Abode2 destination london magazine final lr

Abode2

The essential guide to the finest in global luxury property

LONDON CALLING Mayfair Exclusive

VINE INTERVENTION Vineyard living in Bordeaux

THE MAGIC OF MONTENEGRO T h e Pe a r l o f t h e M e d i t e r r a n e a n

Interior Tuition with Sophie Conran

Rory McIlroy’s Home of Golf

BELIZE BECKONS

Luxury beachfront getaways

Globetrotting Style with John Hitchcox

DESTINATION LONDON

TAXING TIMES With the much publicised capital gains tax reform coming into effect this April, Stevie King asks what the new rules will mean for international and expat investors

W

hile national property indices predict price growth across the UK to the tune of 5.5% in 2015, the outlook for the prime central London market appears rather more subdued with several leading estate agency firms, Savills and Strutt & Parker among them, forecasting a more restrained gain of 2%-4% - a stark contrast to 2010 and 2011 when prime central London prices surged by over 13% year on year.

Whilst improved economic foundations would suggest that overall prices will continue to rise over the next few years, industry research indicates that the biggest ‘perceived’ uncertainty surrounding the property market is the impending election.

Amongst the legislative changes in train from last year’s Autumn statement from Chancellor George Osborne, is the closing of a tax loophole in respect to Capital Gains. Due to come into effect from April 6th, and set to level the playing field for domestic and foreign investors, the revision will effectively institute a new regime for those selling London property.

Whilst the new tax may be welcome news for British homeowners and domestic investors, reaction from the 2 Abode2 // Volume 2 Issue 7

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real estate industry remains mixed with some investment experts expressing concern that the proposed 28% tax rate could provide the wrong signals to overseas investors with a subsequent dampening effect on house prices.

“Foreign investment is a key part of any developed country’s economy and one that is vital for those playing on a global stage,” says Gary Hersham, managing director of Beauchamp Estates. “Clearly, Capital Gains Tax will factor into purchasing decisions and there will be some buyers who will inevitably look elsewhere, among them British expats who are keen to keep a home here. Moreover, whilst it’s true that many non-resident, non-domiciled owners of UK property are only in the country for a limited number of days each year, their homes, and the attendant services they consume, continue to contribute to the local and national economy.”

For international tax advisor Simon Connelly, it’s more a case that with taxes only applicable to gains after April 2015, many international investors, and expats will “likely already be seeking out new acquisitions” to lock in prior to the deadline: “Property investment companies and those with larger portfolios are also likely to fuel the market with increased activity ahead of the change too,” he suggests.

Banking firms like Barclays have also been quick to highlight London’s current CGT discrepancy in relation to many other

top tier destinations. Adds Connelly; “The tax will bring the UK in line with other key property investor markets such as New York and Paris where equivalent taxes can approach 35% to 50% depending on the owner’s residency status. For long term investors the tax take will effectively be eroded. Over a 10 year period for example, the impact of 28% tax is low, annualised at under 3% per annum. Adds Jennet Siebritis Head of Residential Research at CBRE UK: “The majority of our international clients don’t buy for preferential tax treatment, but for a much wider range of factors which include a stable political climate and favourable currency rates. More pertinent perhaps is that investors obtain valuations around April 6th, in order to prove values when they come time to sell.”

CGT - THE FACTS What is the current situation regarding CGT? Under current UK tax rules, non-UK resident individuals are generally outside the scope of UK capital gains tax (CGT). As a result, a non-UK resident individual who owns UK residential property (either as a home or as a rental property) can sell that property at a gain, without paying any CGT. However, in this respect the UK is out of step with most other countries, which tax gains on property sales by non-resident owners.

When does the new charge kick in?

From April 2015 any property that is held on this date will be subject to CGT. Capital losses will be available to set against taxable gains.

Who will be affected by the changes?

Non-resident individuals, corporates, trusts and funds, but with exemptions for certain types of entity such as offshore pension funds, REITs and other funds where ownership of the investment vehicle is widely spread.

What is the new tax rate?

Proposed capital gains bands for expat and foreign investors are 18% and 28% depending on other UK income.

What type of property?

Residential property, including property acquired for investment purposes, as well as property occupied as a home by the owner. There will be a limited exception for communal dwellings which are attached to an appropriate institution such as university halls of residence.

How will the tax be enforced?

When the property is sold, the buyer will be required to withhold a certain amount of the purchase price and pay it over to the UK tax authorities. There may also be reporting requirements for the seller, similar to the way in which SDLT (Stamp Duty Land Tax) is collected.

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DESTINATION LONDON

Rich

With the political temperature rising ahead of May’s general election, Andrew Langton, chairman of Aylesford International shares his reflections on the residential London market in the coming months

PICKINGS

Which properties and which postcodes are attracting greatest interest from HNW buyers at present in PCL?

SW1, SW3, W8 parts of W1 and W2.

What would you say are the biggest drivers of the market (PCL) – do price and quality take precedence?

New developments in prime central London are the current biggest drivers.

Does the adage ‘a home for nesting not investing’ still have validity in the current market?

Both. London is still top of the wish list for most HNW individuals and foreign buyers.

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Tor Gardens Kensington W8 An outstanding, beautifully presented five bedroom stucco fronted family house which has been fully refurbished in recent years. The property comprises approximately 3,662 square feet, with a south facing terrace and garden as well as off-street parking for 2 cars. This very elegant house has excellent entertaining space, including an impressive raised ground floor drawing room. In addition, there is a stunning kitchen/ family room on the lower ground floor with doors opening on to the garden. The transport, shopping, and restaurant facilities of both Kensington High Street and Notting Hill Gate are within easy walking distance as are the green spaces of Holland Park and Kensington Gardens. Guide Price: £9.85m Freehold

For decades overseas buyers have enjoyed a CGT free dip into the London market – do you envisage any ‘panic’ selling ahead of April 2015 and the new legislation coming into effect?

I don’t envisage panic selling but I do anticipate buyers will think twice hereafter about making a decision largely because of excessive taxation – in fact the market is now experiencing the impact of indecision everywhere.

With buyers, including those from overseas, now spreading their net to the prime outer London area, which locations are the ones to watch and why?

Politicians have raised concerns that foreign investment is leaving the capital’s leafier streets less diverse. But a mansion tax would – by definition - make certain expensive neighbourhoods even more expensive. Does the tax in your opinion pose a threat to market liquidity?

Politicians should be extremely concerned. It is they who are entirely responsible for killing the golden goose that is the prime central London residential market. The impact on the market following the Envelope tax, the sanctions on Russian buyers, the restrictions on Mortgage availability, the recent collapse of the Oil price and soon the ill-founded Mansion Tax will inevitably result in a property melt down which will reverberate on the Banking sector and ergo Recession.

The overseas buyer is also looking at better valued (and better quality of life) opportunities outside London, specifically within easy distance of private Airports such as Farnborough and Oxford. The young married domestic buyer will start to focus on whether they should sell their London house for say £4,000,000 because of the mansion tax and put some money in the Bank for education, then acquire a house for say £1,500,000 located within 60 minutes outside London and commute. We predict there will be strong growth in this sector.

Montpelier Street London SW7 A superbly modernised freehold house ideally located just off Montpelier Square in the heart of Knightsbridge.

The property is arranged over four floors and has four bedrooms and a secluded private garden. £5.25m Freehold Sole Agent

For further information go to www.aylesford.com Volume 2 Issue 7 // Abode2 5

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9778 Kingston Riverside Abode A4 wc190514.qxp_Layout 1 16/05/2014 10:51 Page 1

9779 OC Actual view from 15th floor apartment

DISCOVER KINGSTON

Voted London’s Happiest Town* There’s plenty for Kingston’s residents to smile about, as the area is renowned for its short 30 minute commute to central London, its wealth of shops, stunning Royal Parks and easy access to the river Thames. It’s hardly surprising then that Kingston Upon Thames has become increasingly popular with buyers wanting to enjoy the best of an idyllic riverside lifestyle with a hint of the vibrant city.

2 bedroom apartments from £725,000. 3 bedroom apartments from £1,000,000.

90% of Kingston Riverside is now sold, don't miss your opportunity to purchase at this iconic development.

Visit: kingstonriverside.com Call: 020 3581 2003 Email: sales@kingstonriverside.com

KINGSTON RIVERSIDE

Kingston Riverside off Henry Macauley Avenue Kingston Upon Thames KT2 5UT Your mobile operator may charge for data usage so please ensure that you have the appropriate data plan. Images from Kingston Riverside showhome. View is from the 15th floor. Prices correct at time of going to press. *Rightmove – Happy Home Index 2013.

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DESTINATION LONDON

AN E D U C AT I O N There’s a lot to be said for learning on the job, as Cheryl Markosky discovers when she meets one of London’s top developers

S

teven Aldridge, managing director of upper-scale Cityscope Developments, might not realise it, but he’s in good company with Steve Jobs, Bill Gates, Pablo Picasso, Woody Allen, F. Scott Fitzgerald, Mark Zuckerberg, Richard Branson and Yoko Ono. That’s quite a list, comprised of talented and successful folk who either dropped out of college or university, or decided not to even register in the first place.

“I didn’t want to carry on studying, so left school at 15,” explains Steven, an amiable and knowledgeable-looking 51-year-old, despite his lack of paper credentials.

Determining what he liked most - colour, design and property - he fell into estate agency in 1989. “I worked for five years at Anscombe & Ringland’s Highgate branch, and then another five at Chestertons in Little Venice, where I also lived.”

Steven comments that it was “a natural progression to then move into development”, kick-started by money left by his grandfather when he died 15 years ago.

It’s evident that his father’s had some bearing on his ‘university of life’ career too. “He creates wonderful fashion window displays,” Steven explains. “I tried, but couldn’t do it.”

Creativity must be in his genes, however, as he takes great pride in creating something beautiful. “I get more of a buzz

out of producing something than selling it.”

He makes it all sound terribly easy turning out bespoke, luxury mews and townhouses in the capital’s swanky districts of Chelsea, Belgravia, Knightsbridge and Kensington. Yet, it’s apparent that Steven has learnt a great deal over the years, understanding his chosen sphere and how to make a profit by sticking firmly to it.

Steven’s often asked why he doesn’t venture out further to

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areas such as St George’s Hill or Wentworth in Surrey, where wealthy purchasers want houses of Cityscope’s magnitude and quality. But he insists on keeping to core areas he knows best.

“I understand exactly what I should be paying for property in Kensington & Chelsea and Westminster, and what products people want.”

He adds that central London’s a safe haven for many buyers throughout the world – “they want to invest here and will continue to do so.”

Steven’s also sensible about making sure he doesn’t overexpand. He says he likes to see the business grow “in a natural way, rather than spread too large too quickly,” he explains. “I really know my market, where properties range from £2-£10 million in prime central areas.”

He believes the key to his achievements was getting to know London’s estate agents. “They either know my name or my company name,” he points out. “And I always buy property through agents.”

Steven adds that when he completes a project and it’s time to sell, he’s loyal to the agent that sold him the building in the first place. And that loyalty’s rewarded with the agent thinking of him first when the next opportunity for development comes along.

The other clever trick is to have a good team of building contractors specialising in basement work in his address book, as digging down to gain precious square footage is de rigueur in all the smart postcode zones these days.

Steven’s contractor of choice is Knowles Associates, a firm conveniently located near where he lives with his wife of nine years, Sarah-Jayne, an employee of a multi-national mining company; and their six-year-old son, Rufus.

Leading a balanced life, he drives into London three days a week to work in his Kensington High Street office. On the other two days, Steven works from home.

You get the feeling that he never stops working completely, however. “I couldn’t work nine-to-five for a corporate firm like my wife does, as I’m not a corporate guy,” he declares.

Even though he relaxes at home with his family, plays golf, and supports Tottenham – “I’m trying to encourage my son to get into football” – he admits that he never really switches off.

Which could explain why Cityscope’s such a fruitful enterprise. Steven forms fantastic houses, sometimes out of nowhere on bare patches of land, such as Chesham Mews in the heart of Belgravia. He’s also a dab hand at converting existing houses, where his job is about preserving period features.

Despite his triumphs, he has no ambitions for his son to work alongside him. “He says I’m a builder, but I’m not really.

I don’t get my hands dirty,” Steven comments modestly.

Even though there are no academic letters behind his name, he passes with honours every time he completes a project, adding stylish homes to fashionable parts of the capital.

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destination LONDON

The Bigger Picture With central London’s housing shortage growing ever more acute, isn’t it time for government to shift focus to the outlying regions and an integrated transport network asks Rupert Collingwood of the London Management Company?

W

hen questioned about the insatiable demand for housing in the capital, Bank of England governor Mark Carney recently commented: “The challenge is managing low supply, toohigh demand and the return of overly generous lending”. His expression of concern was promptly countered by a hawkish rebuke from George Osborne predicting that property prices would continue to rise for the next 10 years.

For the foreseeable future, ‘crystal ball’ sound bites about spiralling prices and the capital’s housing shortage “crisis” will likely continue to feed the nation’s media appetite, a drip feed of buy-sell ailments ranging from the difficulties of getting onto the ladder to foreign investors snapping up PCL properties, forcing traditional buyers ever further out to the “up and coming” sticks. All this bricks and mortar angst is ignoring one incontrovertible fact. London is full, packed to the gunnels, replete. There is no more room at the inn.

The government has good reason to ignore this neon lights réalité. It gives them licence to tinker away at the edges seemingly addressing the issue of the capital’s high wealth bubble with vote-canvassing initiatives such as affordable housing; cue the recent announcement of a further roll out of new-build commuter-belt communities from where residents will be whisked between their spanking new, turnkey semis and the city for work. Quite where these ‘pop up’ villages and towns will be squeezed in, let alone how our depleted transport infrastructure will cope is another matter. The point remains. There is simply no more space to build in the capital – at least not in a way that will solve the city’s chronic housing shortage.

Planning laws, geographical setting, history and economic success all combine to ensure that, the number of people wanting to live in London will always outnumber the available housing supply. A recent study suggested that London requires

800,000 new homes by 2021 in order to satisfy demand which equates to approximately 114,000 houses each year. To put this in context, the Nine Elms development near Battersea Power Station - widely regarded as one of London’s largest development sites - is forecast to provide just 16,000 units over the next 6 - 7 years.

The government is also taking a similar a cloth ears stance to a further contributory factor – affordability. Take the ‘Help to Buy Scheme’. While laudable in principle, in reality, it has proven to have limited scope in central London. To date, the initiative has only been used for two property transactions in the borough of Kensington and Chelsea. Just 7,000 people made use of the scheme, representing just 5% of the city population. Why? Because the grinding cost of living in central London will only ever be a concern for those with sizeable disposable incomes. By ignoring this growing divide however we’re hastening the onset of a middle income talent drain, one that, in the long run, could cause London to lose its competitive edge in the global economy.

So is there another way to approach this supply and demand conundrum? The short answer is yes. By taking a bigger picture view. Would it not, for example, make sense to divert funding towards the regeneration of second-tier centres of commerce within the UK, in tandem with pooling investment into a high-speed national transport network that can whisk workers from city to city, as well as, in and out of our great capital quickly, safely and cheaply? In doing so, we would not only be stimulating wider feeder housing markets that link to and benefit from our thriving capital, we would also be delivering a targeted solution to housing shortage quotas – focusing on regions where there’s still capacity for growth.

Perhaps then and only then might London truly deserve its title as one of the world’s great capitals, one where the supply demand dynamic is collaborative rather than combative.

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Magazi

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10 Soho Square The perfect pied-à-terre in the heart of vibrant Soho, W1

O

akmayne Bespoke, the leading luxury developer behind Cornwall Terrace and Verge Mayfair, is proud to launch its latest development, 10 Soho Square, a collection of five bespoke modern apartments in vibrant Soho.

Formerly the Duke of Portlands residence, Oakmayne Bespoke have undertaken extensive restoration of the Grade II listed building, to convert it into a selection of unique two and three bedroom apartments and one four bedroom duplex penthouse created behind an elegant stone and brick façade, providing modern living in the exciting media hub of London.

Martin Lent, Chief Executive of SCM, the developer manager for Oakmayne Bespoke commented: 10 Soho Square, “combines history and contemporary living, creating a luxurious and truly special place to live. The lateral living spaces are perfect as a London pied à terre for those who want to be part of a vibrant community, which has become one of the most fashionable London destinations in which to live.”

Each apartment features a high quality specification with interiors designed to maximise space, natural light and

complement the history of the building. Each apartment features comfort cooling, Crestron entertainment systems, Lutron lighting and oak or wool carpeted flooring.

The bespoke kitchens by Hacker offer marble work surfaces integrated Miele appliances and under cabinet concealed lighting. The bathrooms feature underfloor heating, Horizon light marble tiles to the floor and walls, Duravit sanitaryware and Betteone Duo undermounted bathtub with Gessi Rettangolo bath controls.

Built in the late 1670s, Soho Square, originally known as King’s Square (after Charles II), was in its early decades one of the most fashionable places to live in London: the “Eaton Square of its day”, the address of choice for nobility, Ambassadors and wealthy merchants. Today it has become fashionable again as one of the few locations in the West End that overlooks a leafy green square.

The 8,300sqft townhouse at 10 Soho Square was originally built in circa 1676 as two separate houses and was united into one grand townhouse in 1696 by Craven Howard, a wealthy local merchant. By 1711 the house was owned by the 2nd Earl (and later 1st Duke) of Portland.

10 Soho Square was leased by the Dukes of Portland to many notable residents including the 3rd Earl of Berkeley, Lady Buckley, Lady Montague, James Adair MP and the Arrowsmith family, the famous map-makers. After 1945 the house was converted into offices.

10 Soho Square will include a concierge service provided

by Quintessentially. The beautiful new two bedroom show apartment interior designed by Lambart and Browne is available to view from July.

Prices start from £2.25 million. For further information please contact Oakmayne Bespoke on 0207 407 3667 or visit www.10sohosquare.com or contact the appointed agents, CBRE on 0207 420 3050 or email residential.midtown@cbre.com

12 Abode2 // Volume 2 Issue 5

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With a limited number of memberships remaining, your London apartment awaits.

Visit : Open daily 9 am - 5 pm Phone : +44 (0)20 7950 5528 Email : yourabode@47parkstreet.com Web : www.47parkstreet.com/abode2 Data Protection: Your personal information and details will be stored in a database controlled by MVCI Europe Limited and may be used and transferred outside the EU to Marriott Vacation Club International companies and their approved agents worldwide (including but not limited to, countries with a lower or higher level of data protection standards) to administer this promotion and to advise you of other offers. To exercise your data protection rights of opposition, access, rectification and deletion, you may write to the Consumer Affairs Manager at: MVCI Europe Ltd, Barnard’s Inn, 86 Fetter Lane, London, EC4A 1EN, UK. IPL-14-004.THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF FRACTIONAL RESIDENCE CLUB MEMBERSHIP. Subject to applicable terms and conditions. This is neither an offer to sell nor a solicitation to buy to residents in jurisdictions in which registration requirements have not been fulfilled or where marketing or sale of fractional residence club membership is prohibited and your eligibility and the membership clubs available for purchase will depend upon the jurisdiction of your residency. Prices are subject to change. Key information is available upon request by contacting 47 Park Street Grand Residences

by Marriott, Mayfair, London, W1K 7EB, United Kingdom or email yourabode@47parkstreet.com.Marriott Vacation Club International and the programs and products provided under the Grand Residences by Marriott brand are not owned, developed, or sold by Marriott International, Inc. Marriott Vacation Club International uses the Marriott marks under license from Marriott International, Inc. and its affiliates. © Copyright 2014, Marriott Vacation Club International. All rights reserved.

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Co-founders Maximilian Jacobs and Michael Bray have a wealth of experience across both commercial and residential property sectors working in prime central London postcodes as well the wider UK and Europe – sourcing, developing and managing an extensive real estate portfolio supported by a tailored range of property consultancy services.

Michael Bray MRICS IRRV, is a specialist Chartered Valuation Surveyor with extensive experience handling real estate transactions on behalf of private clients - negotiating to secure a successful, well-executed purchase. With an established reputation for understanding real estate design and build, Michael works collaboratively with independent property specialists to ensure a property’s optimum development value is met, as well as fine turning commissions to meet client expectations.

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Maximilian Jacobs has extensive experience • Commercial and residential lease advice working with, and on behalf of, a wide-reaching international clientele. His on-the-ground expertise • Liaison with designers and contractors and skills bring an added-value dimension to the Consultancy’s comprehensive portfolio of services • Property finding and disposal including: • Concierge services • Negotiation - purchase and sale Property Confidential’s discreet, tailored service covers residential, commercial, owner/occupied • Investment property analysis and investment transactions over £2,000,000, with no upper limit. Fees agreed are set in • Project management consultation with individual clients, with no hidden extras.

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Hartmann Designs Hartmann Designs Ltd is an International Interior Design practice based in London committed to the creation of exceptional Design.

With a portfolio of work spanning Europe, Africa and the Middle East, the practice has worked on a wide range of projects including large-scale hospitality, corporate and high-end residential projects.

All projects are individually developed with a strong emphasis on analysing and challenging the brief in order to meet the Client’s specific aesthetic value, function and budgets.

As a result Hartmann Designs Ltd has developed a genuine understanding of its Client’s requirements and delivers projects that are chic, timeless and above all extraordinary.

Hartmann Designs provide quality of design and service through attention to detail ensuring a rare blend of practicality and charm.

About Roland Hartmann Founder and Managing Director of Hartmann Designs, Roland Hartmann heads a multifaceted practice with a prestigious portfolio and global reach. Founded in 2001, the practice offers a premium, client led service, with a design philosophy that clearly reflects both Roland’s cosmopolitan background and the passion that he derives from his international travels and exposure.

Roland has built a highly skilled team, the combined skills of which have won Hartmann Designs a number of prestigious and diverse projects and awards including the design of international luxury hotels, VIP apartments, grand penthouse apartments and beautiful country homes.

The Hartmann philosophy is to observe, listen and translate clients’ needs every step of the way ensuring they are totally comfortable with the process from concept and design detailing to construction and purchasing to project installation.

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143414B Bewley Corporate 303x426_143414B Bewley Corporate 303x426 16/12/2013 15:15 Page 1

Inspiring Spring collections

by Bewley Homes

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The Hyacinth Collection

Orchard Grove, Hertfordshire - Valley Road, Rickmansworth, WD3 4DT An exclusive development of four individually designed, elegant and spacious 6 & 7 bedroom detached family homes. Built to the finest specification on a private cul-de-sac and within easy walking distance to the charming town of Rickmansworth and the train station which connects directly to Baker Street and Marylebone in as little as 25 minutes.

Prices from £1,850,000

Glenmead & Byways, Berkshire - Friary Road, Ascot, SL5 9HD An exquisite collection of just two substantial approx. 7500 sq ft detached homes offering space and style within individual designed exteriors and each boasts its own private gated entrance. Located in the sought after area of South Ascot.

Prices from £4,000,000

The Acacia Collection

St George's Court, Berkshire - Bere Court Road, Pangbourne, RG8 8JY In an Area of Outstanding Natural Beauty these 4 & 5 bedroom homes cater for an abundance of different lifestyles, within minutes of the town centre and station.

Prices from £850,000 to £1,500,000

Eton Thameside, Berkshire - Brocas Street, Eton, SL4 6BW A unique development adjoining the River Thames or Brocas Park. Within the heart of the quintessential town of Eton and close to excellent facilities and amenities.

Prices from £650,000 to £2,500,000

Woodlands & Amblewood, Bucks - Dukes Kiln Drive, Gerrards Cross, SL9 7HD Two 6 bedroom detached homes of classic appearance situated in a private drive under 2 miles from Gerrards Cross with its excellent shopping facilities and station.

Prices from £3,000,000

The Peony Collection

Kingsland Court & Montrose Court, Berkshire - London Road, Ascot, SL5 7EQ Two gated apartment schemes offering an elite collection of just 5 two bedroom homes. Set within a secluded private drive at the end of Ascot High Street, one of Berkshire's most desirable villages. Each apartment benefits from an impressive layout including a separate drawing room, dining room and well designed kitchen plus secure underground parking.

Prices from £950,000 to £1,500,000

Bewley Park, Berkshire - Bath Road, Reading, RG1 6PG A collection of new and refurbished 1 and 2 bedroom apartments and 2, 3 and 4 bedroom homes in a unique location close to Reading town centre, with its excellent shopping and station, yet surrounded by mature trees and a wild nature reserve.

Prices from: £175,000 to £550,000

For further details call 0845

686 8600

bewley.co.uk Computer generated images & photography of developments. Prices correct at time of press.

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destination LONDON

Capital Gains Crossrail has already affected development activity in the capital, providing a significant boost to property values. Serena Templeton reveals the hot spot locations along its route ripe for a boom

A

heady £5.5 billion in added value to residential and commercial real estate in the capital is forecast between 2012 and 2021 according to the latest research for Crossrail by GVA, the UK’s largest independent commercial property consultant. The new transport network which will cut average journey times by up to 40 minutes and increase capacity on London’s transport network by 10%, heralds a step change in both connectivity and capacity for the city, opening up new residential parts, as

well as triggering wider investment and regeneration.

“Crossrail will have a dramatic effect on residential property prices along its route with an average spike of 2.5% per annum around host stations up to 2018 when the network opens,” confirms Jon Neale, Residential Research Director at Jones Lang LaSalle. “In absolute terms, this growth should add around £50,000-60,000 additional value per property on average over this five year build up. These increases are likely to be even more pronounced in Central London, at 3.7% per annum, or around £100,000 per property, over the next five years. This is on top of underlying capital appreciation in London and the South East. Although this partly pre-empts the actual transport benefits and value increases that will be felt when the network is fully open, at this stage it mostly reflects the swell of confidence into these areas and the physical regeneration already underway.”

Particularly strong impacts, confirms Tom Wright from agents Foxtons, will be felt around Tottenham Court Road, Liverpool Street and Paddington and suburban locations in West London such as Ealing, the City Fringe. He adds: “Further afield the greatest benefits will be at Canary Wharf which will become far more accessible from both the West End and Heathrow. For would-be property investors however the primary factor to consider is the extent to which Crossrail improves the accessibility of a location from its current state.”

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LOCATION hot picks Canary Wharf One of the largest Crossrail stations with oversite development including plans for 100,000 square feet of retail space and a roof-top park and community facility - upwards of 10,000 residential units in the planning and construction pipeline in the area are attracting particular interest from young, professional investors looking to take advantage of its now entrenched prime location status. New developments include Providence Tower by the Ballymore Group a stunning range of one, two and three-bedroom luxury apartments with prices from £550,000. Fronting the River Thames and criss-crossed by serene pathways and lawns, the development is located in a beautiful 8.2 acre hub of tranquility – a counter balance to the 24/7 energy of Canary Wharf ’s banking environment.

Facilities will include: a full 24 hour concierge service, fully managed health club with indoor lap pool, Jacuzzi pool, steam room and dry sauna, with a 4 Star hotel located within the estate.

Ealing With Ealing Broadway station receiving a top-to-toe makeover and regeneration plans for the town centre including a revamp of Ealing Broadway Shopping Centre, the most distinctive improvement of this community-focused district will be in the overall quality of the place as a residential district. One of the most attractive projects underway is the St George’s development of Dickens Yard.

Set within landscaped courtyard gardens and offering views of Victoria Square, the community offers a mix of one, two and three bedroom apartments, as well as Elite apartments and Penthouses, all designed to high standards. With high ceilings and extensive glazing, living areas are spacious, airy and filled with natural daylight, with private terraces further extending internal living spaces outdoors. The luxury development will also feature a hotel style concierge service, private residents’ spa and underground parking. Prices start from £679,950.

Fast facts crossrail •

Crossrail will support the delivery of over 57,000 new homes and 3.25 million square metres of commercial space.

•

One in ten London sales are currently within a mile of a Crossrail station.

•

Significant property investment is forecast at locations including Canary Wharf, Farringdon, Whitechapel, Abbey Wood, Custom House, Ealing Broadway, Southall and Woolwich.

•

The impact of the new route on residential property market will also extend out to Berkshire and Essex.

Barnet Many local agents say that Barnet, on the fringes of Hertfordshire, offers the perfect blend of town and country: close to rolling fields, but with excellent transport links to central London as an added bonus. A borough of contrasts, with compact and bijou flats of North Finchley and a square footage swell to luxury gated mansions in Hadley Wood, prices for the modern Hadley Wood mansions, to the northeast, have risen annually by 5% for several years, confirms Paul Grover of agents Winkworth. Traditional 1930s and Edwardian homes in West Finchley and Finchley Central meanwhile can be snapped up for around £430,000 and are proving popular with families priced out of neighbouring Haringey.

Volume 2 Issue 5 // Abode2 21

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WINDLESHAM • SURREY

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alternative investments

urban edge As take up in fractional ownership grows, city-based properties are becoming popular with developers and owners alike, says Fractional Lawyer and Consultant Stephen Bishop of BLB and Lighthouse

A

sk anyone in real estate what the most important feature of a property is and they’ll cite the ‘location’ maxim. Leading financial centre London, with its universal language and convenient time zone location is a case in point, attracting executives who know they can combine work commitments with short breaks, and bring their family to enjoy all that the city has to offer. Indeed city fractionals are recognised to work best in large cosmopolitan hubs with international appeal and a high wealth cultural, arts and retail mix – destinations where visitors will want to return to time and again. But as developers in the world’s greatest cities are finding, the right location is just one factor in creating an impressive fractional offering.

How individual schemes craft their owner per residence ratio to ensure that reservation policies satisfy the market they’re appealing to is equally important. A successful example is the Palazzo Tornabouni scheme in Florence where a high proportion of owners come from the States. Since US buyers will be spending substantial funds on travel per visit – having the built-in flexibility of a longer stay is a vital component of the package of benefits on offer.

Service levels are a make or break indicator too when comparing schemes. The ‘private residence club’ model with successful projects such as Marriott’s 47 Park Street in Mayfair, London and The Phillips Club in New York, have set a quality benchmark in this respect. Owners purchase a share in a high-end luxury residence with a portfolio of easy access leisure facilities and amenities to dip into. In short – members can enjoy all the comforts of home with the service levels of a five-star hotel.

Being able to trade weeks for time at other properties is a further qualifier worth taking into account, such a set-up enabling you to sample other destinations and locations as needs and aspirations change. The award-winning IFA Resorts and Hotels Group who have recently joined forces with Fairmont Hotels and Resorts have incorporated such an offering enabling owners to exchange stays at other Fairmont

Resorts and world class hotels such as The Savoy in the heart of London.

As more high-end real estate companies enter the fractional arena, the future is looking bright for the sector.

Shared ownership is however still a developing sector of the second home market – and as such, seeking advice from a professional familiar with the legal intricacies of the market is essential before committing to a purchase.

urban fractional essentials •

Unlike traditional vacation destinations (beach, ski and golf) which are dictated by the seasons, urban fractionals offer a year round rental/usage window

•

Fractional ownership offers access to high-value real estate at a reduced financial outlay - even more so in the case of urban fractional schemes in prime city locations which maintain some of the most expensive real estate prices in the world

•

The lower-entry price point gives owners the financial flexibility to diversify their portfolio with ownership of multiple properties in several cities as well as traditional vacation destinations around the world

•

Urban fractionals can be seen as ‘multi purpose’, providing a pied-à-terre for bu siness and leisure purposes

•

Fractional schemes operate with professionally managed maintenance set-ups together with concierge and other leisure support services

For more information go to www.lighthousefractional.com

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Abode2

Today’s sophisticated buyers expect more from their leisure time. An urban fractional offers all the beneďŹ ts a second home can offer - not only a vacation property, but a base for business visits with the potential for capital growth and rental return Lighthouse provides a complete fractional service to owners and developers of luxury individual properties - from initial feasibility and consultancy services to setting up a bespoke ownership structure and advising on sales and marketing, we have the expertise required to bring a successful urban fractional product to the market

T : +44 (0)845 519 6148 E : info@lighthousefractional.com W : www.lighthousefractional.com

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DESTINATION LONDON

Kiss and Tell Faith Glasgow talks to boutique property consultant Harry Kiss on the image of the estate agent profession, the looming threat of mansion tax, and the need to adapt in order to survive and thrive in the UK’s ever-changing property market.

T

he real estate industry is not noted for its high moral principles. Estate agents have an unenviable position within the ranks of the most disliked professionals, up there at the top alongside journalists, lawyers and traffic wardens. But Harry Kiss, managing director of agency Henry & King Estates (named after Harry’s great grandfather Henry King) has made it his mission to show that it’s a mistake to tar them all with the same brush.

Before setting up Henry & King, Kiss spent several years working for larger agents, during which time, he says, he found that ‘ethics and morals seemed to be lacking’ in their dealings with clients. Fuelled by his experiences, he became increasingly committed to driving change in the industry.

After he found himself increasingly being asked for advice by friends and other contacts looking to buy property, he took the plunge and set up as an acquisition agent, rapidly branching out into property finance, followed by sales, lettings and management as demand grew. ‘It happened much more quickly than we anticipated,’ he says mildly.

‘We now have a team of three front-end negotiators driving and closing deals, supported by two independent financial advisers.’

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has not lost sight of its drive to operate on ‘high ethical and moral principles’. As Kiss observes: ‘All agencies offer the same basic services, but it’s how you go about them that differentiates you; I believe we have been given two ears and one mouth and should use them in those proportions. Our clients rely on our professional advice and look to us to fulfil a need; their needs have to be the focus of the business, and it is crucial to listen so that we can address them.’

Notwithstanding his high ideals in terms of customer service (for example, negotiatiors are rewarded for the quality of service they provide, rather than for sales and lettings figures), Kiss considers himself a thorough-going property entrepreneur. As he explains, his decisions are driven by not only the demand of customers, but the shifts and shakeouts of an ever-moving market, and the profit margins that open up as it changes. ‘The market is in a constant stage of transition – at present it is a harsh place, it’s changing very rapidly and those who fail to adapt ultimately fail to survive,’ he says.

To date, his clients have been mainly overseas buyers, investors and developers looking to purchase ‘in central London’. But he anticipates demand from that quarter will die back in the face of an increasing tax burden, particularly if the mansion tax championed by the Labour party becomes a reality. This annual levy would kick in on houses valued at more than £2m, with the lowest band (£2m to £3m) paying around £3,000 a year, according to shadow chancellor Ed Balls.

‘The proposed mansion tax does concern me, because most of the properties we deal with fall into that category and it could make a big difference to the strength of the market,’ he says. ‘I must admit I find myself in conflict, because in principle I think taxing more expensive properties is a fair idea, but the fact is that it doesn’t go down well with our clients.’

He believes firmly in going with the ebb and flow of different elements of the market: ‘When one aspect is poor, another strengthens,’ he maintains. As far as the mansion tax is concerned: ‘Maybe £2m plus properties will drop off slightly, but those below £2m will pick up. I’d look to take on more properties priced below £2m to compensate.’

Similarly, he takes the recent slowdown in his stride. ‘Sales have seen a big drop-off recently, but I expect lettings to pick up.’ He also has an eye to opportunities beyond London, as

the ripple of rising prices expands outwards from the capital.

‘I think there will be a big tip in the balance between prices in London and further afield, as people increasingly look outside the city and values start to increase faster than in London.

‘We may look further afield if the profit margins and market activity are promising; after all we already deal with the overseas property market. I don’t like to put all my eggs in one basket; not being reliant exclusively on one source of revenue helps generate a sense of security.’

How does Kiss see the market shaping up in the next few months, as the general election approaches? ‘I tend to plan for the worst and hope for the best. I try to not worry too much about politics in relation to the business – I have concerns about some of the parties as I am sure everyone does, but all of them are much of a muchness really. We can be sure that whichever one gets into power, there will always be both policies that are beneficial and detrimental. We simply can’t have it all, so it really has to be business as usual before then. We’ll adapt as the market changes and hope things go our way.’

In the meantime, most of his energies are going into lettings and further development of their residential block management portfolio. ‘Block management has not always been top of our agenda – but it is where we are focusing next as sales drop off and development remains high, because it appears as a safe bet in the transition of the market.’

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DESTINATION LONDON

PERFECT MATCH Wimbledon village and town offer winning qualities, with a tempting choice of property to suit all buyers. Stevie King reports

P

erched on top of a steep hill on the edge of Wimbledon Common and just seven miles out of central London, Wimbledon, like kindred spirits Hampstead and Dulwich, is one of just a handful of ‘village’ locations in the capital where it’s still possible to imagine life going back in time. In fact visitors who go up to the village for the first time after a day at the tennis are often surprised by its’ vintage charms.

The area has something of a tumultuous past. For centuries, land ownership passed back and forth between the Crown and a number of wealthy aristocratic families. The arrival of the railway at the bottom of the hill in 1838 changed this idyll forever. It brought a Victorian building boom with roads of houses built for a new breed of London commuter.

Today, the district neatly divides into four distinct areas Wimbledon, Wimbledon Village, South Wimbledon and Wimbledon Chase, all of which are in easy reach of each other by foot or by public transport with the area served by mainline transport links including the District Line and Northern Line.

Surrounded by upmarket boutiques, shops and cafes, the area also enjoys a status as one of London’s leafiest suburbs. In short, those who own property benefit from all the conveniences of urban living while simultaneously enjoying a tranquil setting with a countryside atmosphere; the best of both worlds.

According to latest price indices, prices are 17% higher than at the market peak in 2007 (when they stood at £678,000).

Detached houses have a £2.3m average price tag, while semidetached homes are up to £1.39m from £1.33m five years ago.

Average terraced houses are currently selling for £858,000, compared with £719,000 in 2007. Flats have risen from £329,000

to £373,000 over the same period.

Local agents Foxtons confirm there is a “lot of movement” in the market between £500,000 and £1.2m, in part thanks to demand from people who have been delaying a move on to the property ladder. Up to one in five buyers at the £2m-plus end are from overseas, with Europeans forming the largest group.

FAST FACTS WIMBLEDON •

900s: In 907 the village of ‘Wimbedounyng’ is mentioned in a charter signed by King Edgar the Peaceful.

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1500s: Henry VII stays at The Old Rectory and is taken ill.

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1700s: The Dog and Fox is used by volunteers to plot a defence against a Napoleonic invasion.

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1868: Wimbledon’s All England Croquet Club is founded and goes on to become The All England Lawn Tennis Club.

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2000s: The Wimbledon Way – a heritage trail through the village to the home of tennis – is opened.

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9821_0

Luxury Apartments at Wimbledon Hill Park Wimbledon Hill Park comprises of a limited collection of 2 and 3 bedroom luxury apartments. Set to become one of Wimbledon’s premier addresses, the apartments at Wimbledon Hill Park are within a beautiful green setting, and conveniently located for Wimbledon Village.

Wimbledon Hill Park offers a unique blend of spacious living with luxurious specification and a variety of desirable service features including a residents’ gym and concierge services. Set beside 19 acres of protected parkland the apartments at Wimbledon Hill Park bring reassuring luxury to a desirable part of London.

Luxury apartments from £1,150,000 To register your interest, please call our sales consultants on 020 8003 6212 or email sales@wimbledonhillpark.co.uk

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DESTINATION LONDON

London Calling

W

hen it comes to naming the most recognised Internet brand among Chinese communities globally – online media company Sina stands head and shoulders above the rest. Founded in 1998, the company today boasts more than 280 million registered users worldwide and over 900 million daily page views. It’s perhaps no surprise that sister company Sina Le Ju which specialises in real estate has been equally strident in its quest for growth – establishing itself as a leading player in the property industry, selling 11 million properties to Chinese domestic buyers since its launch – with over 200,000 homes last year alone.

Backed by this impressive pedigree, the launch of Sina

Overseas Properties UK (the UK arm of the group) – is carving out a successful niche in the UK real estate market. Launched in the UK in the summer of 2013, with offices in central London; the company’s aim is to provide a one-stop property service informing, educating and advising Chinese investors working and living around the world (including mainland China) about the UK (specifically the prime central London) residential property market.

SOP’s UK portal offers comprehensive information to clients from up-to-date news and views on a rapidly changing and diverse London market, to marketing and promoting the latest luxury developments by prestigious agents and developers including Berkeley Homes and Colliers International. In addition, SOP UK can put interested buyers in contact with expert tax, wealth and legal experts covering all aspects of the property acquisition and sales process.

SOP UK’s online portal features an extensive portfolio of properties for sale across the capital for from traditional period homes through to turn-key, new build apartments, buy-to-let investments and even larger country mansions and estates.

Sina Overseas Properties also provide a platform to profile properties and development projects using http://haiwai.house.sina.com.cn/ which is the property portal of Sina.com.cn.

For further information go to: http://haiwai.house.sina.com.cn/UK Email: info@sina-vantage.com Tel: 0207 228 8281

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E:E:info@sina-vantage.com E:info@sina-vantage.com info@sina-vantage.com E:E:info@sina-vantage.com E:info@sina-vantage.com info@sina-vantage.com E:E:info@sina-vantage.com E:info@sina-vantage.com info@sina-vantage.com Abode2_Volume2_Issue7.indb 53 Abode2_Volum2_Issue7_Sina_Ad.indd 1

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and finally

My Secret Globetrotting Address Book

,

uty e blog os. nite’s in the

Design guru and YOO founder John Hitchcox reveals his favourite getaway haunts What makes London stand out from the rest of the world?

London is a totally unique city. A 24/7 buzzing metropolis, with skyscrapers sitting alongside historic buildings and leafy green spaces. The skyline has moved rapidly skywards in the past few years with buildings like The Shard, and it’s exciting to see that there are over 200 towers in planning.

What is your favourite part and why?

I lived in Notting Hill for fifteen years, but have recently moved to Maida Vale. I love both areas because they are close to the centre of the city yet have village like atmosphere – it’s the best of both worlds. The proximity to the city also means I can ride my bicycle everywhere.

Best global destination for total chill time?

In the Cotswolds there is a very special residential community, The Lakes. Set amongst six lakes in the idyllic countryside, it’s the ideal place to relax and chill out. You can stroll through meadows and woodlands, have a swim in the lake and then a yoga session as the sun sets. I have never been to a more peaceful place and drive the 90 minutes from London most weekends.

Favourite global hotel/resort for stand out service?

The Mira Moon Hotel in Wanchai, Hong Kong is one of my

favourite hotels. Inspired by a Chinese folklore about the Moon Goddess, it’s a magical, welcoming and relaxed space.

No request for the friendly staff is too difficult, with the world class Super Giant restaurant serving Spanish-Chinese fusion tapas. Each room comes with a plethora of thrown in technology to make your stay as easy and fun as possible: a local smartphone with free calls and data and an iPad mini pre-loaded with useful local apps.

London aside which world capital inspires your creativity?

I am very lucky to be able to travel with YOO and all of my trips inspire me in some way, whether it’s the slick glamour of Miami, the cuisine in Lima or the vibrant energy of Mumbai.

It’s hard to pin down one city as specific locations inspire in different ways. Designing in 48 cities across 29 different countries, we take into account the cultural and historical influences of projects we take on, while designing spaces that free people to live the way they want to live. We think global and design local.

Best holiday memory – where and why?

It would have to be The Lakes! I have so many fantastic memories of spending quality time there with my family and closest friends. Being in the countryside with my loved ones, swimming, fishing and sailing reminds me of the simple joys of my childhood.

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Sophisticated simplicity

+SEGMENTO The simplest appearance often belies the most complex thinking. +SEGMENTO‘s exquisite and simple design hides decades of thought and experience. Thin worktops, handle-less surfaces and a purity of lines combine to refine the visual experience.

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