RM 58-01 TOURBILLON WORLD TIMER JEAN TODT LIMITED EDITION Manual winding tourbillon movement Power reserve: circa 10 days Baseplate and bridges in grade 5 titanium Universal 24-hour time display New multiple time zone adjustment mechanism Free sprung balance with variable inertia Barrel pawl with progressive recoil Improved time-setting system Balance wheel: Glucydur, with 2 arms and 4 setting screws, moment of inertia 10mg.cm², angle of lift 53° Frequency: 21,600 vph (3Hz) Spline screws in grade 5 titanium for the bridges and case Torque limiting crown Anglage and polishing by hand Limited edition of 35 pieces
issue no.
82
august 2014
contents FEATURES 22
38
103
114
118
122
life on the edge We discover Fogo Island, a remote fishing community that’s been transformed by cutting-edge art and architecture fintech SPECIAL – london loves fintech
his month we discover why London has been named T the FinTech capital of Europe money matters
s the Premier League kicks off, Tom Sheen discusses A financial standings in terms of this year’s title contenders ED STAFFORD
The British explorer talks extreme temperatures, rather scary encounters and the challenges he faced as the first person to walk the length of the Amazon
cOVER STORY: re c l a i m i n g t h e l i g h t
FRUIT OF THE SEA
Arctic diver, Roderick Sloan shares all that’s entailed in serving up the newest nautical delicacy, sea urchins
We meet Alex Randall, the designer of some popular but rather obscure lights
SPACE TOURISM SOARS
ancy a trip to space? Jamie Carter discovers the F industry that’s expected to reach a value of USD$1 billion within a decade
p27
REGULARS 20 news: bon viveur
Nick Savage discovers what happens when art and food collide
32 52 55 60
78
78
22
94 100 110 126
LIFESTYLE: THE GREAT DEBATE
Foreign Aid vs. Domestic Poverty
LIFESTYLE: SPARRING PARTNERS
Donald Runnicles vs. Simon Rattle
LIFESTYLE: RETURN OF THE WRITTEN WORD
We discover that luxury pens are as coveted as they once were COLLECTION: THE GREAT OUTDOORS
The watches worth wearing on your next adventure FASHION: A TALE OF TWO CENTURIES
We celebrate 200 years of James Purdey & Sons ART & INTERIORS: MAKE HISTORY
Interior design firm, MPD London lends a hand to history LIFESTYLE: TECH TALK
This month we compare four camera makes and models MOTORING: THE NUMBERS GAME
Matthew Carter test drives BMW’s 4-series Gran Coupé TRAVEL: UNDER THE ELECTRIC SKY
Richard Brown is in Las Vegas for the Electric Daisy Carnival
158 HOMES & PROPERTY: INTERIOR MOTIVE
We preview one of London’s most exclusive new developments
issue no.
82
august 2014
Contributors
E d i t or-in-Chi ef Lesley Ellwood
M a n a ging Editor Emma Johnson (maternity leave)
De p ut y Editor Richard Brown
M o t o ring Editor Matthew Carter
C o l lec tion Editor Annabel Harrison
E d i t o r ial A ssistant Tiffany Eastland
E LL E B LA K E M AN
J OS E PHIN E O ’ DONOGHU E
K AT E RA C OVOLIS
S taff Writ er
Elle has previously worked at
Based in the Cotswolds,
Kate is an alumnus of
Melissa Emerson
Se n i or Design er
Harper’s Bazaar, Marie Claire
Josephine has worked as a
Columbia University ’s
and InStyle, specialising in
writer and editor for six years,
Journalism School and has
Grace Linn
luxury travel and fashion
specialising in lifestyle, travel ,
written widely on luxury
B RAND C ONSIST EN CY
writing. This month, she
culture and local features. This
interiors, fashion and lifestyle.
Laddawan Juhong
speaks to Alex Randall , the
month she compares the careers
This month she talks hunting
Ge ne ral Manag er
lighting designer best known
of two headline BBC Proms
and heritage with Richard
Fiona Fenwick
for her dramatic and often
conductors.
Purdey, director of 200 year-
Pr odu ction
old James Purdey & Sons.
Alex Powell Hugo Wheatley Oscar Viney Amy Roberts
rather obscure masterpieces.
Pr o pe rt y D irector Samantha Ratcliffe
Hea d of F inan ce Elton Hopkins
E x ecu tive D ir ector The Bakelight Telephone Lamp, £POA, Alex Randall, alexrandall.co.uk
High-Resolution Audio Stereo Amplifer, £1,999, Sony, sony.co.uk
Velour Sidesweep Hat, £825, Philip Treacy for Purdey, purdey.com
Sophie Roberts
M a n a g ing Dir ector Eren Ellwood
Published by
RUNWILD MEDIA GROUP
One Canada Square, Canary Wharf, London, E14 5AX T: 020 7987 4320 rwmg.co.uk
MIKE PEAKE
NI C K SAVAG E
SI M ON B ROO K E
Mike has written extensively
Nick is the editor of Innerplace,
Simon is an award winning
for The Sunday Times and the
London’s personal lifestyle
journalist who writes about
Daily Telegraph. This month
concierge. This month our man-
men’s fashion and style as
he asks British explorer
about-town gives us the insider
well as the luxury sector for
Ed Stafford about battling
lowdown on five restaurants
The Financial Times and The
extreme temperatures,
serving fine food with a side of
Sunday Times among other
struggling with malnutrition
visual art.
publications. This month he
Members of the Professional Publishers Association
Runwild Media Ltd. cannot accept responsibility for unsolicited submissions, manuscripts and photographs. While every care is
and encountering Anaconda’s
rediscovers the art of the
taken, prices and details are subject to
in the Amazon.
written word .
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
MiniChamp Alox, £37.95, Victorinox, swisstool.co.uk
David Shrigley Ceramics, £POA, Sketch, sketch.uk.com
Premium Elysée Meteorite Fountain Pen, £795, S.T. Dupont, st-dupont.com
on our website: rwmg.co.uk/subscribe
issue no.
82
august 2014
f r o m t h e E D I TOR
K
ármán, an invisible line around 60 miles above Earth. It may not mean a lot to you or me, but for Sir Richard Branson and a band of merry men hell-bent on conquering the final frontier of tourism, the divide that separates us from space has become a quest for the Holy Grail. And it’s a treasure that’s now within touching distance.
Whereas the 50s and 60s gave us the jet set, we’re now entering the age of the space set: an era when a collection of individuals who have managed to make enough money on this planet will be able to afford to leave it aboard a spacecraft. Development costs are high, running into the hundreds of millions, but that’s not stopping a growing ‘Lo ok one way and you ’ll see the bl ackness of space, albeit a starst udded version. In the other direction is the re al prize: the panoramic curvature of E arth ’.
number of companies coming up with ways of offering earthlings a return ticket to weightlessness. Space tourism is here. But are you ready to be a citizen space explorer? Find out on p. 122. From technology in tourism to technology in finance – did you know that London has the highest density of tech start-ups in the world? Or that the UK’s FinTech sector is currently growing at more than twice the speed of Silicon Valley? This year, London substantiates its claim as being the FinTech capital of
– p.122 –
Europe. In celebration, we’ve dedicated a special section to the industry within our Business & Wealth segment. Between p. 38-46, discover which companies are set to transform the future of finance, and why, by 2020, you’ll be using your heartbeat to open your bank account. Welcome to tomorrow’s world.
the editor
Dear Resident
,
As the summer party season that has swept through Belgravia’s streets and gardens draws to a close, August signals a period of winding down. In keeping with the slower tempo, the Journal devotes this issue to summer reading. We quiz Belgravians on their favourite tales and dissect some of the most talked about releases; from Hugh Pym’s behind-the-scenes exploration of the banking crisis to Donna Tartt’s latest doorstop of a novel. Read more from page 10.
BELGRAVIA
The area might be a little quieter this month as residents head off in search of sunshine overseas. However, anyone anxious about leaving their abode over the next few weeks can be assured; local policeman Nigel Lewis will be patrolling the streets to make sure nothing is amiss. As Belgravia’s only dedicated ward manager, Nigel has been on the beat here for 11 years. He talks to Henry Hopwood-Phillips about millionaire car racers and his fight against burglaries on page 16. Henry also talks politics and the European Union with Winston Churchill’s grandson, The Rt Hon. Sir Nicholas Soames. Read the full interview on page six.
Resident’s Journal
Please do not hesitate to get in contact with all your news and updates, email belgravia@residentsjournal.co.uk We hope you enjoy the issue.
Design
Intervention
light, illumination and the art of transforming interior space
fintech special
The
London Loves FinTech The FuTure oF Finance How tHe city becaMe tHe FintecH capital oF europe
Five tecHnologies cHanging everyday banking
Breaking Band
Milestone investMents in 2014
Editor-in-Chief Lesley Ellwood
Assistant Editor Lauren Romano
Managing Director Eren Ellwood Senior Designer Sophie Blain
Executive Director Sophie Roberts
Production Hugo Wheatley Alex Powell Oscar Viney Amy Roberts
Client Relationship Director Felicity Morgan-Harvey
Editorial Assistant Jennifer Mason Editorial Intern Tom Hagues
Other titles within the Runwild portfolio
On the cover
+
Managing Editor Francesca Lee
Main Editorial Contributor Henry Hopwood-Phillips
Magritte’s Phone, Alex Randall Bespoke Lighting. Image courtesy of Claire Rosen Photography, clairerosenphoto.com / @clairerosenphoto
Publishing Director Giles Ellwood General Manager Fiona Fenwick
Above / The Motcomb Street Party. Turn to page 20 for more photos from the event.
Proudly published & printed in the UK by
aUGUST 2014 • ISSUe 27
Head of Finance Elton Hopkins
RUNWILD MEDIA GROUP
Member of the Professional Publishers Association / ppa.co.uk
For a list of Hublot stockists in the UK, please telephone 0207 343 7200 or e-mail info@timeproducts.co.uk Hublot TV on: www.hublot.com
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10/07/2014 09:32
| NEWS |
THE CITY EDIT The commodities and consumables raising our interest rates this month
Winning Formula The first thing to say about the McLaren S-Works Tarmac bike is that it’s exclusive. Total production is 250 worldwide and, of those, only 10 are expected to be available to buyers in the UK. So, you already want one, right? Apart from the shocker of a price tag (which equals a medium-sized family car) this bike is a vision of bicycle design come real – an impressive union between McLaren and US bike firm Specialized, it’s the final result of several years of carbon fibre bike design, created using high-tech research methods which tested the limits of the frame before it even went into the production process. (This is the same software that was used to develop its
F1, Super, and Hypercar designs, to put it into context.) “Our design benchmark was already a very, very efficient structure to start with,” says Joe Marsh, composite design engineer at McLaren. So in an effort to better themselves, the latest product from the engineering gods is a superstrong frame that weighs less than 6kg. Finished in a striking black-and-orange paint job (by the team responsible for the paint scheme on McLaren’s sixfigure P1 Hypercar) it’s every cyclist’s dream buy. £16,000 (with a unique McLaren S-Works Prevail helmet and custom-fitted S-Works McLaren shoes), specialized.com
THE CITY MAGAZINE | August 2014
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| NEWS |
THE CITY EDIT
New Arac Jersey, £90; New Erco Long Sleeve T-Shirt, £100, both lecoqsportif.com
Jersey boys Fifties charm The way you style an interior is said to reflect your personality and taste – so it comes as no surprise that the Charles Eames Lounge Chair has been popular with discerning modern gents for half a century now. Combining comfort (it is a lounger, after all), understated yet iconic design and luxury craftsmanship,
it doesn’t seem likely to disappear from City interior style any time soon. First designed as a birthday gift for Eames’ close friend Billy Wilder (the film director) the Eames Lounge Chair was created in the early fifties and has cemented Eames’ status as one of America’s most celebrated designers.
Eames Lounge Chair and Ottoman, from £2,243 shop.eamesoffice.com
“Have nothing in your houses that you do not know to be useful or believe to be beautiful.” – William Morris, 19th-century English designer, poet, novelist and socialist activist –
Keeping it simple Launched via the crowd-funding platform KickStarter, the Slovenian-based designers of Swich present a sleeklooking, sustainably-designed wireless charger for smartphones. Not only does it look fantastic but it’s also highly usable, with a viewing-friendly angle and firm grip for continued use whilst charging. It costs just £105 to back the project and get an order in for November 2014. swichwicharger.com, kickstarter.com
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THE CITY MAGAZINE | August 2014
French brand Le Coq Sportif is celebrating its 130th anniversary by returning to its first roots and sponsoring the Tour de France. To celebrate the route extending to include a piece of Yorkshire (as seen last month), Le Coq Sportif has created a striking yellow jersey highlighting the famous white rose of York. Additional jersey colours include green ( for sprinting), white ( for the best young rider) and polka dots ( for the best mountain rider). Featuring ultra-light fabrics, flat seams, 3D mesh and ventilation points, choose the colour that best reflects your cycling. lecoqsportif.com
UK-RD-Velvet-Your Kensington-210x297mm.indd 1
16.07.14 11:34
CITY social
get the inside info on the food and drink scene with our favourite hotspots, new openings and top products
Bellavista Terrace From 17.30 until 19.30, 60 Hyde Park Gate, SW7 5BB, 020 7368 5700, baglionihotels.com
To escape hectic City life and enjoy the growing terrace culture in our capital, we recommend you kick back and relax in Kensington. The 5* Baglioni hotel’s Bellavista Terrace takes its name from the award-winning Italian sparkling wine, and is offering a glass of this, or a cocktail, along with a selection of antipasti, salami and cheeses. This re-launched aperitivo menu is a light option to enjoy the last of the summer evenings, and opposite Hyde Park, it adds great views to the mix.
Raise the Rooftop Big news – Peroni has landed at the everpopular SkyLounge bar for a summer residency on the newly-renovated South Terrace. If the Italian design and commanding 12th-floor views aren’t tempting enough, the food and drink come with a convincing Mediterranean twist; baked figs with gorgonzola and golden fried mozzarella complement the Peroni Bar’s bespoke Peroni Nastro Azzurro Infusions and new Piccola bottles. 11am-midnight 7 Pepys St, EC3N 4AF, 020 7709 1043 doubletree3.hilton.com
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THE CITY MAGAZINE | August 2014
Bring Home the Bacon
1 Lombard Street, EC3V 9AA, 020 7929 9504, 1lombardstreet.com
Established City restaurant 1 Lombard Street is shaking things up this summer with a new dining experience on offer. Launched in July, The Goose Box is a comprehensive ingredients and recipe kit, designed for diners to take the 1 Lombard Street kitchen home. Socialising and cooking in a home environment is an easygoing and enjoyable alternative, and The Goose Box does all the hard work; with straightforward instructions, and top quality restaurant ingredients you’ll impress with ease. Whether planning to dine as a pair or as a party, each box includes starters and mains for two. Try scallops and prawns with chilli jam (below)!
| news |
Smoking Hot
3 On the
Rocks
60 Berwick Street, W1F 8SU, 020 7439 8057, emberyard.co.uk
As chef director at Ember Yard, Ben Tish is expert at primal cooking technique smoking
Jack Daniel’s pays tribute to legend and lifetime fan with new Frank Sinatra, with fittingly bold oak and smooth vanilla notes, while Royal Salute’s eye-catching bottle hides deep aromas and an assertive spiciness and hails from Strathisla, the Highlands’ oldest working distillery. Old Pulteney’s high-age, limited edition combines signature house notes from honey to orange and is matured in American exbourbon and Spanish ex-sherry casks.
Why did smoking become a trend? It’s a rehash of an age-old preservative/ cooking technique. Smoking has actually come off the back of grilling and barbecuing. When we thought about Ember Yard, the grilling came first and then the smoking element was an extension of that. What inspired the Ember Yard concept? It came from travelling around Spain, Italy and beyond. A love of eating grilled foods whether it be a barbecue or Turkish ocakbasi. What techniques are involved? Cold and hot smoking, marinating and brining, before cooking over various charcoals and woods for varying flavours. Three words on the restaurant interior? Sophisticated, sexy, relaxed.
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Recommended restaurants? Honey & Co, J Sheekey, Pollen Street Social. Future food trends? Continuation of American food trends, more Deep South cooking, albeit refined. Middle Eastern cooking more at the forefront. Your greatest influences? Spain and Italy for cuisine and food philosophy, Jason Atherton and Stephen Terry for being amazing chefs, Simon Mullins for being a great managing director and keeping things exciting.
£57 0, 70 c cha iskyex nge.com wh he l, t
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Jack Daniel’s Sin atr aS
Menu highlights? Eat: grilled ibérico ribs w/ quince and celeriac. Drink: smoked sazerac.
Merchant House
3 Well Court, EC4M 9DN, 020 7332 0044, merchanthouselondon.com
This new City hotspot explores Britain’s thirst for adventure and the historic mercantile trade in gin, rum and spices through an intriguing, thirstprovoking menu. More than just a bar, it hosts tasting masterclasses and its shop sells fine, rare spirits and in-house ingredients. It may be the best spirits offering in London; with more than 200 gins and around 100 rums, there are exclusives, limited releases, first-batch distillations and vintage products. Cheers to that.
THE CITY MAGAZINE | August 2014
19
Bon Viveur
Our man-about-town, Innerplace’s Nick Savage, gives you the insider lowdown on eating out in London
L
ondon is a vanguard city for the arts, both visual and culinary, so it’s no surprise that when these two traditions intersect, the resulting restaurants cater to both the culinary and cultural aesthete. sketch sketch leads the field internationally as one of the foremost eateries with ties to the art world. Alongside life drawing classes and lunch menus that include access to exhibitions at nearby galleries and museums, it boasts a plethora of artwork within the premises. Following the success of the inaugural artistconceived restaurant featuring the work of Martin Creed, the Gallery at sketch has recently been transformed to convey the vision of internationally acclaimed artist David Shrigley. He’s presented site-specific graphic ceramics to turn tabletops into their own exhibition spaces alongside a showcase of drawings with 239 new works that touch on the grand themes of life,
death and the beyond. The space is simultaneously inviting, subversive and playful; bathed in pepto-bismol pink with bronze table lamps and a classic Art Deco layout. Shrigley’s works exhibit a mordant wit and foster interactions with neighbouring diners; gazes tend to interlock whilst scanning illustrations hanging on the walls.
1
When
art
Magazine The Magazine is art in itself. Designed by Zaha Hadid and nestled against the Serpentine Sackler Gallery, it’s a masterclass in contemporary design, resembling the interior of a supersized lily with an aggressively monochrome white colour palette and a space age roof occasionally punctuated by curvilinear columns rising like stamen to the ceiling, where skylights let in brilliant shafts of sunlight. The work produced in the open-plan kitchen is also a sight to behold. Backed by Kofler & Kompanie, the German-born catering company internationally renowned for its Pret a Diner art-inspired events, head chef Oliver Lange has created a menu that seamlessly merges Japanese and Modern European cuisines, with finely wrought dishes so pretty that they’re almost difficult to eat.
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2
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
Every Mark Hix Restaurant Much ink has been spilled over Mark Hix and his YBA friends, and for good reason – all of his restaurants are replete with arresting works from Tracey Emin, Gary Hume, Tim Noble and Sue Webster. Hix Mayfair even offers a Saturday art tour to local galleries. However, the truly salient restaurant in his arty arsenal has to be Tramshed. Not only does it boast what is potentially London’s most striking dining room fixture – a massive tank with a cockerel perched atop a cow, immersed in formaldehyde by one Damien Hirst – it also has its own commercial art gallery nestled in its basement. Sharing the name Cock ‘n Bull with the installation upstairs, it features rotating exhibitions that change every week. Mr Hix has already opened the sequel to Tramshed, Hixter on Devonshire Square, and will be opening a second Hixter in Southbank this summer.
3
| news |
food 4 Wellington Club Knightsbridge’s fashionable members’ outfit The Wellington Club offers an alternative aesthetic experience to most of London’s evening destinations. With a design scheme envisioned in part by the aforementioned Mr Damien Hirst, the Welly conveys his themes of death and glamour with skull motif wallpaper, black paint, neon and disco balls aplenty. For those that want to feel just a little bit damned, this club will hit the mark.
collide Topolski Anyone pining for Berlin’s art scene can get a taste of it, along with central European tapas, at Southbank’s recently launched restaurant-come-bar, Topolski. Spread underneath three railway arches in the space that formerly housed the Topolski Art Bunker, the prepossessing, post-industrial space is clad in the striking works of the titular Polish-born expressionist painter Feliks Topolski. The design was coordinated by B3, the team behind Le Gavroche and Gymkhana, and comprises of a DIY/cool plywood bar, Bauhausstyle seating and iron sculptures. However, the pièce de résistance is really the artwork, hung from galvanised scaffolding tubes at oblique angles, hovering over you as you dine on Polish, Hungarian and Austrian small plates.
5 THE CITY MAGAZINE | August 2014
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Life on the Edge
Waves break fiercely against the rocky shores of Fogo Island, but this remote fishing community has been transformed by cutting-edge art and architecture Words: Melissa Emerson
Fogo Island, Long Studio
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THE CITY MAGAZINE | August 2014
| feature |
L
ocated off the Northeast Coast of Newfoundland is one of the oldest Canadian settlements, the rugged, remote landscape of Fogo Island. Lying in a region deemed ‘Iceberg alley’, it might sound more of a navigation nightmare and danger zone, than a place you would voluntarily holiday, but in this case, first impressions are most definitely misleading. After a 1992 moratorium dealt the final blow to its centuries-old cod fishery, the island needed new ways to survive that were both culturally and economically viable. Thanks to various investments, ideas and initiatives, the island and its people have achieved this, by promoting and working with their unique natural surroundings, culture, and historical values, rather than crumbling along with them. The regeneration of the island, now complete with luxury hotel, is centred on a unique and thoroughly engaging arts and architecture programme, and has gained international recognition for its innovative and astonishing structures. The real breakthrough in the island’s fortunes was down to Zita Cobb. Born on Fogo Island, she left to embark on an illustrious career in the fibre optics industry. Retiring a wealthy woman, she set herself philanthropic goals, and returned to Fogo Island after founding the Shorefast Foundation (a registered Canadian charity) in 2003. Named after the line used to attach a traditional cod trap to the shore, the foundation symbolises the island’s heritage, but also the importance of the ties that connect people to places and their communities. The islanders hoped to find ways to inspire the younger generation to stay and enjoy life on the island, before its current population of around 2,700 began to decline irreparably.
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One of Shorefast’s major organisations, established in 2008, is Fogo Island Arts. It encourages prosperity through artistic practice and meaningful partnerships, and has implemented yearly artist residencies, exhibitions, publications, and the building of four (so far) unique studio spaces. Inspiration abounds, as the island’s climate dictates seven distinct seasons, with the Ice (March), Berry (SeptemberOctober) and Trap Berth ( June) seasons sitting alongside the more familiar, and transforming the landscape dramatically throughout the year. Shorefast wanted to extend this prosperity and enjoyment of the island, to help other businesses starting up through their micro-loan scheme. So to really kickstart tourism, they began construction of a luxury hotel. Fogo Island Inn, completed in 2013, has 29 guest suites and boasts unbroken views of the North Atlantic. Todd Saunders of Saunders Architecture was responsible for the building; a Canadian native, he is now based in Bergen in Norway and was
also responsible for the island’s art studios. The interiors are warm and inviting, with every single detail down to the wallpaper patterns, custom designed and locally sourced and crafted. The local touch is the lifeblood of everything the hotel offers, from dining on foraged, seasonal ingredients, to signature experiences hosted by local guides. These range from iceberg marine tours and seal watching, to stargazing and art workshops. Reflecting the island’s focus on art, the hotel also has its own gallery. Showing until August 31, are works by Silke Otto-Knapp, a celebrated German artist who is one of 2014’s artists in residence. Ocean life however, is still a key historical draw and Shorefast also promotes ocean sustainability through research and education. Never giving up on its roots, the island seems to have come full circle. It offers an experience that is intensely local, but with global appeal, meanwhile achieving the ideals of geotourism and setting an example for other threatened communities worldwide.
Saunders uses architecture to express an essential fact about life in the region, in which dwellings create a strong bulwark and safe haven against constantly changing weather conditions – fogoislandarts.ca –
LEFT Remote access to Tower Studio right Tower Studio (inside) All images © Bent René Synnevåg
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THE CITY MAGAZINE | August 2014
| feature | LEFT Long Studio from top Squish Studio, Tower Studio, Bridge Studio (inside)
The Studios Designed by Saunders Architecture, there are now four in operation (Bridge Studio, Squish Studio, Tower Studio and Long Studio), forming an integral part of Fogo Island Arts. Scattered across the island, and appearing to be precariously perched on the rocks, each has a different design and size. Saunders created striking, contemporary clean lines and geometric shapes reminiscent of Scandinavian style, while the rough finishes, wood, and stilt details represent the island’s vernacular building tradition. Dramatic monochromes complete the contemporary edge. Local materials were transported by hand, clocking up no air miles, and this environmental approach is also reflected by the composting toilets and solar powered electricity.
THE CITY MAGAZINE | August 2014
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Saturno Dining Table and Vesta Chairs
Discover the Natuzzi Italia dining collection. natuzzi.co.uk
02031 314 001
London_Titles_Saturno_ad_297x210_Proof2.indd 1
06/06/2014 10:49
| FEATURE |
words: elle blakeman photography: Claire Rosen
Reclaiming the light
A lighting designer with a penchant for taxidermy and an obsession with bulbs, Alex Randall’s star has been rising ever since she won her first award and subsequent place on the shelves of Liberty
THE CITY MAGAZINE | August 2014
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THE CITY MAGAZINE | August 2014
| FEATURE |
R
andall is not at all what I expected. Famous for her dramatic, artistic lighting – often dark, sometimes amusing pieces, she greets me in a simple black dress, half covered with a blue worker’s overall. Young, pretty and oddly normal, it throws a whole new light, if you’ll forgive me, on the woman who brought us dead squirrels crawling up a wall, a light bulb between their teeth. “I am just a hoarder by nature, as you can probably tell,” she says, with a quick nod to the studio dotted with fascinating objects – antlers supporting coats, a headless statue, boxes of light bulbs from assorted eras and places, ribbed-glass cylinders, some sort of historical oxygen tank, books on subjects as diverse as WWII to heroes of Scandinavian lighting and an array of coffee paraphernalia that depicts a true addict (“my assistant basically just pours it into my veins,” she says). Although most famous for her taxidermy – putting a velvet lampshade in the beak of a former duck will tend to do that for you – it is only a part of her repertoire. “I started with reclaiming,” she says. “And then it just developed from there.” The first piece she did – a nostalgic yet whimsical rotary phone – ended up in Liberty, but not in that annoying, cliquey ‘everything fell easily into place’ kind of way. “I stalked them!” she says. “Literally; you have to. I went into the store to see Ross, who was the buyer then, and he refused to see me, because you had to be vetted or something. And I literally followed him around the shop with my phone light. And then later I was doing a show [Pulse – an awards fair for designers] and he turned out to be one of the judges. I sat at a table opposite him, and I said, ‘Do you know who I am? Do you remember me?’. I told him that I was the girl with the phone, he looked horrified and said ‘Oh my God!’.” However, Ross was clearly impressed with ‘the girl with the phone’, as Randall won the award, and Liberty immediately started stocking the piece in store. Indeed, Ross was so taken with Randall’s talent that he later took her with him when he left to go to Lane Crawford, Hong Kong’s impressively palatial version of departmentstore shopping – a place that makes Selfridges look like Primark. “He was like my ambassador in Hong Kong,” she says. “On the opening night I was there, and I don’t know if people really got it. Over here, we’ve been doing taxidermy forever, but over there people look at you like you are a lunatic. But they loved it. It’s this aspiration thing; if we have it over here in Europe, then they want it over there. I had to keep saying I am from London – they love London!” she says. Back home, she is now mainly in demand from bars, restaurants and clubs, all looking to distinguish themselves from their soulless competitors with one of her
FIRST PAGE Crosen Woodenlegs LEFT Alex Is A Dreamer ABOVE FROM TOP Alex Randall, Buddy, Butterflies
lights, not to mention an ideal talking point for any awkward silences that might occur there. Most of her work, however, goes overseas, surprisingly to America. “There are three different types of Americans who buy my work – you get the trendy New Yorkers, and then you get the San Francisco set, who are a more quirky kind of edgy. And then you get the Southerners or the more middle-ground people who just love dead things,” she says, neatly summing up the vast differences between the states. An animal lover, she insists that taxidermy is more about refusing to waste anything than the shock value. “You should use every single part – if you eat meat, then you have to be conscious of using everything and not wasting, anything” she says. “The more work I do with animals, the more skins I do, the more I become aware,” she says. “I went to an abattoir; I think if you are a meat eater you should do it. It has definitely made me more careful; it opens your eyes and now I don’t eat meat if I don’t know where it has come from.” Lighting design for Randall seems to be a sort of sixth sense. Anyone who can look at a collection of bric-a-brac and see a light rather than a need for a skip clearly has something about them. “For me it
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An animal lover, she insists that taxidermy is more about refusing to waste anything than the shock value
was always so natural. I’m not saying I see something and then immediately think of a light, although I often do that, but I have always been fascinated by lights. One of my grandfathers was an electrician, the other was a toolmaker, so nothing was out of bounds. I made my first light when I was eight years old, and I’ve been making them ever since. My dad had a huge workshop so I was always hanging out and getting into trouble. I liked going in on my own and doing things. I remember some of them; it was probably just a bulb stuck inside something and I thought it was amazing,” she says. A piece can take her years to finish. “I can have an object sitting around for three years before I figure out what I am doing with it,” she says. “I never focus solely on one thing, I always have other
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ABOVE Your Word Is A Lamp Unto My Feet LEFT Bird Lamp RIGHT The Balloonist
projects going on.” This is demonstrated by the number of times Randall jumps up excitedly to show me something that has been triggered through our conversation: a giant light-sabre-style bulb, a collection of string-click lights that look like they belong on the lower steer decks on the Titanic, the ribbed glass that turns out to be the insulators that run on electrical overhead mains. “Oh and this, I’m so excited about this!” she says, jumping up again. She reappears with the huge, dusty cylinder that she’s just got from eBay. “It’s an oxygen tank from a Second World War Flying Fortress plane! I was just like I don’t even know what I’m going to do with it, but I need it, I need this object.” It’s an advert for the diversity of eBay if there ever was one; I silently wonder whether there was a bidding war. “I love the history behind it. Those things from history for me are just the most fascinating. It helps me develop my ideas conceptually if I pick an object like that,” she says. “I like to think about history and how you can bring that into the piece. I suppose I am working on the edge of being an artist and a designer, and I take both things into consideration.” The artist in her comes through in her photography, produced by fine-art and fashion photographer Claire Rosen. “With each picture, we try to tell a story. I already know what this is going to be,” she says, pointing to the oxygen tank. “I’m going to have a photo shoot with men in Second World War gas masks. I don’t know what the piece will be yet but I know how I will photograph it!” “When I was creating Your Word Is A Lamp Unto My Feet, it was this kind of religious thing; the man is losing his faith, which is being flown away with the birds, and the big spear with a cage and nails is like a crown of thorns. I’d started thinking about the anti-pigeon spikes on the top of buildings, to get the tension between things. Photography in black-and-white is all well and good but there is no story.” “And this,” she says, pointing to her gramophone light suspendended from a hot air balloon (The Balloonist), “was done in my friend Andy’s hot air balloon at 3am in a field in Devon. I just don’t know why more people don’t do this with lighting photography,” she says with genuine surprise. And we’re back to the sixth sense thing again.
| FEATURE |
“I’m going to have a photo shoot with men in Second World War gas masks. I don’t know what the piece will be yet but I know how I will photograph it!”
Photograpy by Claire Rosen (clairerosenphoto.com / @clairerosenphoto)
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The great debate VS
Poverty levels in Britain are rising and so is the government’s foreign aid budget. Gavin Haines investigates
Š paul prescott
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| lifestylE |
T
his September, India’s first mission to Mars is scheduled to arrive at the Red Planet. Dubbed Mangalyaan, the £45 million spacecraft, launched amid much fanfare last year, represents one small step for space exploration and one giant leap for India’s intergalactic aspirations. Naturally, the mission has raised many questions. Will Mangalyaan be the first spacecraft to successfully enter Mars? Could it mark a new dawn for space exploration? And, most pertinently of all, why the hell is Britain giving aid to a country launching rockets to Mars? The TaxPayers’ Alliance, not renowned for its interest in space exploration, was keen for answers to the latter. “It’s atrocious that taxpayers are still handing money to a country rich enough not just to have its own space programme, but one that is blasting off to Mars,” scoffed Jonathan Isaby, the group’s chief executive, in an interview with the Daily Mail. “If India can afford this kind of expenditure then it does not need a penny of British taxpayers’ money, especially when departments back home rightly have to cut their spending.” Even less palatable than the £280 million given to India last year, is the fact that 3.5 million children in Britain were living in poverty when Mangalyaan left Earth’s atmosphere (in November 2013) – a figure expected to rise as the coalition’s welfare cuts bite. But this, critics claim, is penguin piss on the tip of the iceberg; not only does Britain send bilateral aid to interstellar India – while children back home go cold and hungry – but it also sends money to China, the world’s second largest economy.
Tory backbenchers are apoplectic “The public will be rightly horrified that we are still wasting money on aid to China,” lamented Conservative MP, Peter Bone, to the Daily Mail. But there’s more. In addition to the £27.4 million handed to Beijing in 2012, according to the Department for International Development (DFID), in the same year Britain sent $46.8 million in bilateral aid to Brazil, a country that just hosted the most expensive World Cup ever played. In two years it will host the Olympic and Paralympic Games, predicted to cost a further $14.4 billion. Those outraged by these stats had more to digest in April, when Britain officially met the UN target of spending 0.7 per cent of its GDP on Official Development Assistance (ODA), or foreign aid. That equates to £11.4 billion – £180 per person – which is 30.5 per cent more than we gave in 2012.
Aid matters Africa received the largest share of bilateral aid, approximately £2.3 billion, followed by Asia, which benefitted to the tune of £1.7 billion. More than £3 billion went to multilateral organisations such as the European Commission, World Bank and UNESCO.
Will Mangalyaan be the first spacecraft to successfully enter Mars? Could it mark a new dawn for space exploration? And, most pertinently of all, why the hell is Britain giving aid to a country launching rockets to Mars? Critics were up in arms, carping about corrupt countries taking British hand-outs, grumbling about “poor value” multilateral organisations wasting aid on administrative costs and marketing. But while our aid programme is far from perfect, it helps fight disease and malnutrition in some of the world’s most wretched countries. Don’t we have a moral obligation to help these states? After all, we’re not talking huge sums – Britain spends more on fizzy drinks than it does on foreign aid. “Even with this relatively small amount of money, we make a massive difference,” explained Jonathan Tanner of the Overseas Development Institute, in the New Statesman. “The former Secretary of State for International Development, Andrew Mitchell, was fond of pointing out that Britain sends five million of the world’s poorest children to school for just 2.5 per cent of the cost of sending the same number of children to school here in the UK. A little bit goes a long way.” The economists, Daron Acemoglu and James Robinson, authors of Why Nations Fail: The Origins of Power, Prosperity, and Poverty, agree, to an extent. “Even if a huge amount of aid is siphoned off by the powerful, the cash can still do a lot of good. It can put roofs on schools, lay roads or build wells. Giving money can feed the hungry and help the sick,” they wrote in The Spectator. “But it does not free people from the institutions that make them hungry and sick in the first place.” And that brings us back to poverty here in Britain, which, like poverty in Africa, cannot be eradicated by hand-outs alone. Aid is limited in its capacity to change the policies of a society, whether that’s in some poor Asian state or here in Britain, where, according to the Joseph Rowntree Foundation, most impoverished people are actually in employment. “Aid can help. But it needs to be used in such a way as to help civil society mobilise collectively, find a voice and get involved with decision-making. It needs to help manufacture inclusion,” argued Acemoglu and Robinson. “This may be a hard task — far harder than writing a cheque. But it is the surest way to make poverty history.”
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9-16 NOVEMBER THE O2
THE WORld’s tOp PlAyERs. THE BESt SEAtS IN THE ARENA. THE REAl VIp ExPERIENcE. GEt YOUR OFFICIAL HOSpItALItY pACKAGES tODAY www.match-hospitality.com +44 (0) 20 7647 5920 or tennis@match-hospitality.com The players shown are for illustrative purposes only. Qualification and participation subject to ATP rules. Images courtesy of Getty Images and Red Photographic.
| BUSINESS & WEALTH |
THE CITY Briefing The facts, stats and current chit-chat animating the Square Mile
City skyline up for sale? The hullabaloo surrounding the renaming of Heron Tower to Salesforce Tower continues to rumble on. On one side is Chris Vydra, executive director of commercial property specialist CBRE Central London. Vydra, believes that “to link the name change to having an impact on the London skyline is ludicrous. There will be no change – just one sign inside the lobby, and one on the lift on the way up to the top floor restaurants.” On the other side is Tom Sleigh, common councilman for Bishopsgate Ward. To Tom, the decision is “tone-deaf to Londoners” and makes it look “like the skyline is up for sale.” Nothing new perhaps; we remember the Post Office Tower becoming the BT Tower and the NatWest Tower becaming Tower 42. The City of London Corporation will vote on the issue this month.
Most Famous Watch in Banking set for auction
Smithfield Mkt. saved from destruction For the third time in ten years, a secretary of state has stepped in to veto the redevelopment of Smithfield Market. Eric Pickles overturned the City of London’s planning permission, which would have seen part of the Western Market demolished in favour of shops, restaurants and offices. The site has now been derelict for more than 20 years. Smithfield is “an essential part of the city’s character, contributing significantly to the cultural identity of London”, said the official public report. Mark Boleat, Policy Chairman at the City of London Corporation, disagrees. “To assume that everything old is unlosable flies in the face of reality... Attempting to preserve a Victorian Square Mile is contrary to the needs of Londoners.” For now, it’s back to the drawing board.
Biggest Bank of All Leading information provider SNL Financials has ranked the largest banks in the world. Top of the list is the Commercial Bank of China with $1.85 trillion of total assets, followed by HSBC with $1.61 trillion and China Construction Bank with $1.52 trillion. Indicative of China’s burgeoning financial clout, is the fact that four of its banks appear within the top 10. The country has 15 banks on the top 100 list, while the US has 11 and Japan eight.
£14.8bn The average daily worth of gold cleared at the London Bullion Market Association in March 2014
It’s considered the Holy Grail of watchmaking and remains one of the most complex devices ever crafted by the human hand. Now, 81 years after New York banking supremo Henry Graves commissioned Patek Philippe to create the world’s most complicated timepiece, the Henry Graves Supercomplication is going up for auction. Eight years in production, the watch boasts a staggering 24 functions, including a perceptual calendar, a two-faced moon phase, sun set and sun rise indicators, a chart of the New York sky and a minute repeater that chimes the tolls of Big Ben. When the watch was last sold, it fetched over £6.4 million. It’s due for auction at Sotheby’s in Geneva this November. Estimates are around £10 million. The City Magazine expects it to go for more than double that.
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The Unholy Words: Andrew Rosenbaum
Trinity For those who love risk, look towards Ukraine, Venezuela and Argentina
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| BUSINESS & WEALTH |
W
e all love to make money, but not all of us are prepared to take a lot of risk to get it. Now, if we are professionals, we evaluate the risk and try to manage it, balancing risk with yield. The problem today is that there’s just not a whole lot of yield out there to be had without piling on a great deal of risk. The result is that more and more serious professional investors are looking to high-risk, high-yield investments, and none provide these characteristics more than what is now being called the ‘Unholy Trinity’: Ukraine, Venezuela and Argentina, in a phrase coined by the London-based emerging-market specialist investment bank Exotix. Yields can go sky-high for the bonds from these countries. “Yields have fallen back to around 12 per cent, since the International Monetary Fund agreed to an emergency funding programme for Ukraine,” explains Gabriel Sterne of Exotix. “But there are few opportunities to earn a yield as high as that in today’s global economy.” One does have to balance the fact that ratings agencies give a low ‘CCC’ level rating to those countries’ currencies and debt, meaning that the risk of default is high – in Argentina’s case, there have been two defaults in the past. Ukraine has, nonetheless, shown that it can tap global bond markets again – a May 29 issue for $1.9 billion with yield at 14.3 per cent was heavily subscribed. Clearly, as Sterne points out, the IMF support is critical to the success of the country’s bond issuance, and, should a dispute occur with the agency – as has happened in the past – there could be problems with debt payments. With debts equal to half its annual GDP, one would think that Kiev will be careful to toe the line with the IMF, particularly because Ukraine no longer has any support from Russia, as it had in the past. “Turning its face to the West is a critical step; now Ukraine has to act like a Western nation,” says Sterne. Many observers believe it will do just that. “We believe the long-term potential of Ukraine is remarkable. There’s an incredible wealth of human capital and agricultural endowment, and Ukraine holds a strategically important position geographically and geopolitically, straddling Europe and the East. This will lead it to reform and market capitalism relatively quickly, with a growing middle class overcoming bureaucratic corruption,” says Michael Hasenstab, executive vice president and CIO of Global Bonds at Franklin Templeton. Hasenstab is putting his money where his mouth is: the money manager has invested $7 billion in the country’s debt. You might think that, after war-torn Ukraine, Venezuela, with its oil riches, would be an easy sell. But Venezuela is a basket case. It has heavily overspent its oil revenues and underinvested in oil production, so that the industry it relies on for hard cash isn’t producing enough. The result has been some serious social unrest, leading to human rights abuses that have
Ukraine holds a strategically important position geographically and geopolitically, straddling Europe and the East led to threats of painful economic sanctions. But the offer of high yields, with oil revenues to back them up, makes Venezuela a pretty interesting place to invest, if you can handle the risk. The government, and its state oil producer, have just paid $2.8 billion in interest to overseas creditors this year, according to Barclays Bank analysts, and will pay out, including debt principal, almost $10 billion by year end to satisfy its debt holders. You may see videos of Venezuelans waiting in line to buy medicine, because importers have not been paid, but bond holders are getting their money, because, if they don’t, the government won’t be able to borrow ever again. Venezuela’s dollar-denominated notes have returned 13.2 per cent this year, well above the yield obtainable in most emerging-market debt, let alone that of developed markets. Barclays analysts say that Venezuela can keep paying, because the oil companies can still obtain hard currency in the international markets. And then there is Argentina, for whom you should not cry: the country reached an agreement on May 29 with the Paris Club of creditor nations on repaying $9.7 billion in overdue debts in the next five years. This is a landmark deal, allowing the pariah nation to get past its record of defaults and open up much-needed sources of international finance. Of course, this doesn’t mean that yield has fallen back already on Argentine issuance. There is still a problem with a number of major debt holders who are holding out on a settlement with the country – there is a case before the U.S. Supreme Court coming up this summer that could intervene in this matter. If it doesn’t, the holdouts are reportedly working on a compromise. In the meantime, yield on Argentine debt is still around a whopping 12 per cent. Despite its former pariah status, lots of investors believe that the country is a good bet. “Argentina has a productive agricultural sector and big, untapped energy reserves,” says Gabriel Torres, an analyst at Moody’s. Its debt in dollars owed to foreign creditors is manageable at less than 10 per cent of gross domestic product. Hard to resist a 12 per cent return? What could go wrong? On the other hand, it’s been a very strange decade…
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London loves
FinTech London has become the FinTech capital of Europe. So what makes this city such a commercial and creative place?
W
hat makes these 611 square miles capable of conjuring up some of the most innovative start-ups in the world, while still housing and nourishing some of the most established business powerhouses on the planet? How does London manage to attract so many of the most intelligent and entrepreneurial minds in existence? I believe London’s business savvy is rooted in the unique intersection of industries that we see here. We wrangle with New York for the crown of the world’s leading financial centre, but every index going has put us in the number one or number two spot for as long as I can remember seeing them. London’s technology sector is growing at a supernova-like pace and creating ripples of excitement and imagination across all other industries. We may not yet be quite on a par with Silicon Valley, but we are undoubtedly the tech capital of Europe, despite some friendly competition from Berlin. It doesn’t take Charles Darwin to realise that a colony of rapidly-multiplying tech companies living in the same space as a formidable forest of a financial sector – one that has long been in
need of innovation – is going to see some pretty fruitful cross-pollination of the two sectors. But there’s more in London’s ecosphere that feeds into the strength of our FinTech sector. It’s not just about finance and technology meeting and mating and making things happen. Our enormously successful creative industries feed into the fertility of the FinTech scene, making the technologies it spawns often highly imaginative, aesthetically enjoyable for users, and lateral-thinking in their approach. Of course, having world-leading marketing, design, media and advertising talent on your doorstep doesn’t hurt in getting the word out about your products and services, either. London is one of the most cosmopolitan places in the world. There are more languages spoken here than in any other city on the planet, and one in three Londoners was born overseas. That gives our FinTech companies further fuel: they have access to some of the world’s greatest talent, and they are that much better placed for expanding internationally at a rapid pace. London boasts four of the top 40 universities in the world according to the most recent Times higher education global ranking – more than any
Sophie Hobson editor@londonlovesbusiness.com Sophie Hobson is Editor of LondonlovesBusiness.com, the online newspaper for London’s business community
Sophie’s article was provided by Harrington Starr, global leaders in financial services and commodities technology recruitment. harringtonstarr.com, 0203 587 7007
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Image by Dan Biddulph
| BUSINESS & WEALTH |
Map of the Funds invested in FinTech start-ups in 2013 CoinBase.com Clinkle Andreessen Horowitz
other city. Our FinTech sector is able to attract some of the very brightest young minds as a result and draw on the great depths of academia that London has to offer and be shaped by the atmosphere of intellectual curiosity that is another hallmark of this great city. There is, perhaps, even something in the physicality of London that shapes our FinTech companies into the adaptive, fast-growing wonders that so many of them are. Street after street in London sees institutions several centuries old stand alongside steely new spires still under construction – a daily visual reminder of the way London seems to intertwine seamlessly the new and the old. It’s this feeling that the traditional and the forward-thinking can work so well together in our city that has, perhaps, subtly shaped the way FinTech-ers feel able to fuse the millennia-old world of money with bleeding-edge innovation. And then, of course, you’ve got London’s general business nous, our still-booming private equity and VC market, the practicalities of our time zone, our access to international markets, the support system we have here for start-ups and fast-growing companies, and, and, and… But those of you reading this publication already know all this. After all, you’ve decided to be based here for one or two – if not all – of these factors. Which is pretty darn great for London, actually. Your fellow London businesses and residents get to benefit from the improvements and efficiencies your products and services bring to their day-to-day lives. The wider London economy benefits from the growth and turnover you generate and the innovation you champion. It is a symbiotic circularity that sees the FinTech scene in the capital fed by the things that make London what it is, while London is itself improved and pushed forward by what FinTech has to offer. I’m very excited to read what some of the London FinTech’s greatest names think about the sector’s development in this publication. And I’m even more excited to see how the blossoming FinTech sector will evolve, and how it will shape this great city as it does.
Belly Upstart
LendUp
AngelList
Google Ventures CircleUp
Gyft.com
Dwolla FundersClub
ZenPayroll
LendUp LendingClub
SV Angel
Gocardless.com BillFloat.com Transferwise Creditkarma.com Kabbage WePay Stripe CoinBase.com
Index Ventures
Transferwise Clinkle
Fundingcircle.com
Erply iZettle
Life.SREDA
myWishBoard.com Anthemis Group LifePAD Simple Fidor Russia Moven
American Express
Learnvest.com SumUp iZettle
Intel Capital
mFoundry.com Clinkle FundersClub
PayPal
BillFloat.com mFoundry.com
The Social + Capital
Partnership Waveapps.com Simplee.com Gyft.com
August Capital
PayNearMe Avantcredit.com WePay Bill.com
Draper Fisher Jurvetson (DFJ)
FundersClub Lendkey.com Prosper AngelList
THE CITY MAGAZINE | August 2014
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FinTech by numbers Global investments in FinTech reached
1.8
billion
5
in 2013 – more than tripling the £545 million invested globally in 2008
Deal volume in the UK has been growing at an annualised rate of
74%
since 2008, compared with 27 per cent globally and 13 per cent in Silicon Valley
From 2010 to 2013, the value of FinTech investment in the UK and Ireland increased nearly eightfold to £155 million. The annualised growth rate (51 per cent) was nearly twice the global average (26 per cent) and more than twice that of Silicon Valley (23 per cent)
in 2013,
the UK and Ireland represented more than half (53 per cent) of Europe’s FinTech deals and more than two-thirds of Europe’s FinTech funding (69 per cent)
London has the highest density of start-ups in the world Investment in FinTech leapt 177 per cent in the first quarter of 2014 compared with the same quarter last year. First-stage funding rounds increased by an astonishing
1,227% Source: The Boom in Global Fintech Investment, a new growth opportunity for London, Accenture, April 2014, accenture.com
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technologies that will change everyday banking within the next five years
Chris Skinner fsclub.co.uk / balatroltd.com Chris Skinner is chairman of the Financial Services Club, CEO of Balatro and author of the bestselling book Digital Bank.
T
here are always ideas about the future, and that’s all they are: ideas, but there are some equally darned obvious things that will come true. Much of these are based around technologies, as the embryonic technologies of today are the ubiquitous technologies of tomorrow. It’s just a question of how long? So what are the hot technologies that will change banking between now and the end of the decade? 1. Biometrics Biometric banking has been played around with for years. Back in the 1990s, the Nationwide Building Society had irisrecognition ATMs. However, none of these have taken off yet because they are too tricky, too intrusive and just too unreliable. That’s all about to change. Barclays recently introduced voice biometrics when using mobile banking, while PayPal recently teamed up with Samsung to use fingerprints for payments verification. By the end of the decade, all banking services will be subject to some form of biometric authentication with my personal favourite being Nymi, a wrist strap that uses your heartbeat to open your bank account. 2. Wearables Talking of wrist straps, we will all be wearing technologies soon. Rather than devices, your glasses, watch, handbag and suit will all have some form of intelligence on the internet embedded. In fact, many of these are here today: Google Glass has payments apps available, while Heritage Bank in Australia recently launched a
| BUSINESS & WEALTH |
FinTechs
the Future of
Banking
contactless payments fashion outfit for men. So give it a few years, and you’ll be blinking your eye to order a cocktail and flicking your cuff links to pay. 3. Emotional The next wave of change will see technologies gain sentient intelligence. In technology terms, sentience refers to the technology becoming more human by having emotions and being more subjective and less objective. It’s a bit like seeing Dr. Spock in Star Trek crying. You just can’t imagine it, but this is what is already starting to happen with technology. Think of the iPhone with Siri and, in a generation or two, you can imagine falling in love with your operating system (just watch the film Her). This is where the technology firms are playing – bringing humanity to technology – with forecasts that systems will be more intelligent than humans within 30 years. For a bank, this means that many of the human services will be replaced by systems with feelings. 4. Visible More and more banking is being automated through self-service technologies, and banks are trying to work out how to respond by bringing more and more humanity to the technology. Several banks have experimented with bringing video links to their services such as when you browse a mortgage or pension product, you can immediately engage in ‘live chat’ and progress to ‘video chat’ if required. Video servicing of the customer will become a big differentiator for the banks over time, and many are investing in building the Amazon Kindle Mayday button to their websites and mobile apps. 5. Robotic Robots are already used extensively in trading technologies by investment banks. Many trades are based upon live news and Twitter feeds and take place through integrated systems between brokers, dealers and exchanges. In everyday banking, as customers engage increasingly with the banks through remote video services, people will find themselves dealing with an increasing number of robots.
Image by Dan Biddulph
Today’s contact centre will be replaced by the next generation visual centre, and the person you see will be a robot or, as the technologists call it, an avatar. A video avatar is an automated human who looks, talks and appears human in every perspective… except that they are not human at all. They are an automated representation of a human, who can provide impressive video service without a person being involved. The video avatar is created by recording a real person articulating the 2,000 or more keywords used in everyday language. Then, like the automated voice-recording services already used in call centre banking, the video avatar is deployed and appears for all intensive purposes to be a human talking. Instead, it is an automated machine, articulating the words required to respond correctly to your enquiries. These avatars appear so realistic that you probably will not realise the difference between a robot providing service and
By the end of the decade, you’ll wear a wrist strap that uses your heartbeat to open your bank account a human, as more of these capabilities appear in everyday life. So there you have it. As a customer, you will find more and more of your interaction with banks will be via devices you wear, authenticated by attributes that are unique to you: your heartbeat, fingerprint or eye. Meanwhile, the bank that services you will be using emotional technologies that allow robots to appear to be advising you as humans through video links. There are more technologies that will change the dynamics of the future, but these five are the ones that are most likely to appear in your everyday banking before 2020.
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FinTechs
the Future of
Finance
Start-ups: Shaking up the business finance market Anil Stocker, co-founder of MarketInvoice
Imagine you are a business owner in need of extra cash. From reading the papers and hearing the news, you’d think that there are nextto-no options. According to the media, the banks are out to get you and you’ll be lucky if you get any kind of loan, at any price. You could schedule a meeting with your relationship manager, if you have one, but any finance application through her could take weeks and still come back with a no. Coming to the rescue are a number of alternative finance providers, all of which are using online platforms to launch innovative new finance products at a range of price points. Peer-to-peer lending, online invoice trading and crowdfunding are the three main strands to the alternative finance movement and all offer products aimed at businesses at different life stages. There are now several peer-to-peer platforms in the UK for SME finance, the biggest and most established being Funding Circle. You may have seen its ads on the London Underground recently. The site brings together investors and savers who want to earn a great return on their cash with businesses that want to borrow money at a decent rate. Since launching in 2010 it has facilitated loans of more than £300 million. Invoice finance is another industry ripe for disruption. Businesses that don’t necessarily need a lump sum in the form of a term loan can find selling individual invoices a much more flexible way of financing their day-to-day operations. Established in 2011, MarketInvoice is the industry leader in this category. MarketInvoice allows businesses to sell individual invoices as and when they need to, without debentures, personal guarantees or contracts. It’s a breath
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Image by Dan Biddulph
of fresh air compared with the stuffy factoring companies that have traditionally dominated this space. The company has sold £200 million worth of invoices and is attracting hundreds of clients who have never before used invoice finance. Crowdfunding is the third strand to alternative business finance, designed for SMEs that want to raise equity funding. Crowdcube and Seedrs are now both established in this space, helping businesses that are either launching or embarking on ambitious new projects. The issue with this new universe of business finance? Awareness. At the moment only an estimated two per cent of SME owners in the UK are aware of these alternatives. Yet the market is no longer a niche one – as of the end of 2013, UK alternative lenders have now lent more than £1billion to SMEs. This is truly disruptive territory in FinTech. The banks just can’t be as agile as these innovative new online businesses. Where a loan from a bank can take months to organise, an invoice can be approved and sold on MarketInvoice in 90 minutes.
The banks just can’t be as agile as these innovative new online businesses. Where a loan from a bank can take months to organise, an invoice can be approved and sold in 90 minutes
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Energy and Commodities Trading James Hounslow, Head of Commodities, Technology, Harrington Starr
At the risk of sounding obvious, technology is the key to trading in the future. Trading firms have become very much reliant on their software applications to help them trade across the globe. To start with, it was just about deal capture and deal entry. Over time, this has developed as trading has become much more complex and the market has grown significantly, particularly geographically. Nowadays, technology leads trading into new markets and keeps traders informed of their position against risks. With even tougher regulations being gradually introduced, the importance of software that is reliable and quick has never been as necessary as it is today. The energy and commodity trading world has been in the shadow of the banking world from a technology standpoint for some time. The sector has always been one step behind, particularly when we talk about physical energy and commodity trading. Where will we see the biggest impact of change with new regulation? This is a question I have asked many trading firms, and their response was pretty unanimous. The biggest spend would be in the middle and back office. They are quite happy with how their front office is set up and performing. The middle and back office is where most of the disruption has been on-going to bring companies up to regulation standard. We have seen most changes within the energy companies as they have had the most changes and upgrades to make. Demand is high for software that will
give organisations the edge over their competitors, whilst at the same time making them increasingly profitable. This demand drives innovation, but there are many things that need to be considered. Cost of implementation is one; gone are the days where blank cheques were available to vendors to implement their system. Budgets are much tighter today, and every spend needs to be monitored and signed off. These solutions also need to be easily upgradable with minimum cost to keep up with regulatory changes. Limited maintenance and support will also be greatly received. The ability to cover multiple products across different locations is key. Competition between trading firms will keep demand for new innovative software high. We will also see continual change in regulation, which again will drive demand for better, more adaptive technology. The market has never been more open to newcomers with new ideas.
FinTech and the FX market Philippe Gelis, CEO & co-founder of Kantox
The proliferation of FinTechs in recent years is due in large part to the reluctance of banks and established financial institutions to lend since the global crisis erupted in 2008. Companies starved of finance or tired of high bank charges turned to the alternative finance sector, and many are staying with them. Why? Simply because they are seen by many clients to offer a better service than the traditional bank or broker. In the FX market, FinTechs are upsetting the established status quo of banks and
brokers, offering businesses that trade internationally alternative means of doing so, based on the implementation of new, innovative technological platforms. FinTech innovation is improving riskmitigation techniques and efficiency in trading through the use of improved systems, including dashboards and data controls. These improved systems allow for better regulation and a safer FX market. Furthermore, several FX FinTechs are able to offer greater value to clients through reduced costs and improved user interface. Kantox, the London start-up founded in 2011, is among the FinTech leaders driving the industry forward through innovation in service. Kantox recognised that the FX industry is based on opacity; an intentional obscurity of fees involved to snare a client and make maximum gains at their expense. Kantox is innovative in a number of ways. One, the Kantox online platform offers an unrivalled efficiency in closing an FX transaction. The client can log in and transact a trade 24 hours a day through an easy-to-use interface. Two, through the online platform, Kantox offers clients access to live mid-market rates, ensuring there is no hidden fee in the spread. Three, in contrast with banks and brokers, Kantox charges one solitary charge per transaction; a commission that is much lower than the bank/broker standard. Delivery is free of charge.
The future of FX FinTechs will play a crucial part in the future of how FX operations will be conducted. Banks are already lagging behind when it comes to advancements in services. Individuals and businesses are increasingly moving to banking online and conducting financial operations online, where banks have struggled to implement successful customer interaction. As the FX market moves away from traditional means of transacting, it is only natural that a move to FinTechs, seen as the leaders in high-tech services, will follow. The three articles on this page were provided by Harrington Starr, global leaders in financial services and commodities technology recruitment. harringtonstarr.com / 0203 587 7007
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Breaking Band Is 2014 shaping up to be a breakthrough year in FinTech? The milestones and the money invested so far indicate that it might be
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n just one day in July this year we met five European start-ups who had taken the decision to establish their business in London. It’s where the FinTech action is, right? It’s certainly where the money is. London’s pre-eminent accelerators: Barclays Techstars, Startupbootcamp and Level39 – and investors such as Index, Accel and Balderton – have been hugely influential in establishing the City as the busiest FinTech hub this side of Menlo Park. So far, so PR. But this is not just FinTech fever at work. It might not have gone mainstream quite yet, but FinTech hit some notable milestones in 2014, which suggest that the poster child for this week’s next big thing is starting to deliver on its promise to transform the future of finance. In February, the UK Government handed £40m to Funding Circle to distribute to businesses after the firm successfully offloaded an initial tranche of £20m. The online lender also announced a pioneering partnership with Santander to offer loans to UK SMEs. The Currency Cloud, just 24 months old, hit $5bn international payments. International foreign exchange platform and visible bank challenger TransferWise celebrated its £1bnth transfer, and online investment manager Nutmeg’s customer acquisition had risen by 350 per cent, putting it in the top 25 of UK wealth managers. These transactions may still be modest by comparison with BIG FS, but add them to the significant funding, and customer trust being won and it points to the rising level of confidence – both from investors and consumers. Not that securing funding is the only benchmark of future success. (We, too, wonder which payment and marketplace lenders will emerge as true businesses of scale.) But as the market matures, large-scale investment and growing customer trust are helping these businesses to grow from passionate start-ups to global players focused on the one metric that will count in the long-term future of financial services innovation: commercial success.
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UK/Europe FinTechs funded in 2014 to watch:
1. Klarna - £67.8m: Sequoia Capital, General Atlantic, Atomico Swedish payments company Klarna separates buying from paying by allowing buyers to pay for ordered goods after receiving them. In March, it raised £115m, bringing total investment to £164.7m. It also acquired German market leader SoFort, giving the newly-formed Klarna Group 25 million users and partnerships with more than half of Germany’s online merchants.
2. borro - £65.4m:
Victory Park Capital Julie Lake
Nicky Cotter
Julie Lake and Nicky Cotter fintechcity.com
Julie Lake and Nicky Cotter, founders of the FinTech50 and FinTechCity
The online payments platform, which allows people to borrow cash against assets such as watches or art, raised £65.4m on the back of strong growth last year. In 2013, borro saw approximately £29.2m of lending, which the company expects to double this year. borro says it is seeing more opportunities in the £50k loan range and that average loans have risen to £7k from a couple of thousand pounds three years ago.
3. iZettle - £36.3m: Zouk Capital, Dawn Capital, Intel Capital, Creandum, Greylock, Index, Northzone and SEB Four-year old iZettle, often called the Square of Europe, offers an easy way to take chipcard payments using mini readers that
| BUSINESS & WEALTH |
transform a smartphone into a card payments terminal. This year, the Swedish payments company raised £36.3m in a C round, taking its total investment to £63.6m. iZettle estimates that there are still ‘millions’ of businesses yet to accept card payments.
4. WorldRemit - £23.4m: Accel Partners
The World Bank estimates that the global remittance market is worth £303bn and WorldRemit CEO and founder Ishmail Ahmed expects the online money transfer sector to account for approximately 30 per cent of it in the next few years. The London-based business, which currently enables more than 1.3 million annualised remittance transactions, secured £23.4m, one of the largest ever Series A rounds achieved in Europe in March, and plans to quadruple its staff from 50 to 200 by the end of the year.
5. Kreditech - £32.1m:
Värde Partners, Blumberg Capital, Point Nine Capital, Kreos Capital The German credit-rating service for enterprise secured a £23.4m series-B funding round, the largest ever for a German FinTech company and one of the largest rounds in Germany in 2014. In January, it also secured £8.8m in debt financing from Kreos Capital. Kreditech offers micro-loans to consumers based on social and commerce data and claims to have approved more than 1.5 million individual loans within the 20 months to June this year.
6. Funding Circle - £65m: Index Ventures, Accel, Union Square and Ribbit Capital By June, the online lender had lent £100m to UK businesses in the first six months of 2014 alone, and in July the online lender raised an impressive £38m to take its total
Image by Dan Biddulph
Nutmeg offers portfolio management services to anyone with as little as £1,000 to invest and now has over 35,000 registered users
funding to £71.9m. The company also announced a pioneering partnership with Santander which would see the bank refer smaller business customers to Funding Circle, which in turn would direct SMEs to Santander when they require day-today relationship banking or other services such as international banking and cash management.
7. Nutmeg - £18.7m:
Armada Investment Group, Balderton, Charles Dunstone, Tim Draper, Schroders The UK-based online investment management business raised £18.7m, taking its total shareholder investment to £29.2m. Nutmeg offers portfolio management services to anyone with as little as £1,000 to invest and now has more than 35,000 registered users. Customer
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acquisition in Q1 was 350 per cent up on the same period last year, putting Nutmeg in the top 25 of wealth managers in the UK, where the market is worth £500bn.
8. TransferWise £14.6m: Sir Richard Branson, Valar Ventures, Index Ventures, IA Ventures, TAG, and Kima Ventures TransferWise secured a high-profile £14.6m funding round (B) from Sir Richard Branson and Peter Thiel, amongst others, in June this year to take its total funding to £18.9m. The very visible disrupter of international money transfers, which collected the FT Boldness in Business award this year, transferred its billionth £ and claimed to have saved its customers £45m in banking fees in time for its third birthday celebrations in April. This month, it was announced as one of 10 UK tech companies to Pitch at Number 10.
Image by Dan Biddulph
9. Zopa - £14.6m:
Arrowgrass Capital Partners In January, the world’s oldest and largest peer-to-peer lending company closed a £14.6m funding round from Arrowgrass Capital Partners. Zopa had previously raised £19.8m to date. Zopa announced in March that it had lent more than half a billion pounds to UK borrowers since launching in 2005, making peer-to-peer lending a mainstream activity.
10. DueDil - £9.9m:
Oak Investment Partners, Notion Capital and Passion Capital “It’s not just the data we provide, it’s what we enable you to do with it,” says DueDil, which this year completed a series-B financing round, bringing total funding to £12.9m in the past 10 months. In just two years, DueDil has become one of the largest sources of private company information in the UK and Ireland. Customers can currently access information on companies and directors in 22 different countries via the DueDil API.
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Top FinTech sectors attracting funding 1. Lending borro £65.4m, Nutmeg £18.7m, Zopa £13.3m, iwoca £4.4m, Seedrs £2.9m 2. Payments Klarna £67.6m, Kreditech £23.4m, iZettle £32.3m, GoCardless £4.1m, Azimo £5.8m 3. FX TransferWise £14.6m, The Currency Cloud £5.8m 4. Big Data DueDil £9.9m, Credit Benchmark £4.1m 5. Banking Holvi £0.8m, Osper £10m
fintechcity.com Source for all fundings: TechCrunch *Source: Accenture http://newsroom.accenture.com/ news/london-is-benefitting-from-fintech-investmentboom-according-to-accenture-study.htm
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Equities
Understanding the demand and supply story of a stock Lex van Dam
lex@lexvandam.com
O
ver the last few columns, we have talked about how it is important to have your own original ideas when it comes to investing, and discussed the importance of knowing some basic facts of the company you are aiming to buy or sell. Basic stuff but very easily overlooked when you are keen on buying a certain stock. After you have taken some time to analyse a company based on its fundamentals, you still should not rush out to buy the stock. First, you need to take some time to look at its chart. This can tell you a lot more than you think, and that is why it’s step 3 of my 5-Step-Trading® process. Looking at a chart will give me a feel for what a stock has done over the past weeks or months and also gives me a quick idea of whether a stock has been popular or out of favour. Let’s say my idea generation pointed out a certain stock as potentially interesting and my company analysis showed that this stock has a strong balance sheet. Would I prefer to see this stock trading at high levels with lots of other people already owning it? Or, would I rather see this stock out of favour so I can get in at a low price? Chart analysis helps me understand this. Charts can also signal the price levels that are most significant for a certain stock, which can then help you decide if it is time to buy, or if it is better to hold off. One of the basic patterns might be that a stock is not able to break above a certain price level. Every time it gets there a large seller appears, limiting the upside. That tells you it is better to wait for lower prices before entering the stock. However, once it does break above that level it might mean that the seller is finished, and it would make sense to pay the higher price yourself as well. Charts can help you understand the demand and supply story of a stock. My favourite type of chart is the candlestick variety. It sounds complicated but it gives you a lot more information than a more common chart that just shows daily
Candlestick charts tell you not only the closing price, but also the opening price, as well as the high and the low for that specific day
Lex van Dam is a hedge fund manager and financial educator, specialising in trading equities, currencies and financial derivatives
closing prices. Candlestick charts tell you not only the closing price, but also the opening price, as well as the high and the low for that specific day. It will show you if, for example, a stock closed at the high of the day indicating strength, which I like. In a similar way, I dislike stocks that close at the low of the day, which shows weakness. For longer-term investors the daily candle might not be key, but a weekly candle can be. That is another important fact about charts – look at a timeframe that at least covers the period over which you intend to trade or invest. I use chart analysis not only to help in the decision over whether or not I should buy or sell a stock, and the timing of my sale or purchase. I also use it to determine profit
targets and levels where I have to get rid of my positions, also known as stop-losses. It does not end there – I always check the chart of a stock relative to its own sector or industry – I would, for example, not buy British Airways without looking at its American and European competitors. Finally, be aware of the importance of volume, i.e. the number of shares that trade in a given day. If a stock moves up on high volume that’s good, but if it does that on less and less volume it is a warning sign, called negative divergence. Next time we will look at trading psychology and find that trading takes place not just on the exchange, but also between your ears.
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INVESTMENTS
Seize the day, plan for tomorrow Nick Hungerford
info@nutmeg.com 020 7806 6158
J
ohn Lennon famously said: “Life is what happens while you’re busy making other plans.” The Beatles legend certainly had a point, as well as a way with words. Time is short and we all strive to fill our lives with rich experiences. But to taste some of life’s most fulfilling adventures you simply need a great deal of forethought, research and, of course, money. You can’t buy your dream home on a whim. You wouldn’t want to select your child’s nursery by randomly picking one of 10 pins on a Google map. And you can’t click your fingers and be magically transported to a secluded Melanesian island for four weeks of Bear Grylls-style escapism. So, how far ahead and to what extent should we plan our lives and our finances as we endeavour to balance spontaneity with longevity? When our customers set up an investment portfolio with Nutmeg we ask them a few questions – what is it they’re actually saving for, how much money are they looking to accumulate, what level of risk would they like to take on a scale of one to 10, and how long are they looking to invest for? Thinking about exactly what you’re saving for – your child’s higher education, a second home, or perhaps a nest egg for your retirement – can really help shape the other parameters of your portfolio profile. The timeframe you select can also have a considerable bearing on the make-up of your portfolio. For example, quite often a longer timeframe of say 20-30 years can mean you have greater opportunity to adopt a higher-risk approach to investing as you have more time to ride out any dips in the markets and more chances to benefit from equity gains. Many people have a desire to look at much shorter timeframes than that when investing. This is quite natural, of course. Human instinct urges us to earn the most we can as soon as we can. But the algorithms of sound investing suggest that a longer timeframe can enable you to be more imaginative
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To taste some of life’s most fulfilling adventures you simply need a great deal of forethought, research and, of course, money
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, your capital is at risk. The price and value of investments mentioned and income arising from them may fluctuate and you may get back less than you invest.
and speculative with the kind of target sums you could end up with. I like to think I have many years of investing ahead of me, and that means I can take a high-risk approach with my investment portfolio. When I look into the future, whether it be on a personal level or in business, I see opportunity, change and excitement. I also see challenges, dilemmas and struggles. That is inevitable and in my view not to be feared. I simply
want to make sure I have the tools and, hopefully, financial resources to help me make the best choices possible along the way. So by all means splash out on that Jaeger-LeCoultre wristwatch and do grab the incredible experiences and opportunities that life affords you with both hands and a smile, but also give a little thought to what wonders you and your family might enjoy and achieve in later life by nurturing a nest egg now.
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FX
Happy Mid-New Year Kathleen Brooks forex.com
A
t the start of 2014, consensus seemed to huddle around a few key themes that were expected to drive markets for the rest of this year. This included a strong dollar and an end to the stock market rally. Alas, things never seem to work out exactly the way you want them in financial markets; the dollar has failed to rally and US stock indices have made record highs in recent months. For those who held these themes dear, it has been a frustrating, and loss-making, first six months. However, now is the time to turn over a new leaf and start afresh. MidNew Year is as good a time as any to close out of old, tired positions and come up with fresh ideas. To help you with this we have come up with a list of Mid-New Year resolutions to see you through the next four months. 1. Ditch those unreliable boyfriends Of course, by this I mean central bankers, in particular Mark Carney, the head of the Bank of England. He has flip-flopped between being an uber-dove to being an archhawk in recent months. In June things came to a head, within a week he said that the market was mispricing the prospect of a rate hike this year, then he switched and said rates can’t rise anytime soon
as there is still too much slack in the economy. For those people who slavishly follow every headline that comes out on the wires, you may have thought it wise to cut your long GBP/USD position. However, in actual fact, the market barely reacted to Carney’s comments. At the time of writing, GBP/USD is at a fresh five-year high, and from a technical perspective there is not much in the way between here and 1.90. The lesson is not to slavishly follow what central bankers say. Have the courage of your convictions, keep your stops wide enough to cope with a slip-up from a central banker and stop worrying about what Carney says… 2. Equities can defy gravity The stock market rally has been tortuous at times. However, if Q2 earnings are good (corporate results will start to dribble in from the end of July), then we could see another extension of the recent rally. Volatility is low (see resolution 3), the Fed looks like it is on hold, and the global economy is recovering. Q3 could be another good quarter for stocks, particularly if the US economy bounces back after a dismal start to the year. 3. Volatility won’t stay low for ever OK, so this is true. History has
Kathleen Brooks is a research director at FOREX.com and is the author of Kathleen Brooks on Forex
shown us that volatility never stays low for long periods. The Vix index, which measures volatility in the S&P 500 and is used as a global benchmark, fell to its lowest ever level in Q2 and is still declining as I write this article. This is problematic, particularly for people new to trading; you hear all of these old hands telling you how volatility never stays this low, which makes you panic. At best you cut out of profitable positions; at worst, you short indices and other asset classes that are still going up. Yes, volatility will rise, but those people who continue to tell you this have no idea when this will happen. They may be right in the end, but their timing is so far off, you could have lost all your capital by listening to them. 4. Strange things can happen If, at the start of this year, you thought that Russia would annex part of the Ukraine and not face international force to stop it doing so, then stop reading, you don’t need to be taking any advice from me. Geopolitical risks are the hardest things to predict and often spring up seemingly out of nowhere. Take the Iraq crisis, most of us had no idea that insurgents were rampaging all over the country and that this would trigger a knee-jerk reaction, resulting in a higher oil price. Looking ahead to this quarter, one event could also take the market by surprise – the Scotland referendum. Although at this stage it seems unlikely that Scotland will leave the UK, stranger things have happened. If the “Yes” vote scrapes through on 18 September, then shock-waves could go through the markets, particularly the pound, the FTSE 100 and Gilts, as the market reacts to the UK ceasing to exist as we know it. Even if you feel removed from the Scottish situation, anyone with a foreign holiday planned for October onwards could find their pound does not stretch as far if Scotland leaves the UK, so make hay while the sun shines and get your winter sun money now.
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Macroeconomics
Worried about recent rapid house-price inflation? Richard Jeffrey
info@cazenovecapital.com
A
couple of months ago, I wrote in this column that I thought it was about time that the Monetary Policy Committee began raising interest rates. Since then, the Governor of the Bank of England appears to have warned us that interest rates may begin rising earlier than financial markets currently expect. Having said that, we seem to be in a situation of never mind the driver, watch the wheels. In other words, Mr Carney seems to be swaying from left to right in the policy-driving seat, giving markets very different signals from week to week about which direction monetary policy is going to take next. I remain of the view that the sooner the MPC takes the initiative on interest rates, the less likely that this spurt of growth will end in inflationary tears. Mr Carney has also been expressing some angst with regard to the state of the housing market and the possibility that rising household indebtedness, “if left unchecked, could undermine the durability of the expansion”. Having voiced his concern about rapid house-price inflation, he announced at the press conference accompanying the release of the Financial Stability Report that the Financial Policy Committee “is today taking further graduated and proportionate actions to mitigate these risks”. These actions were a new affordability test and a restriction on lending to more highly-geared borrowers. Mr Carney then went on to say “These actions should not restrain current housing market activity” and also that they “will have minimal impact in the future if the housing market evolves in line with the Bank’s central view”. While these announcements and statements are not wholly inconsistent, they do beg the question: are you worried or not? More to the point, how worried should we be about recent rapid house-price inflation? The latest data from the ONS shows an annual rate of increase of 9.9 per cent, UK-wide. This sounds high, but it does not take too much time to
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identify what we all know to be the problem: London, where house prices have risen by 18.7 per cent over the past year. On the other hand, in Scotland and Wales, prices are up by only 4.8 per cent and 3.3 per cent respectively. And for the UK, excluding London and the South East, the annual increase stands at 6.3 per cent, and the average is still below the 2008 peak. There is no doubt that conditions in the London market are very hot. Equally, there is no doubt that these conditions are specific to London and have little or nothing to do with the general state of the UK economy (or wider housing market). As much as anything, the trend in London house prices reflects demand from outside our economy. To allow policy to be swayed by the situation in the capital would be a mistake, would have little impact on overseas demand for property and would most obviously penalise local buyers, particularly first-time buyers.
Richard Jeffrey is chief investment officer at Cazenove Capital Management
Help to Buy is not a bad policy (by the way, of the 22,831 loans made up to the end of May, only 1,483 or six per cent were in London boroughs). It will become problematic if loans are made at the wrong price. Requiring lenders to assess whether borrowers could still afford mortgage service costs were interest rates to be three per cent higher is fine, but the sensible way of warning borrowers that interest rates are unsustainably low is to start raising them. Meanwhile, it is important that policy makers focus on improving turnover levels in the housing market, since they remain well below historic rates. One prerequisite for rising turnover is almost certainly a measure of houseprice inflation. In my view, it is time for our policy makers to stop responding to newspaper headlines and focus more on the prevailing and anticipated fundamental developments within key areas of the economy.
Words: josephine o’donoghue
Sparring Partners Donald Runnicles Age: 59 Birthplace: Edinburgh Education: University of Edinburgh, University of Cambridge, George Heriot’s School Currently with: Deutsche Oper Berlin and the BBC Scottish Symphony Orchestra Awards & titles: Officer of the Order of the British Empire (OBE), honorary degrees from Edinburgh University and the San Francisco Conservatory of Music, and an honorary doctorate from the Royal Scottish Academy of Music and Drama Website: donaldrunnicles.org
About Donald Runnicles is concurrently the General Music Director of the Deutsche Oper Berlin (DOB), Chief Conductor of BBC Scottish Symphony Orchestra (BBC SSO), and Music Director of the Grand Teton Music Festival in Jackson, Wyoming, USA. He is also Principal Guest Conductor of the Atlanta Symphony Orchestra (ASO). A dedicated professional, his career is mainly comprised of ongoing and intimate associations with a select number of companies and orchestras – focusing largely on grand romantic opera and symphonic repertory of the late 19th and 20th centuries. Runnicles also maintains regular guest relationships with the Berlin Philharmonic, London Symphony, and Philadelphia Orchestra.
BBC PROMS 2014 “The longer great musicians ponder the mysteries of the masterpieces they interpret, the more profoundly they can reveal them to their audiences” comments Hugh Canning in the BBC Proms 2014 Official Guide, “It is with good reason that we revere our octogenarian maestros.” And what a selection of maestros the proms boast this year. One of the most hotly anticipated appearances is of Runnicles, who leads three proms this summer. Perhaps most notably, the
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combination of the 150th anniversary of the birth of composer Strauss and the presence of Runnicles (with his natural kinship with German music) makes Prom 58 one of the stand-out dates of the music season. The Deutsche Oper, with Nina Stemme singing the title role, will present one of the more profound of the Strauss operas, Salome for Prom 58. Stemme is expected to give a mesmerizing performance under the expert direction of Runnicles, who last year led her through “arguably the single most impressive performance of last year’s
Proms as Brünnhilde in Daniel Barenboim’s Ring Cycle” (Tom Service, The Guardian). Not unusually, Runnicles will also appear with his native BBC Scottish Symphony Orchestra for an additional two concerts (in fact, last year he went one step further and joined the chorus from Deutsche Oper with the orchestra from the SSO for the Wagner bicentenary). The BBC SSO will be joined on the first occasion (Prom 23) by the National Youth Choir of Scotland for the much-loved Mozart’s Requiem – alongside Beethoven’s Symphony No. 4 and the London premier
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Long time masters of their art, these world-class conductors both headline at this summer’s BBC Proms at the Royal Albert Hall, with what may be the definitive performances of their careers
Simon Rattle Age: 59 Birthplace: Liverpool Education: Royal Academy of Music University of London, Liverpool College Currently with: Berlin Philharmonic Orchestra Awards & titles: Commander of the Order of the British Empire (CBE), Knight Bachelor, Honorary Fellow of the Society of Arts, an honorary doctorate from the Royal Academy of Music and he was appointed Member of the Order of Merit in the 2014 New Year Honours. Numerous European awards Website: warnerclassics.com/sir-simon-rattle
About Sir Simon Denis Rattle gained fame as conductor of the City of Birmingham Symphony Orchestra, and is currently principal conductor of the Berlin Philharmonic. He studied at Liverpool College learning piano and violin, but his early work was as a percussionist. He was talent-spotted by the music agent Martin Campell-White at the Royal Academy of Music, who has since managed his career. Rattle has conducted a wide variety of music but he is best known for his interpretations of early 20th century composers and precise interpretation of the Romantic works in his own ‘signature’ style.
of Scottish composer John McLeod’s The Sun Dances, described as “a glowing, iridescent work inspired by an Easter folk legend from the West of Scotland”. Runnicles follows this with Prom 24, and a programme that, through the music of Vaughan Williams and Mahler, looks back into the past as he conducts the BBC SSO in a “musical meditation on history, death and loss”, for the centenary of the First World War. Comparatively, Sir Simon Rattle and the Berliner Philharmoniker haven’t performed together at the Proms since 2012, and will
this year present two concerts: Prom 64, an all-Russian programme inspired by dance (Rachmaninov’s Symphonic Dances and Stravinsky’s The Firebird) the latter of which is said to have established Rattle as serious conductor – and Prom 66, Bach’s Matthew Passion, undoubtedly one of the climaxes of the prom season. In reference to the upcoming Prom 66: Matthew’s Passion, Service declared, “It’s possibly the most significant production of Rattle’s time with the Berliners, a performance that changed the lives of the musicians who were part of it in Berlin a few
years ago, and touched everyone who saw it. “[Director] Sellars makes the audience part of an ineluctably moving process of bearing witness to tragedy, in which we are all involved and implicated. In Berlin, this was subtle, powerful music-drama; in the Royal Albert Hall, it promises to be yet more affecting.” It promises raw, emotional involvement, contemplation and redemption all wrapped up in one of the most moving interpretations of Bach’s masterpiece – this could well be the game changer for the most outstanding conductor in the 2014 Proms.
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| lifestylE |
In the age of email, the luxury pen is making a comeback, writes Simon Brooke
I
t was a lovely evening – great food, great wine, great company – and now it’s time to thank your host for their generosity. So, do you use email, text or a Facebook message? Alternatively, how about handwriting a note? It might take a bit more time and effort but, let’s face it, the latter option is by far the most likely to be appreciated and remembered. Similarly, once you’ve clinched that millionpound deal, do you really want to sign on the dotted line with a piece of chewed plastic? Thought not – and you’re not alone. The proper pen is back. Sales of fountain pens doubled year-onyear in 2013 and were four times higher than in 2010, according to Amazon. At the upper end, Harrods, which recently opened its Great Writing Room, has also seen an increase in sales of luxury pens. Annalise Fard, director of Home, Furniture and Technology at Harrods, believes that this growing interest offers an antidote to texting and email. “The pen is an accessory and statement piece for every man and woman – reflecting their personality, culture, artistic taste and place in the world,” she says. “The main trend is heritage and craftsmanship, such as hand-painting, relief engraving, enamelling and Japanese Makie (lacquer sprinkled with gold or silver powder). Brands are re-inventing classic styles whilst
Return
of the
The Montblanc Patron of the Arts Steinway Limited Edition 4810 pen, £1,870
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challenging their craftsmen to launch new technology such as retractable nibs. Pen hardware and finishes are very similar to trends in watches – midnight blue is a key colour this season.” Jewellery brands such as Cartier and Chopard, Italian makes including Montegrappa and Visconti, those with French flair such as S.T. Dupont, or German precisionists Montblanc & Graf von Faber-Castell are in greatest demand. Founded in Italy just over 100 years ago, Montegrappa, whose fans include sports legends Michael Schumacher and Zinedine Zidane, uses a combination of cuttingedge technology and hand-finishing. Its fountain pens, rollerballs and mechanical pencils range from sleek, brushed-silver and subtle-etched finishes to exuberant, intricate designs based on the look of Venice’s Teatro La Fenice Opera House or the Chinese Year of the Snake. The Icon series celebrates figures such as Elvis Presley and Salvador Dali. One proud Montegrappa owner is the writer Hanif Kureishi, who recently told the Italian newspaper La Repubblica: “Writers, keep using the pen. It’s the only magic wand that makes the impossible happen.” Giuseppe Aquila, CEO of Montegrappa, adds romantically: “Being a maker of fine-
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ABOVE Premium Elysée Meteorite Fountain Pen, £795, S.T. Dupont BELOW FROM TOP Intuition ivory fountain pen, £250, Graf von FaberCastell; Beauty Book Fountain Pen, £1,075, Montegrappa LEFT Guilloche Ciselé fountain pen, £340; Classic Anello fountain pen, £495; both Graf von Faber-Castell RIGHT Bugatti Pur Sang Duotone Fountain Pen, £1,440, Montegrappa
| lifestylE |
“You don’t wear a watch just to tell the time – it says a lot about your personality, and it’s the same with pens”
writing instruments is not only about the craftsmanship; we believe that the act of writing is a core part of humanity’s history and culture.” Montblanc’s black-and-white, snowcapped design is well-known, and its iconic Meisterstück 149 fountain pen celebrates its 90th anniversary this year, but the brand’s gold and platinum-plated pens are equally elegant. Montblanc recently launched its Great Characters Fountain Pen Limited Edition 74 in homage to Leonardo da Vinci and the Patron of Art Edition Henry E. Steinway, a tribute to the master of piano manufacturing. The level of detail is remarkable. The latter fountain pen’s cap is decorated with a harp or overstrung piano, while the shape of the gold-plated clip makes reference to the once-patented screw clamps used for bending the grand piano rim into its distinctive sweeping curve. The gold nib is intricately engraved with a portrait of Steinway himself. Montblanc compares the growth of interest in pens with that of watches. “You don’t wear a watch just to tell the time – it says a lot about your personality, and it’s the same with pens,” says Christian Rauch, the company’s managing director for Writing Instruments and Leather Goods. “Taking the time to write with a proper pen is a very personal thing; it’s a moment to enjoy.” Montblanc has also seen a growing army of collectors who snap up the limited editions that it first started producing three years ago. “They like to share the stories behind them,” says Rauch. “We also make bespoke pens. We have a machine that can measure how you write – the angle at which you hold the pen and pressure you apply, for instance. From that we can create a pen and, in particular, a fountain pen nib, that is just right for you.” Dupont is another maker whose products include the quirky, such as the Metropolis range – inspired by Fritz Lang’s iconic sci-fi movie from the 1920s – and the Apocalypse collection with its Aztec motifs. The Revelation collection, on the other hand, is more classic and understated. Arguably even more refined are the beautiful pieces from Graf von FaberCastell, with their sleek lines and subtle, hand-engraved designs. The pens created by Graf von Faber-Castell’s team at his 250-year-old German workshop are deceptively simple – the manufacturing process can involve 100 stages, many of them carried out by hand. With writing, as with the spoken word, it’s not just what you say, it’s how you say it.
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RUN WILDbracelet london_UK 13/04/12 09.37 Pagina 2
From the Honeycomb Eternelle Ring Collection
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| collection |
COLLECTION
Celebrating the delightful and the divine from the world of fine jewellery and luxury watches
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To Rolex what AMG is to Mercedes Benz Add a matte black body kit to a Range Rover and people will think you work in recruitment and live in the Isle of Dogs. Let Pro Hunter do a similar thing to your Rolex and you’re more likely to be mistaken for a Royal Marine. Conceived by Kamal Choraria, the man who devised the system by which vintage Rolexes are classified, Pro Hunter has been modifying the world’s most recognisable watches for more than a decade. The company adds anti-reflective ‘diamond-like-carbon’ coating to brand new Rolexes, changing the colours of date discs, dials and pearls. The Phantom collection is the latest addition to the Pro Hunter portfolio; a super matte black finish is applied to Daytonas, Deepseas and Submariner Dates. Customers can choose to add black carbon casing, bezels and lumes, and from a bracelet and military Nato strap. Pro Hunter only modifies 100 examples of each Rolex model. Manage to secure one and you’ll join a list of owners that includes Bill Clinton, Orlando Bloom and the Crown Prince of Greece.
Deepsea: Military Strap £15,950 / Bracelet £17,950 Submariner Date: Military Strap £14,950 / Bracelet £15,950 Daytona: £19,950 discoverprohunter.com
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The Great
Outdoors
In our modern world, it’s possible to have a veritable wardrobe of watches, all thoughtfully and creatively manufactured to suit their particular purpose. Robin Swithinbank suggests the best options for active types
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| COLLECTION |
Diving
polo
Rolex Sea-Dweller 4000 There isn’t a more iconic divers’ watch than the Rolex Submariner, no matter what anyone says. But there’s also no more ubiquitous divers’ watch than a Rolex Submariner, which is why the return of the brand’s lesser-known but just as chisel-jawed Sea-Dweller is so welcome. The original 1967 SeaDweller was the first divers’ watch to feature a helium escape valve, a device useful to professional divers who spend weeks on end immersed in a helium-enriched compression chamber during saturation dives. The new model has a helium escape valve too, is water-resistant to 1,220 metres (or 4,000 feet – hence the name) and has a 40mm 904L stainless steel case, a ceramic bezel insert and an in-house automatic movement. rolex.com
Jaeger-LeCoultre Grande Reverso Ultra Thin 1931
Swimming NOMOS Glashütte Ahoi So there are divers’ watches and then there are watches you can wear in the shower and, thanks to quirky German watchmaking outfit NOMOS Glashütte, there is also a ‘swimming watch’. The Ahoi is actually far more than that, despite the brand’s wry, self-deprecating label: it’s water-resistant to 200 metres, more than enough for splashing about in your local lido; its hands are covered in a dollop of Super-LumiNova so they’re legible underwater; and the case has built-in protectors around the crown so you’re less likely to rip it out if you catch the watch on a piece of coral. Inside the 40mm case beats NOMOS’s in-house automatic movement. nomos-glashuette.com
It’s become the sybarite’s choice but before all that, JaegerLeCoultre’s case-flipping Reverso was intended for polo-playing British officers of the Raj. They had complained of their watches getting smashed up during play and, rather than suggest they take them off, Jaeger-LeCoultre designed a watch with a case that could be reversed to protect its delicate front. It was named Reverso after its swivelling case, which has since been used to carry additional complications, coats of arms, engravings and more. This latest impression has a sumptuous pink gold case, a chocolatecoloured dial and a brown strap made by Argentinian leather polo accessory specialist Casa Fagliano. jaeger-lecoultre.com
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Mountaineering Oris Big Crown ProPilot Altimeter Oris’s seemingly unstoppable run of watches that are not just innovative but offer genuinely useful functions continues with this, the first automatic mechanical watch with a mechanical altimeter. It can gauge altitude and air pressure, useful whether you’re a pilot, a mountaineer or the type to get your kicks from throwing yourself out of planes and off cliff tops. It does this via a mechanical barometer, squeezed inside the watch’s 47mm stainless steel case alongside its automatic movement. There’s more clever-tech in the watch’s patented adjustment and venting crown; it’s fitted with a membrane to prevent moisture from getting inside the watch while the altimeter is activated. A proper smart watch. oris.ch
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Flying Shooting Panerai Radiomir 1940 Chronograph Oro Bianco Mechanical watches don’t like being shocked. Knock one onto the floor or smack it into a door and you’ll note – if you keep stock of these things – a drop in accuracy. That’s why it’s unwise to wear a mechanical watch while shooting, when the violent impact of firing a shotgun can play havoc with the tiny, fragile parts inside it. For such times, you might be interested to learn that most of Panerai’s totemic Luminor and Radiomir watches feature antishock technology, as is the case with the new Radiomir 1940 Chronograph Oro Bianco. Inside its 45mm white gold case is a glorious handcrafted, hand-wound movement that’s protected by an Incabloc anti-shock device. panerai.com
Bremont MBIII Bremont’s series of watches, made in partnership with the pioneering British ejection seat manufacturers Martin Baker, was launched in 2009. Initially, there was just one piece in the line, the MBI, which was only available to pilots who’d been ejected from a plane. It featured a rubber movement mount that could protect the watch’s chronometercertified automatic movement from the shocks sustained by an ejection, and had been put through endurance tests for vibration, temperature extremes and salt-fog, making it one of the most qualified pilots’ watches ever made. The same spec level is found in the MBII civilian model launched a year later, and now in the new MBIII, which has a second time zone. bremont.com
| COLLECTION |
Space tourism Omega Speedmaster Mark II
Adventuring Breitling Emergency II If you’re planning a trip to the South Pole, or have ambitions to sail around the world with nothing for company but a stuffed toy, Breitling’s 51mm, titanium-cased Emergency II should be at the top of your ‘don’t leave home without’ list. As well as being a multifunction, quartz-powered superwatch, it’s also the world’s smallest personal locator beacon. Get into a spot of bother half way up a mountain, activate the beacon and it’ll alert the nearest search and rescue team, who’ll be guided to your position by the signal. Just make sure you’ve got good insurance – otherwise you’ll be picking up the tab left by your rescuers. breitling.com
One of the rarely told stories about Omega’s Speedmaster, the ‘Moonwatch’, is that it was never supposed to go to the Moon. The watch intended for the role was the 1969 Speedmaster MkII, which – unlike the original – was specifically designed by Omega in partnership with NASA to be worn by astronauts. But as the first Speedy had already been into space and proved its zero-gravity creds, the astronauts chose to stick with it for their lunar missions. Almost 40 years since the last MkII was made, Omega has relaunched it, complete with a 21st century automatic chronograph movement. The new piece is wonderfully retro – and perfect for your next jaunt into space. omegawatches.com
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| COLLECTION |
WATCH NEWS ONE to WATCH
Into the Deep Never been near a snorkel? Never mind; these latest dive watches look as good in the boardroom as they do underwater
Each month we select our timepiece of the moment from the watch world’s most exciting creations
Calibre de Cartier Diver, £5,700 Cartier, cartier.com
Mille Celebrates Polo Partnership An automatic watch winds itself thanks to a rotor that moves every time its wearer does. Overwinding, however, can result in extreme pressure on a watch’s barrel spring. Ever the inventor, Richard Mille has devised a rotor that declutches automatically when the power reserve in its RM030 reaches 50 hours. Once it falls to 40 hours, the rotor is re-engaged. Wearers can identify which phase of winding the watch is in courtesy of an indicator at 12 o’clock. 50 limited-edition versions have recently been splashed with accents of navy and white in homage to the brand’s partnership with the St Tropez Polo Club. richardmille.com
Présence Heritage, £2,190, Longines longines.com
Longines’ 18-carat gold Présence Heritage comes with an automatic movement and is set on a brown alligator strap. An uncluttered dial and vintage styling make this a watch for anyone with a fondness for the classic
Heritage Diver Chrono, £2,200 43mm, Longines, longines.com
Marine Diver, from £6,200, 44mm Ulysse Nardin, selfridges.com
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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
| COLLECTION |
JEWELLERY NEWS
Paris Couture Week
2014
Proud as a Peacock Vita, the debut collection from new fine jewellery brand Livyora, has been described as a “celebration of life”. Each piece references familiar stories and characters from around the world, drawing on different cultures’ literature, art and music. The Pavoni chandelier earrings, for instance, were inspired by the peacock, a universal symbol of beauty and integrity, and these qualities have been evoked by a dazzling array of brilliant-cut sapphires, iolites, blue topaz, tsavorite and smoky quartz. The Leijona cocktail ring is immediately recognisable as Aslan from C.S. Lewis’ The Chronicles of Narnia. Made from 18-karat yellow gold, brilliant-cut black diamonds are used to depict the lion’s eyes and a textured finish portrays the magnificent mane. Conceived by jewellery designer Dr. Shefaly Yogendra, internet entrepreneur Chirdeep Chhabra and gemologist Tarudeep Vaid, we predict great things to come from Livyora. livyora.com
Cutting
Edge
Top jewellers including Boucheron, Chaumet and Bulgari descended on France’s capital to preview their latest collections at this year’s Paris Couture Week before the grand unveiling at the Biennale des Antiquaires in September. Boucheron nearly stole the show with its stunning Ricochet necklace with detachable brooch, featuring rippling sapphires, diamonds and rock crystal. However, Chaumet made sure it kept up with its French competitor, revealing an exquisite Collier Eau Vive as part of its Lumières d’eau collection. Italian jeweller Bulgari, which celebrates its 130-year anniversary this year, presented its new 26-piece MVSA collection, which honours the Muses of Ancient Greece through a series of colourful, precious gemstones.
For his latest Surprise Fantasy Ring, jeweller Theo Fennell collaborated with internationally acclaimed English micro-sculptor Willard Wigan MBE to create the Empty Quarter ring; a one-of-a-kind jewellery art piece:
When opened, the ring reveals an apparently deserted desert scene but further inspection reveals three microscopic camels, expertly crafted by Wigan. The piece, which is made from different 18-karat golds, set with diamonds and engraved with desert flowers and rose gold salamanders, is also accompanied by a beautiful magnifying glass and chain The Empty Quarter Ring POA, theofennell.com
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| COLLECTION |
Rainbow Wave Add a splash of colour to an otherwise monochrome look with spectacular statement accessories
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1 Cosmos Friendship bracelet, £225, Astley Clarke, astleyclarke.com 2 Magnipheasant Feathers collar, POA, Stephen Webster, stephenwebster.com 3 Rainbow Geometric Octahedron earrings, £5,000, Noor Fares, Dover Street Market 4 Chameleon earrings, £23,550, Boucheron, boucheron.com 5 MVSA bracelet in pink gold with semi-precious stones, from £30,200, Bulgari, 15 The Courtyard, Royal Exchange 6 Rainbow Solid Icosagon pendant, £4,300, Noor Fares, as before 7 Rainbow Octahedron pendant, £5,985, Noor Fares, as before 8 Elystan California Sunset earrings, £10,900, Robinson Pelham, robinsonpelham.com 9 Black Rainbow earrings, £38,000, Solange Azagury-Partridge, solange.co.uk 10 Rococo multi-coloured ring, POA, Fabergé, faberge.com 11 Cinderella ring in 18-carat blackened white gold and multicoloured stones, £4,200, Solange Azagury-Partridge, as before 12 18-karat yellow gold and mixed tourmaline ring, £655, by Rufier at Talisman Gallery, 020 7201 8582
Swiss movement, English heart
C1000 TYPHOON FGR4 Made in Switzerland / Self-winding, customised ETA Valjoux 7750 chronograph with hour and minute bi-compax sub-dials / 42 hour power reserve / 42mm, high-tech ceramic case with titanium sub-frame / AR08 coated, museum grade, sapphire crystal / Delta and canard wing shaped stop-second hand / Deep-etched case-back engraving / Military style, high density webbing and leather strap with Bader deployment
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STYLE HER
The latest and greatest releases, trends and style icons
MISSONI’S We discover how what started as a knitwear business in the 60s became one of the most recognisable fashion and design brands in the world
RICH STITCH DID YOU KNOW? In 1967, Missoni was invited to show at the Pitti Palace in Florence where we’re told Rosita Missoni requested her models to remove their bras. We’re told it was because they were the wrong colour and showed through their thin lamé blouses, but you have to wonder. When the models stepped out, the material became transparent under the bright lights, and as you can imagine, caused quite the sensation. DESIGN & DETAILING In the 1960s, Tai and Rosita Missoni founded what is today, one of the most iconic and loved fashion houses in the world. A creative experiment involving colourful zigzag motifs, stripes, waves and slub yarns, put this fashion house at the very forefront of Italian fashion. To this day, its pioneering, multi-coloured aesthetic vision influences not only the fashion industry but contemporary lifestyle too, thanks to the success of Missoni Home. DEVOTEES Over the years, Missoni knitwear has become a staple in the wardrobes of fashion frontrunners. Alessandra Ambrosio, Kate Bosworth, Blake Lively and the Duchess of Cambridge, are often seen sporting the iconic knitwear. missoni.com
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| FASHION |
JUST IN: Roland Mouret Australian merino wool collection Roland Mouret has partnered with The Woolmark Company, the world’s leading wool textile organisation, on an eight-piece ready-to-wear collection. The new capsule features some of Mouret’s signature silhouettes in a playful array of colour. This absolutely stunning collection is available online at the newly re-launched Roland Mouret digital flagship. rolandmouret.com
“
Take it from me:
beautiful shoes are better for your
Versatility is an easy sell, especially in the form of a Vivienne Westwood dress, and this elegantly draped crepe number from her Anglomania line is an absolute showstopper. Aside from the stunningly rich colour choice, the dress can be worn in two elegant ways – left to fall to its natural length or ruched at the sides to show a little more leg where it sits just above the knee.
PERFECT PAIRINGS
— Roland Mouret —
The Hermès scarf is one of the most coveted fashion accessories in the world, however all too often it stays in its box, rather than elegantly draped around its owner (easier said than done). That was until Hermès launched a scarf app that showcases the myriad of ways to tie one of its famed scarves. Silk Knot which launched last year, but recently received an update, provides knotting tutorials and galleries, to ensure you’re making the very most of your Hermès scarf. itunes.apple.com
Praise for our Pantone pick
Redman two-way crepe dress, £325, Vivienne Westwood Anglomania, net-a-porter.com
marriage than any lover ” Knots worth knowing
Magenta Muse
Durham Snake-Effect Leather Pumps, £198, Lucy Choi London, matchesfashion.com
Work it out The world’s premier online luxury retailer, NET-A-PORTER has combined fashion and fitness to launch a brand new activewear category, NET-ASPORTER. Customers in over 170 countries will now be able to purchase high performance pieces from a collection spanning 37 brands and 11 disciplines. UV Filter Stretch Sleeveless Mini Dress, £250, MONREAL London; Printed Stretch Nylon Bikini, £191, Zimmermann; net-a-porter.com
“Carola” Earrings, £71.44, Lisa C, farfetch.com
Serpentine Flap Cover Bag, £2,170, Bulgari, bulgari.com
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| LIFESTYLE |
PUT ON A BRAVE FACE WORDS: MOLLY CHAPMAN
Dare to be different with a palette that pops
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1. A daring duo
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Define your eyes with this quirky combination of colours, which together with the use of highly pigment powder gives a smooth look. With 58 shade combinations to choose from, you can keep your look both vivid and versatile. Duo Eyeshadow in Tropical Princess, £25, NARS, narscosmetics.co.uk
2. A long look Make a statement with It-lash mascara from Dior, which is available in four bold shades. Giving volume and length, this product will give you the long lashes you’ve been lusting after. Dior Addict It-lash, £22, Dior, dior.com
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3. High gloss Lèvres Scintillantes Glossimer from Chanel sets to create an intense finish that shines. Its formula combines a gelling agent with organic polymers, creating an ultra-intense look that lasts. Lèvres Scintillantes Glossimer in Sexy 185, £22, Chanel, chanel.com
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4. Define the line Using a combination of natural conditioning waxes and emollient oils, Burberry’s Eye Definer compliments and enhances your natural eye colour whilst being both water resistant and long-lasting. Eye Definer in Midnight Black No.01, £15.50, Burberry Beauty, uk.burberry.com
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5. Bright-eyed This vibrant shade of eyeshadow from MAC achieves an even application with a wellblended finish. With 128 different shades to choose from, there’s an abundance of bold statements to be made. Eyeshadow in Parfait Amour, £13, MAC, maccosmetics.co.uk
6. The perfect polish The La Laque Couture Spicy Collection from YSL Beauty is as the name suggests, just a little bit spicy. This couture for the fingertips is available in a number of hot hues, but we can’t get enough of glitzy 47, Feuille D’or. La Laque Couture Spicy Collection in Feuille D’or No.47, £18.50, YSL Beauty, yslbeauty.co.uk
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“Find your own way, have an open spirit and believe in your own beauty.” – François Nars
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STYLE HIM
The latest and greatest releases, trends and style icons
In his
SHOES This month we put our best foot forward with Berluti, the master of classic meets contemporary, and think like the man who wears these shoes
As standard, this model comes in classic Nero or Cacao Venezia leather, but put your own stamp on them with a wide array of other materials and patinas available on request
Elegant and lean, but with a minimal 3 eyelets for a relaxed fit, this Galet shape derby rises to every occasion
The lateral slash at the front is a Berluti hallmark, representing the scarification processes implicit to leather and cutting. The perpendicular and asymmetrical overstitch is a quirky update
Put Your Feet Up Berluti, established in 1895, is well-known for its sartorial expertise. With ready-to-wear collections and luxury accessories on offer, they have it covered, but the highlight is their truly comprehensive understanding of footwear. Their shoes are made with such dedication and detail, they should be the cornerstone of an outfit and never an afterthought. The Berluti man is encouraged to know the codes of the classic wardrobe, while not being afraid to, literally, overstep them. This modern attitude keeps them relevant today and the brand has now made it onto Mr Porter’s radar. Our pick is the Gaspard Derby, which combines heritage detail and classic materials with a clean, contemporary shape. Gaspard Derby in Cacao, £1,350, Berluti, 43 Conduit Street, W1S 2YJ, 020 7437 1740, berluti.com
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in the bag Oppermann relaunched its bag and accessories collections this summer. Under a new business model, they will be sold direct to consumers online, and to coincide with the transition, they launched Surfaces. Handmade in Naples, the collection’s classic pieces are an unusual mix of Swedish and Italian leather. oppermann-london.com
| fashion |
Rude Awakening
Spot On Another first this season is the launch of a full menswear collection by Chinti and Parker. Nailing the luxury ready-to-wear feel, the pieces on offer combine high-quality materials with simple designs. Bold colours and confident stripes made of dots make a statement, while discreet details such as contrasting cuffs offer more subtle character. With an emphasis on casual knitwear, it’s something to think about stocking up on for the months ahead. chintiandparker.com
Martell Campbell – Fashion Blogger, Donya Patrice – Fashion Blogger © Dean Chalkley. Creative direction by Harris Elliott.
Somerset House’s Return of the Rudeboy reveals a stylish urban subculture. Originating in 1950s Jamaica, Rudeboys were young rebels taking grooming and style seriously, adopting mohair suits and thin ties. Curators Dean Chalkley and Harris Elliott have photographed the re-emergence of the movement, and the images are displayed with immersive sounds and visuals. Try a Rudeboy experience at the pop-up grooming station. Admission free, until 25 August, somersethouse.org.uk
Join the Club Club Monaco is opening its first UK menswear store this month. Housed in an old gun manufacturers, it retains a workshop feel and will stock a cleverly chosen mix of Club Monaco apparel and accessories, limited editions and designer collaborations – the foundations for a complete wardrobe. Bourbon tasting should make shopping easy. 54 Redchurch Street, E2, clubmonaco.com
Sun and siestas
under the surface
Straight up
Shady character
With the five-star Urso Madrid hotel opening in September, now is the time to explore the increasingly vibrant and contemporary city. The hotel’s neo-classical exterior reveals a surprisingly sleek and airy interior, and is best located for galleries, shopping and the Barceló food market. hotelurso.com
Although specialising in dress shirts, Beaufort and Blake’s expertise has an extra layer their 100% cotton boxers are lightweight luxury, with seamless rear and relaxed waistband. Our pick is the statement Padstow, with bold stripes alluding to summer’s sand and sea. Padstow, £20, Beaufort and Blake, beaufortandblake.com
For a spin on a classic, try Balblair 2003. Established in 1790, the brand is far from traditional, its single malts labelled by year, not age. Zesty notes meet honey and spices, and casks are hand-selected by the master distiller for liquid perfection. Balblair 2003, £40.95 (70cl), thewhiskyexchange.com
Cutler and Gross were a hit on the runways at June’s London Collections: Men, and their latest collection of sartorial shades was inspired by the Great British outdoors. This relaxed and fancy-free frame is rendered in smokey blue acetate, adding a touch of colour to a classic style. 1032 Smokey Blue, £310, Cutler and Gross, cutlerandgross.com
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| LIFESTYLE |
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Travel sized grooming essentials for the frequent flyer
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TIP 76
“An alcohol-free toner or facial mist can be used to wipe the face clean and keep skin hydrated before boarding and during the flight. Upon arrival, apply a sunscreen; most SPF products have ingredients with pigments lighter than skin, creating a temporary masking effect for fatigue conditions like dullness and fine lines.”
– Ada Ooi, beauty expert and founder of 001 Skincare –
THE CITY MAGAZINE | August 2014
As James Purdey & Sons celebrates its 200-year anniversary of crafting exceptional British guns and rifles, we meet Richard Purdey to talk hunting and heritage
R
ichard Purdey must be the envy of most shooting aficionados. Bearing the surname of one of Britain’s most iconic gun and rifle craftsmen and the 200-yearold company, Purdey is one of those names that is synonymous with not only hunting and shooting, but with a certain luxury and style. However, ever humble and polite, Richard would be the first to admit such a long line of tradition and heritage makes him feel a little incredulous. “[But] I am, of course very proud; not many firms survive to achieve 200 years doing the same thing, and that’s what we have done,” he says. Although the company is no longer in the ownership of the Purdey family, but rather the Beaumont family since 1946, and then the Richemont Group from 1994 – the fact remains that Purdey guns have been built in very much the same way as they were 200 years ago. It’s an extraordinary thought to contemplate – we can look to the luxury car industry, and even mobile phone technology to see just how much our modern lives have changed. But some of the best things in life never have to change, and that, in so many ways, is part of the accomplishment of Purdey. “If you spoke to Mr Steinway [of Steinway & Sons], he’ll probably say that a lot of things about today’s pianos are better than they were 100 years ago,” says Richard. “But the basic mechanism is the same. New technology enables one to do something slightly differently, but basically it’s the same, and the same applies to guns.” The gun Richard has used since 1994, for example, is a Purdey (naturally) and was built in 1899. A pioneer in gunmaking, the firm’s most famous creation is its side-by-side game gun, which uses the patented Beesley self-opening system, the mechanism which forms the action of its best side-by-side game guns. To mark its bicentenary, Purdey has launched an historic trio of guns: a 12-bore side-by-side game gun, the design of which was produced in the 1880s; a 20-bore Damascus over-and-under gun, an innovation exclusive to Purdey; and a .470 express rifle – coined from the ‘Express’ train – which
A words: kate racovolis
tale of
two centuries
For her: Handmade foldaway fur felt hat, £150. Rabbit fur gilet, £995. Khaki green dry wax fieldcoat, £875. Clay cotton stretch jeans, £185. Grain leather ankle boot, £425. Oak bark tanned leather belt, £220. Gun: 20-bore side-by-side For him: Dry wax rain coat, from a selection. Cotton check shirt, £110. Corduroy trousers, £195. Grain leather brogue shoe, £450. Oak bark tanned belt, £220. Gun: 12-bore over-and-under. Bridle leather gun cover, £975
Purdey is one of those names that is synonymous with not only hunting and shooting, but with a certain luxury and style
For him: Dry wax cap, £70. Dry wax fieldcoat, £850. Cotton check shirt, £110. Flying pheasants tie, £110. Gun: 12-bore side-by-side For her: Handmade foldaway fur felt hat, £150. Quilted thermal jacket, £450. Handsewn peccary leather gloves, £320
was developed by James Purdey and his son, James the Younger, who changed low-velocity, short-range rifles into those that could be used for more powerful charges, at longer ranges and with more accuracy. “There is some sort of tactile pleasure to be had out of handling something that is a beautiful object,” says Richard, of all Purdey’s guns. “I think that it is the sum total of what has gone into making the gun. They are handmade by wonderful craftsmen and each gun is an individual work of art.” These collectable items (and Purdey guns are considered the ultimate collector’s item, which are passed down from generation to generation), tell the story of Purdey’s evolution, and its milestones in carving its
Gun: 12-bore Purdey side-by-side
world-renowned niche in the craftsmanship of guns. Of course, the world of hunting and shooting is evolving more broadly, although the equipment remains much the same. “I think one of the nicest changes and developments that’s gone on in the world of shooting in the latter half of the 20th century and into the 21st, is the number of women that are taking up shooting or who now go out on shoots,” says Richard. “Of course they also love being able to dress in nice tweeds, as do the boys. As with any sport you take up, people who take up shooting enjoy building up a wardrobe of nice shooting wear. It’s a sort of uniform.” Not only are your shooting skills on display – but your outfit too. Aside from the proper attire and equipment that is paramount to a good shoot, Richard says it is the camaraderie between those on the field that make it such a special pastime. “I hope I’m not OCD about it, but what I love most about shooting, without a question of doubt is the good fellowship that goes with it,” he says. “Pulling the trigger is a very small part of what goes on during a day of shooting. It is very sociable – you get to see the most wonderful parts of the countryside that would not normally otherwise be on view. You meet wonderful characters in terms of keepers, beaters, pickers-up, and you get the opportunity to meet friends old and new on the circuit. It’s something that one looks forward to eagerly with the onset of each season and looks back with pleasure over the season when it’s finished.” Purdey has been located at Audley House in Mayfair since 1882, after moving from its original premises near Leicester Square when it first opened in 1814 – and is one of the areas most iconic fixtures. Although the building has changed over the years (the Purdey factory is no longer based there), its identity remains unchanged as quintessentially British, and is loved by many around the world. “There’s plenty left in the old firm yet!” Richard says cheerfully. “If I could play back to you all the charming, kind and flattering comments that have been made to me over the years about the quality of our guns, you’d be here all afternoon,” Richard tells me. Somehow, I think we’d be here much longer than that. James Purdey & Sons, Audley House, 57-58 South Audley Street, W1K purdey.com
“I think one of the nicest changes and developments is the number of women that are taking up shooting... Of course they also love being able to dress in nice tweeds, as do the boys. As with any sport you take up, people who take up shooting enjoy building up a wardrobe of nice shooting wear. It’s a sort of uniform.” Not only are your shooting skills on display – but your outfit too
Philip Treacy for Purdey velour side sweep hat with leather band, £825
For him: Manton tweed cap, £79. Dry wax vest with game pocket, £395. Quilted thermal jacket, £475. Moleskin trousers, £195. Cashmere bramble knit scarf, £135. Dark brown Moleskin trousers, £195. Grain leather brogue shoe, £450 For her: Philip Treacy velour side sweep hat with leather band, £825. Vivianne tweed shooting vest, £525. Merino wool sweater, £175. Silver fox fur trim and alpaca cowl scarf, £895. Clay cotton stretch jeans, £185. Handsewn cape leather shooting gloves, £325. Traditional ramshorn shepherd’s crook stick, £395 Labrador: Oak bark leather and brass dog collar, £140. Slip lead round hand plaited leather, £195
Harriet tweed overcoat, £825. Handmade foldaway fur felt hat, £150. Harriet tweed trousers, £450. Beaver fur collar, £350. ¾” wide bridle leather belt, £92. Grain leather ankle boot, £425. Bespoke boots, from £3,600. Mallard Drake on Willow shank stick, £360. Traditional ramshorn shepherd’s crook stick, £395
For her: Ladies loden mini cape, £825. Harriet tweed trousers, £450 and silver fox fur scarf, £1,395. For him: Dark brown moleskin trousers, £195. Cotton check shirt, £110. Flying pheasants tie £110. Audley check blazer £815. Medallion jacquard scarf £165. Labrador: Hand-sewn bridle leather dog collar, £125. Slip lead round hand plaited leather, £195.
stylist Rebecca Smith photographer Charles Sainsbury-Plaice All clothing and accessories are courtesy of James Purdey & Sons (purdey.com). With special thanks to West London Shooting School (shootingschool.com). Models Georgia Montgomery and Alexander Beer Hair and makeup Victoria Bond using Paul Mitchell and Nars Note to readers This feature was produced for editorial purposes only and the images are not taken from a live shoot
AHEAD OF THE GAME
OUR pick of this season’s hunting highlights
Words: amy welch
Petworth Estate (Images courtesy of Corinthia Hotel London)
Fish, Feather & Powder The Corinthia Hotel is appealing to hunters and Downtown Abbey fans alike this grouseshooting season, offering the most upper crust of excursions to the Petworth Estate in West Sussex. Guests can opt to be transported to this highly exclusive estate via Range Rover, or more conspicuously by helicopter. Housing the largest private collection of Turner paintings, the Petworth stately home offers more than just hunting. From walks through woodland carpets of wild flowers to fly fishing, the Fish, Feather & Powder package promises a five-star experience for all interests. Executive chef Garry Hollihead adds a personal touch of luxury, using in season
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game, fish and foraged-ingredients from Petworth estate. Corinthia general manager Matthew Dixon says: “We wanted to be able to offer guests a complete contrast to our city centre luxury hotel experience. With these packages we can transport our guests to another world; that of the stately manor house with traditional country pursuits being pampered all the way.” Corinthia can tailor make a day’s package including a combination of activities or even just a focus on simulated sports, depending on preferences. Fish, Feather & Powder, from £2,700 a head per day trip, Corinthia Hotel London, corinthia.com
The Glorious Twelfth refers to12 August, which marks the start of the shooting season for Red Grouse in Great Britain and Northern Ireland
| LIFESTYLE |
The Glorious 12th at The Shed
The silk square Iconic silk square, £295, Holland & Holland, hollandandholland.com
The gundog slip lead Slip lead, £240, James Purdey & Sons., purdey.com
The flatcap Hereford tweed flat cap, £42, Really Wild Clothing, reallywildclothing.co.uk
In honour of the start of the grouse season on 12 August, the acclaimed Notting Hill restaurant The Shed, will team up with The London Shooting Club to host an evening of ‘glorious grouse’. Brought to London by talented brother team, Richard and Oliver Gladwin, the event is set to be a truly unforgettable gastronomic delight. The London Shooting Club will bring the first grouse of the season down from the Yorkshire moors on 12th August straight into The Shed’s kitchen. You can’t get much more exclusive than that. With an obvious emphasis on grouse the threecourse menu offers up all things game, including an introduction and explanation of grouse shooting by London Shooting Club founder Steve Jones. A definite haunt of shooting enthusiasts, meat lovers looking for something a bit different will enjoy, if you’re ‘game’ enough. The Glorious 12th at The Shed, £55 per person, theshed-restaurant.com
The brooch 18kt. gold cock pheasant brooch with ruby and enamel eye, £POA, Harvey & Gore, harveyandgore.co.uk
The gun slip Double shot gun slip with flap and zip, £545, Croots England, crootsengland.co.uk
The sports jacket Archer sports jacket, £425, Really Wild Clothing, reallywildclothing.co.uk
The weekend holdall Sutherland bag, £545, Westly Richards, westleyrichards.com
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Bubbles at
brunch Eggs over easy, bubbles on tap and more than 130 stores on the doorstep – brunch in Canary Wharf is what weekends were made for
PLATEAU RESTAURANT BAR & GRILL Free flowing Bubbles from £32 Located on the fourth floor of Canada Place, Plateau has wonderful views of Canada Square Park and the striking buildings that frame it. Spacious, airy and with the addition of two English gardenthemed terraces open for summer, it’s unsurprisingly a hotspot for brunch. Be tempted by the special Saturday menu, which offers two courses for £32 and three for £35 – both with free flowing Prosecco. The menu ranges from tasty appetizers, such as house-cured salmon, to sandwiches and dishes straight from the grill (the delicious triple pig burger-pork patty is a must-try). Also, this fantastic deal will be available on the 25th of August Bank Holiday Monday, which is surely not a bad way to start the week. D Canada Place, 020 7715 7100
Tom’s Kitchen Canary Wharf Great for sharing A lie-in followed by a Champagne brunch: diners don’t need a lot of convincing to visit Tom’s Kitchen, but the house eggs royale and blueberry pancakes drizzled in maple syrup are certainly draws. With a relaxed atmosphere and an inviting terrace, the generous menu will please everyone with its choice of breakfast classics, sharing boards and more substantial mains, such as steak sandwiches, all served alongside great fizz and cocktails. And, if you’re not already on your way there, kids eat free at the weekend. D Westferry Circus, 020 3011 1555
RESTAURANT ONE CANADA SQUARE RESTAURANT AND BAR Bottomless bubbles from £35 This restaurant and bar’s striking interior, created by the renowned designers David Collins Studio, is a glamorous setting for an elegant brunch. The brunch menu was created by head chef and The Ivy alumnus Jamie Dobbin. From 9am to 5pm enjoy two courses for £20 or three for £25 and, for an additional £15, bottomless Prosecco, cocktails and wine. D Lobby, One Canada Square, 020 7559 5199
Roka JapAnese specialities From £42 Brunch doesn’t have to mean eggs and bacon. Especially not at Roka, which serves contemporary Japanese Robatayaki. Available on Saturdays and Sundays, brunch begins with a Roka-style Bloody Mary or a Bellini at the door. Diners are treated to a menu built around tasty small dishes, including the likes of moreish rock shrimp and delicate salmon fillet teriyaki with salted cucumber. The brunch menu is available until 8pm and, with so much vibrant variety and a choice of four wines to enjoy throughout, it’s a perfect, relaxed way to try the best of what Roka has to offer. Plus, with a beautiful outdoor terrace with views of Canada Square Park, you’ll make the most of the good weather too. Prices range from £42 to £66. D The Park Pavilion, 020 7636 5228
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
Kirstie Maclaren Jubilee walk Painting his own shadow (detail) 2012
Kirstie’s jewellery is inspired by Brutalism, Modernism and the luxuriousness of Art Deco, which together influenced her ‘Beton Brut’ collection. D kirstiemaclaren.com
Paul Strange Canada walk
Paul employs different techniques to create richly textured and layered paintings, scratching back the surface to reveal the colours beneath. D ptsart.co.uk
Equinox Partners: The River of Power Jubilee
walk • Until 10 September
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 is currently Lord Mayor of the City of London. 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. Some of the photographs are for sale as limited-edition prints. All sales proceeds will be donated to the charity Kids Company; see the dedicated website kids-company.myshopify.com. D cwjpix.org
events
The Sound
of summer
Sport at Wood Wharf
This August is all about getting up close to the action. With live music and sport playing throughout the month in Canary Wharf, embrace a summer with soul
London Beach Rugby
TWILIGHT DELIGHTS Canada Square Park continues to be alive with an array of open air performances. Having hosted everything from West End classics to a 1950s tribute show in July, we now welcome a boogie party and a celebration of the American songbook, plus a tribute to Count Basie and Duke Ellington, in August. Your picnic is well catered for too as Waitrose Food, Fashion & Home and Carluccio’s sell mouth-watering picnic items, or why not enjoy a delicious pre or post-concert dinner at Plateau Shows in Restaurant Bar & Grill or The Parlour? the square • Tuesday 5 August – The Count meets the Duke with The BBC Big Band Tuesday 5, 12 & 19 • Tuesday 12 August – Boogie Wonderland August • 7pm • • Tuesday 19 August – A Swinging Affair with Clare Martin & Ray Gelato Canada Square Park, Canary Wharf Free
MUSIC IN THE PARk
SUMMER SOUNDS
Wednesday 6 & 13 July • Enjoy live acoustic music from emerging artists and established 12.30 –2pm • musicians as you while away your lunchtime in the Canada Square Canada Square Park, Park – it’s the perfect musical accompaniment for your time off. Canary Wharf • Wednesday 6 August – Verity & Violet Free • Wednesday 13 August – Nick Zala-Webb
In aid of Help for Heroes charity Friday 1 & Saturday 2 August • 10am – 8.30pm • Wood Wharf, Canary Wharf • FREE Providing a fun and innovative way to enjoy rugby, Wood Wharf welcomes a five-a-side touch rugby tournament on a pop-up beach. Teams will battle it out for prizes and trophies in the Corporate Challenge on the Friday, while Saturday is a rugby club day. Also, refreshments will be on hand for that all-important pick me up! To sign up your corporate cup team fill out the online form via: londonbeachrugby.com.
SUMMER SCREENS Enjoy a packed programme of sports, entertainment and news highlights with Canada Square Park’s Summer Screens. It makes the perfect accompaniment to an al fresco lunch from Le Pain Quotidien or Obikà al fresco Mozzarella Bar, entertainment after work drinks at Until 19 August • Daily • Canteen or dining on Canada Square Park, the balcony at Roka Canary Wharf or Wahaca. Free
www.canarywharf.com
@yourcanarywharf
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brightsofnettlebed.co.uk
Kensington&Chelsea.indd 1
03/07/2014 12:35
| ART & INTERIORS |
Battle of the Arts T
here’s a new gallery fighting for position on the diverse London art scene. The Kallos Gallery in Mayfair is successfully carving a niche for itself, competing not just with London but with the world; this hidden gem specialises only in treasures from the Ancient Greek world. Kallos means beauty, and the gallery celebrates its pieces primarily for this, as well as for their stories, their cultural significance and simply their survival. The craftsmanship is testament to the skill of the ancient world and the calibre of the gallery’s select number of pieces is extraordinary; the simple but arresting Corinthian bronze helmet is one of its finest examples. Dating somewhere between the end of the sixth and the early fifth century BC, its undecorated appearance and clean symmetry represent practicality, strength, masculinity and warfare. Such earthly qualities account for the power that Greek art still holds over connoisseurs today. 14-16 Davies Street, W1K 3DR, 020 7493 0806,
kallosgallery.com
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MAKE HISTORY We speak to Maurizio Pellizzoni about refurbishing Ascot Lodge, a project that involved lending a hand to history WORDS: TIFFANY EASTLAND
P
aul Cézanne once said: “It’s so fine and yet so terrible to stand in front of a blank canvas.” True, but imagine leaving your stamp on a Monet or Renoir. Perhaps the same could be said in that regard. Interior design extraordinaire Maurizio Pellizzoni of MPD London may not have been adding to an Impressionist masterpiece, but he was asked to bring a 15thcentury, Grade II-listed building into the 21st century, and that in itself is no small feat. Located in the Berkshire countryside, Ascot Lodge is steeped in history; initially used by King James I as a hunting lodge, the property then underwent a re-model and extension by renowned architect Sir Edwin Lutyens in 1912. More than a century later, Pellizzoni and his team were asked to refurbish the master bedroom, two guestrooms, a dressing room and two sitting rooms; the Georgian Room and the Ballroom, a project that took in total three years to complete. Hardly a surprise, when the sensitive treatment and meticulous planning are so evident. When you look round the property it’s also quite apparent that each room has a signature style inspired by a piece of artwork. The Georgian Room, which was transformed into a private gallery, is perhaps the best example of this.
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| ART & INTERIORS |
The Georgian Room, Ascot Lodge
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“We usually end up becoming very close to the client. You really get to know them and their family”
FROM TOP Master bedroom, the Ballroom, the Georgian Room (All images courtesy of MPD London)
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Like all good interior designers, Pellizzoni approaches a project by first sitting down with the client and gaining an understanding of their vision: “I believe it is important to take the time to get to know the client, and to understand everything about them. To me, it is important that the house is comfortable for them,” he explains. Pellizzoni says it’s about interpreting his clients’ tastes and styles, rather than imposing his own, to ensure that the end result is unique and characterful. This is very much evident when you look through his portfolio and find that no two projects are the same. Pellizzoni believes this is only achieved by encouraging the client’s involvement throughout the process, right from day one. Initially, Pellizzoni invites the client to his studio where they discuss the design concept. In this instance, the client’s brief was to draw on elements of Ralph Lauren, whilst also incorporating antiques, artworks and personal heirlooms belonging to the family. With a brief like that, there really wasn’t a more qualified designer for the job. In fact, Pellizzoni was able to draw on and apply the experience he gained as Ralph Lauren Home collection coordinator for Europe. Once Pellizzoni has a clear understanding of the client’s brief, he takes the time to understand the space and fabric of the building, accompanying the client onsite: “I spend a lot of weekends at the houses, looking round and deciding what to do.” It is therefore hardly surprising to hear that Pellizzoni remains friends with many of his clients long after the project has been completed: “We usually end up becoming very close to the client. You really get to know them and their family.” Not every studio can boast the same, nor can they provide their clients with a bespoke furniture offering. If Pellizzoni can’t find what he’s looking for, he won’t just settle for that, he’ll work with expert craftsmen to custom-build pieces to exact specifications, and this was very much the case for Ascot Lodge: “We custommade a lot of the pieces, including the bookcase in the Ballroom and the sofas and chairs.” Like all interior-design projects, Ascot Lodge wasn’t without its challenges. Pellizzoni explained that as a Grade II-listed building, absolutely everything had to be submitted for council approval, including colour choices which had to be drawn from the original palette: “At this level they need to check every detail.” The Ballroom proved the greatest challenge in this respect, as the floorboards were listed, which meant they couldn’t be removed, only restored. According to Pellizzoni, it took nearly a year to gain council approval on this room alone. Worth the wait? Absolutely. The outcome of Pellizzoni and his team’s tireless work is a stunning family home which, despite being stamped with the owner’s identity, retains its character, charm and rich history. mpdlondon.co.uk
CHELSEA
25 - 29 SEPTEMBER 2014
www.strarta.com
ART FAIR
Rabarama | Trans-posizione - Painted Bronze
GEORGIAN CONSOLE Those prized possessions need a special place in a living space, and we can’t think of anywhere more fitting than on top of the stunning Georgian Console from Ralph Lauren Home. The base is crafted from beautiful Mahogany in a Conservatory Garden finish, while the top is made from polished African black marble. Use two to bookend a fireplace as done in Ascot Lodge, or place just the one at the end of a hall. This piece may not be antique, despite appearances, but we can see it remaining in a family for generations to come. £5,100, ralphlaurenhome.com
STEEPED HURRICANE LAMP Make a statuesque statement on your mantelpiece with the Steeped Hurricane Lamp from John Lewis. Inspired by a goblet, this beautiful piece sits atop an aluminium steeped stand, while the candle itself is surrounded by a classic, bell-shaped glass container, adding lovely warmth to any room or interior. £75, johnlewis.com
Formal but not quite normal Inspired by MPD London’s Ascot Lodge, we discover the power of juxtaposition, be it classic and contemporary or minimalistic and ornate
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KIMIKO AND CITY SCAPE II Take a conservative yet elegant interior and inject it with plenty of personality. What better way of doing so, than with an Andy Warhol masterpiece like Kimiko? For an even more impactful statement, juxtapose your pop art with a bustling city skyline, mirrored by a cool and calm river. Earthy browns, shades of grey, powdery peaches and vibrant turquoise work together in a truly mesmerising piece. £POA, printed-editions.com; £780, luxdeco.com
| ART & INTERIORS |
NIZAM CHAIR Timothy Oulton’s Nizam, a reference to the 18th century ruler, is an updated occasional chair that despite its structure, is perfect for lounging thanks to a low profile and high seat back. Available in a vast array of finishes, each chair features hand applied nails on the arms and chair back, the result? A masculine addition to balance that otherwise feminine interior. £POA, timothyoulton.com
HERVE GAMBS WHITE COUTURE ROSES These artificial yet realistic couture roses are handmade and sprayed in Herve Gambs French workshop, making them a hasslefree alternative to fresh flowers. Available in red, purple, green and fuchsia, these elegant floral arrangements are presented in handmade, glass cubes; the perfect centrepiece to a coffee table or side console.
MAMA VASE Ilse Crawford is the Londonbased designer behind the perfectly proportioned, stainless steel, Mama Vase. Crawford had long been associated with Scandinavian design and this stunning Georg Jensen vase is certainly no exception. Stamped with her clean lines and understated elegance, Mama is voluptuous yet lean and feminine yet stripped, but the true magic lies is in its duality. Despite being crafted under meticulous constraints, Crawford’s design has the spirit of pure joy. £275, georgjensen.com
£164.50, amara.com
PERLÉE BLEU CHARGER AND TAIKA Infuse that otherwise safe, white dinner set, with pieces from two of our favourite collections. The first, Perlée Bleu from L’Object, brings to mind the blue horizons and white domes you’d expect to find in the Grecian Islands, while Taika from Iittala is a somewhat quirkier statement. Stamped with beautiful illustrations by Klaus Haapaniemi, Taika features fascinating designs that gradually reveal intricate details, not to mention layers of hidden meaning. £115, harrods.com; £POA, iitala.com
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TECH TALK
Keep your finger on the pulse with our ultimate gadget guide
CAUGHT ON CAMERA This month we focus in on four cameras that are as smart as they are sharp
OLYMPUS STYLUS 1 PRICE £549.99 RESOLUTION 12.76 Megapixels MAXIMUM APERTURE 2.8 SHUTTER SPEED 1/2000 olympus.co.uk
SAMSUNG
SONY
NX3000 SMART CAMERA
a7S
PRICE £TBC RESOLUTION 20.3 Megapixels MAXIMUM APERTURE 5.6 SHUTTER SPEED 1/4000 samsung.com
PRICE £2,100 RESOLUTION 12.2 Megapixel s MAXIMUM APERTURE n/a SHUTTER SPEED 1/8000 sony.co.uk
3 OF A KIND: CAMERAS Compact and bridge cameras
Compact and Bridge cameras are characterised by their fixed lenses. Many now include the advanced features you’d expect to find on some of the larger cameras, including: sophisticated sensors, built-in zoom lenses, wi-fi and GPS technology.
Compact system cameras
As the name suggests, CSCs are more compact than your average SLR. Unlike compact and bridge cameras, CSCs feature changeable lenses, however it should be noted that they aren’t compatible with SLR lenses unless you purchase a special adapter. A mirror-less design means CSCs mainly rely on contrast detection.
SLRs
The Single Lens Reflex camera has been around since the 1940s and is by far the most popular type of interchangeable-lens camera. In recent years, digital versions have become hugely popular among enthusiasts and professional photographers. An advantage of the SLR over the CSC is its extensive offering of lenses.
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Lens Features Professional ultra-fast aperture wide-angle lens Nano Crystal coat reduces ghost and flare ED (Extra low Dispersion) glass and aspherical lens elements ensure high resolution and superior contrast SWM (Silent Wave Motor) for fast, quiet autofocus
AF-S NIKKOR 24-70mm 1:2.8G ED
| lifestyle |
A fine display Samsung has launched its thinnest and lightest tablet to date that also boasts the most advanced display technology. The Galaxy Tab S is setting an even higher industry bar, with a device that provides consumers with an incomparable visual and entertainment experience. Thanks to an extended battery life, you can now be kept occupied for even longer. Galaxy Tab S, from £319, Samsung, samsung.com
Track record Make informed choices about your health and fitness when you track your every move with the Withings Pulse O2. Throughout the day this tiny device captures the steps taken, distance walked, elevation climbed and calories burned. At night it monitors your sleeping patterns and when requested, will even measure your heart rate and blood oxygen levels. Pulse O2, £99.95, Withings, withings.com
Sound it out Danish audio specialist, Dynaudio brought us the very first high-end wireless music system, and now they’re delivering the ultimate home audio system, the elegant and luxurious Xeo 6. Not just a pretty face, the Xeo 6 features an Auto Play function that automatically finds your music source. Furthermore, in the back panel of the Xeo 6 is a new Speaker Position EQ setting, which optimises the sound quality in accordance to the speakers’ placement in a room. Xeo 6, £2,700, Dynaudio, dynaudio.com
NIKON D810 PRICE £2,699 RESOLUTION 36.3 Megapixels MAXIMUM APERTURE 5.6 SHUTTER SPEED 1/8000 europe-nikon.com White balance (2 to 9 frames in steps of 1, 2 or 3) Durable magnesium body with rubber mount seal
Autofocus (AF): Single-servo AF (AF-S); continuous-servo AF (AF-C); predictive focus tracking automatically activated according to subject status Manual focus (M): Electronic rangefinder can be used
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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
| FEATURE |
Money Matters With football having become the biggest business in sport, never before has success on the pitch mattered so much to performance in the boardroom. As this year’s Premier League gets under way, Tom Sheen explores the financial standings of this year’s title contenders
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T
he global football industry is estimated to be worth £20 billion. Manchester United, unsurprisingly, has been in and around the top of the football rich list since the advent of the Premier League, its success on the pitch perfectly timed to fully exploit the potential of a league that became a global phenomenon in the late 1990s. Deloitte’s Football Money League began in 1996/97. Back then, Manchester United was the only club in the world that generated more than €100m (£80m). Eighteen years later, and in the latest list, a club had to generate at least €100m to make it into the top 30. As of the end of the 2012/13 season, with Sir Alex Ferguson’s 13th and final title successfully delivered, United’s total revenues stood at €423.8m (£338.6m), with Forbes valuing the club at $3.165billion (£1.862bn). A year later, operating income was up $21m (£12.36m), revenue was up $49m (£28.8m), but the value of the club had decreased by a whopping $355m (£209m) to $2.81bn (£1.65bn). The reason? A Mr David Moyes. With the dust having settled on the Scot’s 11-month spell in charge at Old Trafford, it’s fair to say that Moyes has been
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TOP FROM LEFT David Moyes © mooinblack; Manuel Pellegrini © maxisport; José Mourinho © mooinblack; Arsène Wenger © cjmac
the costliest managerial appointment in British football history. After its last title in May 2013, the club’s share value hit its highest price, trading at $19.04 (£11.21) per share on the NYSE. A month later, on June 13, the price had slid to $15.16 (£8.92). United’s share price continued to fluctuate in a poor season under Moyes, as the Red Devils struggled at home and in Europe. By the time Olympiacos beat them in February, shares were down to $14.65 (£8.62). As Moyes’ future became more untenable, the share price at the club gradually recovered – in fact, the day Moyes was sacked, April 22, the price was a staggering $18.78 (£11.05). Moyes’ reign had cost the club $355m (£209m) in value and a further £30m for failing to qualify for the Champions League. Despite its troubles under Moyes, and its failure to qualify for Europe’s top competition, Manchester United is still the richest club in England. It trails only Real Madrid and Barcelona – Real being the richest team in any sport – and a new sponsorship deal with Chevrolet, which comes into effect from 2014/15, will offset some of the losses incurred under Moyes. That deal with Chevrolet, a seven-year
| FEATURE |
signing worth £53m per year, has allowed United and its new manager Louis van Gaal to flash the cash as it pursues a return to Europe’s top table. United knows it will be imperative to make it back into the Champions League at the first attempt with four other clubs, Manchester City, Arsenal, Chelsea and Liverpool, ready to pounce on a wounded giant. Manchester City is the club that has most prospered in the short term. Winning the Premier League and a good run in the Champions League saw City post a 25 per cent increase on its value over the course of the 2013/14 season, up to $863m (£508m). Despite its success on the pitch, driven by the spending of Sheikh Mansour, City’s global appeal still pales in comparison with its near neighbour.’ The club has been fined €60m under Financial Fair Play (though it can recoup €40m of that) and City’s massive wage bill is now the highest in any sport. Each player earns, on average, £5.3m per year, ahead of the New York Yankees where each player receives £5.2m. City is currently ranked seventh on Forbes’ list of richest clubs, fourth among English teams. It has set out on an aggressive expansion of its global brand to
Moyes’ reign had cost United $355m (£209m) in value and a further £30m for failing to qualify for the Champions League increase revenues and appeal. Success on the pitch is, of course, the main factor in off-field success, but the club has moved strongly into the American and Australian markets to increase its brand. With United, Liverpool and Arsenal dominating the lucrative market in the Far East, City sees the USA and Australia as fertile areas it can exploit. The club will have a team in Major League Soccer, New York City FC, by 2015, while it has also completed the takeover of the Melbourne Heart. City has toured the US in pre-season for a number of years and will do so again this summer. London clubs Arsenal and Chelsea are almost polar opposites. While Arsenal has meticulously grown its brand through frugality and considered-thinking, Russian billionaire Roman Abramovich’s roubles have turned Chelsea into a European powerhouse. However, despite Chelsea boasting a
larger yearly revenue, Arsenal is worth $462m (£272m) more than the Blues, with a value of $1.33bn (£783m). With the Emirates stadium now paid off, French manager Arsène Wenger may see the time is now to make a real push back to the very top of the tree. He spent a club record of £42.5m on bringing Mesut Özil to north London last summer, and could spend up to £100m this summer to build on May’s FA Cup win, its first trophy in nine years. Arsenal has also signed the biggest kit deal in football history with Puma, worth £30m per year over five years, eclipsing Manchester United’s £25.4m per year deal with Nike. With Liverpool also looking to cement its place in the top four, and willing to spend to do so, it could mean that another difficult season lies ahead for Manchester United.
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CITY FITNESS
The who, where and how of staying fit in the Square Mile
Energy Boost Big night last night? We can’t promise Jordan Belfort levels of lively but stop yourself from lagging by getting these down your Gregory…
Revive Active An all-round health powder containing 26 active ingredients to get you back in the game, fast. £14.95 for 7 day pack nutricentre.com
CHI Espresso Coconut Milk If it was espresso martinis that did the damage last night, make this espresso infused coconut milk the cure today. £1.79 each wholefoodsmarket.com
Win
A six week Speedflex experience and two health assessments
Tapping into the trend of HIIT training, Speedflex’s 45 minute group sessions combine a low impact, high intensity cardiovascular and resistance workout with measurement tools for optimum calorie burn. Each circuit features seven unique Speedflex machines which automatically respond to and create resistance levels based on the individual’s force. Individuals can expect to burn more calories than they ever thought possible. To win, email your name and telephone number to competitions@runwildgroup.co.uk with ‘Speedflex’ in the subject line. The closing date for entries is 28 August 2014. The competition prize is to win a six week Speedflex experience and two health assessments. The competition is open to UK residents aged 18 or over, and closes at 23:59 on 28 August 2014. The promoter reserves the right to withdraw or amend this promotion. No cash alternative will be given. Only one entry per person is allowed (any subsequent entries will be discounted). Entrants have four weeks to claim their prize. The prize is redeemable at Speedflex Lombard Street. Employees and directors of Runwild Media Group and their subsidiaries and affiliates, agents, dealers and their immediate family or household members are not eligible to enter. By entering this competition you agree to your details being used by Runwild Media Group for promotional purposes. Please see rwmg.co.uk for full terms and conditions.
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Mega B 100 We’re told the actors in The Wolf of Wall Street took these between scenes. True or not, think Berocca but better. £6.91 for a month’s supply. questexcellence.com
| LIFESTYLE |
Shaping up Forget circus training fads and industry crazes, these are the City-based centres that are combining science with sweat to achieve life-changing results. Leave your ego at the door, you’re about to be served
Embody Fitness
City Athletic
Project Fit
Opened: 2013
Opened: 2013
Opened: 2013
Address: 1 Bartholomew Lane, EC2N 2AX
Address: 6 Trump Street, EC2V 8AF
Address: 36-38 Cornhill, EC3V 3ND
USP: Embody Fitness is operated entirely by ex-Olympic athletes and former sporting professionals. Opt for an eight or 12 week course and you join a crack-team of elite sportstars operating in space-age-like facilities. If Apple did gyms, Embody Fitness would be it.
USP: City Athletic doesn’t believe in queuing for equipment. They cap their membership at 400 to ensure whenever you go, you’ll have free run of the centre’s Life-fitness and HammerStrength HD Elite equipment, as well as its two-lane sprint track and custombuilt power racks.
USP: Great beats, state-of-the-art lighting and top-of-the-range equipment make Project Fit unique within the City. At this innovative, interval training-based gym, you’ll never do the same workout twice. A live DJ is on hand during some evening classes, in which you can expect your fitness levels to be tested like never before.
Go there for… A complete body transformation. The Embody City Challenge was designed specifically for everyday busy City men and women looking to radically transform their body in the shortest period of time. Embody takes care of everything from workouts to nutrition to supplements. embodyfitness.co.uk
Go there to… Train like a modern day athlete. While you don’t have to be an elite sports star when you join, an incredible array of equipment and a world-leading coaching team mean you just might be when you leave. cityathletic.co.uk
Go there for…The ultimate workout. In just one hour you can burn up to 1,000 calories. Project Fit uses interval training to shock the body and dramatically boost the metabolic rate. Afterburn can last for three days. project-fit.co.uk
Experience the adrenalin rush of white water rafting It’s located just 40 minutes from central London and has been heralded as one of the best of its kind in the world. Opened for the London 2012 Olympics, the Lee Valley White Water Centre gives you and guests the chance to experience adrenalin-pumping rafting in a 300m course designed for the sport’s best athletes. The centre offers full and half-day packages that incorporate raftbuilding and subsequent rafting, kayaking, hydrospeeding – imagine hurtling down rapids on a bodyboard – and a series of self-explanatory ‘water wipe-out’ challenges. The centre comes equipped with two meeting rooms, each with its own private terrace overlooking the course, and a licensed bar. For corporate away days, look no further. For information and to book, visit gowhitewater.co.uk or call 08456 770 606
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HEADLIGHTS ON DARK ROADS We investigate a world first, as Audi introduce their Le Mansworthy laser high beam headlights as standard in the new R8 LMX Words: Jennifer Mason
H
eadlights may not be top of everyone’s list of exciting features to look for in a new car – especially one that gives an adrenaline rush as strong as the new limited-edition Audi R8 LMX coupé (5.2-litre V10 engine, 0-62mph in 3.4 seconds, top speed of 198mph, anyone?) but in this case, they should be. As usual, Audi are ahead of the pack when it comes to headlight technology innovation. In 2008 the then-R8’s all-LED headlights were the first of their kind, as were the dynamic indicators (with their sweeping action) that were introduced four years later in 2012. More recently still, the updated 2013 A8 showcased the new Matrix LED headlights. This year, the techno-geeks at Audi have gone one step further, transplanting the latest racing headlight technology, which only debuted in the R18 e-tron at the Le Mans 24 hour race on 14 and 15 June, into their newest road car. “A maximum light yield gives our pilots a major advantage, and with night racing in particular, this is a key factor to our success,” explains Prof. Dr. Ulrich Hackenberg, Audi AG’s Board Member for Development. The difference is clear to see in the numbers: the R10 and R15, Audi’s previous Le Mans racing models, boasted headlight ranges of 453m and 482m respectively, while the R18 shone brightly up to 836m, offering the drivers an unprecedented clarity of vision. While this initial design benefitted the racing team at Le Mans, the finished road car headlight is pure “Vorsprung durch Technik”, Hackenberg says, offering an enhanced and safer experience for the Audi connoisseur, wherever they choose to enjoy their R8 LMX road car.
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CLEVER COLOURS The laser diodes generate a blue beam (with a wavelength of 450 nanometers, for all you engineers) which is transformed by a phosphor converter into traditional white light with a colour temperature of 5,500 Kelvin. This, Audi claims, helps prevent fatigue, and creates ideal conditions for the human eye, allowing drivers to recognise contrast more easily
DETAILS Audi are producing only 99 of the limited-edition R8 LMX models worldwide, prices start from £160,025 OTR (audi.co.uk)
| MOTORING |
DID YOU KNOW? The blue light emitted by the laser beams before they pass through the phosphor converter inspired the Audi exclusive Ara Blue crystaleffect customised paint finish for the new R8 LMX
DAZZLE DETECTOR To avoid distracting other drivers, an intelligent camera-based sensor system detects other road users, and adjusts the light pattern to suit the road conditions
SPOT ON The laser spot feature, which activates when drivers accelerate to 37mph, generates a cone of light with twice the range of the all-LED headlight, enhancing visibility and safety
AHEAD OF THE REST The new headlight technology played a huge part in Audi winning a one-two at the Le Mans 24 hour race in June
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| MOTORING |
THE
NUMBERS GAME
Is it a coupé, a hatchback or even a saloon? Matthew Carter gets confused by BMW’s 4-series Gran Coupé
Now, pay attention at the back, because this next bit is complicated. The car you see here is a new, five-door hatchback with a sloping coupé-like roofline. It joins a line up that embraces a four-door saloon, five-door estate, two-door coupé and a convertible. So far so good, but here’s the tricky bit: the range also includes another five-door hatchback with a sloping coupé-like roofline… but that one is, um, a little taller. Depending on your viewpoint, this is either a brilliant ploy to produce a range of cars with something for everyone, or niche marketing gone mad. To be honest, I’m not sure which is the correct answer. BMW, of course, plumps for the former. The company will even try to tell you that these are two model ranges, not one. But in doing so, BMW is merely playing a numbers game: the slightly more conventional saloon, estate and taller ‘coup-back’ are badged as 3-series, while the sportier coupé, convertible and this ‘coup-back’ have been christened the 4-series. This, then, is the 4-series Gran Coupé, a car that’s closely related to the 3-series Gran Turismo hatchback… but which, according to BMW, is aimed at a totally different buyer.
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Car BMW 420d xDrive SE Gran Coupé Price £32,515 Engine Front-mounted, 1,997cc, 4-cyl diesel Power 184 hp
Perhaps it is. To my eyes, the admittedly roomy but ungainly Gran Turismo is more hunchback than hatchback, while the latest 4-series is a happier-looking confection that really does have the elegance of a coupé but the practicality of a saloon: the best of both worlds, in effect. It is the same length and width as the handsome 4-series Coupé (the two-door, remember?), but squeezes in a pair of rear doors and a roofline that’s 23mm taller at the rear. That’s less than an inch extra, yet headroom in the rear is not compromised unless you are six foot plus: it certainly feels roomier than the coupé. The boot, too, is sizeable and practical, with a large tailgate and folding rear seats to increase luggage space. In total volume terms it’s not far short of the 3-series estate. So it’s good-looking and practical… and the news gets better when you take to the road. After all, it wears a BMW badge on its nose and that means you just know that dynamically it will more than pass muster. The ride is firm but never unpleasant, the gear change positive and the steering natural and precise. Best of all, the chassis underlines the sporting nature of the car – inherently stable and secure, it feels eager in a way that the Gran Coupé’s most obvious rival, the Audi A5 Sportback, doesn’t. It’s a classic demonstration of how rearwheel drive (BMW) is livelier than a stodgy front-wheel drive set-up (Audi). And it even applies when the cars have fourwheel drive. The rear bias of the BMW’s xDrive layout means it is much more fun than the Audi’s quattro set-up. Eventually there will be seven engines to choose from, two- or xDrive- fourwheel drive versions and four trim levels, starting with SE and running through Sport, Luxury and M Sport. The likely best-seller, though, will be the 2.0-litre turbocharged diesel of the 420d, driven here in xDrive form. Thanks to the extra weight of its body and four-wheel drive system, the 420d Gran Coupé isn’t quite as quick as the identically-engined 320d saloon, but it’s still no slouch with strong performance (7.6 secs to 62mph) and unreal economy and emissions: mpg in the mid-60s on a run and a CO2 output of just 129g/ km. These things are important to the company car market where most of the Gran Coupés will be sold. It’s well-priced and well-equipped, too. Despite the extra doors and space,
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THE RIVALS
Performance 145mph, 0-60mph in 7.6 secs Drive Four-wheel drive, six-speed manual
Audi A5 Sportback This is the car that inspired the Gran Coupé, a handsome and beautifully made four-door coupé from arch-rival Audi. Although arguably better-looking than the BMW, dynamically the Gran Coupé has the Audi beaten.
Volkswagen CC Another great-looking and wellequipped four-door coupé from Germany, the VW CC used to be badged the Passat CC… and that tells you all you need to know. It’s an old man’s car.
This is either a brilliant ploy to produce a range of cars with something for everyone, or niche marketing gone mad. To be honest, I’m not sure which is the correct answer
| MOTORING |
the Grand Coupé is identically priced to the 4-series Coupé, which means it is around £3,000 more than a comparable 3-series saloon. The entry level SE version has heated leather seats, parking sensors front and rear, dual-zone air conditioning, a DAB radio and a 6.5-inch colour screen. All versions also have an electrically-powered tailgate as standard. Sport versions add larger wheels and
some cosmetic changes, while Luxury models get navigation and other goodies for an additional £2,500. The top spec M Sport (an extra £3,000) gets a body kit, M Sport suspension and a whole host of ‘sporty accents’ not all of which you’ll want. The best bet? Probably an SE model with a few bits of kit from the options list – the BMW Professional media package with navigation (£1,890) is a must, while £825 for the head-up display projecting speed
and navigation directions onto the screen is money well-spent. But the real question is whether the Gran Coupé is worth three grand more than the 3-series saloon. Dynamically the saloon is a little sharper, but as an overall package the Gran Coupé is the more desirable. Maybe I’ve answered my question. Yes this is niche marketing… but it really does seem to have created a range with something for everyone.
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| FEATURE |
WORDS: MIKE PEAKE
THE GREAT
ADVENTURER
What does a restless Army officer do when he leaves the military? That’s right – he strips off for the camera and parks himself on a desert island. Meet Ed Stafford, an adventurer with a difference
I
LEFT USA book cover shot ® Pete McBride
f you’ve ever switched on the TV and seen a near-naked man ambling through somewhere cold, hot or just downright horrid, there’s a good chance you’ve stumbled across British explorer Ed Stafford on one of his adventures. The idea is to insert the former Army captain into the kind of place that would make lesser mortals weep, and while Ed certainly finds each of these televised 10-day adventures a challenge, most were a drop in the ocean compared with the two-and-a-half-years he once spent walking the length of the Amazon. Cut from the same cloth as Bear Grylls and Sir Ranulph Fiennes, Ed seems a glutton for punishment. “The hardest part is actually being away from my family,” says the globe-trotting 38-year-old, a man very much at ease showing his gentler, non-machete-wielding side. “It becomes increasingly difficult every time I go away, but I’m lucky to be doing such exciting work and I know it won’t last forever.” Surprisingly, Ed’s ambitions for high drama after he left the military were centred around the world of finance, not far-flung travel. “I was intending to become a stockbroker,” he chuckles, “but then an economic downturn kicked in and I decided to take an interim job escorting gap-year kids
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on life-changing experiences in Belize. And I absolutely loved it.” Progressing to more complex expeditions in which he would escort scientists and film crews through inhospitable terrain, Ed hit on the idea of doing something grand for himself. “I really wanted to see the Amazon and started looking for books about people who had walked the length of it so I could get some tips. But no one had ever done it.” Partly driven by ego but also acutely aware that he had no ties to hold him back (he has since got engaged to a girl who read his subsequent book about his Amazon adventure!), Ed set out to walk the entire 6,000 miles of South America’s longest river. He figured it would take around a year. It was something of an underestimation. “It took two-and-a-half years in the end,” he says. “I’d figured on 11 miles a day, when the reality was four. I did become fixated on finishing, because to have done half the Amazon would have been absurd, but I was also happy to settle down to the pace of the river and live that life rather than just smashing through the
Fact file Name Ed Stafford ® Pete McBride
® Keith Ducatel
Age 38
Hottest place Western Australia – it was too hot to be out in direct sunlight and was in the mid40s in the shade
Coldest place Patagonia. It was minus 21 and rather chilly. I hate cold weather expeditions
Weirdest food Woolly monkey in the Amazon. I thought it was spider monkey. I had a bit of its tail which was rather like an overbarbecued sausage
Most dramatic weight loss I shed 9 kilos in 10 days in Borneo because there was hardly anything to eat. It’s hard to keep up morale when you’re like that
Scariest animal encounter
® Keith Ducatel
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Anaconda, several times in the Amazon. They don’t normally eat people over about 5ft, but still…
Cut from the same cloth as Bear Grylls and Sir Ranulph Fiennes, Ed seems a glutton for punishment
| FEATURE |
® Pete McBride
rainforest to get it all done as quickly as possible.” Having taken a couple of film cameras with him, Ed quickly sold the idea of a documentary about his trip to the Discovery Channel. In 2010, National Geographic named him one of its adventurers of the year. More expeditions, surely, had to follow. “Discovery asked me if I’d do another adventure and I said that I clearly didn’t want to do another two-and-a-half years away, but that I could give them 60 days. They said in that case they wanted to intensify things, with everything that might help me survive taken out of the equation.” When Discovery asked Ed if he could survive if he was dropped off on an island in the Pacific for 60 days with no food, no tools and even without a stitch to wear, he told them he didn’t know. “They thought that was the perfect answer,” he smiles. The result was a hugely popular three-part documentary called Naked And Marooned that led this year to Marooned – a new series based on the same theme, only this time there were multiple hostile environments, each of which he had to survive for ‘just’ 10 days. It was, of course, all harder than it sounds. “It was 10 days in the middle of nowhere, like Rwanda,
the Sonoran desert in Arizona, the Golden Triangle of Thailand,” Ed explains. “I thought, ‘How hard can it be – it’s only 10 days?’ but the pattern of underestimating things that began in the Amazon was repeated time and time again!” Ed’s travails saw him battling with extreme temperatures, struggling with soul-sapping malnutrition, avoiding huge herds of elephants and more: enough, perhaps, for a lifetime. In fact, his next adventure, Ed now thinks, is likely to be a longer, more mission-driven expedition. “Maybe something archaeological or scientific,” he says. “A voyage of genuine discovery, rather than putting myself to the test.” And yet adventure, he insists, is to be found on our very own doorsteps. A great believer in British adventurer Alastair Humphreys’ philosophy – namely that you can have a testing and exciting trip sleeping under the stars half-an-hour from your home – Ed says we should all take a moment to hit the ‘refresh’ button from time to time and do something different. “Just getting away from your routine and being outdoors is all most people need,” says Ed. “You certainly don’t have to be standing naked on a desert island to do it.”
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G
Image: Karoline O. A. Petterson photography
FRUIT
OF THE SEA words: gemma knight Sea urchins are the new nautical delicacy taking the world’s Michelin-starred restaurants by storm. Curious to know how these prickly delights go from seabed to silver salver, we spoke to the ‘Mad Scot’ himself, Arctic diver Roderick Sloan
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etting up at the crack of dawn and plunging into the icy Norwegian Sea for hours at a time might not seem the actions of a completely sane person – and, to be honest, I’m not sure veteran sea urchin diver Roderick Sloan would disagree. Originally from Dumfries and Galloway, a quiet, weather-beaten region in the South West of Scotland, his childhood was always destined to instil a life-long love affair with the sea. “As a child I would go visit my auntie Jan on the Solway Firth,” he explains, “and we’d go pick shells, cockles, periwinkles, fish and then we’d have competitions about identifying them.” He laughs, adding wryly “The eating part came later.” With this in mind, his chosen profession doesn’t seem quite so unexpected – although it’s certainly still an unusual one. Roderick’s day – which, in arctic Norway where he lives and dives, is often entirely devoid of sunlight – begins at 6.30am when, having breakfasted with his family and packed his kids off to school, he heads off for a morning meeting with his team, followed – weather permitting – by six hours out at sea spent wetsuit, flippers and air tank-laden, diving down to the rocky seabed to harvest the latest crop of prickly little sea urchins. Unless it’s Tuesday, when he’ll be up at midnight so as to have the urchins picked up, packed and dispatched by 8am, journeying towards the various chefs and restaurants to which he supplies. It’s certainly not an easy career choice, and I’m understandably curious to know what drew him to such a niche vocation. “Initially if I’m totally honest it was the idea of making a lot of money,” he admits. “The reality however was very different. My Norwegian brother-in-law came to me with the idea and I then persuaded my wife to move back to the Arctic, where she was originally from. In the following years the sea urchins, shells and diving have just become part of me I think.” I won’t dispute this, particularly after hearing the incredible enthusiasm and affection which overtakes him when he starts to talk about the creatures themselves. “These are some of the oldest organisms on the planet; these guys were here with the dinosaurs, for hundreds of millions of years, probably.” He gushes, almost childlike in his fascination. “DNA-wise, in the human genome programme sea urchins were the first to be mapped – and just imagine the caveman who was the first to eat sea urchin! The blackish green shell splits and reveals this amazing goldenyellow coral, and the taste... It’s simple, salty, astringent iodine sea, followed by maple syrup sweetness. The best part of my job is showing virgin sea-urchin-eaters out to sea and cracking an urchin with them. Fresh from the sea, in the brisk cold.” His excitement is endearing and, considering the incredible hardships
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| FEATURE | associated with the job, utterly commendable. The temperature of the water in which he dives often dips below freezing, with the air temperature hitting minus 13 and the small fishing boat in which he and his chief diver travel regularly caked in ice. Added to this is the inevitable danger which accompanies any profession involving the sea. “We try and mitigate the risks as much as possible,” he says. “The diving is not the really terrifying thing up here, it’s the weather. It can go from a mill pond to a howling gale with four meter waves in a matter of minutes – those are the days I hate the most. The worst day at sea for me was when we picked up a new boat eight years ago and we ended up trapped in huge seas for four hours while we inched our way back to the safety of the port. It was the kind of day which makes you think about life and how small we really are.” Facing considerable odds, dangerous conditions and gruelling schedules, a “really bad year” in 2008 almost convinced him to give up on his vision for good. Luckily, as it often does, fate stepped in when he was invited to cook sea urchins at a food festival in Stavanger, a city in Southern Norway. “I only did it because I had promised to do so, but I met Christopher Sjuve, who is one of Norway’s best food writers, and we became firm friends over the weekend.” Sjuve was so impressed that he suggested René Redzepi, the Danish chef and co-owner of two-Michelin starred restaurant Noma in Copenhagen, should contact Sloan. “Rene called me that autumn and from there we developed a strong relationship.” Roderick explains – putting it mildly, since it was this relationship which lead to him becoming chief urchin-supplier to the up-market eatery and others which soon followed suit. Quite a boost for a small fishing business and one which, funnily enough, kept Roderick from throwing in the towel. Having said that, it definitely isn’t the money which keeps him doing what he does. He says himself that “Norwegian society is one of the best in the world” and, though his family think he is “slightly mad”, the job has provided obvious perks such as being able to give his brother and sister-inlaw a meal at Noma as a wedding present and gaining a platform from which he is able to become politically involved in the on-going issue of sustainability. “I have very strong views on sustainability and labelling and I believe we need to re-think the way we do things now,” he tells me. “I keep very good records of where I harvest, how much I take and when, I don’t re-harvest for about 5 years and we only harvest a very select group of sea urchins, a specific size. These are not the main breeding group, and we see when we go back to earlier sites that the smaller sea urchins we leave behind thrive
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Image: Karoline O. A. Petterson photography
with the lack of competition. That said, too little is known about the sea urchins, and in Norway they are seen as the culprits for devastating the kelp forests, where the coastal cod breed and hide as small fry. There are several projects on the coast where they want to eradicate the sea urchins to bring the kelp forest back by dumping 200 tonnes of lime in the sea.” For Roderick Sloan, however, the future looks bright. “I am going to Brussels to talk about seafood to politicians in the early summer”, he says – something which has at last helped his mum understand what he does and “feel like I finally got somewhere” – and he soon hopes to branch out and supply to restaurants outside Scandinavia. “Just now we’re focusing on London,” he explains, and after his description of the little delicacies we’re aching to try them and, with his lovingly sourced urchins tipped as some of the world’s best, we’ll be keeping our fingers crossed that it won’t be long before they’re making a splash at an eatery near us.
“The best part of my job is showing virgin sea-urchin-eaters out to sea and cracking an urchin with them. Fresh from the sea, in the brisk cold”
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| FEATURE |
Words: JAMIE CARTER
Soars G
etting ahead of the curve. It’s an obsession in business, but is it on your travel bucket list? We’ve all heard of Sir Richard Branson’s Virgin Galactic plans to take travellers into near-space, but that’s just one option in a burgeoning space tourism industry that seeks to conquer a new frontier. The final destination is Kármán, an invisible line around 60 miles up that separates Earth from space. Look one way and all you’ll see is the blackness of space, albeit a star-studded version with the Milky Way hurtling across it. In the other direction is the real prize; the panoramic curvature of Earth. Chuck in a giddy ascent and even a few minutes of zero gravity, and that’s space tourism. Though development costs are high, it’s predicted that the industry will eventually be worth billions, and could include orbiting hotels too. Fancy being a citizen space explorer? Now it’s time to choose your budget and operator.
It’s set to be a US$1 billion industry within a decade, but would you be a citizen space explorer?
World View Experience Don’t like the sound of supersonic speeds and days of training just for a 30-minute thrill-ride? A near-space balloon ride from Arizona-based World View Experience will offer a gentle five-hour luxury flight for US$75,000 (£44,000), which is cheaper than the supersonic options and gives a whole lot more ‘black sky time’. The eight passengers in a fully-pressurised flight capsule under a high altitude balloon will slowly rise through a sunrise for 20 vertical miles for a life-changing vista of Earth. “This isn’t an adrenaline-laced rocket ride,” says Jane Poynter, CEO of World View. “It’s a peaceful trip that allows passengers to gently float along the edge of space.” The capsule includes four viewing bays, each with two seats, as well as a toilet and refreshments onboard. “The panoramic windows will give true colour, which is important given the first-hand account from people who have flown to this altitude of extraordinary and indescribable colour schemes,” says Poynter. WiFi means that passengers will be able to share their photos and video instantly on social media. World View Experience is expected to launch in late 2016.
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SpaceShipTwo is all about the thrill of the ride, but it’s not for everyone; prospective space tourists must endure three days of pre-flight preparation and medical checks. Branson has so far collected around US$80 million in deposits from 640 wouldbe passengers (though development costs have totalled over US$400 million).
Virgin Galactic SpaceShipTwo Based at SpacePort America in Las Cruces, New Mexico, Virgin Galactic’s eight-seater SpaceShipTwo is set to take the first of its 700 signed-up space tourists just above Kármán before the end of this year. Is it safe? Branson recently announced that he and his children would be on the first flight, with holders of the US$250,000 (£156,000) tickets including actors Leonardo DiCaprio, Tom Hanks and Ashton Kutcher. SpaceShipTwo launches underneath a mothership called WhiteKnightTwo, then detaches at 50,000ft to go supersonic for eight seconds before coasting to a top altitude of 68 miles. The six passengers and two crew will reach speeds of 2,600mph, with the 30-minute ride including around five minutes of weightlessness.
SHIPinSPACE While Virgin Galactic and SXC are the first signs of an embryonic space tourism industry only for the elite, others have the mass-market in mind – and the return of Britain’s glory days as aviation innovators. Pencilling in the UK as the launch site for 2018 are three European aerospace engineers that have designed a liquid rocket engine-powered suborbital plane called SHIPinSPACE, which can take a whopping 48 passengers on 40-minute trips to near-space. Tickets for seats in what the engineers call a ‘reusable blasting survival vehicle’ will initially cost around £60,000 and include about seven minutes of weightlessness. Here, however, the emphasis is on safety and a modular design that ought to reduce ticket prices. Taking-off vertically and landing on a runway, all passengers in SHIPinSPACE will sit in secure pods ranged on three levels near the front of the vehicle. Each pod will contain four passengers and a large window-cum-door. Those pods float freely; in the case of an explosion, each pod will separate from the main vehicle and descend using parachutes. This modular design could be used to double the size and capacity of SHIPinSPACE, thereby slashing ticket prices. Each weekly flight is expected to cost the company £1 million, but generate £2.88 million in ticket sales.
SXC Lynx Space Exploration Corporation (SXC) also calls Spaceport America home, and is now taking deposits for US$95,000 (£60,000) for a sub-orbital trip in its rocket-powered Lynx spaceship. Built by XCOR Aerospace, the Lynx – which takes-off and lands alone, like a regular aircraft – also plans to lift-off with passengers later this year. That price, which includes G-Force training flights and medical check-ups prior to the 30-minute flight to 62 miles, has already attracted over 250 would-be space tourists, among them DJ Armin van Buuren and Sir Bob Geldof. “Being the first Irishman in space is not only a fantastic honour but pretty mind-blowing,” says Geldof. “Who would have thought it possible in my lifetime?” SXC claims that the Lynx – which only has room for a pilot and one paying passenger – could one day begin a scheduled service from any commercial airport. For now, Curacao airport in the Caribbean is next on its list.
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Forget poker and Presley, there’s a new King in town. Down on the strip, the kids are getting their kicks from the synthesized beats of EDM – and making millionaires of its proponents in the process. As Las Vegas sets its sights on Ibiza’s dance party crown, Richard Brown discovers how Sin City became less blackjack and more Afrojack
t’s two in the morning and the desert is only getting hotter. On the world’s biggest stage, two dance music deities are about to let rip with a swathe of electric beats that will send a baying crowd into a writhing frenzy. The bass builds, the beat drops and the bobbing mob is reminded of why it made this mid-night, cult-like pilgrimage to the middle of the Nevada wilderness. Welcome to the Electric Daisy Carnival, or EDC, the pinnacle event in the electronic dance music calendar – and, just four years after its inception, one of the largest festivals on the planet. Axwell and Ingrosso, the two figures on stage, used to belong to house music’s most successful mega-band, until the group disbanded last year. Now the ex-Swedish House Mafia duo are going it alone, though not before having
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Alex Perez for Insomniac
Arrive like a
headliner
aLIVE Coverage for Insomniac
amassed a small fortune with the band’s other ex-member, Steve Angello. Together, the trio made £8.6m in 2013. Not bad for a band that had split by March. Indeed, so extraordinary has the charttopping rise of electronic dance music (or EDM) been, that it’s now almost impossible to discuss the genre without reflecting on the amount of money it’s making its leading protagonists. Think Swedish House Mafia’s £8.6m was sweet? Then how about the £120,000 Deadmau5 commanded every time he jumped on the decks at MGM Grand’s Hakkasan nightclub last year. Or the £11m Afrojack made from July 2012 until June 2013 – a movie-star salary he used to splash out on a Ferrari 458. He managed to mangle that particular motor an hour after leaving the forecourt. No biggie; the next day he bought a replacement. Karl Nielson, a London-based talent manager and patron of music promoter Fame Music, has been booking DJs across the world for more than a decade. He says the rise of EDM, and the commercial clout it
now yields, is nothing short of extraordinary. “Three years ago I booked what is now a big-name artist for an event,” he tells me, within the appropriately palatial confines of Drai’s, an open-air nightclub on the roof of the Cromwell Hotel. “I can’t name names but the fee was $800. I booked him six months later and the fee was $14k. Now, for big shows like EDC, he’s on $400k – if you’re hot right now, fees can literally rise week-by-week.” It’s not just the DJs who are cashing in. Not a place to look a money-spinner in the mouth, Las Vegas has been quick to jump on the EDM bandwagon, investing heavily in an industry it sees as intrinsically linked to its future – a move that has already reduced the average age of the Las Vegas punter from 50 to 45 in the space of four years (not that you’ll see too many 45 year olds hanging out poolside at Vegas’ myriad EDM-infused beach parties). Take note of the billboards lining the Las Vegas Boulevard, and you’ll realise that the posters promoting pop-stars and travelling Broadway stage shows have all but disappeared, replaced, instead, by Ibiza-style mug shots of Skrillex, Steve Aoki, Calvin Harris and co. Inside the clubs, DJs command six-figure sums for sets that last 90 minutes. Sounds a lot, but when you’re the manager of a club that’s charging £10k a table in a club with more than 20 booths – before you take into account the average spend of the raving riff raff that have paid $50 to be confined to the dance floor – the DJ fee becomes but another business cost. And some business. To borrow from Jay Z (whom Calvin made more money
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On a normal day, the journey from the Las Vegas strip to the speedway takes 20 minutes. When EDC is town, traffic means it can take more than two hours. Do what Calvin Harris does and beat the queue by chartering a helicopter. Maverick Helicopters provide VIP helicopter transportation to EDC starting at $500 one way per person. Expect VIP-level service in the boarding lounge before your flight, complete with a DJ and a free bar, and views of the strip that will stay with you for ever once you take flight. maverickhelicopter.com
ABOVE
DJ Armin van Buuren
© littleny
| TRAVEL | aLIVE Coverage for Insomniac
than last year) these button-pushing insomniacs aren’t businessmen, they’re a business, man. “It’s astonishing to think that the dark beats cooked up in Croydon are ending up in California,” says Karl. “They are being unleashed on dance floors in swanky Vegas clubs, and it’s a Scottish dude managed by a team from Maidstone that’s ruling the roost.” For sybarites looking for a place to party, the planet traditionally offers two options: the Southendon-steroids that is Las Vegas or the drug-infused escapism of Ibiza. Ibiza has always existed as the spiritual home of dance, but as the image of Vegas shifts from gambling Mecca to nightlife super-hub, is the headquarters of hedonism about to shift west? Karl thinks not. “They are different experiences. Ibiza is seasonal. Vegas is 24-seven, 365 days a year. It’s Disneyland for adults and every night is a Saturday night. Interestingly, with more venues like Ushuaia and The Hard Rock Hotel in Ibiza, we are seeing more of a US-style influence on the White Isle. But there is still greater variety in Ibiza. It has its heart in dance music and the crowds are knowledgeable and seasoned. Ibiza has the greatest sunsets and hidden coves, where some of the best parties ever have been thrown. Vegas’
clubbers are not as cultured. But boy can they party.” Back at the Las Vegas Motor Speedway, fire crackles and lights explode. Three nights see 200 DJs play across eight stages (the ‘Circuit Grounds’ arena comprises the largest clear-span structure in the world); ferris wheels sit next to makeshift chapels (70 couples got married at the festival this year); illuminated monsters ride stage props that wouldn’t look out of place in Lord of the Rings; while psychedelic dance troupes pop up from nowhere – scaring you shitless if you’ve had a few sherbets; God help you if you’ve smuggled in something stronger. Last year, Stratford’s Olympic Park played host to EDC’s inaugural UK leg. I went, and trust me, the Las Vegas version makes ours look like a teddy bear’s picnic. On a budget. Unless you’ve been to Belgium’s Tomorrowland (and even that monster only attracts 180,000 attendees compared with Vegas EDC’s 400,000), you won’t have seen anything like this. The price of flights and seven nights in Vegas? From £909 per person. A weekend ticket to EDC? £200. Going bat shit crazy in the middle of the Nevada desert? Priceless – unless, of course, you’re the one footing the DJ bill.
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Light
Paying seven-figure salaries to the world’s biggest headliners, Hakkasan has become the undisputed king of Las Vegas nightlife XS AN21, Avicii, David Guetta, Dillon Francis, Diplo, Fredde le Grand, Major Lazer, Skrillex, Steve Angello, Tommy Trash
Mid-night Madness EDC’s headliners are no strangers to the Las Vegas strip, many of them having residencies at the city’s biggest clubs. Here’s who’s signed who this year. Hakkasan Above & Beyond, Afrojack, Steve Aoki, Bingo Players, Dada Life, Hardwell, Martin Garrix, Calvin Harris, Tiësto
Paying seven-figure salaries to the world’s biggest headliners, Hakkasan has become the undisputed king of Las Vegas nightlife. Before you head downstairs to the club, dine at the world-famous, Michelin-starred Hakkasan restaurant above. hakkasanlv.com
Afrojack at Hakkasan
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Located in the hallway that connects Wynn Tower to Encore Tower, XS was the most expensive nightclub ever built in Las Vegas when it opened in 2009. Five years on and it’s built a reputation as one of Sin City’s most upscale destinations – quite an achievement given that it features 15 stripper poles and giant holograms of women without any clothes on. xslasvegas.com Light Alesso, Axwell, Bassjackers, Carl Cox, Don Diablo, Dimitri Vegas & Like Mike, Laidback Luke, Nicky Romero, Sebastian Ingrosso
Opened last year with a performance by Cirque du Soleil, Light started as it meant to go on. Imagine Ibiza at full swing, add even more lasers and lights, and you’ll begin to get the picture. Stage performers, mind-bending visuals and fire-cracking pyrotechnics make Light one of the most creative and sensory clubs in town. thelightvegas.com
Daylight Revelry The Electric Daisy Carnival doesn’t kick off until 7pm (it finishes at 5.30am), so get the party started early at one of Las Vegas’s poolside day clubs. Here’s the pick of the bunch… Wet Republic It was Wet Republic that started it all. Where it went, others may have followed, but MGM Grand’s ‘ultra pool party’ remains the daytime disco at which to see and be seen. During The City Magazine’s visit, the 53,000-sqft venue played host to Above & Beyond, Steve Aoki, Calvin Harris and Tiësto – not too shabby a line-up. wetrepublic.com
Encore Beach Club photographer Aaron Garcia
| TRAVEL |
The World’s
HighestPaid DJs 2013
Taking into account live shows, endorsements, merchandise sales, recorded music sales and external business ventures, Forbes calculated the total earnings of the world’s most successful DJs. Here’s what they earned between 1 June 2012 and 1 June 2013:
1
£26.8 million Calvin Harris 2
£18.6 million Tiësto 3
£17.5 million Encore Beach Club
Marquee Day Club
Based in the Wynn – the playboy’s hotel of choice – Encore Beach Club is home to artists including David Guetta, Will.I.AM and Avicii. No surprise then that it was voted Las Vegas Dayclub of the Year in Nightclub & Bar’s Top 100. It features 26 cabanas, each stocked with refrigerators, flatscreen TVs and an expansive daybed. Modelesque, bikini-clad barmaids come as standard. This summer, Steve Angello, Diplo and Dillon Francis all take to the decks. encorebeachclub.com
It may not boast the roster of DJs that other day clubs attract, but based on the roof of The Cosmopolitan, Marquee certainly scores high when it comes to views. As it does for atmosphere, packing an energetic, pool-splashing punch that rivals any of its larger competitors. marqueelasvegas.com
David Guetta 4
£12.3 million Deadmau5 5
£11.6 million Avicii 6 TOP Drai’s Beach Club ABOVE Marquee Day Club BELOW Wet Republic
£10.5 million Afrojack 7
£9.9 million Armin Van Buuren 8
£9.3 million (tie)
Drai’s Beach Club At 65,000-sq-ft, Drai’s Beach Club is the biggest day club in Vegas. Located 11 floors up on the roof of The Cromwell, it offers panoramic partying in mind-blowing settings. Mix multiple pool areas and towering palm trees with top-notch DJ talent and you get the elegance of Encore with the madness of Marquee. draisbeachclub.com
EDC
VITALS
Skrillex 8
£9.3 million (tie) Kaskade 9
£8.1 million Steve Aoki
Seven Nights in Vegas from £909pp Seven nights in Las Vegas with Virgin Holidays including scheduled flights with Virgin Atlantic from London Gatwick direct to Las Vegas and room-only accommodation at the 4V+ MGM Grand Hotel & Casino Las Vegas. Price is per person based on two adults travelling and sharing a west wing king-double room, including all applicable taxes and fuel surcharges which are subject to change. Price is based on a departure on 10 November 2014. virginholidays.co.uk / 0844 557 3859. Start your holiday before you’ve even taken off in the Virgin Holidays v-room at Gatwick Airport, adults £22, kids £12. Electric Daisy Carnival Tickets will be priced at $345 for general admission and $599 for VIP tickets for those aged 21 and over, in addition to service fees. insomniac.com/festival/edc-las-vegas
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| homes & property |
LONDON HOMES &
PROPERTY Covering THE CITY, Wapping, Shad Thames, Shoreditch & Islington
East vs West
LUXURY LIVING ON BOTH SIDES OF TOWN
Image courtesy of Iittala iittala.com
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PROPERTY NEWS
Keeping tabs on the market, whether living or investing in the capital
SALES DANIEL OMELL, partner and office head at Knight Frank Islington, comments on the trends in the residential sales market Islington saw the fastest rate of growth of anywhere in central London in the year to June with values jumping by a reported 15.7 per cent which surpasses the percentage gain that we saw in the whole of 2013. In the face of unprecedented levels of growth, on the ground there is certainly a feeling of change in the air. Bank of England governor Mark Carney has tried very hard during late spring and the early part of the summer to cool house price growth and with his mixed messages it seems that he has succeeded in what he set out to achieve. There is no doubt that the historically low base rate will rise, it’s just a matter of when. The introduction of stricter lending criteria and the scrapping of the government’s Help to Buy scheme have added further fuel to the debate about the state of the London market. The general election next May is also never far from peoples’ minds; the prospect of the introduction of a mansion tax of some sort remains a point for discussion amongst buyers and sellers alike. Whilst there is no indication that decline is likely, these factors combined have, if anything “normalised” the market. As agents we had become used to a frantic market, where each and every property coming to the market attracted multiple bids. Now, there may only be one or two buyers for each property. In our opinion, a more settled market is not a bad thing as it gives buyers the confidence to make offers. The market remains strong, especially in Islington but there is no doubt that we are heading into a transitional phase and it may be some time before we see further significant growth. Knight Frank Islington 020 3657 7340 knightfrank.co.uk/Islington
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Luxurious New Heights Ballymore has raised the bar in London’s luxury market, unveiling two new penthouses on the 17th and 18th floor of the 21 Wapping Lane tower. Both apartments span over 2,600 square feet of internal space and boast the most incredible far reaching views of the City, Canary Wharf and other London landmarks. Ballymore has worked closely with its design partners Amos and Amos, to create a contemporary interior akin to a luxury boutique hotel. ballymoregroup.com
| HOMES & PROPERTY |
LETTINGS
A Fair Share
Results from the second quarter of 2014 have found that London’s strongest residential growth is in Islington, Canary Wharf and Wapping. In Prime Central and South West London, however, growth is slowing down. Research by Savills
Rocksure, a specialist in the shared ownership sector has launched two new funds, offering investors the opportunity to own a share of four luxury apartments in London or New York at a fraction of the cost. All investors are entitled to annual usage, where they’ll enjoy luxuriously equipped and furnished properties and benefit from a daily maid and concierge service. London residences are currently being purchased in boroughs such as Kensington, Chelsea, Westminster and Covent Garden, while the Upper East Side, Midtown, Central Park South and Park Avenue are being made priorities in New York. Those that choose to invest in both funds are able to pool their annual entitlements and spend as they wish between the two cities. This launch follows the success of four other international funds, the Alpha, Bravo, Capital and Crystal. rocksure.com
All That Glitters Versace Home has launched its latest range, The Via Gesù Collection. Bold, gilt and glamorous, the collection spans tableware, furniture and lighting, including emerald-coloured Champagne flutes, quilted cushions in ivory and a stunning gold and black chest of drawers. A stand-out piece includes the angular Via Gesù sofa, upholstered in soft dove-grey leather and finished with two statement Medusa heads. The sofa’s arms have a functioning drawer hidden inside, which is perfect for storing coffee books or the remote control. The Via Gesù Collection by Versace Home, uk.versace.com
NICOLA WILLIAMS, lettings manager at Knight Frank Islington, comments on the trends in the residential lettings market It has been quite apparent that the sales market across London, especially Islington has been at a high over the last two quarters of the year, but what of lettings? Naturally when the sales market increases the lettings market prepares to slow down. With mortgage rates remaining at a low, a large number of our tenants decided to step onto the property ladder, in turn reducing rental applicant numbers and increasing the levels of lettings stock. Rentals in Islington have seen a -0.4 per cent decline compared to June 2013, not only due to the sales market but also due to the amount of new stock selling to investor landlords that came to the rental market at the beginning of the year. It is not all negative for lettings, the market has started to rebound as global economies return to health, prompting expansion and increase of corporate relocation. At Knight Frank, corporate relocation enquiries grew by 50 per cent, viewings were up 36 per cent on June 2013 and the overall figure shows a growth of 0.9 per cent in the last month. We will also continue to benefit from the slowing demand in the sales market as buyers become more cautious. As per previous cycles, buyers will turn back to lettings when there is uncertainty in the market. We are incredibly positive and confident for the next quarter, historically the most successful months for lettings in Islington. Knight Frank Islington 020 3657 7340 knightfrank.co.uk/islington
THE CITY MAGAZINE | August 2014
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KnightFrank.co.uk
Metropolitan Wharf, Wapping E1W An exclusive collection of penthouse apartments
A rare opportunity to live in one of 5 exceptional 6th floor penthouse apartments in a delightful riverside location. 2 bedrooms, 2 bathroom suites with underfloor heating, a large open plan kitchen and terrace, 24 hour security and underground parking space. Available furnished or unfurnished Prices range from £2,250 ‐ £2,750 per week
Wapping Lettings KnightFrank.co.uk/lettings wappinglettings@knightfrank.com 020 8166 5366
﴾WAQ195301﴿ 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 mag Aug 14 Metropolitan Wharf
18/07/2014 15:45:06
Cit
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KnightFrank.co.uk Altitude Point, Aldgate E1
Lifestyle development Stylish and contemporary 15th floor flat to rent in Aldgate. 1 bedroom , 1 bathroom, open plan fully fitted kitchen and reception room, great storage and 24 hour concierge. EPC rating B. Approximately 45 sq m ﴾478 sq ft﴿ Available furnished Guide price: £495 per week
Wapping Lettings KnightFrank.co.uk/lettings wappinglettings@knightfrank.com 020 8166 5366 ﴾WAQ198029﴿
Sterling Mansions, Aldgate E1 Beautifully presented
Stylish 4th floor apartment to rent in a luxury portered development. 2 bedrooms, 2 bathrooms, semi open plan kitchen and reception room, wooden flooring, great storage and 24 hour security. EPC rating C. Approximately 90 sq m ﴾967 sq ft﴿ Available furnished Guide price: £645 per week
Wapping Lettings KnightFrank.co.uk/lettings wappinglettings@knightfrank.com 020 8166 5366 ﴾WAQ182933﴿
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 August 2014 Altitude point Sterling Mansions
18/07/2014 15:58:27
KnightFrank.co.uk Coldharbour, Isle of Dogs E14 Grade II listed house
Charming five storey Georgian house situated on the banks of the River Thames. 4 bedrooms, 2 bathrooms, 2 reception rooms, kitchen, study, garage, garden. Approximately 210 sq m ﴾2,260 sq ft﴿ Freehold Guide Price: £1,250,000
KnightFrank.co.uk/canarywharf cwharf@knightfrank.com 020 3641 6112 ﴾CNW130203﴿
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: £1,000,000
KnightFrank.co.uk/canarywharf cwharf@knightfrank.com 020 3641 6112 ﴾CNW140116﴿
Cit
KnightFrank.co.uk Woodseer Street, Shoreditch E1 Excellent location
A first floor apartment with space to entertain and access to the vibrant amenities that both Shoreditch and Spitalfields have to offer. 2 bedrooms, 1 bathroom and an open plan kitchen and reception room. EPC rating B. Approximately 55 sq m ﴾593 sq ft﴿ Leasehold ﴾121 years 5 months﴿ Guide price: £575,000
KnightFrank.co.uk/wapping wapping@knightfrank.com 020 8166 5372 ﴾WAP140113﴿
Cinnabar Wharf, Wapping E1W Fantastic river views
A charming riverside flat on the second floor of a luxury portered development. 2 bedrooms, 1 en suite bathroom and 1 shower room, triple aspect reception room, semi open plan kitchen, balcony, aircooling system, lift and undeground parking space. EPC rating C. Approximately 102 sq m ﴾1,088 sq ft﴿ Leasehold ﴾984 years﴿ Guide price: £1,100,000
KnightFrank.co.uk/Wapping wapping@knightfrank.com 020 8166 5372 ﴾WAP140108﴿
City Magazine August 2014 SALES
18/07/2014 13:21:05
KnightFrank.co.uk
Chelsea Harbour, London SW10 Stunning Thames views
A beautiful, contemporary styled, 2 bedroom, 4th floor apartment with exquisite river views. The property is located in one of the premier buildings in Chelsea Harbour. 2 bedrooms, reception room, 2 bathrooms, dining area, kitchen, balcony. EPC rating C. Approximately 118 sq m (1,274 sq ft) Leasehold Guide price: ÂŁ2,200,000 (RVR110230)
KnightFrank.co.uk/riverside riverside@knightfrank.com 020 3597 7670
KnightFrank.co.uk Elmbourne Road, Heaver Estate SW17 Swimming pool
A double fronted period home of over 4,600 sq ft with a contemporary design located in the much sought after conservation area of the Heaver Estate. 6 bedrooms, 4 bathrooms, 3 reception rooms, kitchen/ breakfast room, cloakroom, utility room, 60ft garden, off street parking, swimming pool, summer house. EPC rating F. Approximately 428 sq m (4,607 sq ft) Freehold Guide price: £3,250,000
KnightFrank.co.uk/wandsworth wandsworth@knightfrank.com 020 7768 0993 (WND100148)
Baskerville Road, Wandsworth SW18 Backs onto Common
A substantial, detached family house located on the much sought after “Toast Rack” with approved planning permission to extend. 8 bedrooms, 2 bathrooms, 2 reception rooms, kitchen/dining room, downstairs cloakroom/ utility room, cellar, 90ft garden. EPC rating E. Approximately 291 sq m (3,132sq ft) Freehold Guide price: £3,900,000
KnightFrank.co.uk/wandsworth wandsworth@knightfrank.com 020 7768 0993 (WND140111)
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savills.co.uk
TOWER BRIDGE WHARF, e1w
HARLEQUIN COURT, e1w
Reception room ø kitchen ø 2 bedrooms ø 2 bathrooms ø wrap around balcony ø concierge ø underground parking ø 112 sq m (1,211 sq ft) ø EPC=C
Reception room ø kitchen ø bedroom ø bathroom ø balcony ø parking ø concierge ø EPC=B
Guide £1.85 million Share of Freehold
Guide £1 million Leasehold
Savills Wapping nefthymiou@savills.com 020 7456 6800
Savills Wapping nefthymiou@savills.com 020 7456 6800
GUN WHARF, e1w
GREAT TOWER STREET, ec3r
Reception room ø kitchen ø 2 bedrooms ø 2 bathrooms ø balcony ø underground parking space ø 88 sq m (947 sq ft) ø EPC=B
Reception room ø kitchen ø 2 bedrooms ø 2 bathrooms ø 71 sq m (771 sq ft) ø EPC=D
Guide £785,000 Leasehold
Guide £775,000 Leasehold
Savills Wapping nefthymiou@savills.com 020 7456 6800
Savills Wapping mmacfarlane@savills.com 0207 456 6800
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savills.co.uk
LETTINGS LAYOUT ONLY
HALCYON WHARF, e1w
EXECUTION DOCK HOUSE, e1w
2 bedrooms (1 en suite) ø further bathroom ø reception room ø wrap around terrace with views of Tower Bridge ø allocated parking ø 24hr porterage ø Council Tax=F ø EPC=D
2 bedrooms (1 en suite) ø further bathroom ø reception room ø kitchen ø balcony with river views ø Council Tax=G ø EPC=C
Unfurnished £950 per week
Furnished £900 per week
+ £276 inc VAT one-off admin fee and other charges may apply* Savills Wapping ostaylor@savills.com 020 7456 6810
+ £276 inc VAT one-off admin fee and other charges may apply* Savills Wapping djtaylor@savills.com 020 7456 6826
PIERPOINT BUILDING, e14
AZOF STREET, se10
2 bedrooms (1 en suite) ø 2 bathrooms ø reception room ø balcony ø allocated parking ø 24hr porterage ø resident leisure facilities ø Council Tax=F ø EPC=B
2 bedrooms ø bathroom ø reception room ø private courtyard garden ø Council Tax=D ø EPC=D
Furnished £475 per week
Furnished £350 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 Canary Wharf ibates@savills.com 020 7531 2522
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*£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.
Beyond your expectations www.hamptons.co.uk
Wheat Wharf, SE1 £750 per week Character warehouse conversion arranged over three floors the property boasts spacious reception room with stairs to mezzanine level. EPC: D
Fountain Court, SE1 £480 per week Refurbished two double bedroom apartment with two bathrooms, wood flooring, open plan kitchen and balcony. Parking by negotiation. EPC: C
Java Wharf, SE1 £395 per week One bedroom apartment arranged on the top floor of a portered warehouse conversion. Balcony. Communal roof terrace. EPC: C
Riverview Heights, SE16 £460 per week Two bedroom apartment is situated within a popular Riverside development with twenty four hour concierge. EPC: B
Trinity Church Terrace, SE1 £495 per week Luxury one bedroom apartment in the heart of Borough with Open plan reception to kitchen, wood flooring and marble bathroom. EPC: B
Axis Court, SE16 £595 per week Two bedroom penthouse apartment boasting reception room with balcony, two double bedrooms, terrace and parking by negotiation EPC: D
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
Craven Street, WC2 £495 per week Stylish, modern one bedroom apartment in this fantastic central location by the River Thames. EPC: C
High Timber Street, EC4 £695 per week A refurbished two bedroom apartment in the warehouse style Globe View development with balcony. EPC: C
St. Cross Street, EC1 £850 per week A recently refurbished three double bedroom duplex apartment located in Farringdon. EPC: G
Trig Lane, EC4 £550 per week A high specification one bedroom apartment with large balcony directly overlooking the River. EPC: C
Commercial Street, E1 £500 per week Stylishly and bright one bedroom apartment in this popular development in the heart of Spitalfields. EPC: C
Trinity Square, EC3 £525 per week A spacious two bedroom, two bathroom conversion apartment opposite the Tower of London. EPC: C
Hamptons City Office Lettings. 020 7717 5437 | Sales. 020 7717 5435
020 7337 4000 jll.co.uk/residential royalsales@eu.jll.com royallettings@eu.jll.com 19-17 Royal Exchange, London, EC3V 3LL
St Dunstan’s Court, EC4 Final Release, prices from £930,000 St Dunstan’s Court is a beautifully designed development set within beautiful private gardens and bordered by the famous Grade II listed Maughan Library. This stunning development comprises 52 one bedroom and 24 two bedroom apartments, with clear open spaces flooded with natural light and the finest fittings and finishes combine to create an enviable home you would be proud to own. To the rear of St Dunstan’s Court, there is private access to secluded, landscaped gardens. The site is perfectly situated close to London’s West end with all its theatres/culture and nightlife. Residents at St Dunstan’s Court can take advantage of a full 24 hour concierge service, library and lounge area as well as private residents gardens. Completion Q1 2015.
the heron, ec2 Prices from £480 Per Week
We currently have a selection of studios, 1 and 2 bedroom apartments available for rent within the sought after new development, The Heron. Each apartment boasts an exceptional finish and features comfort cooling, iPod docking system, ceiling speakers and a central control panel. All properties are fully furnished and equipped to a high standard. This luxurious development is located in the heart of the City of London, within easy reach of stations such as Bank, Moorgate, Barbican, Old Street, Liverpool Street and Farringdon. The Heron benefits from 24 hour concierge and security, an onsite
gym and exclusive residents’ club which includes private terrace, conference rooms and a private cinema. The prestigious Guildhall School of Music and Drama is integral to the development, and apartment specifications include marble bathrooms, wooden or Porcelain flooring and Miele appliances to kitchens. Tenant agency fees: £240 administration fee per property, £48 referencing fee per Tenant/Guarantor.
The Negotiator Awards 2013 (for the 2nd year running!)
Sunday Times Estate Agency of the Year 2013 - Gold (for the 2nd year running!)
Community Champion of the Year
Best London Estate Agency
The Negotiator Awards 2013 - Silver
Sunday Times Estate Agency of the Year 2013 (Medium) - Gold (for the 4th year running!)
Fermoy Road W9 £2,350,000 This newly refurbished and fully extended family house is located on a quiet residential street close to Westbourne Park underground station. The spacious accommodation includes a double reception room and a large eat-in kitchen with concertina doors opening out to a sunny walled garden. Upstairs there are five double bedrooms (two en suite) and a family bathroom. The property benefits from side access with a covered storage area ideal for bikes and garden equipment. Freehold. EPC=E. Joint Sole Agent.
LITTLE VENICE: 020 7993 3050 sales.lve@marshandparsons.co.uk
Wellington Terrace, Wapping E1W
£695,000
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.
Open House on the 9th August 2014 ea2 are pleased to offer for sale this 2 bedroom 4 storey detached house, approx. 1400 sq ft offering a wealth of living accommodation. property consists of spacious kitchen diner with access to patio garden. Ground floor cloakroom. Tudor House,the Tower Bridge, SE1 Spacious reception to the first floor with unique spiral leadingRoom, downlarge to the kitchen diner.bedroom To the second floor is 6th floor luxury 2 Double Bedrooms, 2 Bathrooms, Openstaircase Plan Reception balcony. Master with en-suite a 3 piece bedroom no.2Kitchen, and lobby area 24 with spiral staircase to 4th Estates, floor. On the topGymnasium, floor is the Swimming master and walk inbathroom wardrobe.suite, Modern Integrated Balcony, Hour Porter by Harrods Residents bedroom suite with en-suite room. Garage. to Distance Wappingtostation and local bus routes. Pool, Lifts to all floors. Close toshower Local Shopping Facilities,Close Walking London Bridge.
£1,220,000 £1,595,000
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
Eluna Apartments, Wapping E1W
Dundee Court, West Wapping E1W
Rental Price: £385 Per Week
Rental Price: £500 per week
ea2 are pleased to offer to let this modern built 2nd floor apartment. the apartment benefits from an open plan lounge and kitchen. Lounge leading to balcony with west facing views of London. Secure parking space. Close to Wapping station and local bus routes.
ea2 are pleased to offer to let this 2 Double Bedroom, 2 Bathroom 4th Floor Warehouse Conversion. Character Features to include exposed brickwork and original cast iron beams. Secure underground parking space. Porterage. Close to Tower Hill Stations and St Katharine’s Dock.
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.
£1,300 per week
Tamarind Yard, West Wapping E1W
Freetrade wharf, Wapping E1W
Rental Price: £425 per week
Rental Price: £550 per week
Pierhead Wharf, West Wapping E1W Modern Built 2 Bedroom, 2 bathroom 2nd floor apartment. Separate kitchen. Cascades Tower, Docklands E14 Balcony with views over park. Secure underground parking space. Porterage.
Matilda House, West Wapping E1W
ea2 are pleased to have the opportunity to rent this delightful 2 double bedroom duplex apartment within this gated development. Fitted kitchen, reception, 2 bathrooms, Laminate wood flooring. Secure parking space. On site caretaker. Close to Tower Hill Stations and St Katharine’s Dock.
ea2 are pleased to offer this 2 Double bedroom apartment in the popular Free trade Wharf development, The apartment has a newly refurbished kitchen and bathroom , Views over The Thames , 24 hour concierge, usage of swimming pool and gym, secure underground parking. Available now.
ea2 are pleased to offer to let this 3rd floor 1 bedroom ex local authority flat. £500 per week Lounge with views of River Thames. Fitted kitchen. 3 Piece bathrooms suite. 2Close double bedroom, 2 bathroom 11th floor apartment within this secure modern development. Comprising a reception Close to Tower Hill stations and St Katharine’s Dock. to St Katharine’s Dock and Tower Hill stations.
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. Rental Price: £350 Per Week Rental Price: £460 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
Crystal Wharf
Islington N1
£1,395 per week
Beautifully presented & finished 3 bedroom sub penthouse in Angel overlooking the Regents Canal. This sumptuous apartment offers a large open plan reception room with dining area & doors leading onto a private roof terrace. EPC rating E
Lettings
020 7226 4221 lettings.islington@chestertons.com
Additional charges apply. Administration: £222 (VAT included). References per tenant: £42 (VAT included)
Matilda Street
ÂŁ1,250,000 freehold
Barnsbury N1
A charming & handsome end of terrace 3 bedroom house, with views over Barnard Park. Matilda Street is superbly placed for easy access to the transportation hub of Kings Cross St. Pancras, whilst all the amenities of Barnsbury are within close proximity. EPC rating E
Sales
020 7359 9777 sales.islington @chestertons.com
chestertons.com
Kinetic is the final release at Cannon Square, Royal Arsenal Riverside. Twenty storeys of stylish apartments, designed and fitted to exceptional standards, many offering far-reaching views. Life at Cannon Square offers an ultra convenient lifestyle. With a riverside setting, forthcoming Crossrail station and a vibrant retail hub on your doorstep, Kinetic offers an ideal choice for those on the move.
Manhattan Suites, 1, 2 and 3 bedroom apartments available
For more information call 020 3581 3559 www.royalarsenalriverside.co.uk Sales & Marketing Suite and Show Apartment open daily 10am to 6pm (Thursdays until 8pm). No.1 Street, Royal Arsenal Riverside, Woolwich, London SE18 6FB
Proud to be a member of the Berkeley Group of companies
Computer generated image of Cannon Square is indicative only. Details correct at time of going to press and subject to change.
Kinetic - new phase now launched
Greenwich Square is a benchmark for modern city living in the beautiful Royal Borough of Greenwich, offering a limited number of stunning townhouses. The vision will bring to life a vibrant public square including leisure facilities and a range of retail amenities.
limited edition townhouses now available • Rare opportunity of 3 storey, 4 bedroom townhouses. • All townhouses provide a private garden. • High specification & bespoke interior design. • On-site cafés, restaurants, retail and a new leisure centre. • New
store to open mid 2014.
• Short walk to Maze Hill station with direct trains to London Bridge in 11 minutes.*
Prices from £775,000* A NEW DEVELOPMENT BY
Call 0800 077 8177 greenwichsquare-london.com
SUPPORTED BY
OUR FUNDERS
PROPERTY | DEVELOPMENT | FINANCE
A development in association with Urban Capital Greenwich LLP / Topland Group
*Prices are correct at the time of going to press. Computer generated images/photography is for illustrative purposes only. Travel time source: www.tfl.gov.uk. All townhouses have a predicted Energy Efficiency Rating ranging between 85-87 (B) on the Predicted Energy Assessments (PEAs).
London’s Finest Properties liferesidential.co.uk
020 3668 1030
Lettings
Parliament View· SE1
£825 p/w
Bridge House· SW8
£825 p/w
3 bedroom, 2 bathroom apartment | walking distance to Vauxhall station | 24hr Concierge and secure underground parking
3 bedroom apartment | available now | 0.1 miles to Vauxhall Station
Grange Gardens· SE1
Eagle Court· E14
£440 p/w
2 bedroom, 2 bathroom apartment | 689 sq ft | fully furnished | concierge
£575 p/w
2 bedroom apartment | floor to ceiling windows throughout | close to farringdon station
Sales
The Printworks· SW9
£800,000
An outstanding two bedroom, two bathroom duplex apartment at The Printworks development. Laid over the top two floors of this popular modern block, this bright and spacious property is immaculately presented throughout.
LETTINGS
MANAGEMENT
SALES
Bridge House· SW8
£1,170,000
An impressive two bedroom/two bathroom apartment set in the award winning St George Wharf development. This property boasts a sizeable living room, with balcony, offering uninterrupted views of the Houses of Parliament, Big Ben and the London Eye.
SERVICED APARTMENTS
FINANCIAL SERVICES
L
ES
Residential
LIFE have dealt with over LIFE currently manage
18,000 tenancies.
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
LETTINGS
MANAGEMENT
SALES
85
LIFE have sold over
£1.6 Billion
worth of property.
LIFE let on average
one property every minutes.
120
liferesidential.co.uk FINANCIAL SERVICES
SERVICED APARTMENTS
| HOMES & PROPERTY |
Development SHOWCASE
Interior Motive The Lincolns is an exclusive collection of 16 handsomely appointed one and two-bedroom new build apartments designed by leading London architects, Robin Partington & Partners. Inside, interior designer Sophie Gaywood Stevens worked to a brief of understated elegance, ensuring that every detail – from the art deco bathroom taps to the oak flooring – works together to create an atmosphere of laid back luxury that is as sophisticated as it is inviting. Once completed in early 2015, the development will sport air-conditioning and a bio-diversity roof as part of its commitment to using environmental and energy-saving technology.
Prices from £855,000 The Lincolns, WC1 020 7718 5202 thelincolnswc1.com
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THE CITY MAGAZINE | August 2014
Introducing Kingwood Gardens at Goodman’s Fields Coming soon – Register your interest now
• Located in Zone 1 with excellent transport links
• Luxurious specification
• Crossrail connection at Liverpool Street and Whitechapel station due 2018 (one stop from Aldgate East station)
• Comfort cooling to selected apartments
• 2 acres of beautifully landscaped gardens and public space by Murdoch Wickham
• Leisure facilities to include a swimming pool, spa, jacuzzi and fully equipped gym
• Residents only private screening room and business lounge
• Spectacular views towards Canary Wharf
Studios, 1, 2 and 3 bedroom apartments and penthouses Call 020 3581 3503 or email: goodmans@berkeleygroup.co.uk In the last ten years, the Berkeley Group has created 436 acres of public open space.
www.goodmansfields.co.uk Sales & Marketing Suite open 7 days a week 10am – 6pm (Open until 8pm on Wednesdays and 4pm on Sundays) 39 Leman Street, London, E1 8EY
At Goodman’s Fields there will be 2 acres of public realm. For Your Future
Proud to be a member of the Berkeley Group of companies
Computer Generated Images of Goodman’s Fields are indicative only.
This highly successful development, within walking distance of the City is set within 2.3 acres of beautifully landscaped gardens and green space. Water features and public art complete the perfect environment for contemporary city living.
| HOMES & PROPERTY |
INVESTMENTS
How is the growing number of international buyers purchasing homes in London impacting UK buyers? Diana Alam, Head of Development Sales & City office at JLL
A
s we all know, the London housing market has an international dimension, with one third of residents born overseas. This investment – often off-plan – is vital to enable new residential supply which is so important for London at the moment. The only way to solve London’s housing affordability problems in the long-term is to significantly increase rates of construction and off-plan sales to trigger development finance that makes this possible. One of the interesting shifts in 2014, however, has been the growth in activity from the UK buyer, such that demand is now more broad-based and resilient than ever. Help to Buy is also assisting transactions and despite an expected interest rate rise, lending rates remain attractive. What advice would you give first time buyers? Get your finance sorted before you start looking for a property. With the new Mortgage Market Review, lenders are more cautious so it is worth finding out exactly what you can borrow as you may be disappointed once you have found the perfect home. If you can, reduce or eliminate any outstanding credit card debts to ensure that lenders will give your personal finances a clean bill of health. The changes are also taking more time to process than they used to, so being organised will be important to avoid disappointment. JLL 020 7337 4004 residential.joneslanglasalle.co.uk
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THE CITY MAGAZINE | August 2014
| HOMES & PROPERTY |
Development SHOWCASE
MINT CONDITION Royal Mint Gardens is one of London’s most exciting new residential developments. This carefully planned architectural masterpiece features an open piazza with al fresco facilities, impressive water features and landscaping that leads to a stunning reception area where a 24-hour concierge will see to the residents’ needs. Additionally, this beautiful new development boasts superb leisure facilities, including a gym, yoga room, Jacuzzi, relaxation area and cinema. Beyond the walls of this development, residents will also be able to enjoy easy access to a selection of stylish bars and restaurants with St Katherine Docks just a few minutes away.
Prices from £720,000 Royal Mint Gardens, E1 020 7718 5202 royalmintgardens.com
162
THE CITY MAGAZINE | August 2014
Stylish residences with breathtaking views Be the first to see the new show apartments at One Tower Bridge One Tower Bridge is the epitome of five-star luxury living, offering imposing views of Tower Bridge and the world heritage site, the Tower of London. Each apartment has been finished to exacting specifications by Britain’s leading architects and interior designers. The show apartments are now available for viewing, by appointment only.
2, 3 and 4 bedroom apartments and penthouses. Prices from £3,360,000 to £16,000,000. For further information, please call 020 3581 3523 or email onetowerbridge@berkeleygroup.co.uk Follow us on Twitter @BerkeleyStyle
www.onetowerbridge.co.uk In the last ten years, the Berkeley Group has invested £260 million in the facilities communities need
New Sales & Marketing Suite (Off Potters Fields Park) London SE1 2AA Open daily 10am-6pm
Including £1.3m towards healthcare, education, public realm and renewable energy as a result of One Tower Bridge
For Your Future
Proud to be a member of the Berkeley Group of companies
Prices and details are correct at time of going to press and subject to availability. Photography depicts One Tower Bridge and is indicative only.
Strictly by appointment only