125bhp to the front wheels. The other gives 154bhp to the rear wheels. Together with that V8 engine, total output is 887hp. The official 0-62mph sprint time for this mid-engined targa in top-end Weissach spec is 2.6 seconds, though the car can do the same sprint using electric power only in 6.2 seconds. The top speed is 214mph. Porsche claims fuel consumption in the region of 94mpg and that its hybrid should be able to run in purely electric mode at speeds of up to 93mph for up to 15 miles. Emissions figures are similarly impressive with a tiny 70g/km of CO2. The technology of these new cars should trickle down to lesser vehicles over time. Which means they have the potential to change the automotive landscape for good. The new age of the supercar isn’t golden, it’s green. How long it lasts remains to be seen.
T
his year, there’s been a raft of hybrid sportscar introductions, which have both petrolheads and eco warriors – unusual bedfellows for sure – jabbering with delight. Surely this latest trend in supercar design is some kind of fantastical dream? It’s not, even though the term eco supercar ought to be an oxymoron. Most supercars are powered by thirsty V8 or V12 engines which drink fuel by the yard. Until now, sustainability has never been at the forefront of supercar development. Yet BMW, Ferrari, McLaren and Porsche have
each introduced a hybrid supercar. In actual fact, these cars are so super that the super prefix is no longer enough, instead hypercar is being used as the more appropriate moniker. Whichever, the message is quite clear: green cars can be exotically sexy too. Each of these cars may be different in how its hybrid technology is deployed, but each is capable of delivering astonishing levels of performance yet still be lowpolluting and fuel-efficient. All but the Ferrari can be powered by emission-free, electric power only.
Hybrid technology is not the most obvious choice for supercar deployment, as weight reduction is usually paramount. The lighter a car is, the quicker it can accelerate, stop and turn. Hybrid components – including motors, generators and batteries – add weight. Even though these components may enhance power and improve fuel economy, the additional weight means the car needs more energy just to move itself. Which is not a good place to start in supercar design. Yet the results are quite marvellous...
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| motoring |
Ferrari LaFerrari It’s fair to say that Ferrari took a quite different approach for its LaFerrari hybrid, the least ‘eco’ car on this list. Only 499 hybrid LaFerrari cars will be built and they’ve all been sold. Ferrari has used racetrack-developed hybrid technology to augment the car’s performance rather than focus on sustainability. This is a car that uses its hybrid system like a turbo charger rather than as a method of reducing CO2 emissions. The LaFerrari is a ‘mild’ rather than a full hybrid and it doesn’t have a fully electric mode. Instead, its hybrid system uses two motors. The first provides ancillary power and the other supplements 161bhp to the 789hp mid-mounted 6.3-litre V12. The petrol-electric powertrain thus delivers a whopping 950bhp to the rear wheels. The 0-62mph sprint can be despatched in less than 3.0 seconds. It costs around £1m.
McLaren P1 The McLaren F1 was the fastest production road car ever made and nobody would have predicted, even five years ago, that its modern-day successor would be a hybrid. With McLaren’s racing history, it’s unsurprising the P1 is constructed like an F1 car, with a carbon fibre exterior and (mostly) carbon fibre interior. The car is powered by a 3.8-litre twin-turbo V8 petrol engine, which produces 727bhp. This is supplemented by 176bhp low-weight electric motors, so the combined output is 903bhp. The P1 has a steering wheelmounted rocket boost button with the official name Instant Power Assist System (IPAS). Press this and all the electric motor’s energy will shove alongside that of the engine’s, ensuring the P1 can reach 62mph from standstill in less than 3.0 seconds. The top speed is an eye-watering 217mph. Pricing begins at £866,000 and only 375 will be made.
Porsche 918 Spyder
Ferrari La Ferrari
McLaren P1
Four-wheel drive, 4.6-litre V8, twin electric motors
Rear-wheel drive, 6.3-litre V12, electric motor
Rear-wheel drive, 3.8-litre twin-turbo V8, electric motor
Total power
887bhp
950bhp
903bhp
Top speed
214mph
More than 217mph
217mph
0-62mph
0-62mph: 2.6 seconds
Less than 3 seconds
2.8 seconds
1,640kg
1,250kg
1,450kg
£712,088
£1,150,000
£866,000
Weight Price
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LIFTING THE LID ON MOTORSPORT Break the mould in 2015 and swap the business suit for a race suit behind the wheel of your very own race car with the Ginetta Racing Drivers Club. With our inclusive tuition you will soon be going full throttle in our series, tackling some of the UK’s finest circuits.
From road to race track, call today to find out where Ginetta can take you. CALL 0113 385 4171 | EMAIL sales@ginetta.com | WEB ginetta.com ginettacars
ginettacars
In association with
Photography by Garry Fuller
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| motoring |
SNAKE BITE
Originally conceived 50 years ago, today’s updated Daytona Cobra Coupé still has the ability to shock, writes Matthew Carter
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T
he peace and quiet of this sleepy corner of West Sussex is about to be shattered. I ease myself into the functional – make that stark – cockpit of the beast and switch on the ignition… and then scrabble about for a few moments to find the starter control in amongst a bank of 11 identical toggle switches. Once located, I flick the switch and all hell breaks loose. The 6.2-litre V8 spits into life, clearing its throat via a pair of vast exhaust pipes that exit underneath the doors. The initial bark reduces to a low rumble as the engine warms up, but the local wildlife has already taken fright, birds scattering the second it fired up. And now it’s time to frighten a few fellow road users. I don’t mean to do that by ragging it around the local bends or driving too fast for the conditions. There’s no need – its looks alone are enough to intimidate everyone else on the road. This is not a car to drive if you want to remain below the radar. If it looks like a racecar that’s made a bid for freedom, that’s because it is. Sort of. It’s a Shelby Daytona Cobra Coupé, built in 2014 but closely based on an extremely rare Le Mans racer from the early 1960s. Fifty years ago, American racing legend Carroll Shelby had taken a lithe British sports car, the AC Ace, shoehorned a big Ford V8 engine under the bonnet and then fed it steroids to create the AC Cobra. The Cobra became a hugely successful GT racing car, but a far from aerodynamic shape and, especially, an open cockpit meant it was at a huge disadvantage at somewhere like Le Mans. At the end of the flat-out 3-mile long Mulsanne Straight it was 30mph down on cars like the closed Ferrari 250 GTO. The solution was to give the Cobra a roof. Created by young designer Peter Brock, the resulting Daytona Cobra Coupé featured wind cheating bodywork and an abrupt, aerodynamically efficient, Kamm tail that helped it to a top speed of more than 190mph. Named after the American Daytona 24 hour race, just six Cobra Coupés were made between 1964 and 1965. And they were pretty successful, winning their class at Le Mans and at other significant GT races as well as claiming the 1965 World GT title.
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The initial bark reduces to a low rumble as the engine warms up, but the local wildlife has already taken fright
Car Shelby Daytona Cobra Coupe Mk II Price From £120,000 Engine Front-mounted, 6,162cc, V8 petrol Power 425hp Performance 200+mph, 0-60mph in 3.9 secs Drive Rear-wheel drive, six-speed manual superformanceuk.com
Today, those cars are either in museums or private collections… And they are pretty valuable: one was sold at auction in 2009 for £4.3 million. You won’t often see them out on the road or racetrack in other words. Fast forward a few decades and the Hi-Tech Automotive Company decided to build a replica and even got Peter Brock to update the design. The result was the Superformance Brock Coupé… and it immediately won a writ from the famously litigious Carroll Shelby for copyright infringement, passing off and anything else he could think of. But while many makers of AC Cobra replicas have been forced to think again after getting a letter from Shelby’s legal team, the Superformance story has a happy ending. This time, though, Shelby had a close look at one of the South African-built cars before fully cranking up legal action. He was so impressed by its quality and the way Brock’s updates were in tune with the 21st century yet didn’t lose the raw appeal of the original, that he granted the company a licence to call them Shelbys… and they even have ‘proper’ CSX9000 series chassis numbers. At around this point, British businessman and successful championship winning ‘gentleman’ racer Nigel Hulme enters the story. A past owner of one of the most famous Cobras of all – known by its registration plate 39 PH – Hulme happened across the Superformance Daytona.
| motoring |
He fell in love with its looks and specification and quickly secured a deal to be the UK importer and representative for the car through his company Le Mans Coupes Ltd, which also imports replica Ford GT40s built by Hi-Tech. And this is what he’s selling. With prices starting at around £120,000, you are getting an extraordinarily rare beast that evokes the spirit of the original racer, but which is tamed for today’s crowded roads. But not tamed that much. Yes, it has creature comforts such as air conditioning, electric windows, a leather and alcantara interior and even a radio (plus sufficient sound deadening so that you can hear it), but to drive it remains a raw, visceral experience. His white demonstrator is the ‘baby’ of the range. Powered by a 6.2-litre V8 from General Motors (as used in the Chevrolet Corvette) it has 425hp. But those with deep pockets and big boll… er, confidence in their ability behind the wheel can opt for more powerful units, including a supercharged V8 delivering more than 650hp. The original Daytona borrowed its chassis from the Cobra which was considered old fashioned even then. The update has fully independent suspension front and rear with coil springing rather than the cart springs of the original. The chassis has been stiffened for improved handling with revised geometry to permit the fitment of traditional and better looking deep-dish wheels. It is also a little longer and taller than the original to provide more interior space, while there’s a little more side glass for improved visibility. It’s also surprisingly practical, with a large boot nestling behind that huge rear window. On the road, though, it’s not about practicality. Yes, you can trickle happily through traffic, but what you really need are the open road, quick reactions, a strong left leg to operate the competition clutch and an equally positive grip on the curiously angled gear lever. Not that you need to change gear too often, such is the engine’s pulling power… put it this way, jam your foot down as you join the top of a slip road and you’ll be breaking the law long before you hit the motorway itself. Quick? Oh yes… how does a sub 4 second time for the 0-60mph sprint and more than 200mph max sound? Naturally, the noise is just glorious. Want to know more about its fuel consumption or exhaust emissions? Sorry, you’re reading the wrong road test. With neither traction aids nor even ABS, and not to mention an excess of power over grip, the Daytona Coupé needs to be handled with respect. But that just adds to the fun. But its best trick is undoubtedly the way it turns heads. So rare is the original that only a handful of people will know what it is you’re driving… but those who don’t will know the Daytona is something very special indeed.
The Shelby Daytona is not the only GT racer from the past to reappear in updated form. Here are two more…
LISTER JAGUAR ‘KNOBBLY’
Back in the 1950s, the Lister Jaguar Knobbly, so named for its curvaceous bodywork and Jaguar D-type engine, was regarded as one of the greatest sports racing cars of its era. It won at almost every circuit in Britain and was virtually unbeatable overseas and in the USA. It continued to keep the Jaguar name at the forefront of sports car racing long after the Jaguar D-type had become obsolete. And now it’s back. To celebrate the company’s 60th anniversary, ten new Knobblys are to be built. Using the original drawings and manufacturing jigs, the cars will be built to 1958 specification with a choice of two raceprepared engines: straight-six 3.8-litre Jaguar, or 4.6-litre Chevrolet V8. Although built to meet current FIA historic racing regulations, the Knobbly can be fully road legal if required. It’s yours for £249,000 plus tax (listercars.com).
FORD GT
Produced as a short run (4,038 built) road-going model to celebrate Ford’s centenary, the mid-engined Ford GT was an updated road going version of its greatest ever sports racer, the 1960’s Le Mans winning GT40. Powered by a 5.4-litre supercharged V8, the GT was slighter taller, wider and longer than the original and had its top speed electronically limited to a mere 205mph. The GT was exceptionally comfortable and despite the power on offer, comparatively easy to drive… provided you remembered not to take it anywhere near a road with a width restriction. Only 101 were officially imported to Europe with 28 of those coming to the UK. Sales started in the US in 2004 with Europe’s first examples arriving in 2005 and the final cars were built at the end of 2006. It cost around £120,000 new but you’ll need at least £150,000 to pick up a good example today.
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Istanbul T H E C I T Y T R AV E L L E R
Vast, sprawling and ancient, the allure of this intoxicating city has charmed travellers for centuries WORDS: Sarah Gilbert
I
sipped on a Cosmopolitan and looked out across the skyline of minarets and skyscrapers, as lounge music competed with the muezzin from a nearby mosque. From Mikla’s roof terrace, I had a dazzling view over Istanbul, while the creative menu reflected chef Mehmet Gürs’ TurkishScandinavian roots. I feasted on pistachiocrusted lamb, only distracted from my plate by the show-stopping panorama. Istanbul has been attracting visitors for centuries. The only city to span two continents, it’s long been a beguiling mix of ancient Eastern tradition and European style and sophistication, the ancient and the modern. Now its time-honoured attractions are being complemented by celebrity chefs, cocktail lounges and opulent nightclubs. I couldn’t miss atmospheric Sultanahmet, the historic heart of old Istanbul and the showcase of its Ottoman and Byzantine roots. Some of the city’s most iconic sights are here and I explored ancient royal palaces, mosques and churches, and the crowded, chaotic alleyways that make up the Grand Bazaar. Built in 1461, it’s probably the world’s oldest shopping mall and a sensory overload of sights, sounds and smells, where everything from fragrant spices to leather bags, slippers to carpets, jostle for space in open-fronted emporiums. The perfect antidote to a hard day’s sightseeing was a visit to a hamam, or Turkish bath. One of the most beautifully restored is the 16th-century Ayasofya Hürrem Sultan Hamami, between Hagia Sophia and the Blue Mosque. I lay on a heated marble slab surrounded by plumes of steam, before being scrubbed, soaped and massaged into a state of utter relaxation. But to discover new Istanbul, I had to cross the Galata Bridge to Beyoglu. The area stretching between Taksim Square and Tünel was once called Pera meaning ‘opposite shore’, and nicknamed
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‘Little Europe’ after the many embassies that were housed in its extravagant 19th-century buildings. I joined the throng strolling along Istiklal Avenue, a vibrant thoroughfare where a Whirling Dervish monastery might sit next to a contemporary art gallery and the city’s oldest wine bars vie with sleek lounges. I indulged in afternoon tea in the opulent Kubbeli Saloon at the Pera Palace Hotel. Underneath the magnificent domed ceiling, a table groaned with tempting cakes from the hotel’s own patisserie. Built to house the first passengers from the Orient Express, I could imagine Greta Garbo lounging on a brocade chaise longue, Agatha Christie plotting murder over a cucumber sandwich and Ernest Hemingway downing whisky in the Orient Bar. Opposite, the small and convivial Meze by Lemon Tree serves up made-for-sharing meze with a contemporary twist. As I tucked in to sublime hibesh from Eastern Turkey and innovative pickled yellow cherries, I had to remember to leave room for hot meze, such as monkfish stew with red-wine gravy and feta cheese and larger plates, including grilled sea bass. The following evening was balmy and I dined al fresco at Münferit. Trendy Turkish designers, Autoban have given it a vintage
ABOVE Bosphorus Bridge TOP RIGHT The historical centre of Istanbul
| travel |
The only city to span two continents, it’s long been a beguiling mix of ancient Eastern tradition and European style and sophistication
LEFT Al fresco dining at Reina; Traditional turkish tea; Interior of the Hagia Sophia Š Mikhail Markovskiy
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| travel | aesthetic, with marble-top tables, smokedglass mirrors and wood panelling but this meyhane, or tavern, is thoroughly modern. I tasted dishes such as white cheese baked with porcini mushrooms and truffle oil and squid ink couscous topped with sprigs of grilled calamari, and washed them down with some thrice-distilled Beylerbeyi Raki, Turkey’s potent anise-flavoured spirit. Karaköy is the city’s up-and-coming neighbourhood – a mix of magnificent buildings and cutting-edge galleries, where funky new bars and eateries seem to open every week. I hopped between Colonie, a bistro-style restaurant that fills with cocktail-loving crowds at weekends and newly opened hipster haven, Gaspar, a combination of lounge, bar, restaurant and club. But when the heat rises, Istanbul’s party people opt to dance under the stars at the Bosphorus super-clubs. I headed to Reina, whose bars and dance floors can accommodate over 2,500 people, there to see and be seen, and restaurants serve everything from Italian to Japanese, Mediterranean to traditional Turkish fare. Its stunning waterfront location meant that the view was just as glittering as the crowd and I grabbed a cocktail and gazed across to the twinkling lights of Asia. Brimming with history, atmosphere and romance, and forever on the move, Istanbul really does have it all.
16th-century hammam, Ayasofya Hurrem Sultan Hamami
When the heat rises, Istanbul’s party people opt to dance under the stars at the Bosphorus super-clubs Ayasofya Hurrem Sultan Hamami
Gaspar
• Hotel The author stayed at Four Seasons Bosphorus (fourseasons.com/bosphorus) • Restaurants and bars Mikla (miklarestaurant.com) Meze by Lemon Tree (mezze.com.tr) Münferit (munferit.com.tr) Gaspar (+90 212 293 6660) Colonie (colonie.com.tr) • Clubs Reina (reina.com.tr) Anjelique (anjelique.com.tr) • hammam Ayasofya Hürrem Sultan Hamami (ayasofyahamami.com) • Tour Locally Istanbul tailor-make half- and full-day tours focussed on your interests (locallyistanbul.com)
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Words: TIFFANY EASTLAND
D E S E R T
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| travel |
R O S E
This month we discover a wellhidden gem in the Four Corners region of the United States
I
magine this, you’re amidst the starkly beautiful scenery of Utah’s canyon country, all that surrounds you are deep canyons, towering plateaus and a vast desert landscape. You’re not lost and you’re not stranded, but if you were it wouldn’t be a bad thing – after all, you’re one of the few lucky guests staying at the exclusive Amangiri resort. Spread over 600 acres in Canyon Point, Southern Utah, Amangiri (which means peaceful mountain) is arguably the most incredible resort in the growing Aman Resorts’ portfolio. Tucked into a protected valley, this incredible property boasts sweeping views towards the Grand Staircase – the Escalante National Monument. You might feel as though you’re miles from civilisation, but we assure you that Amangiri is every bit civilised. Accessed via a winding road that descends into the valley, this luxurious resort has been designed to blend into its dramatic surrounds. Built around the main swimming pool, the central pavilion houses the living room, gallery, library, dining rooms and cellar.
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All that surrounds you are deep canyons, towering plateaus and a vast desert landscape. You’re not lost and you’re not stranded, but if you were it wouldn’t be a bad thing - after all, you’re one of the few lucky guests staying at the exclusive Amangiri resort
Leading off the main pavilion and into the desert are two accommodation wings. The Desert Wing is made up of 16 suites, while the Mesa Wing is home to the Aman Spa and another 18 suites. Each beautifullyappointed suite is entered via a private courtyard, making the very most of the uninterrupted views. The suites feature a combined living area and bedroom, a dressing room and a sitting area with concertina glass doors that open to an incredible desert lounge area. For those looking for some serious rest and relaxation during their stay, a visit to the Aman Spa is a definite must. The Water Pavilion is complete with a steam room, dry sauna and a cold plunge pool, while the Flotation Pavilion offers guests a range of colour therapy-enhanced flotation treatments. The spa offers its services in a number of unique venues including two outdoor treatment terraces with breathtaking views of the mesas [tablelands]. If you can take or leave a full body massage, but fancy yourself as a bit of a foodie, you can rest assured that your appetite will be satisfied, if not delighted by the locally-sourced, seasonal produce. Open for breakfast, lunch and dinner, the Dining Room features an open kitchen and wood-fired oven, creating unique flavours and a rustic authenticity to Amangiri’s cuisine. Sounds like a hard life, right? We guarantee that the hardest thing you’ll have to do at Amangiri is leave. We told you there are worse things than being stranded there. amanresorts.com
EXPERIENCE There’s something about this incredibly beautiful and remote setting that brings out a spiritual side in the unlikeliest of individuals. So if there were ever a time to take up yoga, this would probably be it. Amangiri guests are offered the opportunity to take part in complimentary group yoga classes offered throughout the week, along with private sessions tailored to their specific preferences. Some of the programs on offer include restorative yoga, full moon yoga, which takes place beneath the stars, prenatal yoga, heart chakra yoga and outdoor yoga, involving Native American beauty blessings interwoven with Chi Gong and Sun Salutations. For those more concerned with toning and targeting fitness, Aman Pilates offers a comprehensive approach that involves an in-depth postural assessment. Whether you’re a desk-bound CEO or an Olympic athlete, Aman Pilates caters for all levels of fitness, offering guests informed and tailored advice.
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Let us design your home. All we need is a canvas. Lewis & Co was established with a simple concept in mind... to provide modern design with style and class. Our Interior Design Studio is a full-service firm that creates elegant and modern interior spaces for residential clients. Our Marylebone Shop carries an eclectic blend of furnishings to augment any home.
interior design • Interior Architecture • Bespoke Furniture • shop 0207 487 5961 Lewis & Co • 54 Paddington Street • London W1U 4HU www.lewisandcompany.co.uk
| homes & property |
LONDON HOMES &
PROPERTY Covering THE CITY, Wapping, Shad Thames, Shoreditch & Islington
Living
Large
Premium new developments to call home
Image courtesy of MPD London mpdlondon.co.uk
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SALES TOM BILL, head of London Residential Research at Knight Frank, comments on the trends in the residential sales market
Home prices in Canary Wharf grew at the fastest rate in London in the year to April, Knight Frank data shows Values jumped 16.2 per cent, which was higher than the 7.5 per cent average recorded in prime central London, an area that includes Mayfair, Knightsbridge and Belgravia. It was also higher than the prime outer London average of 12.1 per cent and a marked increase on the previous year’s growth of 2.3 per cent in Canary Wharf. In addition to Canary Wharf, Knight Frank’s prime outer London offices include Hampstead, Wapping, Battersea and Richmond. Such strong growth is built on the improving UK economy and the fact that banks and companies in sectors like oil and gas and mining are recruiting again. The other effect at play is the return of the ripple effect in London, with house price growth spreading outwards from the economic epicentre of central London, as it did in previous UK housing cycles. Prime central London property prices rose strongly between 2009 and 2012 as the area gained a reputation as a safe investment during the financial crisis, in particular among overseas investors. That wave of capital didn’t go far beyond Westminster and Kensington and Chelsea, and annual growth in prime outer London stayed in the low single-digits. The dam burst last year as signs of life returned to the UK economy and growth spread to the rest of London and the UK. Two other factors underpin longer-term growth in Canary Wharf. One is the arrival of Crossrail and the other is the development of Wood Wharf. The former will dramatically improve connectivity and the latter will accelerate the area’s transformation into a mixed-use London neighbourhood. Canary Wharf is also popular with buy-tolet investors, who can achieve a rental yield of between four per cent and five per cent, a favourable return compared to other parts of London. Loosening corporate purse strings meant rental values in Canary Wharf grew 2.6 per cent in the year to April. When you add rental income to price growth you get a total annual return of about 20 per cent, a figure you will struggle to match in any other residential market in London. Knight Frank Canary Wharf 020 7512 9966, knightfrank.co.uk/canary-wharf
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ABCDCS: David Collins Studio, £50, Waterstones, waterstones.com
A Treasured Tome ABCDCS is a stunning portfolio of the vision and work of much-loved architect, David Collins and his eponymous studio. This bold showcase reveals what inspired and influenced the legendary architect in a visual A to Z of his fascinating journey. The book features a foreword by Madonna and offers an exclusive insight into the vision of Collins. His studio was established in 1985 and has since redefined how we live. From restaurants to residences and retail spaces, David Collins Studio is responsible for some of the most beautiful spaces, not just in London but all corners of the globe. assouline.com
Capital gains
over the last 12 months, londoners have bought a record 44,000 homes outside of the capital
– the highest volume
since 2007 Research by Hamptons International
| homes & property |
Block Party
Homemaker As house prices continue to rise, many property owners are opting to improve rather than move and My Bespoke Room is the new interior design service providing the tools to do so. Offering a completely fresh new approach, founders Diana Greenhalgh and Laura Simpson boast over 18 years of combined experience. Personalised and easy-to-use, this online service provides guidance, no matter the budget or brief. Customers simply complete a questionnaire online and the team at My Bespoke Room create a mood board and virtual shopping list that’s emailed straight to you. mybespokeroom.com
Meet & Greet In May, SiniPro partnered with Savills and Charles Cameron & Associates to hold an educational seminar concerning property investment. The event’s host SiniPro (a networking group for young Chinese finance professionals) held the event in the stately Marriott Hotel Ballroom. Savills and Charles Cameron & Associates spoke on topics which included financing property investments, and were involved in a Q&A session and networking event. sinipro.com
Locals to Limehouse, or anyone looking for a great opportunity to suss out the area, should head to the Limehouse Festival sponsored by Hurford Salvi Carr and London Link. The festival is celebrating the Tour de France’s path through East London and the Limehouse Link on Monday 7 July. Free to visit, the kids will be more than entertained by the bouncy castle, petting zoo and arts and crafts. For the adults, there will be live music and people-watching as you try and spot Limehouse local Sir Ian McKellen who will be in attendance. le Tour de Limehouse Festival, Sunday 6 July 12–5pm, Ropemakers Fields, Narrow Street
LETTINGS VANESSA EVETT-BEESLEY,
partner, head of department and office head at Knight Frank Canary Wharf
Rental values in prime central London are climbing and the signs indicate growth will continue Rents in prime central London rose for the third consecutive month in May as growth took hold in the lettings market after a two and-a-half year decline. The change over a six-month period was positive for the first time since January 2012 and rental values climbed back to the level recorded at the start of 2011, about nine months before the last peak. Rental values grew 0.2 per cent in May, which meant the annual decline narrowed to 1.4 per cent, the lowest figure since July 2012. Despite the growth, a full-blown upswing is not yet underway and half of Knight Frank’s prime central London offices reported an increase, while the other half reported that rents were flat or falling in May, however the signs are encouraging. The first is that the number of new lettings registrations in the first four months of 2014 is 17 per cent higher than the equivalent period last year and 48 per cent higher than 2012. Demand is coming from a range of industries, including oil and gas, IT and mining, sectors that have all experienced relatively strong performance in the last six months. The recovery in the banking sector, which has traditionally been a strong source of demand, is still tentative. The second positive sign is that demand appears to be softening in the sales market, with applicant registrations in May 2014 about a third down on the same month last year. A prolonged period of strong growth combined with growing talk of a price correction means buyers have become sensitive to high prices in prime central London, which mirrors a trend in the mainstream market. As the sales market pauses for breath, it is starting to benefit the lettings market and several high-value deals have been struck in recent weeks. In previous cycles this has translated into more buyers deciding to rent and more vendors becoming landlords, though there is no evidence of this trend just yet. A further boost to the lettings market will come in the summer with the seasonal inflow of students before the start of the next academic year. *Taken from Knight Frank’s Prime Central London Rental Index-May 2014 Knight Frank Canary Wharf 020 7512 9966, knightfrank.co.uk/canary-wharf
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KnightFrank.co.uk Mercury Court, Isle of Dogs E14
Two bedroom penthouse Contemporary two bedroom penthouse with fantastic private terrace and river views. 2 bedrooms, 2 bathrooms, reception room, kitchen, terrace, concierge, private parking. EPC rating D. Approximately 173 sq m ﴾1,868 sq ft﴿ Leasehold Guide Price: £1,325,000
KnightFrank.co.uk/canarywharf cwharf@knightfrank.com 020 3641 6112 ﴾CNW140008﴿
Hutchings Wharf, Westferry Road
Three bedroom apartment Three bedroom duplex penthouse with stunning views of the River Thames and City skyline. 3 bedrooms, 2 bathrooms, reception room, kitchen, balcony, concierge, parking. EPC rating C. Approximately 133 sq m ﴾1,431 sq ft﴿ Leasehold Guide Price: £1,100,000
KnightFrank.co.uk/canarywharf cwharf@knightfrank.com 020 3641 6112 ﴾CNW140116﴿
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KnightFrank.co.uk New Crane Wharf, Wapping E1W Spectacular river views
Huge flat in superb order with river views on the second floor of a listed warehouse conversion. 3 bedrooms, 2 bathrooms, reception room, kitchen, porter and parking space. Approximately 206 sq m ﴾2,217 sq ft﴿ Share of freehold Guide price: £1,595,000
KnightFrank.co.uk/wapping wapping@knightfrank.com 020 8166 5372 ﴾WAP140001﴿
Pierhead Wharf, Wapping E1W Peaceful penthouse
Beautiful and contemporary penthouse at the westerly end of Pierhead Wharf. 2 bedrooms, 2 bathrooms, open plan kitchen and reception room, large wraparound terrace, porter and parking space. EPC rating D. Approximately 133 sq m ﴾1,439 sq ft﴿ Leasehold ﴾981 years﴿ Guide price: £1,350,000
KnightFrank.co.uk/wapping wapping@knightfrank.com 020 8166 5372 ﴾WAP110048﴿
City Magazine July 14 SALES New Crane Pierhead Wharf
19/06/2014 17:00:39
KnightFrank.co.uk 21 Wapping Lane, Wapping E1W Luxury studio apartment
Modern 3rd floor studio suite in part of the 21 Wapping Lane development in Wapping. Bedroom and dining area, open plan kitchen and reception area, bathroom, private balcony, and concierge. EPC rating C. Approximately 31 sq m ﴾336 sq ft﴿ Available furnished Guide price: £300 per week
Wapping Lettings KnightFrank.co.uk/lettings wappinglettings@knightfrank.com 020 8166 5366 ﴾WAQ171147﴿
Altitude Point, Aldgate E1
Spectacular City views Brand new 16th floor apartment in the recently completed Altitude development in Aldgate. 2 bedrooms, 2 bathrooms ﴾1 en suite﴿ open plan kitchen and reception room, private balcony and 24 hour concierge. EPC rating B. Approximately 75 sq m ﴾800 sq ft﴿ Available furnished Guide price: £685 per week
Wapping Lettings KnightFrank.co.uk/lettings wappinglettings@knightfrank.com 020 8166 5366 ﴾WAQ198941﴿
All potential tenants should be advised that, as well as rent, an administration fee of £276 will apply when renting a property. Please ask us for more information about other fees that may apply or visit KnightFrank.co.uk/tenantcharges
City Magazine LHP July 2014 21waplane Altitude
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KnightFrank.co.uk Free Trade Wharf, Wapping E1W Spectacular river views
Stylish first floor riverside flat on the edge of Wapping and Limehouse. 1 bedroom, 1 bathroom, reception room, kitchen, large private terrace, porter and parking space. EPC rating D. Approximately 56 sq m ﴾598 sq ft﴿ Available furnished Guide price: £425 per week
Wapping Lettings KnightFrank.co.uk/lettings wappinglettings@knightfrank.com 020 8166 5366 ﴾WAQ176697﴿
The Heron, City of London EC2Y Lifestyle development
Immaculately presented flat in the City. 1 bedroom, 1 bathroom, open plan kitchen and reception area, 24 hour concierge, private club, screening room and roof garden. EPC rating C. Approximately 52 sq m ﴾564 sq ft﴿ Available furnished Guide price: £725 per week
Wapping Lettings KnightFrank.co.uk/lettings wappinglettings@knightfrank.com 020 8166 5366 ﴾WAQ186644﴿
All potential tenants should be advised that, as well as rent, an administration fee of £276 will apply when renting a property. Please ask us for more information about other fees that may apply or visit KnightFrank.co.uk/tenantcharges
City Magazine July 14 Free Trade Heron
18/06/2014 15:32:02
KnightFrank.co.uk
Overstrand Mansions, Battersea Park SW11 Newly decorated flat on Price of Wales Drive
A stunning flat designed and finished to exacting standards on Battersea Park’s finest road. Facing the beautiful, manicured gardens of the park, with views towards Chelsea. 2 bedrooms, reception room, bathroom, eat in kitchen, park facing, completely renovated, porter. EPC rating E. Approximately 78 sq m (850 sq ft) Share of Freehold Guide price: £1,100,000 (RVR341489)
KnightFrank.co.uk/battersea battersea@knightfrank.com 020 3597 7670
KnightFrank.co.uk
Clapham Common West Side, SW4 Wonderful green views
A family house on a private cul-de-sac with far reaching views across Clapham Common, off street parking and a south west facing garden. 6 bedrooms, 4 bathrooms (2 en suite), 3 reception rooms, kitchen/dining/family room, utility room, upstairs/downstairs cloakroom, off street parking, southwest facing garden. EPC rating D. Approximately 329 sq m (3,541 sq ft) Freehold Guide price: ÂŁ3,350,000 (WND120229)
KnightFrank.co.uk/wandsworth wandsworth@knightfrank.com 020 7768 0993
Beyond your expectations www.hamptons.co.uk
Madison Apartments, SE1 £650,000 Leasehold
Thrale Street, SE1 £1,250,000 Freehold
A one bedroom first floor apt with study/second bedroom. EPC: C
A freehold, three bedroom house in an outstanding location. EPC: E
Cardamom Building, SE1 £1,495,000 Leasehold
East India Court, SE16 £438,000 Leasehold
A beautifully presented 1,375 sq ft two bed apartment. EPC: C
An 828 sq ft one bedroom, one bathrom apartment. EPC: C
Shearwater Court, E1W £1,500,000 Leasehold
River View Heights, SE16 £575,000 Share of Freehold
A two bedroom apartment overlooking St Katharine Docks. EPC: C
One bedroom apartment with a South Facing aspect and parking. EPC: C
Hamptons Tower Bridge Office Sales. 020 7717 5489 | Lettings. 020 7717 5491
Hooper Street, E1 £699,950 Leasehold
Poppins Court, EC4A £795,000 Freehold
EPC: D
A beautifully presented two bedroom apartment just off Fleet Street. EPC: F
Commercial Street, E1 £525,000 Leasehold
Queen Street, EC4N £650,000 Leasehold
A stunning two bedroom maisonette with terrace and parking.
A brand new one bedroom apartment with superb westerly City views. EPC: B
A superb and spacious one bedroom City flat in the Square Mile. EPC: B
City Wall House, EC2M £700,000 Leasehold
The Heron, EC2Y £625,000 Leasehold
A smart two bedroom flat in the square mile. EPC: C
A stunning west-facing Galley Suite with balcony in The Heron. EPC: C
Hamptons City Office Sales. 020 7717 5435 | Lettings. 020 7717 5437
Beyond your expectations www.hamptons.co.uk
Floating Apartment, E1W £995 per week (charges apply*)
Parker Building, SE16 £575 per week (charges apply*)
A brand new custom built one bedroom “floating apartment” located in the prestigious St Katharine Docks.
Modern two bedroom apartment situated in this brand new development, just moments from Bermondsey station. EPC: B
Meridian Court, SE16 £395 per week (charges apply*)
Lloyds Wharf, SE1 £695 per week (charges apply*)
Well presented one bedroom apartment with contemporary open plan kitchen to living/dining room with feature windows. EPC: D
Superb spacious two bedroom duplex apartment boasting original wood floors, exposed beams and shared terrace. EPC: D
Millennium Square, SE1 £475 per week (charges apply*)
Tea Trade Wharf, SE1 £495 per week (charges apply*)
Spacious two bed apartment boasting large reception room with wood floors, private balcony and separate kitchen. EPC: D
Stunning one bedroom apartment with balcony set within a prestigious development in Shad Thames. EPC: B
Hamptons Tower Bridge Office Lettings. 020 7717 5491 | Sales. 020 7717 5489
*Tenant Charges Tenants should note that as well as rent, an administration charge of £216 (Inc. VAT) per property and a referencing charge of £54 (Inc. VAT) per person will apply when renting a property. Please ask us for more information about other fees that may apply or visit www.hamptons.co.uk/rent/tenant-charges
Trig Lane EC4 £575 per week (charges apply*)
Leyden Street, E £435 per week (charges apply*)
A high specification one bedroom apartment with large balcony directly overlooking the river. EPC: C
A large one bedroom apartment moments from the vibrant Spitalfields market. EPC: E
Bridgewater Square, EC2 £495 per week (charges apply*)
Leman Street, E1 £700 per week (charges apply*)
Newly refurbished two double bedroom apartment moments from Barbican station. EPC: B
Stunning two bedroom penthouse apartment perfectly located on the edge of the City of London. EPC: D
Aldersgate Street, EC1 £425 per week (charges apply*)
Bishops Square, E1 £675 per week (charges apply*)
One bedroom apartment located moments from Barbican tube and St Paul’s Cathedral. EPC: C
Two double bedroom apartment located in the heart of Spitalfields and nearby Shoreditch. EPC: D
Hamptons City Office Lettings. 020 7717 5437 | Sales. 020 7717 5435
Beyond your expectations www.hamptons.co.uk
Lenthall Road, E8 This beautiful mid-terrace Victorian home is arranged over three floors and has been recently refurbished in an exceptional standard by the current owners. This family home offers wonderfully bright accommodation comprising a stunning open plan kitchen/dining room with direct access to a south facing garden. Additionally, there is a basement room which could be used as a utility room and a garden studio equipped with a WC. Lenthall Road is in one of London Fields most sought after turnings. EPC: E
Hamptons Tower Bridge Office Lettings. 020 7717 5491 | Sales. 020 7717 5489
£1,895,000 • • • • • •
Superb family home Double reception room Open plan kitchen/dining room Five bedrooms 79 ft south facing garden Garden studio room
A STUNNING COLLECTION OF TOWNHOUSES LAUNCHING THIS SUMMER
AN EXCLUSIVE COLLECTION OF 5 BEDROOM TOWNHOUSES SET AROUND A BEAUTIFUL TREE-LINED COURTYARD IN THE HEART OF N5 • • • • •
Private gated development Underground car parking Walk in wardrobe Landscaped garden Concierge
FINAL RELEASE PRICES FROM £2.35M
BOOK AN APPOINTMENT TO OUR EXCLUSIVE GARDEN PARTY LAUNCH
0203 667 5576 MULBERRYMEWSISLINGTON.COM
1 2
savills.co.uk
CHIMNEY COURT, e1w
FENCHURCH HOUSE, e14
Reception room ø kitchen ø 2 bedrooms ø 2 bathrooms ø utility room ø patio ø concierge ø underground parking ø 119 sq m (1,286 sq ft) ø EPC=D
Reception room ø kitchen ø 3 bedrooms ø bathroom ø shower room ø terrace ø 133 sq m (1,430 sq ft) ø EPC=C
Guide £935,000 Share of Freehold
Guide £1.65 million Leasehold
Savills Wapping nefthymiou@savills.com 020 7456 6800
Savills Wapping nefthymiou@savills.com 020 7456 6800
WILKES STREET, e1
RIVER COURT, se1
First floor drawing room ø kitchen ø 3 bedrooms (all en suite) ø guest w.c ø roof terrace ø 253 sq m (2,732 sq ft) ø EPC=E
Open plan kitchen/living/dining room ø 2nd kitchen ø 3 bedrooms ø 2 bathrooms ø guest w.c ø underground parking space ø 24hr concierge ø far reaching river and city views ø 297 sq m (3,197 sq ft) ø EPC=D
Guide £3.25 million Freehold
Guide £5.75 million Leasehold
Savills Wapping nefthymiou@savills.com 020 7456 6800
Savills Wapping nefthymiou@savills.com 020 7456 6800
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savills.co.uk
RIVER COURT, se1
PAN PENINSULA, e14
Open plan kitchen/living/dining room ø 2nd kitchen ø 3 bedrooms ø 2 bathrooms ø guest w.c ø underground parking space ø 24hr concierge ø far reaching river and city views ø 297 sq m (3,197 sq ft) ø EPC=D
3 reception rooms ø kitchen ø 4 bedrooms ø 5 bathrooms ø 2 parking spaces ø 24hr concierge ø views of city and River Thames ø Six Senses holistic spa ø private cinema ø 360 sq m (3,876 sq ft) ø EPC=C
Guide £5.75 million Leasehold
Guide £4 million Leasehold
Savills Wapping fmoynihan@savills.com 020 8877 4823
Savills Canary Wharf fmoynihan@savills.com 020 8877 4823
MANDEL HOUSE, sw18
BRIDGE HOUSE, sw8
Open plan kitchen/reception room ø 2 double bedrooms ø 2 bathrooms ø 2 balconies ø allocated parking space ø 24hr security and concierge ø direct river views ø residents private gym and pool ø 115 sq m (1,242 sq ft) ø EPC=C
Reception room ø separate kitchen ø master bedroom with en suite ø 2nd bedroom ø guest bathroom ø balcony ø 24hr security and concierge ø river and Westminster views ø 86 sq m (926 sq ft) ø EPC=C
Guide £1.375 million Leasehold
Guide £1.25 million Leasehold
Savills Wandsworth pctrench@savills.com 020 8877 4823
Savills Battersea pctrench@savills.com 020 8877 4823
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savills.co.uk
LETTINGS LAYOUT ONLY
THREE QUAYS, ec3r
MERIDIAN POINT, se8
2 bedrooms (1 en suite) ø further bathroom ø reception room ø balcony ø 24hr concierge ø on-site gym facilities ø Council Tax=TBC ø EPC=C
3 bedrooms (1 en suite) ø further bathroom ø reception room ø private terrace with view over Canary Wharf ø communal roof terrace ø Council Tax=C ø EPC=C
Furnished £903 per week
Furnished £695 per week
+ £276 inc VAT one-off admin fee and other charges may apply* Savills Wapping brodgers@savills.com 020 7456 6824
+ £276 inc VAT one-off admin fee and other charges may apply* Savills Canary Wharf ibates@savills.com 020 7531 2522
NEW PROVIDENCE WHARF, e14
NEW CRANE WHARF, e1w
2 bedrooms ø 2 bathrooms ø reception room ø private balcony ø valet parking space ø residents gym and pool ø communal gardens ø Council Tax=F ø EPC=B
2 bedrooms ø bathroom ø reception room ø allocated parking ø 24hr porterage ø Council Tax=F ø EPC=C
Furnished £525 per week
Unfurnished £475 per week
+ £276 inc VAT one-off admin fee and other charges may apply* Savills Canary Wharf lbrunning@savills.com 0207 531 2523
+ £276 inc VAT one-off admin fee and other charges may apply* Savills Wapping djtaylor@savills.com 020 7456 6826
3 4
*£36 inc VAT for each additional tenant/occupant/guarantor reference where required. Inventory check out fee – charged at the end of or early termination of the tenancy and the amount is dependent on the property size and whether furnished/unfurnished. For more details, visit www.savills.co.uk/fees.
| homes & property |
INVESTMENTS
How has the Mortgage Market Review (mmr) affected first time buyers? Diana Alam, Head of Development Sales & City office at JLL
A
s we are fully aware, due to favourable lending terms the housing market has been on an increase for some time. To enhance the market, the government introduced the Mortgage Market Review (MMR) in April 2014, assisting lenders in providing further clarification for their clients: the buyers. In reality we have seen a huge increase in paperwork for the buyer and lender and slower progression with survey/mortgage offers. This is likely to continue with the market we are in. We are also noticing slight down valuations since MMR came into force and whether this is just coincidence, time will tell. Regardless of this, it has to be said that the MMR is necessary when making sure a buyer has sufficient funds to buy a property and can continue payment once we have a rate increase, which is inevitable in the future.
And what do you think of the rise in open houses being used a selling tool? As a buyer in the market myself I cannot remember the last time I saw a property with enough time to properly look round it, however, I do not believe open houses are a selling tool. As long as a property is marketed at the right price, demand will be there. The fact is that agents do not have the capacity to show each individual around separately due to sheer demand. In this market an open house strategy will make sure the agent achieves the best possible price for their client. In my opinion, open houses will only exist in a buoyant market. JLL 020 7337 4004 residential.joneslanglasalle.co.uk
THE CITY MAGAZINE | July 2014
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RESIDENTIAL
THE ESTATE AGENCY THAT GOES BEYOND
At JLL, we believe in getting a job done. And we believe in doing it well. That’s why we’re committed to providing an exceptional level of service as well as premium marketing throughout the sale of your property and beyond. Our experienced teams take the time to understand your needs and concerns, offering tailored services and advice at every stage.
T: +44 (0)207 337 4000 jll.co.uk/residential
10/04/2014 16:18
Sales
The Heron Panoramic Collection, EC2
Prices from ÂŁ3,750,000
Rising above the square mile, offering spectacular views and an unsurpassed location, the Panoramic Collection are 2 and 3 bedroom residences without compromise. Created with a singular intention; to be the finest residences in the City of London. Each of the residences is an example of the finest in luxury living. The large, open living areas of each residence are equally suited to relaxing or entertaining guests, while spectacular dual aspect views are offered by the floor to ceiling windows, with the City of London a constant vibrant, moving backdrop. Designer, Boffi kitchens are equipped to the very highest standard throughout and expansive private balconies provide a natural extension to the living space. The Panoramic Collection benefit from the exceptional amenities on offer at The Heron, including a concierge service, a private club, a beautiful landscaped garden terrace, cinema and gym.
16-17 Royal Exchange, London, EC3V 3LL
royalsales@eu.jll.com
Lettings
020 7337 4000 joneslanglasalle.co.uk
Tenant agency fees: £240 inc VAT administration fee per property, £48 inc VAT referencing fee per Tenant/Guarantor
The Heron, EC2
Prices from £450 Per Week
We currently have a selection of studios and 1 bedroom apartments available for rent within the prestigious new development, The Heron. All properties are of a high specification and feature comfort cooling, iPod docking system, ceiling speakers and a central control panel. All properties are available on a furnished basis. This luxurious development is located in the City of London, within easy reach of stations such as Bank, Moorgate, Barbican, Old Street, Liverpool Street and Farringdon. The Heron benefits from an on-site gym, exclusive residents’ club and 24 hour security and concierge.
royallettings@eu.jll.com
Local know-how. Better results. Askew Road
Battersea
Camden
Earls Court
Hammersmith
Little Venice
Notting Hill
Balham
Bishops Park
Chelsea
East Sheen
Holland Park
Marylebone
Pimlico & Westminster
Barnes
Brook Green
Clapham
Fulham
Kensington
North Kensington
South Kensington
Halsey Street SW3 £3,500,000 This magnificent family home is presented in excellent condition throughout and features a stunning Underwood kitchen leading through to a bright dining room. Following the stairs down to the lower ground floor, there is a study with doors leading out to the garden, a large double bedroom with en suite bathroom, a utility room and a storage vault. The upper floors provide a further double reception room, a master bedroom suite and a further two double bedrooms. Freehold. EPC=E. Sole Agents.
CHELSEA: 020 7591 5570 sales.chs@marshandparsons.co.uk
Follow us on Twitter: @marshandparsons
Join us on Facebook: facebook.com/marshandparsons
Visit our YouTube channel: youtube.com/user/marshandparsons
SALES
See all of our properties online: marshandparsons.co.uk
Sirdar Road W11 £3,250,000 This extraordinary four-bedroom property, located in a discreet W11 location, extends to over 2,350 sqft following a meticulous and extensive architectural re-design. The property comprises a formal reception room with a westerly aspect, an internal formal dining area owing into a fully integrated, bespoke kitchen and an enchanting garden designed by Chelsea Flower Show awardwinner David Lewis. Freehold. EPC=D. Sole Agents.
HOLLAND PARK: 020 7605 6890 sales.hol@marshandparsons.co.uk
Wellington Terrace, Wapping E1W
ÂŁ695,000
2 double bedroom, 2 storey house set within this gated CCTV development. The property has been fully modernised to include double glazing, replacement ceilings, wood floors, , alarm, central heating system operated via remote control, smart phone or internet. Lounge. Fully fitted kitchen. Double bedrooms with fitted wardrobes. Garden. Secure Underground parking space. Potential to extend into the loft subject to planning permission. Close to Wapping station and local amenities.
Tudor House,Tower Bridge, SE1
6th floor luxury 2 Double Bedrooms, 2 Bathrooms, Open Plan Reception Room, large balcony. Master bedroom with en-suite and walk in wardrobe. Modern Integrated Kitchen, Balcony, 24 Hour Porter by Harrods Estates, Residents Gymnasium, Swimming Pool, Lifts to all floors. Close to Local Shopping Facilities, Walking Distance to London Bridge.
ÂŁ1,595,000
ea2 Estate Agency Heritage Court | 8-10 Sampson Street | Wapping | London E1W 1NA t: 020 7702 3456 | f: 020 7702 9168 www.ea2.co.uk | property@ea2group.com
Roding Mews, Wapping E1W
ea2 are pleased to be able to show you this 6 bedroom 4 bathroom house for rental with a garden. This property is a very unique property and has views over the canal. Would suit 6 professional people. Close to Tower Hill and Wapping Overground and close to Waitrose.
Cascades Tower, Docklands E14
2 double bedroom, 2 bathroom 11th floor apartment within this secure modern development. Comprising a reception room with water/ City views, fitted kitchen, master bedroom with walk-in wardrobe & en suite bathroom, additional shower room. Balcony. Swimming pool, Gymnasium & Tennis court. Concierge.
ÂŁ1,300 per week
ÂŁ500 per week
ea2 Estate Agency Heritage Court | 8-10 Sampson Street | Wapping | London E1W 1NA t: 020 7702 3456 | f: 020 7702 9168 www.ea2.co.uk | property@ea2group.com
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ROYAL WHARF, E16
To book an appointment to visit this spectacular development please call Walter Mythen on 020 7118 0300
Call 020 7118 0300 www.johnsand.co
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SELECTION OF APARTMENTS AND TOWNHOUSES ON OFFER WITH PRICES STARTING FROM £299,000
We are delighted to bring to the market a selection of suites, one, two and three bedroom apartments, as well as a selection of townhouses boasting three and four bedrooms. Prices starting from £289,000.
CANARY WHARF Level 33, 25 Canada Square London E14 5LQ
NEW PROVIDENCE WHARF Unit 8, New Providence Wharf London E14 9PA
WAPPING G03 Cordage House, 21 Wapping Lane London E1W 2RH
Sales, Lettings & Management
6/16/14 12:42 PM
J&C
SELECTION OF SUITES, 1, 2 AND 3 BED APARTMENTS ON OFFER. PRICES STARTING FROM ÂŁ360,000
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PROVIDENCE TOWER, E14
PROVIDENCE TOWER is the final piece of the jigsaw at New Providence Wharf; a mixed-use riverside development which stands on an 8.2 acre site in Canary Wharf. With private balconies taking in spectacular views of Canary Wharf and the River Thames and superb transport links to the City and beyond it makes this an attractive location for tenants and end users. As a resident of Providence Tower you will earn exclusive access to facilities such as a fully equipped Business Centre, concierge and valet service, a modern fitness centre complete with personal trainers, professional apparatus, circuit training track and aerobics studio as well as many other services to make your living experience as satisfying as possible.
Call 020 7118 0300 www.johnsand.co
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CANARY WHARF Level 33, 25 Canada Square London E14 5LQ
NEW PROVIDENCE WHARF Unit 8, New Providence Wharf London E14 9PA
To book an appointment to visit this spectacular development please call Walter Mythen on 020 7118 0300
WAPPING G03 Cordage House, 21 Wapping Lane London E1W 2RH
Sales, Lettings & Management
6/16/14 12:42 PM
Who is LIFE Residential?
LIFE have dealt with over 18,000
tenancies.
LIFE have sold over
ÂŁ1.6 Billion worth of property.
LIFE currently manage over 3,000 properties in over 75% of London’s postcodes.
Residential
LIFE deal with Landlords from over 85 countries , over all 5 continents.
LIFE collected over
ÂŁ14 Million
worth of rent in 2013 alone.
LIFE let on average 1 property every
120 minutes.
London’s Finest Properties liferesidential.co.uk
020 3668 1030
Lettings
Barnfield Place· E14
£320 p/w
Streamlight Tower· E14
£1,495 p/m
Fennel Apartments· SE1
£445 p/w
The Landmark· E14
£550 p/w
£ 310,000
Drayton Park· N5
£ 500,000
2 bedroom, 1 bathroom apartment | Available late Juy | Walking distance to Mudchute DLR | 2nd Floor
1 bedroom, 1 bathroom apartment | Available late July | 0.3 miles from London Bridge Station | Private parking
1 bedroom, 1 bathroom apartment | Available now | Close to Canary Wharf & Blackwall DLR | 14th floor | Concierge
2 bedroom, 2 bathroom apartment | Available mid July | Walking distance to Canary Wharf | 25th floor | On-site gym and concierge facilities
Sales
Indescon Square· E14
Studio apartment offering a prime E14 location. The apartment comprises of a high interior specification benefiting luxury fixtures and fittings including granite kitchen work surfaces, integrated appliances and video entry-phone security.
Introducing to the market a contemporary two bedroom, two bathroom apartment incorporating a private patio area. The property enjoys fantastic transport links. Situated on the ground floor within a secure N5 development
LETTINGS | MANAGEMENT | SALES | SERVICED APARTMENTS | FINANCIAL SERVICES
Residential
Specialists in lettings, sales, and property LIFE have dealt with over
18,000 tenancies.
LIFE currently manage
over 3,000 properties in over 75% of London’s postcodes.
LIFE currently
LIFE deal with
operate from London based offices.
Landlords from over countries , over all 5 continents.
12
85
LIFE have sold over
ÂŁ1.6 Billion
worth of property.
LIFE let on average one property every minutes.
120
liferesidential.co.uk
Culford Gardens, Chelsea SW3 • 2 Bedrooms
• Terrace
• 2 Bathrooms (1 en suite)
• Lift
• Reception room
• Porter
• Kitchen
• Approx. 840 sq ft (78 sq m)
• Balcony
• EPC rating: current (C) potential (B)
“ A first floor flat situated moments from Sloane Square and the King’s Road”
Guide price £1,950,000 Leasehold with 70 years remaining
For more information call Simon Godson on 020 7306 1610 or email sgodson@waellis.com
W.A.Ellis LLP 174 Brompton Road London SW3 1HP
waellis.com
Lennox Gardens, Knightsbridge SW1 • 2 Bedrooms
• Fully fitted kitchen
• 1 Bathroom (en suite)
• Terrace
• 1 Shower room
• Approx. 1,503 sq ft (139 sq m)
• Reception room
• EPC rating: current (D) potential (C)
“A stunning apartment in this highly desirable garden square”
£1,950 per week Furnished
For more information call Lucy Morton on 020 7306 1630 or email lmorton@waellis.com
W.A.Ellis LLP 174 Brompton Road London SW3 1HP
waellis.com
W.A.Ellis will make an initial one-off tenancy agreement charge of £240 per tenancy plus £60 referencing charge per tenant. A minimum of six weeks’ rent will be required for all properties. For further details of our services and charges please visit waellis.com
Ockendon Road
Islington N1
£1,050 per week
Beautifully presented & finished 3 bedroom period house on this quiet residential street in Islington, with easy access to the City. The property includes a double reception room, eat in kitchen, 3 double bedrooms, 2 bathrooms & a garden EPC rating E
Lettings Lettings
020 0207226 72264221 4221 lettings.islington@chestertons.com lettings.islington@chestertons.com
Additional charges apply. Administration: £222 (VAT included). References per tenant: £42 (VAT included)
Woodberry Grove
ÂŁ1,150,000 leasehold
Finsbury Park N4
A fantastic & spacious 3 bedroom, 2 bathroom modern duplex apartment with a panoramic terrace offering amazing views across London, on site concierge, gym & underground parking. Situated close to Finsbury Park underground station & Clissold Park. EPC rating C
Sales
020 7359 9777 sales.islington @chestertons.com
chestertons.com
Gun Carriage Mews - Now Launched Register your interest now A collection of just 12 beautifully transformed, contemporary apartments, within a meticulously refurbished Grade II listed building. Ideally located within Heritage Quarter, at Royal Arsenal Riverside. • Located in the Royal Borough of Greenwich
• Forthcoming Crossrail station
• Tesco Express
• Green open spaces
• 300m from National Rail and DLR station
• Young’s Pub and Dining
• Riverside walks
• On-site Thames Clipper pier
• Further leisure and retail forthcoming
Call 020 3581 3559 www.royalarsenalriverside.co.uk Sales & Marketing Suite open daily 10am to 6pm In the last five years, the Berkeley Group has committed to invest £28 million in transport infrastructure
(Thursdays until 8pm). No.1 Street, Royal Arsenal Riverside, Woolwich, London SE18 6FB Computer enhanced image of Gun Carriage Mews is indicative only
This includes a new Crossrail station at Royal Arsenal Riverside
For Your Future
Proud to be a member of the Berkeley Group of companies
A NEW CHAPTER
UNIQUELY CRAFTED RESIDENCES Set amidst the rich, historic surroundings of the City and Smithfield, beautifully crafted 1, 2 & 3 bedroom apartments that seamlessly blend period character with contemporary design.
REGISTER YOUR INTEREST AT BARTSSQUARE.COM
date for your diary Launching September 2014 *Information correct at time of print *Computer generated image of Barts Square
SAVILLS NEW HOMES 020 7409 8756
0661 BartsResi_TheCity_FP_27June.indd 1
18/06/2014 08:49
Beckenham 020 8663 4433 Bromley 020 8315 5544 Chislehurst 020 8295 4900
langfordrussell.co.uk
bromley br1
Locksbottom 01689 882 988 Orpington 01689 661 400 West Wickham 020 8432 7373
£1,800,000 F/H
This dramatic detached house has been constructed to the highest standards. The generous accommodation is arranged over three floors and measures approx 6000 sq ft. The imposing vaulted entrance provides access to the spacious entrance hall with the three principle reception rooms leading from it. There are six bedrooms and five bathrooms as well as a cinema/games room. Energy Efficiency Rating B.
Please contact our Bromley office for more information: Tel: 020 8315 5544 Email: bromley@langfordrussell.co.uk
ChislEhursT Br7
£1,395,000 F/h
wEsT wiCkham Br4
£899,995 F/h
Built in 1929, Springfield is a beautifully proportioned detached house offering three reception rooms, kitchen, cloakroom, utility, five bedrooms and two bathrooms. The house does require some refurbishment but occupies a magnificent plot with the rear garden extending to 240ft. Located close to Chislehurst High Street. Energy Efficiency Rating E.
Stunning period three bedroom cottage conveniently located for both the high street and station. The property boasts an abundance of charm and character including many original features such as ceiling beams, floorboards, flag stones, windows and fireplaces. Externally is a self contained annex, garage and delightful gardens. Viewings are highly recommended. Energy Efficiency Rating E.
Please contact our Chislehurst office for more information: Tel: 020 8295 4900 Email: chislehurst@langfordrussell.co.uk
Please contact our west wickham office for more information: Tel: 020 8432 7373 Email: westwickham@langfordrussell.co.uk
PLease CaLL YOur LOCaL OffiCe fOr a free saLes Or Lettings vaLuatiOn The Acorn Group, incorporating:
The e f i L l u f i t u a Be at King’s Cross
lder No. 8 to the Gasho h ug ro th r g Buildin d. Prices fo the Plimsoll ndon beyon Lo d an A view from al Can the Regent’s ,650,000. urban park, start from £1 es m ho om ro ed b ethre
s il e d h o m e te ly d e ta la u c a m o n o f im u rp ri s e A co ll e c ti u re a n d s s a le p f o fu ll ectacular nts with sp e m rt a p a m ital; ree-bedroo nd the cap t’s Canal a Exquisite th n e g e ped a R e sc ss th a land views acro ies around n o lc a ation; b c d ifi n c es a ent spe g lli te in with terrac d n da m a considere private gy courtyard; concierge, g in p o rm ft a o h ac sual ro alongside and an unu s, m o ro . ’ n a nts sing Betjem and reside ry for brow to a rv se n o c
PLIMSOLLKINGSCROSS.CO.UK ENQUIRIES@LIVINGATKINGSCROSS.CO.UK or call 020 3691 3969
Garden_CITY_Ad_A4_AW.indd 1
www.kingscross.co.uk
19/06/2014 10:38
| homes & property |
Development
SHOWCASE
We’ve got our sights set on three developments that have more than a bit to boast about
Canaletto London Canaletto London, a luxury residential high-rise of 190 apartments in the enviable EC1 postcode, has launched the Beaumont Collection: a series of three-bedroom apartments on the 24th and 28th floors. From the outside, the state-of-the-art building is instantly recognisable by its sweeping aluminium and glass façade. On the inside, the Beaumont Collection features an elegant modern aesthetic of clean lines, marble floors and panoramic views of the City. Prices for the Beaumont Collection starting from £3.2 million canalettolondon.com 020 7608 1825
Guide prices starting from £3.3 million Redrow London onecommercialstreet.com 020 3441 2000
One Commercial Street Four, three bedroom luxury penthouses are coming soon to Redrow London’s flagship development, One Commercial Street. The penthouses are located on the 21st floor, offering outstanding panoramic views of London’s most iconic landmarks, including Tower Bridge and Canary Wharf. Located above Aldgate East station, this architecturally impressive building features a striking brisesoleil structure with a commanding glasscladded and aluminium façade, making it a bold addition to the city’s streetscape. Prices from £1.65 million The Plimsoll Building plimsollkingscross.co.uk 020 3691 3969
King’s Cross – The Plimsoll Building A limited number of beautifully appointed three-bedroom apartments are currently available at King’s Cross. Forming part of an exclusive collection, these stunning new apartments range in size from 1,170 square feet to 1,583 square feet and boast the most spectacular views. Contemporary, light and open, each apartment makes the very most of the building’s waterside aspect, and many overlook a private podium garden designed by Dan Pearson Studio.
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THE CITY MAGAZINE | July 2014
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GUIDE PRICE FROM £3.3M
FOUR LUXURY
PENTHOUSES LAUNCHING JULY 2014
WITHIN THE UK’S
BEST HIGH RISE DEVELOPMENT REGISTER NOW FOR AN EXCLUSIVE INVITATION
+44 (0)20 3302 3115
sales@onecommercialstreet.com
www.onecommercialstreet.com
CGI of One Commercial Street is indicative only. Price correct at time of going to press.