LONDON PROPERTY DUBAI EDITION SEPTEMBER 2016

LONDON

PROPERTY

SEPTEMBER 2016

Dubai Edition

ISSUE ONE |

50 DIRHAM

living the dream THE CAPITAL’S MOST LUXURIOUS HOMES

london today

LONDON PROPERTY PAST AND PRESENT

city power

BATTERSEA POWER STATION’S FIRST COMMERCIAL TENANTS

in the know

STRUTT & PARKER’S KEY LONDON TRENDS

tom rhodes

ON THIS YEAR’S CITYSCAPE GLOBAL EVENT

T H E L O N D O N P R O P E R T Y M AG A Z I N E F O R T H E E M I R AT E S LONDON PROPERTY DUBAI.indd 1

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24/08/2016 18:48

LONDON

PROPERTY Dubai Edition

Contents

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TY PROPER T LONDON PRESEN PAST AND

ISSUE ONE |

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living the dreamL’S MOST

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THE CAPITA HOMES LUXURIOUS

london today

RTY LONDON PROPE T PAST AND PRESEN

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tom rhodes

in the know

city power

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CAPE YEAR’S CITYS ON THIS GLOBAL EVENT

6 16:58

26/08/201

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STATION’S S BATTERSEA POWER RCIAL TENANT FIRST COMME

TY N PROPER THE LONDO

LONDON PROPERTY

Issue One

DUBAI.indd

ES

in the know

26/08/2016

S KEY STRUTT & PARKER’ LONDON TRENDS

16:58

tom rhodes

CITYSCAPE ON THIS YEAR’SEVENT GLOBAL

M I R AT E S FOR THE E M AG A Z I N E

26/08/2016

16:58

1

SEPTEMBER 2016 introduction 10 13 18

LONDON TODAY Nigel Lewis looks at the London property market past and present RETURN ON INVESTMENT Why investors are going the extra mile NEW BUILD HOTSPOTS Where are London’s new homes being built?

c i t ys c a p e

36 DEVELOPING DUBAI Cityscape Global’s Exhibition Director Tom Rhodes on this year’s event highlights

p r o p e r t y s h owc a s e

42 ROOM WITH A VIEW A look inside the One Nine Elms development 47 A DESIGNERS DREAM Luxury designs by Armani Casa 48 WAY OUT WEST Netherton Lodge, a stunning Chelsea home

london property

55 5 THINGS YOU NEED TO KNOW Prime London trends by Strutt & Parker

interiors

68 AT HOME WITH THE HATTER We take a look inside David Shilling’s flamboyant London home 72 MIDAS TOUCH Sebastian Mann of design agency Minale + Mann talks industry style chic and London inspirations

fac t s & f i g u r e s

88 TELFORD HOMES STATS Stratford’s post-Olympic legacy Part of the

~ THE ABSOLUTELY PROPERTY DUBAI TEAM ~ First Floor, 197 City Road, Old Street, London EC1 1JN T: 020 7704 0588 F: 020 7900 3020 WWW.ZEST-MEDIA.COM Zest Media Publications Ltd. cannot accept responsibility for unsolicited submissions, manuscripts and photographs. While every care is taken, prices and details are subject to change and Zest Media Publications Ltd. take no responsibility for omissions or errors.

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26/08/2016 18:04

N AT U R A L LY BEAUTIFUL HOMES

VISIT US AT CITYSCAPE GLOBAL 6 TH – 8 TH SEPTEMBER 2016 Introducing Prince of Wales Drive, a new collection of 1, 2 & 3 bedroom homes moments from Battersea Park. Set around 2.5 acres of open space including terraced courtyards and a new public square, this new development will feature 839 homes in 11 distinctive new buildings across the whole of this 5-acre site. The stunning residents’ facilities include a pool, sauna, steam room, eighth floor roof terrace, concierge and secure basement parking.

For more information please call +971 4 426 6999 visit residential.jll.ae or see us at Cityscape Global, Stand # S1A01, Dubai World Trade Centre

Proud to be a member of the Berkeley Group of companies Details are correct at time of going to press and subject to apartment type and availability.

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JLL.indd 1 10177_026_PoW_absolute-Dubai_Ad.indd 1

26/08/2016 17:27 11:33 25/08/2016

Editor’s Letter Welcome... to the first issue of

Absolutely London Property Dubai Edition From all of us at Absolutely London Property, we’re thrilled to be one of the official international media partners at this year’s Cityscape Global event. It’s been a pleasure to work with so many property experts who have offered their advice on the current market, helping readers to make an informed choice about investing in London. Inside this launch issue you’ll find specialist knowledge, an insight into the most prestigious new developments and why now is a prime time to invest in the UK. Renowned property writer Nigel Lewis picks out London’s new build hotspots on page 18, and you can hear from a panel of London’s residential experts on page 84, who reveal exactly what prime buyers expect from their agents. ◆

ELYSIA AGNEW Editor elysia@zest-media.com

SEPTEMBER 2016

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26/08/2016 18:15

LONDON INVESTMENT

Why Investors Are Going the Extra Mile As Prime Central London has cooled, many investors are now looking beyond it for better potential returns Words Nigel Lewis 6

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SEPTEMBER 2016

26/08/2016 18:17

ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

SEPTEMBER 2016

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ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

COMPARATIVE TABLE OLD VS NEW PRIME LONDON (AVERAGE)

OLD PRIME KENSINGTON/CHELSEA - £1.9M FULHAM - £1.04M KNIGHTSBRIDGE - £3.26M PIMLICO - £1.07M NOTTING HILL - £3.09M BELGRAVIA - £3.01M MAYFAIR - £3.52M MARYLEBONE - £1.74M ST JOHN’S WOOD - £1.52M HAMPSTEAD - £1.32M NEW PRIME CANARY WHARF - £494,065 ISLINGTON - £616,427 WANDSWORTH - £755,819 CHISWICK - £952,357 EALING - £664,406 PUTNEY - £703,044 HAMMERSMITH - £856,668 SHOREDITCH - £678,125 RICHMOND - £781,116 EAST SHEEN - £957,154

The reason why many investors are now switching their money to alternative areas of London further away from the prime central boroughs is easy to see in this list – prices on average within the left hand column are £1.94m compared to a much lower £677,200 in the right hand column Ω almost three times cheaper.

And while the allure of chic prime areas such as Knightsbridge means many investors are 8

DUBAI _INVESTMENT 3PP.indd 8

reluctant to venture outside prime central London (PCL), clearly something is happening.

This is obvious when you look at the same list but for house price rises over the past year as demand falls away in PCL (with the exception of Mayfair, Marylebone and Notting Hill, see below) while the outer prime areas appear to feel the benefit (except in Hammersmith, see below).

One area of London’s investment market that is still performing well wherever you

SPOTLIGHT ON:

EALING

COMPARATIVE TABLE OLD VS NEW PRIME LONDON (% INCREASES YOY) OLD PRIME KENSINGTON/CHELSEA +3% FULHAM 0% KNIGHTSBRIDGE 7% PIMLICO 5% NOTTING HILL +22% BELGRAVIA 13% MAYFAIR +20% MARYLEBONE +20% ST JOHN’S WOOD -0% HAMPSTEAD -3% NEW PRIME ISLINGTON +5% WANDSWORTH +10% CHISWICK +4% EALING +5% PUTNEY 0% HAMMERSMITH -6% SHOREDITCH +16% RICHMOND +5% EAST SHEEN +9%

look is lettings. Average rents in London are climbing by 4% a year at the moment, twice the UK national average and according to letting agent HomeLet, only two of London’s 33 boroughs experienced decreasing average rents (Hammersmith & Fulham and Kensington & Chelsea) while four experienced rises of 10% or more (including Westminster and Ealing).

But if there’s one thing that unifies all renters in London it’s the increasingly high prices. The average rental in London is £1,599 per property, twice that of most regions outside the capital. A consequence of this is that tenants will no longer happily stand for poor quality properties, instead they expect more from their agents. The law may set the standard for the minimum safety standards, but the market is increasingly dictating that properties offer much more than the basic minimum.

Even students, who for many years traditionally endured very low quality rental homes while they finished their degrees now expect good standards of décor in London while overall features such as concierges, bike storage, roof gardens, gyms and high-quality kitchens are now standard particularly within London’s new homes buy-to-let sector.

THE LONDON BOROUGH OF EALING was until recently the more commercial sector of West London, a million miles from the glitz and glamour of neighbouring Hammersmith & Fulham and definitely not a fashionable residential area. But high prices and rents in Prime Central London and elsewhere have driven young professionals and investors into its arms.

Estate agent Savills says this trend is so strong that Ealing is now one of the emerging prime areas within London, helped in part by the imminent arrival of better transport links for the area. These will be provided by Crossrail, the multibillion pound rail construction project that will establish a new and faster east/west link from Essex, through London and on to Berkshire.

Ealing will have five stations on the Crossrail line as well its existing seven tube stations which, Crossrail claims, will dramatically reduce the time it takes to commute from many parts of Ealing into central London.

Savills says demand for Ealing is already picking up – over the past year house prices have risen by 6.7% compared to 4.2% in other more traditional prime markets within West London.

Ealing is also becoming a popular place to rent, particularly in its central areas near transport hubs, a trend driven largely by the expense of renting in neighbouring Chiswick where properties are on average £500 a month more expensive, Savills says. The company also says Ealing is a renting hotspot because a third of all households rent there compared to a quarter of all households in London overall.

A three bedroom duplex flat in Pitshanger Lane, Ealing for sale with Savills (0208 018 7100) at £699,000. Similar apartments in the area rent for approximately £2,200 a month which for this property would mean a gross potential yield of 3.8% per annum.

L

ondon’s prime property market has been a competitive place to buy a home in recent years, where only those with the sharpest elbows and deepest pockets have been able to secure their ideal investment property. Demand has been ferocious in prime areas such as Chelsea, Battersea, Kensington, Knightsbridge, Mayfair, Notting Hill, Fulham and Highgate.

This high demand has pushed the prices up fast and since the financial crisis back in 2007/2008, central London house prices have risen by 29%, says agent Savills.

This has pushed up prices in these areas to an average of £1.4 million according to Rightmove. This increase, coupled with recent hikes in Stamp Duty, has persuaded many investors to look beyond these super-prime neighbourhoods for better value and greater capital growth potential.

Consequently, London’s prime map is growing. To the south-west of London, places such as Richmond, Wimbledon and Putney are now considered to be prime as are Wandsworth and Clapham in the south. Out west, the map now includes Hammersmith, Chiswick and Ealing and to the east Shoreditch and Wapping. Here’s how they compared for average house price:

SEPTEMBER 2016

26/08/2016 18:16

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25/08/2016 15:52

L O N D O N T O D AY

Is London Still a Capital Investment?

Nigel Lewis looks at the property market’s past and likely future performance against a backdrop of increased taxes and Brexit

F

or over two decades now the for being considered non domiciled in the UK London residential property for tax purposes. market has been a global byAnd then there is the ‘Brexit’ vote. When the word for reliability, security and UK voted to leave in the EU referendum this exciting returns on investment.

June, at first little immediate effect was noted Despite a global recession, the in the UK property market. But more recently average price of a property confidence has started to reduce in London, with in the UK’s capital city hardly missed a beat demand for properties lowering and vendors during the 2007/2008 financial crisis and in many ‘being more realistic about pricing’ as agent London boroughs the recession that followed had Savills recently put it. little negative impact on house prices.

Many agents refer to these changes as In all of London’s prime central postcodes headwinds. And on paper at least they appear within boroughs such as Kensington & Chelsea, to have slowed down the property ship in Westminster, Hammersmith & Fulham and London. Research by Knight Frank recently Camden property values only dipped during 2009 revealed that home owner confidence in the before resuming double-digit growth in 2010, value of their homes in London had dropped by according to data from 15% over the past year, estate agent Chestertons. although the number of The question is, faced High house prices mean people confident about by a similar threat the future dropped by many Londoners are to confidence in the just 5% - indicating a renting for longer and market, what’s going therefore the demand for hopefully rosier future. to happen this time? rented property continues In general, this The biggest threat to sums up the London investor interest has market – many agents been not house price worries but the recent and property owners are anxious about the increases in Stamp Duty for homes over £1.5 property market in the short term (and how million which, for example in Kensington much prices may drop) but expect the market & Chelsea, covers 48% of all properties for to recover once the deal being negotiated by the sale at the moment. And there is also now UK government is secured. an additional Stamp Duty for those buying “We expect the newly formed UK investment properties in the UK, an extra 3% government to be highly motivated to protect on top of the existing tiered rates.

London’s position as a major global financial Other changes that have softened investor centre in any negotiations with the EU,” says sentiment include changes to Capital Gains Tax Katy Warrick of Savills Research. rules. The tax now applies to non-residents who “Interest rates are expected to remain lower for sell buy to let properties within the UK (it didn’t longer [and the] weakness of sterling will present a before) and proposed changes to the UK’s ‘nonbuying opportunity for international investors.” dom’ rules. These in effect narrow the criteria She has a point. The vote to leave the EU 10

DUBAI _LONDON TODAY_USE.indd 10

has reduced the strength of the pound against a basket of currencies. A pound was worth 1.41 euros in November 2015 but is now worth 1.15 – which is good news for investors from the EU zone for whom a London property is now 18% cheaper to buy. And it’s similar for those paying with dirhams. Over the same period the cost of buying one pound has dropped from 5.5 to 4.8 dirhams, so it’s now 12% cheaper to invest in property in London for Emiratis.

“During previous cycles, the international investor profile has meant that weak sterling has acted as a catalyst for market recovery, with prices and the value of the pound tending to bottom out concurrently,” says Katy Warrick.

“Already we have seen the fall in sterling stimulate new international demand, particularly in the new-build market. But this time around, we believe buyers are likely to be more cautious about exploiting this currencyled opportunity given a less hospitable tax environment, which includes higher rates of stamp duty, greater exposure to capital gains tax and pending changes in the treatment of SEPTEMBER 2016

26/08/2016 18:19

ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

ALBERT EMBANKMENT Design conscious developer, St James, is delivering a dynamic mix of 433 new homes across three new mixed-use, architecturally striking developments: The Corniche, Merano Residences and The Dumont.

long term resident non-doms.”

But there are signs that London’s superprime market or £10m+ market may already be recovering from the ‘headwind’ when the increased Stamp Duty was introduced in December 2014. Initially the number of super-prime sales fell by a third during 2015, according to agent Knight Frank, not surprising when the transaction costs on a £10m property rose to £1.1 million from £700,000 following the Stamp Duty changes.

“To some extent buyers and sellers have become tired of the inaction,” said Tim Wright of Knight Frank. “As asking prices become more realistic, buyers have seen the market is flat rather than falling off a cliff and are therefore encouraged to act.

“The market needed to correct – but that’s not to say it’s ready for take-off. The overriding mood is one of caution but at the right price demand is strong and momentum is returning.”

The sentiment among most agents in London at the moment is that although the government is trying to dampen down London’s historically SEPTEMBER 2016

DUBAI _LONDON TODAY_USE.indd 11

fast-growing house prices and reduce demand among investors, it takes a lot to take the wind out of the capital’s property appeal.

High house prices mean many Londoners are renting for longer and therefore the demand for rented property continues, particularly given the percentage of Londoners who rent in the private sector has increased from 15% to 25% or more of the population over the past decade.

According to agent HomeLet, rents in London are now twice that of the rest of the UK and are rising this year at 4%. The average rent per property now stands at £1,599 per month.

“Ultimately, rents will be determined by supply and demand in the private rental sector; what we know here is that population growth will continue to increase demand, and that the housing stock isn’t growing quickly enough to meet that demand,” says Martin Totty, chief executive of HomeLet. “But with rents ultimately limited to a tenant’s ability to pay, rents are likely to continue to climb, albeit at the slowing pace

noted most recently.

“We won’t know exactly how Brexit is impacting the private rental sector and it will be several months yet until we see some clearly established trends in the marketplace.

“It seems likely that with lenders concerned about the prospect of falling house prices, loans to value in the mortgage market are going to become less generous, which may see more people turn to the rental sector rather than buying a property.

“But it’s possible we may also see renewed interest in the London rental market as foreign investors seek to pick up investment property to make the most of the big exchange rate advantage following the fall in the pound.

We may also see foreign investment increase outside the capital, in other cities across the UK. “This coupled with recent figures showing that the number of people becoming homeowners is falling across the country, the demand for rental accommodation is likely to remain strong.” ◆ 11

26/08/2016 18:19

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26/08/2016 17:04

ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

RETURN ON INVESTMENT

Where Rents Can Reach New Heights

As Prime Central London has cooled, many investors are now looking beyond it for better potential returns, discovers Nigel Lewis

I

f you read London’s newspapers, then on an almost weekly basis headlines scream out from their front pages about the capital’s high rents. But while it’s frustrating news for the renters, for investors it’s a boon. Good income, along with rapid capital growth since the London property market recovered from the financial crisis of 2007/2008, have been one of the key reasons why people trust their cash to this dynamic housing market.

The question is, where should you buy a property in London in order to benefit from the best return on investment (or ROI)? This, in the UK, is the total gross annual rent divided by a property’s purchase price. So if a flat’s rent is £20,000 a year and it’s worth £200,000 then the annual ROI would be 10%.

Although you are unlikely to find such alluring returns at the moment.

So we looked at the most popular kind of investment property – the two bedroom apartment – to see what the ROI is for them around London.

SEPTEMBER 2016

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N1 – ROI 3.97% Where: Kings Cross, Islington, Hoxton Two bedroom flat: £2,050 or £24,600 a year Average price for a flat in area: £619,287 W4– ROI 3.87% Where: Chiswick, Gunnersbury, Turnham Green, Acton Green, South Acton, Bedford Park Two bedroom flat: £1,779 a month or £21,352 a year Average price for a flat in area: £551,635 SW12 – ROI 3.70% Where: Balham, Clapham South Two bedroom flat: £1,681 a month or £20,172 a year Average price for a flat in area: £542,594 W5 – ROI 3.57 gross Where: Ealing, South Ealing, Ealing Common, North Ealing, Northfields Two bedroom flat: £1,418 a month or £17,023 a year Average price for a flat in area: £476,094

W6 – ROI 3.35% Where: Hammersmith, Ravenscourt Park Two bedroom flat: £1,758 a month or £21,106 a year Average price for a flat in area: £628,556 SW11 – ROI 3.30% Where: Clapham and Battersea Two bedroom flat: £1,722 a month or £20,644 a year Average price for a flat in area: £624,555 W12 – ROI 3.21% Where: Shepherds Bush, White City, Two bedroom flat: £1,430 a month or £17,170 a year Average price for a flat in area: £534,716 N6 – ROI 3.1% Where: Highgate Two bedroom flat: £1,652 or £19,827 a year Average price for a flat in area: £637,913

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ABSOLUTELY

LONDON PROPERTY

SPOTLIGHT

NW1 – ROI 3.1% Where: Marylebone Two bedroom flat: £2,132 a month or £25,584 a year Average price for a flat in area: £823,877 W11 – ROI 2.89% Where: Notting Hill Two bedroom flat: £2,365 a month or £28,388 a year Average price for a flat in area: £978,913 SW6 – ROI 2.77% Where: Fulham Two bedroom flat: £1,746 or £20,959 a year Average price for a flat in area: £755,120 SW3 – ROI 2.6% Where: Chelsea

Two bedroom flat: £3,075 a month or £36,900 a year Average price for a flat in area: £1,416,940 NW3 – ROI 2.6% Where: Hampstead Two bedroom flat: £2,132 a month or £25,584 a year Average price for a flat in area: £980,764 NW8 – ROI 2.59% Where: St John’s Wood Two bedroom flat: £2,439 a month or £29,274 a year Average price for a flat in area: £1,130,195 W2 – ROI 2.54% Where: Paddington, Bayswater, Hyde Park, Westbourne Green, Little Venice (part), Notting Hill

– CASE STUDY –

AN ALTERNATIVE VIEW

While central London faces the challenges of Stamp Duty rises and Brexit, Andrew Hawkins of Rocket Investments reckons East London and the ‘City Fringe’ is the next investment hotspots. His company is building The Atlas Building, a tower of 302 luxury apartments near Old Street and Hoxton.

“While the residential market in central London slows, East London is bucking the trend with 7% price growth in Q1 of 2016, compared to just 1.9% in Central London, according to new research by JLL.

14

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“Having undergone major regeneration, Shoreditch has become one of London’s most stimulating neighbourhoods and it is still evolving with new shops, restaurants, cafés and bars appearing all the time.

Tech City has also undergone significant redevelopment in recent years, which adds to East London’s appeal as an area of opportunity.

“Rocket Investments has experienced the transformation of the City Fringe first hand, having worked on several significant projects in the Old Street area. We have

Two bedroom flat: £2,562 a month or £25,625 a year Average price for a flat in area: £1,005,000 NW3 – ROI 2.5% Where: Hampstead, Chalk Farm, Primrose Hill, Swiss Cottage, Belsize Park, Gospel Oak, Frognal, Camden.

Two bedroom flat: £1,947 a month or £23,364 a year Average price for a flat in area: £818,214 W8 – ROI 2.09% Where: Kensington, Holland Park Two bedroom flat: £3,075 a month or £36,900 a year Average price for a flat in area: £1,757,790

already sold 50% of apartments at our latest mixed-use development, The Atlas Building, which is replacing a 1980s office building and will be the tallest tower in the Tech City cluster when it completes in 2018.

Please note: There are other areas of Prime Central London such as Knightsbridge, Belgravia, Soho and Piccadilly that are also popular with investors, but not enough properties are sold or rented each year to generate meaningful figures. The figures featured in this article are based on the most recent data from The Mayor of London and Rightmove.

SEPTEMBER 2016

26/08/2016 18:23

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26/08/2016 11:42

LONDON

POST BREXIT

WHAT’S GOING ON WITHIN THE CAPITAL NOW THAT THE UK HAS VOTED TO LEAVE THE EU? NIGEL LEWIS FINDS OUT

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ike almost everywhere in the world the London property market floats largely on a cushion of confidence based largely on people’s perception of economic security. This self-confidence can quickly evaporate – as London discovered during the 2007/2008 financial crisis when prices here dropped by 10% during the ensuing months when reduced mortgage lending, job insecurity and failing banks all took their toll.

And in a similar vein, before the EU Referendum, it was predicted that a vote to leave would create serious problems for the UK market and that it would crash London’s market.

So here we’ve canvassed some of the key players in the market to find out how their world has changed since June 23rd – when the vote took place.

SAVILLS “The vote in favour of Brexit suggests that political and economic uncertainty is likely to remain a feature of the market for some time to come,” says Lucian Cook, Head of Residential Research at Savills.

“Of course it is not all negative news. We expect the newly formed UK government to be highly motivated to protect London’s position as a major global financial centre in any negotiations with the EU. Interest rates are expected to remain lower for longer and the weakness of sterling will present a buying opportunity for international investors.

“The central London market had, until the changes in stamp duty of December 2014, seen the highest price growth of all the prime markets. However, as detailed previously, it has 16

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subsequently seen the biggest adjustment in response to tax changes.

“In previous cycles, the international investor profile has meant that weak sterling has acted as a catalyst for market recovery, with prices and the value of the pound tending to bottom out concurrently. Already we have seen the fall in sterling stimulate new international demand, particularly in the new build market.

“But this time around [following Brexit], we believe buyers are likely to be more cautious about exploiting this currency-led opportunity given a less hospitable tax environment, which includes higher rates of stamp duty, greater exposure to capital gains tax and pending changes in the treatment of long term resident non-doms.

“This is likely to mean the market remains price sensitive over the short to medium term and that developers delay build programmes, tightening supply.”

NATIONAL ASSOCIATION OF ESTATE AGENTS (NAEA) The main UK association for estate agents recently reported a weakening market, a drop in the number of house buyers by a third and that demand was at its lowest since November 2013. Also, it said that during July this year eight out of ten of the properties sold were for less than the original asking price.

On a more positive note, it also says that a third (31 per cent) of estate agents reported that there had been no changes in the housing market since Brexit and everything is business as usual. Also, a further third (31 per cent) of agents stated that the interest from foreign investors has remained the same.

Mark Hayward, Managing Director, NAEA, says: “We expected to see uncertainty in the immediate period following Brexit and during the summer months the market always quietens down, so we are optimistic that the housing market will spring back into full swing in the coming months.”

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SPOTLIGHT

KNIGHT FRANK “The greater political confidence instilled after Brexit by the swift appointment of a new Prime Minister, coupled with the Bank of England’s base rate cut have provided some reassurance to markets in recent weeks,” says Grainne Gilmour, head of UK Residential Research at Knight Frank.

“This is reflected in a tick up in our House Price Sentiment Index, although uncertainty about the medium-term outlook is weighing on sentiment overall.”

Tim Moore, senior economist at IHS Markit, who compiles the HPSI with Knight Frank, says: “August data highlights a modest

rebound in house price sentiment from the post-EU referendum low seen in July.

Perceptions of current property values inched up during the latest survey period, although remain weak in comparison to those seen in the past three years.

“It is still too early to evaluate the full impact of the EU referendum on the UK property market, both at the national and local level.

However, the latest survey data serves as an early indication that the aggressive policy action announced by the Bank of England in August has had a stabilising influence on overall property price expectations.

“It will take until early autumn to better gauge the short-term direction of travel for household sentiment, but for the time being it seems that the post-Brexit jolt to confidence has paused for breath at least.”

HAMPTONS INTERNATIONAL “The economic outlook has become more difficult to read recently, given the growing uncertainties the UK face,” says Johnny Morris.

“It’s not all about what would happen should the UK vote to leave the European Union; more

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important is the performance of the wider global economy, affected by oil, and the slowdown in China and the other developing economies.

“As an open economy, weaker global activity makes a difference and this ‘cocktail of risks’, as the Chancellor puts it, is key to the UK’s and London’s economic future.

“The latest data for the UK shows a slower pace of economic growth. The economy grew by an estimated 0.4 per cent in the first quarter of 2016, compared with 0.6 per cent in the final quarter of 2015. Despite that the UK has still achieved more than three consecutive years of unbroken positive quarterly growth.”

COUNTRYSIDE – THE UK’S LARGEST ESTATE AGENT CORPORATE Countryside recently said prices overall in the UK are set to fall next year thanks to Brexit uncertainty but will recover in 2018.

In a recent report, the company revealed that house price growth across the country will slow to 2.5 per cent this year from approximately 8% at the moment, contract a further one per cent in 2017 before recovering by two per cent in 2018. u 17

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NEW BUILD

HOTSPOTS Where are London’s new homes being built?

Words Nigel Lewis

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s the capital undergoes significant increases in new homes construction, we look at where much of the building work is taking place – and what you get for your money.

London is undergoing a new homes boom at the moment. Last year 24,200 were built in the capital, up 34% on the year before and at a rate not seen since the 1990s, says the Mayor of London.

These figures won’t be a surprise to many Londoners. The capital skyline is already constantly crowded with cranes and in almost every neighbourhood both small, medium and very large apartment developments are under way. This is likely to continue too.

According to fund and asset manager London Property Portfolio (LCP) the two most prolific areas for new build planning applications are in Nine Elms in Battersea and, further to the east, in Tower Hamlets. Between them plans for over 50,000 apartments have been submitted, or some 90% of planned newbuilds in the capital.

Such a huge influx of new property onto the market is having an effect on prices, though. LCP also says prices at Nine Elms are dropped by 8% recently so London, at the moment, may represent an opportunity for investors.

CANARY WHARF

ROYAL DOCKS

Prices from

Prices from

ou might expect Canary Wharf to have always been a new homes hotspot in London – after all, it’s now one of Europe’s largest and most significant business districts with over 100,000 working within it. But after the 2008 financial crisis work stopped on most of its planned developments. It wasn’t until 2014 that they were taken up once more and at least 3,000 new homes are now planned at its fringes at places such as Wood Wharf and New Providence Wharf. An example of this is the Horizons tower development where a few of the penthouses remain for sale. u

he Royal Docks is essentially the ‘island’ of former docks to the east of London that houses City Airport and, increasingly, new residential areas and developments. The area was once the largest set of purpose-built docks in the world and was a working dock until the early 1980s. It’s distance from central London meant this former industrial area has developed slower than other river areas of London, but it’s all taking off now that Crossrail is about to arrive. An example is Royal Victoria Residence by Surrenden Invest. It’s a 20+ storey luxury apartment block due to be completed in 2017 with views over the Thames. u

£995,000 Y

 Telford Homes 020 3609 3094; telfordhomes.plc.uk/horizons

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£390,186

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 Surrenden Invest 020 33707 836; surrendeninvest.com SEPTEMBER 2016

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STRATFORD

CROYDON

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everal developers are busy within Stratford, which is the area around the former Olympic site in east London.

This includes the Manhattan Loft Corporation, which is developing a £300m tower with three sky gardens and a hotel, and Strand East, a £700m mixed-used development to include 1,200 homes. Telford Homes is also building two towers in Stratford which between them have just a few apartments left to buy. u

roydon is to the south of central London and is a small city in its own right. It’s suffered from a lack of investment in recent decades, but now this is changing and there’s a new residential quarter being built by several developers, all part of a £3 billion facelift for the area, which is to include 4,000 new homes, a £1.4 billion Westfield Shopping Centre and a new school. On Cherry Orchard Row, developer Redrow is putting up Morello, a block of 297 one, two and three bedroom apartments. u

£780,000 S

 Telford Homes 020 3538 3296; redrow.co.uk 4

£347,000 C

 Redrow 020 33057 006; redrow.co.uk 5

WOOLWICH

Prices from

£440,000

his area to the east of central London used to be a largely military area and many local people worked both in local barracks and the Woolwich Arsenal naval depot – whose football team may be long gone but retains its famous name. The Arsenal is mid-way through a £1.2 redevelopment including several schemes that include facelifts for its historic former naval buildings. Developer Berkeley Homes is on the site and half way through building Royal Arsenal Riverside which is to include 5,000 new homes, restaurants, bars, shops and both leisure and cultural venues. u

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 Berkeley Homes 020 8331 7130; berkeleyhomes.co.uk SEPTEMBER 2016

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6 COLINDALE, BARNET

6

Prices from

£365,000

olindale is eight miles north of London’s central districts and was once well-known for its huge police training centre.

This 40-hectare site is undergoing a £1 billion facelift including the construction of nearly 3,000 homes by developer Redrow, which is currently selling properties within its Colindale Gardens site.

Homes there are proving popular because Colindale’s tube station is just five minutes away on foot. u

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 Redrow 020 3538 7355; redrow.co.uk

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8 WHITE CITY

Prices from

£500,000

his former commercial area near Shepherd’s Bush in West London used to house the BBC’s headquarters but the site was sold recently and construction of a new £8 billion residential quarter is underway, although some studios will be still on site once it’s completed. Some 5,000 new homes are to be built on the site over the next 15 years. The first two develpments have been revealed – Helios and The Crescent, on the site of the old BBC HQ. u

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7 ELEPHANT & CASTLE

Prices from

£412,500

 Television Centre 020 8811 8720; televisioncentre.com 8

ne of the first areas of London to be regenerated on a huge scale was Elephant & Castle, south of the River Thames.

Already a key residential area, it’s existing apartment developments have been joined by a dozen or more over the past five years, and there’s more to come. The biggest one currently underway is Elephant Park, an enormous redevelopment of a former council estate where the latest phase, West Park, offers new homes from £500,000. Or try Harvard Gardens, a new development south east of Elephant & Castle in Walworth where prices start at £412,500. u

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 Harvard Gardens 0333 003 3640; harvard-gardens.co.uk 20

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SEPTEMBER 2016

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SE1

Boutique living in London Bridge Located only 500 metres* from The Shard and minutes from London Bridge station, this boutique collection of apartments and penthouses offers residents an enviable location in the heart of the City.

Including a concierge service, private outside space, communal roof terrace and city views.

1 beds from £765,000 | 2 beds from £935,000 | 3 beds from £1,200,000 snowsfieldsyard@crestnicholson.com snowsfieldsyardSE1.com Ready to move into this year, contact the team to book to view this exceptional development.

6–16 Melior Street, London, SE1 3QQ

EXCEPTIONAL LIVING IN SE1 A collection of luxury apartments and houses situated in zone 1 and directly opposite borough station on the northern line, for superb access across London to world renowned key business districts and cultural hubs.

Contact the team for further details. brandonhouse@crestnicholson.com crestnicholson.com/brandonhouse 180 Borough High Street, London, SE1 1LH

SE1

Secluded, garden living in central London Discover a hidden gem in London’s most exciting borough. Valentine Place boasts a tranquil private communal garden & an unrivalled location.

Perfectly placed just a few minutes’ walk* from Waterloo & Southwark stations & all the cultural delights of the South Bank.

1 beds from £735,000 | 2 beds from £965,000 | 3 bed from £1,175,000 Contact the team for further details or to book an appointment valentineplace@crestnicholson.com crestnicholson.com/valentineplace 1-19 Valentine Place, London, SE1 8QH

Digital illustrations are indicative only. Show Home photography of Snowsfield Yard. Times and distances are indicative only and taken from www.maps.google.co.uk - Pricing correct on 24.08.16.

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TELEVISION

STAR In the first phase of White City’s Television Centre, Absolutely London Property takes a peek inside the new apartments with designer Suzy Hoodless Words Pendle Harte

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t still seems incredible that the iconic west London home of the BBC is being turned into flats. When staff moved out of Television Centre in 2013, many of the household names reared on the BBC lamented the end of an era. Danny Baker and Sir Michael Parkinson were particularly vocal in their objections, as Not every piece has was Brian Blessed, who to have an important said: ‘I think it's frightful provenance but it’s that it's closing. It breaks important to pick the my heart. For God's best of design sake – they've made a mistake. It's wrong.’

But the unstoppable FIVE MINUTES WITH SUZY power of west London’s land value has spoken and the first apartments in the former ABSOLUTELY: You were chosen for the ‘television factory’ are now for sale (due for TVC project from a lot of competition. What completion in 2018). attracted you to it?

The development isn’t exclusively residential, of Suzy Hoodless: I am a local resident, living course – in addition to almost 1,000 new homes, and working in Notting Hill Gate. We have a plans include TV studios (BBC Worldwide is fantastic local community here and I am active staying) as well as office space, retail and a large in supporting the growth and improvement of new outpost of Soho House with a hotel, members’ the area. My memories of the BBC, as it was, club and rooftop swimming pool. But the new go back to early childhood, so it was an honour phase of flats is eminently stylish, partly thanks to be invited to dress the wonderful interiors to designer Suzy Hoodless, who is responsible of the show apartment. Stanhope and AHMM, for the look and feel of the residences. the lead architects of the project, have a

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wonderful sensitivity to the site, the heritage and an understanding of the fine balance in reconstructing the area for future generations.

It will be an entirely new community stitched in to the existing communities connecting it with fast west to east transport. Much of our work is in west London and our studio is in Clarendon Cross, I understand the area, the culture and complexities of creating design for fast- paced lives. My clients want design that works, it has to look good but it has to work. I am passionate about good design and ergonomics, and I have a deep sense SEPTEMBER 2016

26/08/2016 18:29

ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

of functionality and provenance. Not every piece has to have an important provenance but it’s important to pick the best of design, to work with the top designers, manufacturers and suppliers.

A project can only be outstanding if you have a client that wants it to be and architecture that supports it. This project has that in spades.

ABS: What was your vision and why do you think you were successful?

SH: My vision was and is to take the SEPTEMBER 2016

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best of what is already there and to re work it for today. I want interiors to have longevity. The BBC heritage is one of a kind, totally unique to the site and to be celebrated. However, this isn’t about living in a TV studio, a pastiche of times gone past. The site still has working TV studios but it’s now also home to a new generation and generations to come.

Most importantly the spaces have to be ergonomic, they have to work and be functional, they have to look great, be modern and simple. We have a strong

design aesthetic which will appeal to those that are design conscious but it will also appeal to those that aren’t, and, quite simply, it works.

ABS: Can you describe the look and feel of your work for TVC? SH: The look is simple modern design. 1950s Scandinavian, the best of European contemporary design. We have worked with a few strong manufacturers and suppliers that we believe are important and relevant partners with a symbiotic sensibility. Another Country, contemporary craft furniture made in the UK and Europe, has a 23

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ABSOLUTELY

LONDON PROPERTY

SPOTLIGHT

Television Centre Prices from £700,000

modernity that relates so well to today’s living, plus it’s classic and will stand the test of time. Twentytwentyone provided us with contemporary European furniture, showcasing design by Barber Osgerby and Jasper Morrison as well as Eames and we worked with Van der Hurd on bespoke wall-hangings and rugs, based on historical images of the site. Some are very literal interpretations and some are abstract.

ABS: And your personal style - what’s your favourite building in the world? And your favourite interior?

SH: My personal style is about collating the best of design from different periods. I like to mix and to create modern interiors that are both comfortable and confident. I love the Reunification Palace My earliest memories in Ho Chi Minh City, are of Blue Peter, so I 1960’s architecture have great affection and interiors that have and nostalgia remained untouched since 1975.

ABS: As a west Londoner did you feel a special affiliation to Television Centre? How do you feel about its transformation?

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SH: Yes, I absolutely feel an affiliation with the Television Centre.

I was born in west London and have lived here all my live.

My earliest memories are of Blue Peter, so I have great affection and nostalgia. I am just so thrilled it is in the hands of Stanhope who are developing it for generations to come. ◆ SEPTEMBER 2016

26/08/2016 18:29

SPECTACULAR VIEWS... from the heart of Zone 1

Newly released apartments now available, register now to arrange a viewing.

Luxurious interiors with outstanding five-star facilities with 2 acres of Wi-Fi enabled public space just moments away from Old Street and Angel. The very best of London on your doorstep at 250 City Road.

1, 2 and 3 bedroom apartments and penthouses available. Prices from ÂŁ850,000.

Call +971 (0)4 278 3700 or +971 (0)55 543 5670 now to speak to one of our Sales Team at Elysian Global or email info@elysianglobal.com 250 City Road Sales & Marketing Suite, 250 City Road, London EC1V 2QQ Open 7 days a week 10am – 6pm (Until 8pm on Wednesdays and 4pm on Sundays) Details correct at time of going to press and subject to availability. Computer generated images of 250 City Road are indicative only. Photography depicts Showhome and is indicative only.

www.250cityroad.co.uk Proud to be a member of the Berkeley Group of companies

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24/08/2016 14:50

Introducing the ultimate penthouse apartment

Computer generated images depict The Star and Garter and are indicative only. Details and prices are correct at time of going to press - July 2016

NOW OVER 70% SOLD The spectacular 2, 3 and 4 bedroom duplex penthouses are the jewel in the crown at The Star and Garter on Richmond Hill, offering elevated luxury living and opulent space on the upper floors of this landmark building. The development has a magnificent setting on the top of Richmond Hill, with the iconic ‘Turner’s view’ of the River Thames.

The Star and Garter also offers an incomparable lifestyle. Residents have exclusive use of the leisure suite with its pool, spa and treatment room, Harrods Estates concierge, town car and restored historic gardens.

The penthouses have many stunning features including: Double height living room areas, the perfect setting for elegant entertaining • Underfloor heating throughout and comfort cooling to living areas and bedrooms • Intelligent mood lighting and audio systems by Crestron • Underground allocated parking

2, 3 and 4 bedroom penthouses from £2.95 million Please call 0333 666 0102 to confirm your viewing appointment The Star and Garter Sales Suite, Richmond Hill, TW10 6RR

Selling agents

www.thestarandgarter.london

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ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

T H E U LT I M AT E U R B A N

Investment 250 City Road by Berkeley Homes is a landmark development in London’s Zone 1

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ocated just moments from Old Street, close to the City and the capital’s tech and creative quarters, 250 City Road combines standout architecture, excellent transport links, capital appreciation and strong investment yields.

The development sets a new benchmark in urban chic living in the heart of a world-class commercial centre.

Designed by the globally esteemed Foster + Partners – the most innovative architectural practice for a generation - 250 City Road will deliver a collection of high specification one, two and three bedroom apartments and penthouses available to buy off-plan for the most discerning of purchasers. Each property comes with a 999 year lease for maximum peace of mind.

As an emerging residential destination, City Road now attracts London’s bankers and brokers away from the traditional Square Mile, as well as ambitious young professionals crafting their ascension up the career ladder.

With direct links on foot, by Uber or the London underground to the capital’s key employment districts, 250 City Road offers the optimum in convenience and connectivity.

For those seeking leisure opportunities, 250 City Road is on the doorstep of Shoreditch SEPTEMBER 2016

DUBAI _BERKELEY HOMES.indd 27

and Old Street’s thriving social scene, while the cultural melting pot of Islington is less than a ten minute walk away. The appeal of the local area is exponential, but its benefits don’t end there; the development offers average

investment yields of 4% gross, while CBRE Residential research indicates that property prices in the area have outperformed prime central London prices over the last two years.

House price growth along City Road is set to increase further with the arrival of Crossrail at nearby Farringdon in 2018, which will provide shuttle services across London, connecting residents to the banks and business centres of Canary Wharf in just eight minutes.

The hedgefunds, shopping and leisure opportunities of the West End are currently just 15 minutes away, and when Crossrail arrives, journey times to Bond Street will be reduced to just four minutes. An expedited Crossrail service will connect the area to London Heathrow airport in just 32 minutes, enhancing the ease of international business travel.

Situated on the cusp of London’s entrepreneurial heartland, 250 City Road provides direct access to those who work in Tech City. As the third largest tech start-up cluster in the world, preceded only by San Francisco and New York, Tech City is a centre of business, commerce and innovation. As a renowned incubator, London tech start-ups, many of which are based here, attracted a record $3.6 billion of venture capital investment in 2015.

Leading universities such as UCL, Imperial, King’s and SOAS are less than 20 minutes’ away on the London underground and are easily accessible for those wishing to study in this global city. For younger children, independent schools such as Westminster, St Paul’s and City of London are equally close and offer a world-class education. ◆

 Prices at 250 City Road start from £850,000 for a one bedroom apartment.

Elysian Global +971 (0)4 278 3700; 250cityroad.co.uk

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ABSOLUTELY

LONDON PROPERTY

SPOTLIGHT

THE

Residence It’s been 18 months since Bellway took over the site on Ponton Road, where the developer is building over 500 new homes as part of the Nine Elms on the South Bank regeneration scheme

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onstruction works on the three towers are quickly going skywards, and what was once the home of Christie’s Auctioneers warehouse is being transformed into hundreds of homes for investors. Once complete, The Residence will offer an enviable collection of 510 one, two, three and four bedroom apartments and penthouses across two ten storey, one 13 storey and one 19 storey towers.

The exciting new development will also include 2,475m² of commercial space, to bring new retail and lifestyle amenities to the area.

This also includes an on-site gym, cinema room, private function room and concierge area for those wanting luxury, hotel-inspired living.

Ian Gorst, Managing Director of Bellway Homes’ Thames Gateway Division, commented: “It’s great to be part of such an exciting regeneration project that will bring thousands 34

DUBAI _RESIDENCE.indd 34

of much-needed new homes to the capital.

Watching The Residence take shape weekby-week is wonderful, and it’s clearly not gone unnoticed, as we’re already receiving interest in the development from keen buyers, so we don’t anticipate that the new apartments will be on sale for very long when we launch later this year.”

Designed by Maccreanor Lavington Architects in conjunction with GRID Inside, The Residence is a modern and sustainable development with architectural character that reflects the broad history of the area. GRID is also working on the interior architecture, designed to be in tune with the exterior of the buildings.

The apartments will be built to a top of the range specification, down to the last plug. The new buildings will also include a variety of measures to help energy efficiency, designed to Code for Sustainable Homes Level 4, including improved insulation, large windows for solar gain as well as support for community recycling. Undercroft car and cycle parking will be available to residents, including some dedicated to disabled drivers, and electric car charging points will be provided.

Situated close to Vauxhall, The Residence enjoys a fabulous location a stone’s throw from the River Thames, enabling residents to enjoy the best of the capital. A range of local amenities, including those being built at Battersea Power Station, will keep residents entertained, or it’s a short journey by public transport into Clapham or to Oxford Street.

Transport options are extensive, making the new homes ideal for commuters. Several local bus routes go into central London and south to Clapham and Wandsworth, and Vauxhall, a short walk away, offers underground services on the Victoria Line, as well as national rail services into London Waterloo, Clapham and Surrey and Hampshire. Work has already begun on the extension to the Northern Line, with two new stations close by for even swifter commutes. ◆

 For further information please call 01689 886400 or visit bellway.co.uk SEPTEMBER 2016

26/08/2016 18:33

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23/08/2016 14:57

CITYSCAPE GLOBAL Q&A

Developing

Dubai

Celebrating the 15th edition of Cityscape Global, this year’s flagship event will feature a new wave of real estate investors from across the globe. Tom Rhodes, the Exhibition Director talks investment measures, Brexit and central London developments Interview Elysia Agnew

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SEPTEMBER 2016

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ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

SEPTEMBER 2016

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26/08/2016 18:36

What is the main focus for this year’s Cityscape Global event?

Cityscape enters a landmark year, celebrating our 15th anniversary in 2016, and it is poignant for this milestone to hit at such a crucial time in Dubai’s development. The event organisers are proud to welcome Expo 2020 as part of the show this year along with Dubai South, the developer of the masterplan where the Expo venue is located.

The theme for this year’s Cityscape Conference is ‘Discovering the Future of Real Estate’, and among many exclusive sessions, we will feature an Expo 2020 presentation regarding the project development plans.

World-renowned futurist Rohit Talwar, CEO of Fast Future, will also deliver a compelling talk about current and future global economic trends which we expect will be a very popular session.

Who are your most represented countries?

Due to the positioning of the event, the UAE makes up a large percentage of property sales, and for local investors or homebuyers this also represents some of the most attractive opportunities due to higher yields as well as the opportunity to own a home where you reside.

When looking internationally, our most represented countries are Turkey, Pakistan and the UK. For the past four editions the participation we have received from Turkey has grown, which led to the successful launch of Cityscape Turkey earlier this year. This is based off of growing investor interest in additional residential properties throughout the region, and the implementation of the reciprocity law which allows foreign nations to purchase properties across the country.

Following the recent coup attempt the country is finding its feet, however I am happy to confirm that throughout this time many of our leading exhibitors from Turkey, such as Agaoglu, Emlak Konut, Garanti Koza, Kuzu Group, Tahincioglu, Sinpas and Eroglu, will be returning to the exhibition.

Following the recent Brexit, there has been uncertainty over British investment into the UAE due to the weakened exchange rate from GBP to USD, however, many industry experts do not see this having a sustained effect on Dubai’s economy. We have seen this become a great opportunity for international businesses looking to invest in to the UK, as the declining value of GBP to USD which the Dirham is pegged, means UK houses just got 12% cheaper.

The effects of these opportunities can already be seen with a recent US$ 1.3 billion bid by a Saudi Arabian Investment House to purchase London’s Grosvenor House Hotel.

Pakistan represents the largest area of growth for the show, which matches the Cityscape Global visitor base well as 38

DUBAI _CITYSCAPE.indd 38

Pakistani nationals ranked 2nd on our list of international visitors in 2015. It also represents a strong investment option, as the 6th largest country globally in terms of population size and a stabilizing political situation, meaning foreign investors are paying attention to the opportunities presented to them here.

We look to welcome over 4,000 sqm from international countries alone representing over 80 companies. We have also seen a growing interest from the USA, Morocco, Azerbaijan, China and the Maldives.

In the light of the current UK market, are UAE residents and nationals still interested in investing overseas?

Colliers 2016 Global Investor Outlook report concludes that real estate holds its place as a leading asset class for any investor. Over half of all participants in the survey would be looking to grow their percentage allocation in real estate as part of their multi-asset portfolios this year. There is a growing emphasis for investors to look at ‘secure income asset management’ Tom Rhodes

Have the external market conditions such as Brexit influenced the participation of exhibitors in any way?

Dubai’s decision to shift its dependence from oil revenues (now constituting around 2% of the Emirate’s economy) means that the effects of the drop in oil value has been contained, compared to more oil dependent economies in surrounding regions.

As recent statistics show, the real estate market has experienced a sustained period of stability over recent months, with property prices holding their current levels with some areas starting to see marginal increases.

Britain’s exit from the European Union has slowed this recovery somewhat since British nationals are the third largest investor in Dubai’s real estate market. This is expected to only be a temporary effect though, as market drivers such as Expo 2020 and the fact that Dubai’s average property yield offer higher returns than more established markets will sustain investor interest and confidence. JLL’s recent Q2 reports show both the residential and commercial sector as the bottom of the property cycle, which suggest that the rental values for these sectors are close to an upturn.

In a market that has seen a decline in property value over recent years, Cityscape Global has weathered this period well, holding our strong position in the industry. Following the 2015 edition which experienced a 30% growth in exhibition space, in a market experiencing a correction, our 2016 edition has maintained these levels with exhibitors set to launch new exciting projects from across the UAE, and globally.

We are happy to confirm that this includes many of our Turkish exhibitors who are committed to the exhibition following recent developments in the country.

We are pleased to see many of London’s most iconic projects being showcased at Cityscape within their portfolio which is achieved through real estate investment. This security is increasingly reached through investment in ‘overcrowded’ markets which are seen as the safest option for long term investment.

We have seen a growing interest from international exhibitors attending the event and connecting directly with high net worth individuals (HNWIs) and investors based in the region. With over 61% of the UAE’s HNWIs stating they will be looking to invest in their target city by the end of 2016 the opportunity for international projects to attract major investment is clear to see.

SEPTEMBER 2016

26/08/2016 18:37

Harrods Estates brings

LONDON property to the world

• LONDON RESIDENTIAL SALES • LONDON RESIDENTIAL LETTINGS • ACQUISITIONS • NEW DEVELOPMENTS • ASSET MANAGEMENT • PROPERTY MANAGEMENT

KNIGHTSBRIDGE OFFICE: 82 BROMPTON ROAD LONDON SW3 1ER T: 020 7225 6506 MAYFAIR OFFICE: 61 PARK LANE LONDON W1K 1QF T: 020 7409 9001 CHELSEA OFFICE: 58 FULHAM ROAD LONDON SW3 6HH T: 020 7225 6700 KENSINGTON OFFICE: 48-50 KENSINGTON CHURCH STREET LONDON W8 4DG T: 020 3650 4600

HARRODSESTATES.COM @HarrodsEstates

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Cityscape Global

How much money is invested in the wake of this exhibition?

We do not take a measure on the level of investment that takes place during the week of Cityscape Global or the following weeks. I do, however, feel it is safe to estimate that hundreds of millions of dollars’ worth of investment are set to take place during the show, with Cityscape generating billions of dollars’ worth of investment over the years.

2015 saw over 43,000 participants come to the exhibition with 72% of visitors confirming they intend to make a purchase, and or do business whilst at the exhibition. Following our research of the visitors’ interests and investment value we saw that an average of 61% of our investors’ portfolios consisted of real

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significant impact and will be a big market driver for future growth within the sector. This global showpiece will host a number of new projects to be launched in the coming months.

Investors can also be kept up to date with current market trends and future launches throughout the Cityscape Conference, running on the 5th September at the Conrad Hotel, as well as the Cityscape Talks area positioned on the show floor during the three days of the exhibition.

How well represented is the London estate. It is this concentration of investors and property market at the event? home buyers that make Cityscape the leading We are pleased to see many of London’s platform for real estate investment and 2016 most iconic projects being showcased at will deliver the same quality presenting an Cityscape Global this year, offering great opportune time to invest. investment opportunities. Taylor Wimpey What will investors gain from Cityscape will showcase their Paddington Exchange and Global 2016?

Palace View developments, with Elysian Real When we look at the Dubai market, it is easy Estate Brokers promoting One Nine Elms to forget that the current and Television Centre, one of the most talked average yield for a property Cityscape Global about redevelopments in is 7% across the board, offers a fantastic central London. Trafalgar which is 2 – 3% higher than platform for anyone Properties will be the global average. This looking to invest in the promoting Royal Wharf makes Dubai an attractive real estate market and Lincoln Square option to investors looking whilst Copperstones will to increase their returns, bring the Battersea Power Station (another compared to looking at more moderate returns major landmark redevelopment), offering in mature markets. premium residential units.

Showcasing some of the most iconic future We will see many more London projects on developments across the UAE, and with many show during the three day event so I urge all great investment opportunities on show from our interested buyers to make the trip down to international exhibitors, Cityscape Global offers Cityscape Global and see for themselves the a fantastic platform for anyone looking to invest great opportunities on offer. in the real estate market, be it in the residential, commercial, retail, or hospitality sector. cityscapeglobal.com The forthcoming Expo 2020 is set have a SEPTEMBER 2016

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All apartments benefit from the use of the residents’ private dining room overlooking the Dan Pearson designed courtyard garden

A LIFESTYLE TO SHARE When it comes to an address, King’s Cross has it all – right at the heart of London.

Unbeatable connections, an historic, canalside setting, beautiful parks, gardens and squares, education, shopping, eating, culture, and now its very own Everyman Cinema.

Two and three bedroom apartments in the Plimsoll Building from £995,000.

Visit the show apartment and marketing suite Monday to Friday by appointment, contact us on 020 7205 4268

14-15 Stable Street London N1C 4AB plimsollkingscross.co.uk

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ROOM WITH A

VIEW The River Tower and the City Tower make up One Nine Elms, a new residential development head and shoulders above the rest Words Elysia Agnew

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SEPTEMBER 2016

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SPOTLIGHT

SEPTEMBER 2016

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One Nine Elms, SW8, £1.395m

ONE NINE ELMS, SW8 Starting from £1.395m One Nine Elms will be one of the tallest residential developments in central London, soaring high above the rest of Nine Elms and the surrounding area.

The development is comprised of two towers, the River Tower and the City Tower.

The City Tower is the tallest of the two towers, reaching 56 storey’s high, and The River Tower is central London’s only residential tower to be fully serviced by a five-star hotel.

At 42 storeys high River Tower will offer premium apartments on the upper floors, with an exclusive residents lounge located on the 19th floor. The Wanda Vista hotel, which connects the towers at mezzanine level, offers a range of luxury services and amenities exclusively to residents The new United of River Tower.

States Embassy and One Nine Elms is the One Nine Elms is the glittering pinnacle of the New Covent Garden glittering pinnacle of Market, the largest regeneration in the area the regeneration in the fresh produce market area. Right next door in the country, add to Vauxhall Underground station, with speedy daytime buzz and weekend colour to the transport links into London’s West End area. A new linear park will also run right and the City, the development is also within through the area from east to west, making it one of the greenest districts on London’s walking distance to the iconic attractions of a South Bank. regenerated Battersea Power Station.

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Other benefits include a winter garden in every apartment, a 24-hour concierge service throughout the building, a private residents’ gym and an executive lounge. The development is close to Vauxhall tube station and is set in a sought after Zone 1 location. ◆ Strutt & Parker London New Homes 020 7318 4677; struttandparker.com SEPTEMBER 2016

26/08/2016 18:42

The Waterside Club For your health and wellbeing, coming soon to Royal Arsenal Riverside EXCLUSIVE PREVIEW OF THESE LUXURY FACILITIES Visit the Sales and Marketing Suite to view the 3D model 20m swimming pool

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Vitality pool

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Cinema room

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24 hour Concierge

Manhattan Suites, 1, 2 and 3 bedroom apartments available. Prices from ÂŁ440,000.

Call 020 3813 7265 to register your interest

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www.royalarsenalriverside.co.uk

Photography is indicative only. Prices and information correct at time of going to press. Estimated completion in 2018.

Proud to be a member of the Berkeley Group of companies

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I WANT TO EXPAND MY INVESTMENT PORTFOILIO

THE HOME OF REAL ESTATE INVESTMENT Cityscape Global 2016 is the largest and most influential real estate investment and development event for emerging markets globally. Bringing together investors, developers, government officials and real estate professionals, there is no better place to find investment opportunities and new business partners.

Register Online and Save AED100 +971 4 336 5161 Foundation Partners

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23/08/2016 14:50

Queen’s Gate Place, SW7, £35,000,000

QUEEN’S GATE PLACE, SW7

A DESIGNER’S

DREAM

£35,000,000 A grand, Grade II listed end of terrace with elegant proportions throughout. It’s the first residential house in London to have been meticulously renovated, interior designed and furnished by Armani Casa. Approximately 9,096 sq ft, Queen’s Gate Place, along with the other building’s in Queen’s Gate, were built in the 1860s as large family residences in an Italianate style, and even though much re-building of the area has taken place, the expansive and expensive Victorian atmosphere remains.

Having undergone an extensive refurbishment, this superb house features original cornicing, a stone staircase and metal balustrades which have been repaired and restored and integrated into the re-design of the property.

On the ground floor, the bespoke kitchen

by Armani Dada runs off the breakfast room, library and dining room. The upper floors provide five double bedrooms (all with en suite bathooms) at second floor level and above, with the house benefitting from a bespoke finished passengers lift that runs between the lower ground and fourth floor. The basement gives additional bedroom accommodation, suitable for staff quarters.

The property also features a privately enclosed roof terrace, a private garage to the rear, wine storage room and leisure facilities including cinema, spa, gymnasium and a library. ◆ Knight Frank Knightsbridge 020 3813 5923; knightfrank.com

Featuring a stone staricase, metal balustrades and original cornicing, we look inside the first London house designed and furnished by Armani Casa Words Elysia Agnew

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NETHE RTON LODGE, SW10

WAY O U T

WEST State of the art technology, high quality design and luxurious interiors make up this stunning Chelsea home Words Elysia Agnew 48

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£7,250,000 Netherton Grove is a quiet cul-de-sac situated just off the popular section of Fulham Road known as ‘The Beach’, renowned for its fashionable shops, bars and restaurants, and its close proximity to the Chelsea and Westminster hospital.

There are fantastic transport links nearby, with South Kensington, Earl’s Court, West Brompton and Fulham Broadway tube stations all within walking distance. There are also multiple bus routes from Fulham Road and King’s Road.

This truly exceptional five bedroom house is 23 ft wide and benefits from double off-street parking, a stunning same level garden, an abundance of natural light and 3,185 sq ft of living space, all above ground level.

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SPOTLIGHT

Netherton Lodge, SW10, £7.25m

The best quality materials, state of the art technology and luxurious and fresh interior design have all come together to create a fantastic Chelsea family home. ◆ Savills Sloane Street 020 7824 9016; savills.com SEPTEMBER 2016

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They’ll

just need a

trim every

few weeks.

Easy peasy.

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The The heart heart wants wants what what the the heart heart wants. wants.

Discover Discover countryside countryside homes homes with with south south facing facing gardens gardens using using keyword keyword search. search.

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SALES FROM THE

Riverbank According to research conducted by the European Centre for the Environment and Human Health, those living closer to the waterside are reporting better health and overall wellbeing which, in turn, also makes them happy

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urther research by Knight Frank shows that the premium on waterside properties is now 70% over those inland. Offering a collection of waterside apartments in the heart of London’s Docklands, but without the associated price tag, Bellway’s Dockside development in E14 offers a range of one and two bedroom apartments priced from just £384,995.

Dockside comprises a brand new collection of one, two and three bedroom contemporary apartments, some with stunning views 52

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across the quay, as well as plenty of modern amenities. The location is the perfect place for city workers looking for some escapism, but with plenty going on to explore during the summer months.

Bellway’s Sales Director Peter Knights comments: “During summer, people of course like to get out more. The apartments at Dockside all offer private outdoors space in the form of balconies or terraces, ideal for al fresco dining on the waterfront. London’s Docklands offer so much for residents in the form of local amenities, with restaurants, bars and Canary Wharf’s shopping district all within a few minutes from home.”

All of the apartments at Dockside have a contemporary design with a high quality specification. The living and dining areas are open plan, which is spacious and lightfilled, thanks to full height glazing leading out to a balcony or terrace. Kitchens are fully fitted with a range of modern units and integrated appliances including a fridge/ freezer and electric oven. Bedrooms are generously proportioned, with the master bedrooms benefiting from built-in wardrobes and en suite shower rooms. The bathrooms feature crisp, white sanitaryware and chrome fixtures and fittings, while the en suites include full height tiling. Residents also SEPTEMBER 2016

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ABSOLUTELY LONDON PROPERTY

SPOTLIGHT

benefit from access to a concierge, ideal for modern city lifestyles.

For local amenities and leisure activities, nearby Canary Wharf is not just a place of work, but is also home to three shopping malls, each boasting a range of high-street and high-end brands, as well as a wide range of restaurants, bars and cafes. Historic Greenwich is a short hop across the river

by DLR, offering a wide range of places to visit, including parks, museums and the famous university.

For commuters, Crossharbour DLR station is just a three minute walk away, providing just a three stop service to Canary Wharf.

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Kent to Buckinghamshire and Berkshire with direct train services across London. For international and domestic air travel London City Airport can be reached in less than 30 minutes by public transport. ◆

 Prices for the apartments at Dockside start at £384,995 for a one bedroom, from £689,995 for a two bedroom, and from £799,995 for a three bedroom apartment. Duplex apartments are available from £904,995.

From there, the Jubilee line offers direct journeys across the capital to Stratford and Bond Street. Canary Wharf will become home to Crossrail in 2018, linking Essex and

For further information on the new homes at Dockside, please call 0845 548 8032 or visit bellway.co.uk

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SPOTLIGHT

Five things you need to know about London property Strutt & Parker pick out the key trends affecting the prime London market

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ll markets hate uncertainty and London’s prime property market is no exception. The UK’s vote to leave Brexit is certainly not the first or only headwind we have recently faced as high end estate agents in the capital.

The market first started to slow down back in June 2014 when the Bank of England threatened to put up interest rates, then came the possible introduction of a Mansion Tax on properties over £2m, the devolution vote in Scotland, and then the build up to the 2015 General Election. This is before we even start to consider the significant changes to Stamp Duty Land Tax which were introduced in SEPTEMBER 2016

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December 2014 – and the further introduction of an extra 3% tax bill on second homes and but-to-let investments in April 2016.

But demand for property in London – the world’s capital city – is remarkably resilient and there is little doubt that London remains a hugely attractive place to live and own property.

It’s important to look at the fundamentals.

There remains a shortage of stock in the most sought-after areas of the capital and the market’s strong long-term performance continues to attract international buyers who are looking for a safe haven for investment.

Strutt & Parker Research reveals that 39% of buyers of Prime Central London property

are now from overseas. It’s clear that the city’s reputation as a magnate for wealth remains undimmed – 49% of all prime London properties are bought solely with cash.

The ability to attract global buyers is having a positive impact outside the golden postcodes of Chelsea and Knightsbridge. For example, the high-quality housing in emerging areas such as Nine Elms can only be built if overseas as well as domestic investors have confidence in the market.

Expert insight is essential to making the most of these changing circumstances. In the following pages, we highlight five trends shaping London property. I hope you find our insights useful. ◆ 55

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The Rise of the Super-Rent A prime rental market has emerged with demand outstripping supply for properties costing £10,000 a week or more, says Peter Buhlmann

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he prime rental market in London is booming.

Upfront payments of £500,000 are being handed over to secure the best homes, and weekly rents are reaching all-time highs.

“We have seen a significant increase in demand for houses priced over £10,000 per week in the past 12 months,” says Emilie Beard, Head of Lettings at Strutt & Parker’s Notting Hill office. “Kensington and Chelsea are popular, and Holland Park is a hotspot.”

The jump in demand, and price, has been caused by a number of factors. The hike in 56

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stamp duty introduced by the Chancellor in 2014 had a significant impact.

“At the top end of the market, stamp duty represents a significant additional cost,” says Emilie. “For example, the buyer of a property valued at £20 million will incur a payment o just over £2.3 million. It makes renting more attractive for people who might only be in London for a couple of years.” If that wasn’t enough, the possibility of a mansion tax being imposed after the election also made buyers more cautious.

As a result, sales of homes over £2 million dropped by 30% in February compared to the previous year, according to the Land Registry.

Although more tenants are prepared to pay

super-rents, they have specific requirements.

Houses will generally need to measure over 5,000 sq ft. Essentials are off-street parking, good security and staff accommodation.

Leisure facilities such as an indoor swimming pool and gym are also normally required.

“Houses of this calibre tend to be rented by families who are relocating to London from another country,” says Emilie. “More often than not, it will be a corporate lease for the CEO or founder of a company.”

The sector is likely to grow further still.

The increase in demand for high-end family houses is up against a lack of stock, which will inevitably push rental prices up.

The owners benefitting from the boom in SEPTEMBER 2016

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SPOTLIGHT

2 The Only Way is Up London is heading for a new phase of tall buildings, with the majority of proposals marked for residential living, as Chris Partridge reports

“MORE OFTEN THAN NOT, IT WILL BE A CORPORATE LEASE FOR THE CEO OR FOUNDER OF A COMPANY” Emilie Beard,

Head of Notting Hill Lettings

super-rents are often ‘accidental landlords’, who have moved to a new property but are waiting to sell their original home at the right price and decide to rent it out.

They might not have to wait long, as property prices are already recovering.

Recent Land Registry figures show the market has rebounded since the election, with average prices in London rising by 2.3%. But with increasing numbers of highnet-worth individuals moving between the world’s major cities, the super-rental market is here to stay. ◆ Emilie Beard Head of Notting Hill Lettings SEPTEMBER 2016

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A

enhall Street and the southern part of Bishre Londoners falling in opsgate,” says James Newman, publisher of love with high-rise living?

Skyscraper News. “Around the City fringe, we The city’s skyline suggests expect numerous £100 million-plus residential so, with 263 skyscrapers towers to be built. Shoreditch is gentrifying now either planned or unrapidly and 30-storey apartment buildings are der construction. going to be driving this.”

Londoners are used to The sheer number of towers being seeing statement offices towering over proposed has raised fears that the Square Mile, but this time it’s London’s iconic skyline will be different. According to the latdestroyed. But planners are est London Tall Buildings confident that the days Survey, 80% of the new London remains a low-rise city, when towers could be towers are residential. built anywhere in Lon“Although purchasranking 44th in the world with just don are now over. ers are attracted by 16 towers taller than 150m. Here “There is no doubt far-reaching views, are the top five skyscraper cities that sensibly manthey also like the idea Hong Kong 303 aged and well-deof living somewhere New York City 237 signed tall buildings, with well-run ameDubai 144 which sit well within nities, such as gyms, Shanghai 124 their surroundings, shops and restaurants,” Chicago 116 have a key role in meeting says James Puddle, Partthe challenge of our rapidly ner in London Residential increasing population,” says Sir Development and Investment at Edward Lister, Deputy Mayor for Policy Strutt & Parker. “The London market and Planning. “The latest research shows has only just started to benefit from this type that the vast majority of tall buildings are of living.” being built in carefully planned clusters. It The location of the towers reflects the new is that strategic approach, combined with residential areas springing up across London, robust planning rules and the requirement with developments focused along the river and for top-quality design, that will ensure the emerging areas east and south of the City. capital maintains and enhances its leading “The City is undergoing a great wave of world city position.” ◆ skyscraper proposals clustered around Lead-

SKY HIGH

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3

Londonnaire The

Rising house values mean that more and more Londoners are joining the ranks of property millionaires, as Graham Norwood reports

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decade of almost uninterrupted house-price rises in the capital has created a new breed of homeowner: the Londonnaire, the proud owner of a property that’s worth £1 million or more.

“In the past, London’s million-pound homes were confined to the likes of Mayfair and Knightsbridge, but they now stretch far and wide,” says Charlie Willis, Head of London 58

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Residential at Strutt & Parker. Data from property website Zoopla shows that there are now 18 London postcodes where the average house and apartment costs £1 million-plus, led by the famously high value Kensington & Chelsea, where a typical home is now £2.65 million.

But more modest addresses, at one time considered to be mid-priced, are now in the £1 million league table. Westminster and Belgravia properties, for example, have an average price of more than £1.8 million, while a typical home in the fast-improving Soho and West End area exceeds £1.5 million.

The upward trend is so strong that some experts are predicting the average property price across the whole of Greater London, which currently stands at £514,000, will reach £1 million.

“Even if average house prices keep pace with earnings rather than racing ahead, in London they are likely to breach the £1 million barrier before 2030,” says Richard Holt, Head of Global Cities Research at Oxford Economics.

Price rises are driven by a lack of supply for a rapidly increasing population, as well SEPTEMBER 2016

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London in numbers Five new addresses for Londonnaires

(POSTCODE AND AVERAGE VALUE) BARNES AND CASTLENAU, SW13 £1,474,738 EARL’S COURT, SW5 £1,289,702 HOLBORN, STRAND AND COVENT GARDEN, WC2 £1,025,035 CHISWICK, W4 £1,023,548 MORTLAKE AND EAST SHEEN, SW14 £1,012,332 Source Zoopla

400,000

Homes in the UK are worth £1 million, according to the Land Registry as infrastructure improvements, such as Crossrail, creating new property hot spots.

This new-found property affluence is set to produce a beneficial ripple effect as owners are tempted to realise their equity by selling up and moving elsewhere: spreading wealth to other parts of the capital.

“For young families, a classic early move is from central London to the south-western suburbs,” explains Charlie Willis.

Increased demand in this patch, for family houses in particular, explains why new entrants into the £1 million-plus league include Barnes SEPTEMBER 2016

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(with an average price of £1.47 million), Chiswick (£1.02 million) and Mortlake (£1.01 million).

“Later on, families seeking good schools may move further,” says Charlie. “Often they see a 60-minute train commute as the boundary of where to look. Popular locations include St Albans and rural Hertfordshire, as well as Oxford, but the highest demand is for areas of Surrey where road and rail links to the capital are very strong.” So, although Londoners’ homes may increasingly boast seven-figure price tags, the wealth they generate will have a positive impact right across the property market. ◆

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The number of streets in Britain (all in London), where the average price is more than £10 million

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4

Diplomatic Mission

L

The sale of central London embassies will create ultra-prestigious homes in the capital’s most exclusive streets, says Lawrie Holmes

ondon’s embassies have traditionally been located at the capital’s best addresses.

Kensington, in particular, has been a de facto embassy quarter for generations. But that is about to change because London’s embassies are on the move.

And the reasons are mainly financial.

“Governments are looking at costs and seeking to make savings by moving to more affordable locations,” says Rupert Wiggin, Partner and Head of Strutt & Parker’s Kensington office. “They also have the opportunity to raise revenues by selling what have become very valuable properties.”

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It’s a good time to sell, as London is seeing an influx of ultra-high-net-worth individuals looking for a trophy home. And that doesn’t come much bigger than a former embassy.

“These buildings are exactly what the wealthiest buyers are looking for,” explains Rupert. “Not only are they great places to buy – Kensington Palace Gardens is arguably the best address in the world – they are also often situated on roads that are extremely secure, with guards and camera surveillance.

That’s ideal for a billionaire who is concerned about security.”

The buildings make for spectacular private residences, combining architectural heritage and an enviable amount of space. No wonder they appeal to the global super-rich.

Steel billionaire Lakshmi Mittal created one of London’s most impressive homes when he combined the former Egyptian and Russian embassies on Kensington Palace Gardens.

The most prominent embassies have often created ultra-prime micro-markets for buyers who want to enjoy the cachet of living near these prestigious buildings and their equally prestigious owners. Experts predict London’s new embassy buildings will have a similarly significant effect on the prime new-build L market. For example, the US and Dutch embassies are scheduled to move from Grosvenor Square and Hyde Park Gate to Nine Elms. Their arrival will bring a global dimension to Britain’s biggest regeneration SEPTEMBER 2016

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SPOTLIGHT

5 The Wellness Factor Rather than visit a luxury spa, owners of super-prime homes are creating their own wellness suites, says Cherry Maslen

“THE DECISION OF TWO PRESTIGIOUS EMBASSIES TO MOVE TO NINE ELMS GIVES IT A SEAL OF APPROVAL” Mark Dorman,

Partner and Head of London Residential Development and Investment

project, one which stretches from Vauxhall Cross to the iconic Battersea Power Station and will include flats, shops, restaurants and leisure facilities.

“The decision of two prestigious embassies to move here gives the seal of approval to an area that is undergoing a very radical transformation,” says Mark Dorman, Partner and Head of Strutt & Parker’s London Residential Development and Investment Department, which is marketing One Nine Elms, the area’s tallest residential tower.

“They will be the catalyst for the creation of a new prime area that brings together a central location, excellent transport links and a new generation of iconic buildings.” ◆

SEPTEMBER 2016

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T

he definition of a truly luxuri‘below stairs’. With fewer staff now required ous home is changing. Once, it to run a house, this floor has become the ideal was enough to have a screenlocation for a wellness suite. ing room, two kitchens and an “Property owners look for ways to add value,’” underground garage. says James. “Whether it’s refurbishing But now, an extra feature is a lower-ground floor or digging out a basement, appearing in the best-appointthe extra space is worth gaining.” ed homes – a wellness suite.

When it comes to the design and finish of a This private sanctuary is devoted to the health, wellness suite, the key word is bespoke. fitness and pampering of its owners.

“Wellness suites vary enormously from one It will include a swimming pool, a jacuzzi, sauproject to another because they are tailored to na, gym, massage and treatment room, and suit the specific requirements of the owna salon for hair and nails. er,’” says Richard Miller, Managing As well as the convenience Director of leading cabinet makof having all these faciliers Halstock. “Some have ties grouped together, it state-of-the-art fitness means the owners do not machines, others place have to travel to their a greater emphasis on hairdresser in Mayrelaxation. One recent fair or to the nearest project included a hair The size of the biggest luxury hotel spa – the and make-up room and private house masseur, manicurist, another dedicated to hairdresser or personnail treatments.” in London – al fi tness trainer will be However, it seems Witanhurst able come to them. “It’s that the jury is out on in Highgate about the luxury of privacy,” how much value a wellness says James Geddes, Partner in suite adds to a property. They Private Property Search, Strutt & are very personal spaces and, like Parker’s independent buying consultancy. swimming pools, they appeal to some “This type of property owner can afford to have people but not others. If a property’s square everything they need brought to them at a time footage is increased by creating a basement for that suits them.” a wellness suite, then that will add value, but The higher up the scale and the larger the not as much as extending above ground. “In house, the more extra space there is for this ulmy view, any space that’s subterranean should timate indulgence. Large London houses used be valued at 50% of above-ground space,” says to have an army of staff who would take up James Geddes. “Buyers won’t pay the same as the whole of the lower ground floor – literally they would for the rest of the property.” ◆

90,000 sq ft

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SEVEN BEDROOM DETACHED HOUSE FOR SALE ON COMPTON AVENUE, HAMPSTEAD. £9.95M VIA KNIGHT FRANK, 020 3811 2459

Million Pound Streets WHERE THE STREETS HAVE NO LIMIT?

H

London's prime property market boom has been unprecedented recently, discovers Nigel Lewis

ouse prices within the most desirable streets in the capital have been rising so fast recently that in one area house prices have almost doubled in five years.

Savills say prices in what it calls North and East Prime London (Shoreditch, Islington, Wapping and Canary Wharf) have risen by 42.1% over the past five years. Other areas of London have not been so spectacular, but still extraordinary including Prime Central London (+28%) and Prime North West London (Primrose Hill and St John’s Wood) at +27.9%.

But it’s not all clinking champagne flutes.

Some agents say the party may be over as the European referendum, increased Stamp Duty and jittery foreign buyers have reduced demand in these markets.

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Despite these worries, these percentage increases mean some roads still feature houses for sale at record highs; remember it was only a year ago that a renovated mansion on Upper Brook Street in Mayfair sold for £90m. So what are the other streets in London that can claim such huge prices? Here we reveal where the most expensive residential roads and streets are, based on data from Zoopla.

THE BOLTONS, BROMPTON Average price: £36.1 million irst on the list is The Boltons, a squashed oval road in Brompton F named after the church within the private communal gardens at its centre. It has just 30 houses but when they come up for sale, bidding wars usually ensue. Last year a mansion built recently on the site of an old telephone exchange sold for £51m. It has seen

some famous residents, too, including Jeffrey Archer, Douglas Fairbanks and the supermarket-owning Sainsbury family. The primary school at its northerly end was built during the 1950s on the site of Beatrix Potter’s former home. There is an off-market, six bedroom house for sale on The Boltons at the moment, although the price is not disclosed. u KENSINGTON PALACE GARDENS Average price: £42.6 Million ensington and Chelsea are the king of bling. At least half of the 20 most K expensive streets in London are in the borough and the list is led by Kensington Palace Gardens which connects Kensington High Street and Bayswater Road. Last year, the tree-lined and security-guarded avenue featured the sale of 15a, which went on the market with a 125-year lease at £85 million. u SEPTEMBER 2016

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GROSVENOR CRESCENT, WESTMINSTER Average price: £21.9 million axi drivers will know this road as the connecting road of Belgrave Square to T the Hyde Park Corner roundabout. But it’s central position has pushed up prices recently, helped by the Regency houses that line it. It is probably best known as the home of the Belgian Embassy and the fact that, during the early noughties, 3-10 Grosvenor Crescent was bought, remodelled and turned into a clutch of huge apartments sold individually for a total of £201m. u COMPTON AVENUE, HAMPSTEAD Average house price: £15.01m ompton Avenue like its neighbour Courtenay Avenue, is off Hampstead C Lane in the leafy clutch of roads below the Spaniards Inn. Compton Avenue is particularly well known for its ‘knock downs’.

This is where modest homes built during the post-war years are bought up by developers and then flattened to make way for opulent mansions. There is currently a large, detached house for sale on the road with Knight Frank.

The Red House, which has a swimming pool, large garden and seven bedrooms is on the market for £9.95m. u COURTENAY AVENUE, HAMPSTEAD Average Price: £20.9 million n first inspect Courtenay Avenue does O not look like its stucco-fronted Kensington and Chelsea rivals: it is a suburban cul-de-sac between Highgate Golf Club and Kenwood House. The road parallel to it is The Bishops Avenue, better known as Billionaire’s row, and like it, Courtenay Avenue is treasured for it’s large detached houses and gardens, many of which have swimming pools.

In short, it is a little bit of rural North London but not that far from central London. The most recent house to be sold was Heathways, for £18m in 2014. u

FOUR BEDROOM, SIX RECEPTION ROOM HOUSE ON HANOVER TERRACE, NW1 £11M VIA SAVILLS, 020 3043 3600

The road parallel to it is The Bishops Avenue, better known as Billionaire's row

GROSVENOR CRESCENT, WESTMINSTER AVERAGE PRICE: £21.9 MILLION

HANOVER TERRACE, REGENT’S PARK Average house price: £11.13m his short road off Regent Park’s Outer Circle was built in 1822 to a design by T John Nash and has been a desirable address ever since. It’s unusual because all of its 20 houses are linked by one continuous column-lined external gallery running along the ground floor. Famous residents have included author HG Wells, composer Vaughan Williams and Wallis Simpson, Duchess of Windsor and wife to the former Edward VIII. u SIX BEDROOM MANSION IN HAMPSTEAD VILLAGE. £9.95M VIA SAVILLS, 020 7472 5018

FROGNAL WAY, HAMPSTEAD Average house price: £13.27m his private, gated road behind Hampstead Parish Church has a bit of T an ‘off-grid’ feel to it. The road isn’t paved and its sandy, sometimes uneven surface is in great contrast to the neat, upmarket roads around it. Its most famous home owner to date has been Gracie Fields, the film and stage star of the 1930s. There’s a house for sale with Savills at the moment for £9.95m. It’s a six bedroom detached mansion with an indoor pool, staff flat and garden. u SEPTEMBER 2016

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A S PA C E T H E N O RT O N M O M E N T S A W AY F R O M S T U N N I N G R I V E R V I E W S A N D B E A U T I F U L PA R K L A N D A PA R T M E N T S F R O M £ 3 0 0 , 0 0 0

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THE SKY ’S THE

LIMIT Telford Homes elevates London luxury with Triplex Penthouse

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iving the high life in Eye, one the nation’s most revered tourist London has been taken to a attractions, yet unlike the throngs of visitors whole new level by Telford queuing for their extended glimpse of the city, Homes’ Triplex Penthouse residents of The Triplex Penthouse can wake at Parliament House. Not up and absorb the views as they sip their only does the exclusive topmorning coffee. floor home offer 360 views As one would expect, to compliment the of the city’s ever-changing immaculate views, The Triplex Penthouse skyline – an exceptionally rare display from is designed with aesthetic precision and one’s private living room or outdoor kitchen – excellence. This stylish residence boasts a The Triplex Penthouse also offers the spacious long list of designer additions; with kitchens

by Molteni & C integrated with Gaggenau interiors and terraces that enable these and Miele appliances, custom automated views to be enjoyed and shared at any social Crestron system occasion. controlling blinds, Located just off of Triplex Penthouse’s two lighting, audio and Albert Embankment roof terraces capture visual and Molteni SE1, the Triplex sights of the city’s most & C wardrobes to all Penthouse’s two roof loved landmarks bedrooms. Cheville terraces capture sights Parquet flooring joins of the city’s most each room, combined with floor to ceiling loved landmarks – from the iconic Houses glazing that adds a sumptuous feeling to the of Parliament directly opposite, to London’s apartment. It comes as no surprise that some more modern advances, such as The Shard. have likened the penthouse to a James BondThe expansive views rival that of the London 66

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meets-Tom Ford fusion of style and coolness – a perfect marriage of timeless taste and sophistication. Mood lighting, coffered ceilings and opulent bathroom suites are quick to add to this dream-like depiction.

Designed and furnished by renowned interior specialists Honky Design, The Triplex Penthouse offers a unique opportunity for those looking for the ultimate entertaining spaces with views of the London skyline. All residents have access to Parliament House’s concierge service and private residents’ gymnasium. The Triplex Penthouse has priority fobbed access from the lift for added security and peace of mind.

Occupying the entire top three floors, it crowns this landmark development and features a substantial private terrace with outdoor kitchen, wide screen waterproof TV and Riviera cedar wood hot tub. Access to each floor is via a bespoke helical wooden staircase a work of artistic craftsmanship in its own right, designed and installed by TinTab, a leading contemporary and innovative staircase designer known for SEPTEMBER 2016

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transforming unique ideas into sharply detailed and exceptional pieces. The upper level of the staircase leads to a fully automated glass roof light that opens onto the secondary roof terrace with uninterrupted views spanning along the River Thames towards the Houses of Parliament and the City and south towards Battersea.

For both London locals and frequent travellers, the penthouse enjoys an enviable location set just off Albert Embankment, with nearby Vauxhall and Waterloo stations that provide fast and reliable connections. For the busy globe-trotter, international connections couldn’t be easier or more convenient with the London Heliport, London City Airport, London Heathrow airport and Waterloo station all easily accessible.

David Campbell, Group Sales and Marketing Director of the developer Telford Homes, SEPTEMBER 2016

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comments: “Located in one of the capital’s most aspirational areas, The Triplex Penthouse at Parliament House is a striking embodiment of luxury London living. It will be sure to satisfy in all respects, attracting a global audience which will be drawn by the elite

address, spectacular views and sublime interior finishes. The penthouse offers the pinnacle of luxury combined with breathtaking panoramic vistas from this exclusive and unique London vantage point.

Penthouses are not just the upper floors of an apartment building, they are the ultimate aspirational dream of many buyers, the last word in statement purchases. There is no need for artwork on walls of The Triplex Penthouse as the floor to ceiling glazing provides a window to the most amazing, constantly changing canvass that is the London skyline, topped off with the most breath taking light show as the sun goes down. ◆ Telford Homes 020 3538 6863; telfordhomes.london 67

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At Home with the Hatter

David Shilling, milliner extraordinaire, has decorated his London house in flamboyant signature style.

Absolutely London Property takes a tour Words Pearl Boyd

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ost 12 year-old boys aren’t so much interested in their mother’s fashion choices. Hardly any of them would make clothes for their mothers to wear, and even fewer would make wearable ones. But milliner extraordinaire David Shilling’s career kicked off when at the tender age of 12, in 1966, he made a hat for his mother to wear at Ascot – and not only did she wear it, but she asked for another one the following year and continued to sport her son’s increasingly flamboyant creations for the next three decades.

Over her lifetime, Gertrude Shilling’s millinery highlights included a five-foot giraffe, a giant football and a vast silk sailing boat, all of them

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her son’s creations. Shilling’s hats make up part of the V&A’s collection and his 2007 display of £1m hats gained international attention. They have been photographed by Sir Cecil Beaton, David Bailey, Lord Litchfield, Lord Snowdon, Norman Parkinson, and Mario Testino and worn

by Raquel Welch, Kylie Minogue, Shirley Bassey, Cybill Shepherd, Joanna Lumley, Lauren Hutton and Chrissie Hinde.

It is now 40 years since David Shilling opened his hat shop on the then sleepy Marylebone High Street and his extravagant and groundbreaking designs made him the godfather of modern millinery. The shop was a conversion of two Georgian houses, which also provided a substantial apartment above, on three floors and with 13 rooms. He was able to hold the first ground-breaking annual shows of his SEPTEMBER 2016

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hats in this spacious accommodation, before his growing success forced him into larger spaces such as The Ritz, Claridge’s and The Dorchester. Shilling’s Marylebone hat shop was enormously successful during the 1970s but with demand for hats – especially outrageous ones – declining since the 1980s, he shifted his skills to sculpture, creating steel pieces not entirely unlike his hats. Now he is an established fine artist; his house in Marylebone’s Homer Street reveals his extravagant tastes and grand style in the interior and layout. The house is decorated with a magical mix of contemporary flair and a nod to its origins – the Georgian terrace was first constructed as a home for a family fleeing the French Revolution, so for such a modest-sized house its proportions are quite grandiose with generous ceiling heights and large entertaining spaces.

The house reveals his extravagant tastes & grand style in its magical contemporary flair For many years, Shilling’s main residence has been in Monaco and now he is selling the London house. He says: “Even after 15 years of living in Monaco people still say to me they expect I will come back to live in London one day.

While I love how the house is presently, a great blend of contemporary design with a hint of its origins – and I have even managed to incorporate a covered smoking area – moving back to London isn’t going to happen.”

Rosy Khalastchy of Beauchamp Estates, which is marketing the house, says: “Homer Street is presented in a spectacular style, thanks to the design and artistic talents of milliner David Shilling and would make a super London home, complete with entertaining space and a rooftop terrace that affords stunning views across the London skyline.” u This house is on the market at £1.95m with beauchamp.com 70

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Midas touch

Zinc, metallics, blackened steel and solid timber reflect an industry chic style in Minale + Mann’s newest design project Interview Elysia Agnew

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e catch up with business owner and acclaimed Architect and Designer, Sebastian Mann to find out about Minale + Mann’s refined industrial design.

Operating in London, Stockholm, New York, and throughout South East Asia, the London-born design agency are at the core of several high-end residential, boutique commercial and hospitality projects. Seymour Walk is a recent Georgian terrace transformation in Chelsea. You’ll find cosy spaces and period elements throughout, suiting a growing family lifestyle.

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ELYSIA AGNEW: How did you start out as an architect and designer?

SEBASTIAN MANN: I studied at The Bartlett School of Architecture in London after I started to develop an interest in both the form and structure of buildings as well as how people are connected to them. I went on to start my career at various international architecture firms including Woods Bagot & Johnson Pilton Walker Architects as well as working on a historical Temple restoration in South East Asia.

EA: Can you tell us about the birth of Minale + Mann?

SM: Minale + Mann was first established in

2001 and I am proud to say we are still the only architectural company in London to provide in-house construction along with design. This allows our customers to have an entire project managed end to end by Minale + Mann. We employ over 130 staff across our headquarters in Battersea, to our workshops and on-site staff.

EA: What was Minale + Mann’s first project?

SM: Our first project was a residential renovation in Chelsea.

EA: What kind of clients do you work with?

SM: We work with a real range of clientele Ω SEPTEMBER 2016

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from a variety of pockets of London. These clients range from family homeowners, property developers and business owners.

What would you say your design ethos is?

SM: Minale + Mann are about refined industrial design. I get excited when using raw materials within the interior of a project.

Recently we collaborated with our sister company The Workshop to create a dramatic and truly unique zinc cladded closet and desk space running throughout this Victorian home, leading to create a kitchen island. For the Seymour Walk project, we commissioned a blackened steel and timber staircase which lead to a basement in a Georgian house in Chelsea. The process to get the stairs was a series of trips to the steel supplier testing the blasting process until we got the desired aesthetic. This is the level of attention and care that goes into our design ethos.

EA: Do you have a favourite city for design and architecture?

SM: I have been lucky enough to have lived and worked in many places around the world, but as I was born and bred in London Ω nothing really tops it! We have such an eclectic range of exciting architecture in our city. Our headquarters are located in Battersea so we have Battersea Power Station on our doorstep, which makes us feel inspired everyday on our way into the office.

EA: One of your newest projects is Seymour Walk, what was the inspiration behind it?

SM: The house is a Georgian terrace property set in the heart of Chelsea and it was important to have the concept of a

growing family at the forefront of this project.

Inspiration wise, we introduced an industrial design aesthetic and we made sure this was evident throughout the entire project via various means. This aesthetic is derived from my passion of raw materials taken from architectural forms such as steel, zinc and concrete. I like the contrast these materials provide within a home or work setting. We are constantly inspired and we incorporate this into every project we work on.

EA: Tell us a little more about the project?

SM: Throughout the ground floor we kept the aesthetic in keeping to the properties period features - complementing the dark and cosy corners with dramatic interior colours such as XXX and parquet flooring. As with many of these projects, extending isn’t always possible due a number of planning restrictions, so as space was a key feature to this project, we decided to include a 6m volume high double basement to add significant size to the property. We included a bespoke blackened steel staircase which led to the lower ground floor, and consisted of a process of visiting the steel yard supplier and getting hands on with the blast gun, ensuring we got to the exact colour and texture we wanted for the staircase.

We are located within an archway which really reflects us and our brand Ω creating spaces within an industrial backdrop This area formed as both a kitchen and an informal entertaining/cinema area.

EA: As an anti-trends agency, where is it you get your inspiration from?

SM: We take our inspiration from architectural form and I’m constantly inspired by my surroundings, be that at home in Richmond, walking along the Thames path at weekends with my children or via my commute to the studio in Battersea every day. We are located within an archway which really reflects us and our brand Ω creating spaces within an industrial backdrop.

EA: Do you have a seasonal style?

SM: We don’t adhere to trends so couldn’t possibly say. We do, however, have a bit of an obsession with zinc at the moment and are working very closely with our sister furniture design company to test the use of this material as much as we can via both our residential and commercial projects.

EA: What projects are you working on at the moment?

SM: We are working on a number of projects at the moment ranging from a refurbishment in St John’s Wood, to a top secret entire mansion plan in Richmond. I also run The Workshop who are going through a very exciting transition at the moment Ω stay tuned for that one! minaleandmann.com

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26/08/2016 11:53

NIGEL LEWIS

GARDEN

PARTY WHY LONDON’S GETTING GREENER

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ondon’s always been verdant but a Boris initiative is laying even more of the capital to grass through the planning process. And anyone buying a new-build apartment will notice this garden shift, says Nigel Lewis.

The capital’s long commitment to open spaces and greenery is there to see on Google Maps. Large and small parks, garden squares, allotments and hundreds of thousands of back gardens bear witness to our love of grass, shrubs and trees. And it’s not a legacy that every city has. “If you go to New York then they’ve got Central Park but outside that it’s a concrete jungle,” says Simon Kitchin of garden design firm Randle Siddeley. “The nice thing about London is that they are always trying to avoid that at every possible opportunity.”

And there’s a reason why. Boris’s most famous legacy may be his bikes, but it’s his planning advice that might outlive him and be appreciated more by Londoners. In it he set out a vision for neighbourhoods that will ‘create places people can live their whole lives’. The practical output is that developers have been increasingly focused on outdoor spaces.

The idea is that new developments shouldn’t be towers of security aloof from the city, as depicted in the Hollywood film based on a J.G. Ballard book, High-Rise. Instead developers have been pushed to provide more green and pleasant public and communal spaces for residents. And it’s rapidly turning from planning theory into practice.

And award-winning landscape designer Sam Ovens, who designed the Cloudy Bay garden at this year’s Chelsea Flower Show, is getting involved.

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“The garden I designed for the Cloudy Bay winery at Chelsea Flower Show this spring focused on the theme of escapism,” he says.

“It looked at the idea of creating a secluded retreat in which to escape. A serene space where one can ‘sail away’ from the pressures and demands of life.

“Developers are increasingly recognising the need to create these spaces in their schemes, whether its private gardens, terraces or shared outdoor landscapes.”

A Boris initiative is laying even more of the capital to grass This approach isn’t just for the big multiapartment developments, though, and even owners of multi-million pound properties want to get in on the gardening action, according to

Simon Kitchin.

“We did a project in Chelsea - Cheyne Terrace - where each of the gardens has its own private vertical garden or ‘green wall’ up the side of the terraces,” he says.

“When we were looking at the plant mixes one of the things that the developer was really keen on were that the residents should be able to interact with the gardens, so we created a herb garden on the green walls.”

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One of the biggest developments to embrace this in London is Silvertown, a former industrial area of East London where thousands of new homes, restaurants and shops are being built.

“We have a combination of gardens being created but what we’re slightly obsessed with here is the space outside the buildings, which we think are equally as important as the space inside,” says Olaide Obah, the development’s

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They are encouraging residents to get together to run a communal urban farm marketing manager.

“In London we’ve got used to everyone thinking about ‘their own’ space but more and more people want places they can chill out in and maybe play games and meet other people.

“If you think about how London was built in the past it was all about gardens, but I think at some point we lost some of that. So we want to bring that approach back.

“Silvertown is going to have a significant amount of public, multi-use spaces. Our vision for them is that they should be for people to do what they want in rather than it being a prescribed space.”

The developer of Wembley Park, which is two large new apartment blocks called Alto and Emerald Park next to the new stadium, is taking a different approach.

It is building public open spaces which are more architectural than botanical and then giving the residents access to gated communal gardens in which they can do their own gardening.

“Some of the residents have said they want to have a small scale herb and vegetable patch and, given the garden is an acre in size, I’m sure we can accommodate that,” says Paul Hogarth from developer Quintain.

Silvertown is taking this idea a step further and, says Olaide Obah, they are encouraging residents to get together to run a communal urban farm where all the produce will be sold in shops within the local area or the produce supplied to the 50 restaurants that will be within the site.

Another development taking gardens seriously is Lillie Square, being built by Earls Court. Its Director of Development and Sales, Mike Hood says he thinks the spaces in between buildings are just as important as the buildings themselves.

“Lillie Square draws on its west London garden square heritage and as one of the most desirable features for homes in the capital, we’ve built this into its very heart,” he says.

But it was not always this way. If you look at the developments built during the 70s, 80s and 90s everyone wanted to ensure their flat came with a parking space, not a garden.

“As a result, the potential areas for green space were taken up by car parks but we’re now in the age when cars are becoming less and less important,” says Olaide Obah. u 77

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TENANT PROFILES

Who will rent my property?

The London rental market can deliver a significant return for investors. But who will rent your property? Nigel Lewis picks out the likely tenants

27%

the percentage of all housing in London that’s privately rented.

This compares with 17% in the rest of the UK

1m

increase in the number of people living in London between 2001 and 2011.

WHO ARE LONDON’S TENANTS?

FAMILIES WITH CHILDREN

Clever investors in London’s property market are usually clued up about the apartment or house they are buying, and the area around it. But fewer know much about the people who will be providing the rent. And yet London is one of the most sophisticated rental markets in the world, containing over half a dozen tenant profiles each offering different risks and rewards.

So here’s the Absolutely London Property guide to who’s renting property in the UK’s capital city.

In summary: Families are now the largest grouping of tenants and offer greater long-term rental stability for landlords. The pressures of getting on to the London property ladder are forcing many families to delay their first step.

Consequently, families are now the largest group of renters according to research by the National Landlords Association.

SHARERS

CORPORATES In summary: It can be a lucrative source of income and, if void periods can be avoided, deliver significant return on investment.

London prides itself on being a global business hub and where international companies go, so their employees follow. There is now a small army of agents, relocation experts and removal companies who serve this market, which is split into short corporate lets, longer term corporate lets and diplomatic lets.

But the market can be sensitive to economic downturns – companies are reluctant to move people to London and pay the significant relocation costs and ongoing rent if the economic outlook isn’t rosy.

“From a transaction perspective, the level of new deals has remained strong,” says Tim Hyatt, head of lettings at Knight Frank.

“In particular, the number of corporate inquiries was encouragingly positive as it was dramatically up on last year, highlighting that confidence in London as a capital city of choice remains strong.”

MARKET SNAPSHOT AVERAGE RENTS IN LONDON Two bedroom flat within Zones 3-6 of the transport network: £1,190 a month Three bedroom flat within Zones 3-6 of the transport network: £1,450 a month 78

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STUDENTS In summary: Students may have a reputation for poor behaviour, but they make sense financially. There are 380,000 students in London at the moment. Of these, 104,000 are overseas students who spend up to £1.6 billion on rent and living expenses a year in the capital, according to research by London & Partners. The highest spenders are those from the USA, Hong Kong, Malaysia and Germany.

But students in general are popular with investors and landlords. Recent research by the Association of Residential Letting Agents revealed that 84% of landlords believe students make the best tenants. This is because they deliver better rental yields; there is a plentiful supply of new tenants every year; the rent is guaranteed by a parent/guardian; and the rent is paid promptly.

YOUNG COUPLES In summary: They may not pay the highest rents, but they are one of the largest tenant sectors in London. A few decades ago most young couples who moved in together would have bought their first flat together. But now, following huge property price rises in London, most rent together instead. They are now the second most common type of tenant and make up 48% of the market down five percent on 2012.

In summary: HMOs or Houses in Multiple Occupation can be very lucrative but require a much higher level of property management than other types of tenant. One answer to London’s competitive rental market has been for more young people to share houses. Specialist website SpareRoom.com says there has been a 71% rise in people looking for rooms to share over the past year.

LUXURY RENTERS In summary: The rents may be sky high and the return on investment very appealing, but luxury renters demand very high quality property and top-notch property management.

According to agent Knight Frank the number of tenancies agreed for this kind of property increased by 3% this summer despite the Brexit vote and that viewings for such properties increased by 16%. One specialist niche in this sector is the summer short-term luxury let. They can spend up to £100m every year renting the capital’s most upmarket short let properties, according to agent EJ Harris.

OLDER RENTERS In summary: If you’re looking for longterm, reliable renters then retirees are worth considering. Recent research claimed that a third of London’s renters were over 50.

This trend is in part created by both older people returning to the UK from overseas but who don’t want buy a home, and the increasingly number of UK retirees choosing to sell their homes – either to release equity to clear debts, boost their income or help their children on to the property ladder – instead of buying a smaller home.

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LONDON

PROPERTY Dubai Edition

For an informed insight into the London property market visit www.absolutelyproperty.london

Catch up with our latest news at absolutelyproperty.london DUBAIFILLER.indd 1

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Images courtesy of Battersea Power Station Development Company

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FEEL THE POWER London’s most talked about development announces its very first commercial tenants Words Catherine Hales SEPTEMBER 2016

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Images courtesy of Battersea Power Station Development Company

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conic is a word bandied about far too often nowadays; yet, most would struggle to find a more accurate description of the instantly recognisable red brick façade and towering white chimneys of Battersea Power Station.

Decommissioned in 1983 and considered structurally unstable by English Heritage, the famous riverside building’s future seemed uncertain for many years as it continued to slip through the fingers of numerous potential owners and developers. Finally, after being put on the market with agents Knight Frank in 2011, an agreement was entered into by Ernst & Young and Malaysian companies SP Setia, Sime Darby and the EPF; the sale completed in September 2012.

Fast forward to present day and the development has come on in leaps and bounds, with Phase One of Circus West beginning to take shape. This summer Battersea Power Station announced the names of the first Images courtesy of Battersea Power Station Development Company

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the Power Station site, the Village Hall will act as a both a social space for residents and a venue for the wider London arts community.

Already in place is a partnership with the Battersea Arts Centre who will help shape the space and use their expertise to develop a programme of activities and performances for all ages that will be on offer including plays, workshops, classes, music performances and community events.

Circus West is not the only exciting news for the regeneration in 2016; as many who Images courtesy of Battersea Power Station Development Company have been following the development may know, the involvement of architectural firm Gehry Partners has been an incredible part commercial tenants to take up residence of the story. The world-famous company in Circus West, an area they describe as will be the brains behind Prospect Place, “London’s newest riverside village located five buildings each with façades inspired by between the iconic Power Station and the London’s famous John Regency terraces.

200-acre Battersea Park.” And they appear The jewel in its crown will be the ‘Flower’ to have all bases covered; food and drink will building, whose extremely Gehry-like design be provided by Pedler Cru, a neighbourhood is reminiscent of the billowing sails of ships. restaurant with a changing seasonal menu And as of now, potential buyers will be able and Vagabond, a hybrid wine shop and bar. to visit the first ever show apartment to Of course, no London community is complete experience the design without a pub, the role first hand, even of which will be taken London’s newest riverside catching a glimpse of

by No29, a modern village located between the winter gardens take on the classic the iconic Power Station which “which float concept by Darwin and and the 200-acre as external glazed Wallace. Coffee addicts Battersea Park angled pods”. can get their fix at The Gehry Partners has Coffeeworks Project designed two palettes for the interiors at and then stop by Flour Power City Bakery Prospect Place – LA and London, each with a for a morning pastry. In terms of shopping, distinct aesthetic while the unusual shape of a General Store (with inbuilt deli) will be the building means that no two apartments accompanied by a butcher and florist as well will be the same. as Paul Edmonds Hair Salon.

One of the most exciting additions, however, is the new Village Hall. Instated to honour the Homes within Prospect Place are available pledges set out in the Community Charter and with prices starting at £1.311m for a two The Placebook, which detail the vision and bedroom apartment. strategic thinking behind the regeneration of batterseapowerstation.co.uk SEPTEMBER 2016

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MUST HAVES ‘It’s what people want’

he wish list requests that prime buyers and renters demand from their agents, builders and designers range from super luxury necessities to amusing but also bizarre features. Our panel of London residential experts spill the beans.

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Rachel Thompson

Partn e r at The Buying Solution

“I once visited a development of a lovely mews house and there was a beautiful vintage Jaguar in the garage,” she says. “The developer had installed a glass wall between the study and the garage whereby with a touch of a button, the glass went from being opaque to clear so you could admire your car.”

Ben Wilson

people install equipment to regulate the temperature and maintain humidity levels. Also, people often like to have a space where they can create a display feature with their wine collection. A wine cellar can certainly add to the wow factor of a property, more so than bar areas which are now outdated.”

Phil Cotton

D irector, hom e tech nology specialists Finite Solutions

“Our clients are usually wealthy and sometimes famous people. They often have very unusual demands including panic rooms with their own food and water supply, thermal imaging cameras that can differentiate between animals and humans, encrypted telephone lines and broadband connections, TVs concealed behind mirrors and fingerprint activated locks,” he says.

Jo Eccles

Manag ing Director of Sourcing Property

“The homes which are being built for the super wealthy typically come with every facility you might need because it’s all ‘on demand’ and they don’t need to leave the haven of their home if they don’t want to,” she says.

“For example, super prime homes are usually built with a hair salon room, beauty room, swimming pool, gym, study and library room (which can double up as a home office),

Staff accommodation is another feature high up on the list of priorities

D irector at developer Residence One

“Our ultra-high-net-worth clients are increasingly looking for ‘turn-key’ homes because at this level a buyer may already have four or five homes in other cities around the world so they want a property in London which they can move straight into,” he says.

“They are time-starved and may only be in town for a few weeks at a time so they look for beautifully designed homes which don’t require any further work.

“Staff accommodation is another feature high up on the list of priorities amongst prime property purchasers, along with the latest in home automation, walk-in dressing rooms, treatment rooms and his and her bathrooms."

Richard Barber

Director at estate agent W.A.Ellis

“Wine cellars are very popular and many 84

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APARTMENT OWNERS AT THE ATLAS BUILDING NEAR OLD STREET WILL GET THEIR OWN COMMUNAL CINEMA AND LOUNGE. 020 7205 4284; THEATLASBUILDING.COM

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SPOTLIGHT

staff quarters, and a staff kitchen for event catering needs. A number of our clients at this level will also buy properties with adjoining mews houses so staff can stay nearby, or they’ll buy properties very close to their home for their team of staff."

Trevor Abrahamson

Ag e nt Glentree International

“A lot of our clients want a fully kitted out wine cellar with tasting area and a private cigar room too,” he says. “Also, these days a two-car garage is an essential pre-requisite for viewings and increasingly people want room for their classic car collection too.”

Rebecca Wakefield

Cre ative D irector at developer Banda Property

“The right amount of technology is important – there is a very fine line between having exceptional and seamless technology and overdoing it,” she says.“We find that most of our clients and buyers require an audio visual system that is simple to work, but increases the efficiency of dayto-day life. Also, I would say heating, lighting and water remote operational use is a must but some ‘unnecessary’ technology such as electronic curtains and fingerprint key access to doors and safes can concern some buyers.”

Philip Eastwood

Lon don H e ad at The Buying Solution

“Not to be outdone by their wife’s handbag-and-shoe stuffed wardrobe, some of our male clients believe their wardrobe cannot be complete without an inbuilt watch winder for their extensive collection of Swiss watches,” he says “This is something we have seen on a few occasions at the top end of the market, notably in St. John’s Wood and also Chelsea.”

GYM AT 76 LADBROKE GROVE BY DOMUS NOVA. 020 7221 7817

to be a focus on provenance and ‘Made in Britain’ fixtures and fittings. We are also seeing more unusual ‘extra’ fitness rooms in prime central London’s one-off properties – like speciality Bikrum yoga rooms or spinning rooms.”

Andrew Hawkins

Director at developer Rocket Investments

“Two trends in the new homes market in London at the moment are firstly superfast broadband, which is a must, as well as communal entertainment services. For example, the Atlas Building development of 300-plus apartments near Old Street in the heart of London’s digital hub Tech City, will offer residents their own cinema and private resident’s lounge as well as the usual gym,

swimming pool and spa. Prices start from £698,000.”

Charlie Bubear

H e ad of Savill s Chelsea

“Buyers now have pretty high kitchen expectations and want a high tech room to whip up a weeknight masterpiece, entertain on a grand scale, finish homework and act as the all-encompassing heart and soul of the household,” he says.

“The chosen brand says a lot; Smallbone for the classic, Bulthaup for the efficient and Boffi for the super high end. Kitchens can make or break the sale and a shabby kitchen can cheapen the property’s appearance of value.” u

Charlie Willis

H e ad of Lon don Re sid e ntial at Strutt & Parker

“We are seeing a bit of a backlash against having too much technology in the home – people want their homes to look and feel simple and intuitive and more importantly, be easy to live with and uncomplicated to fix when things go wrong,” he says.

"There is a growing trend for more interiors created by British craftsmen, so there seems SEPTEMBER 2016

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GET INTO THE KITCHEN: HAUTE CUISINE AT HIGHBURY PLACE, N5 FOR £5.65M. SAVILLS ISLINGTON, 020 7226 1313.

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STRATFORD’S POST-OLYMPIC LEGACY Stratford was transformed when London hosted the Olympic and Paralympic Games in 2012. Now home to some of the capital’s most advanced infrastructure, it is a magnet for new businesses, educational establishments, tech hubs, sports, leisure and cultural attractions TELFORD HOMES

Charting the big changes HOW HAS STRATFORD CHANGED? osting the London Olympic and Paralympic Games in 2012 has been the greatest catalyst of change for life in Stratford. While it is estimated that the Olympics will have generated £41 billion gross value added (Gva) to the UK economy by 2020 (Department for Culture, Media & Sport, July 2013), the transformation at local level has been astounding across the spectrum. u

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75

300,000 Greener

Plants were planted in the Olympic Park’s wetlands.

1,000+ trees were planted in East London.

2,800 More Homes

HOW DID THE OLYMPICS BENEFIT STRATFORD?

Investment

Pence of every £1 spent on the Olympics went towards providing a lasting legacy for East London residents.

Flats converted from the Olympic Village. In total, planning permission has been granted for 6,800 homes at Queen Elizabeth Park. Telford Homes is delivering over 1,500 new homes across the borough.

2.3 Cleaner Environment

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Million cubic metres of contaminated soil was excavated and cleaned by the Olympic Delivery Authority prior to construction.

Employment Boost Telford Homes is delivering 107,174 square feet of new commercial space in the borough. 4,364 Newham Borough residents were employed by The London Organising Committee of the Olympic and Paralympic Games (LOCOG) or by their contractors and a further 5,518 were employed indirectly on the Games in the lead-up and at Games time. 10,000 permanent new jobs created at Westfield Stratford City shopping centre, including 2,000 for local people who were previously unemployed.

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Stratford’s housing market STRATFORD’S HOUSE PRICE GROWTH HAS OUTPACED THE LONDON AVERAGE ngoing investment has made Stratford an increasingly attractive place to live, work and play. The housing market is being redefined and the upward momentum on house prices has been significant.

Between the announcement of the Olympics in 2005 and when they were held in 2012, prices rose, on average, by 19% in the Stratford area.

Since then, prices have gone up by 64% over the four years to the end of Quarter 1 2016.This rate of growth outstrips both the rest of east London at 57% and London as a whole at 46%.

While average Stratford prices are some 9% above those in the Newham borough, Stratford remains far more affordable than London in general, where prices are, on average, 1.5 times more expensive. u

O

2012 . 2016

LO N D O N

£396,758 . £579,434

REST OF EAST LO N D O N

£268,749 . £421,646 Growth

ales activity is also rising, with a 51% increase in home sales between 2012 and 2015. This is on the back of significant house building in the area. Between 2012 and 2015, 3,923 homes have been built across Stratford (private and social housing), comprising the postcode district E15 and the newly created E20. There are currently a further 942 private units under construction in Newham, according to EGi. The quality of new build homes here is reflected in the prices being achieved, with new apartments in E15 generating an average premium of 29% over second hand apartments in 2015. u

S

New flats in Stratford command a premium over second hand flats £400.000

£350.000

SECOND HAND

46% 57% 62% 64% Growth

SIGNIFICANT HOUSING INVESTMENT IN STRATFORD IN LAST FOUR YEARS

NEWHAM

£300.000

Growth

House prices have grown by 64% on average in stratford in the last four years

£250.000

£200.000

S T R AT F O R D

£150.000

£230,614 . £379,309 Growth

£100.000

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2013 - 2014

2015

£0

SOURCE: Land Registry

£50.000

2012 SEPTEMBER 2016

NEW BUILD

£215,590 . £349,288

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PRIME PORTFOLIO

Enjoy luxury in London’s hottest postcode at Crest Nicholson’s SE1 portfolio

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iscover your dream home in a prime central London location with Crest Nicholson’s fantastic SE1 portfolio – three new innovatively designed developments in one of London’s most soughtafter boroughs, Southwark.

Located in enviable Zone 1 locations, Valentine Place, Snowsfields Yard and Brandon House are bringing bespoke boutique luxury to London’s most exciting postcode - where the financial and media industries of the capital come together.

London is a city that is underpinned by a fundamental demand for supply and Crest Nicholson’s SE1 portfolio offers luxury and style in the heart of the city. The UK’s capital is perfectly poised to

carry out business with many markets and continents, due to its central location between Asia and America. A truly international city, with four easily accessible airports, London will continue to be one of the world’s hottest property markets post Brexit.

VALENTINE PLACE Comprising of 42 one, two and three bedroom apartments, penthouses and duplexes, as well as five freehold mews houses, Valentine Place is nestled around a secluded courtyard garden. The homes here boast beautiful interiors, offering contemporary, understated elegance throughout.

Previously a flour mill and bakery, the building is immersed in a rich history, and Crest Nicholson has worked hard to ensure that the development remains in keeping with its truly British heritage.

Crest Nicholson’s SE1 portfolio offers luxury and style

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This development is located less than a mile from Southwark underground station and Waterloo rail station, as well as being a short walk from the cultural hub of London’s South Bank.

SNOWSFIELDS YARD Situated just 500 metres from The Shard, Snowsfields Yard offers residents a unique mix of both chic city living and a modern bohemian neighbourhood in the heart of London Bridge, which boasts fantastic transport links around London and the South East. This small, boutique development comprising of just 28 one, two and three bedroom apartments and penthouses. A beautifully decorated boutique hotel style courtyard greets residents upon arrival, flowing into the reception area where the concierge sits. The communal roof terrace and private balconies provide some much SEPTEMBER 2016

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BRANDON HOUSE

Underground station, providing fantastic links to the rest of the capital, and making homes here the perfect base for city commuters and those coming from further afield.

Each home at the development has been carefully designed to reflect the needs of modern city living, all the while maximising style and space. All homes have access to at least one private terrace or balcony, with views across The Shard and London’s financial district. There is also a 24-hour concierge service, to provide complete peace of mind and a hotel style service for residents. ◆

At Brandon House, residents will benefit from being situated directly opposite Borough

Crest Nicholson crestnicholson.com

sought-after outside space and fantastic city views.

Snowsfields Yard is located in Bermondsey, providing residents with a local village atmosphere, alongside an eclectic array of independent coffee shops, chic bars and Michelin-star restaurants.

The area is very well connected, particularly for those travelling to Canary Wharf and the City, London’s financial services districts.

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NIGEL LEWIS

Homes with History

London developments with a story

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s you travel around London it can feel like every street is being redeveloped from huge towers of gleaming glass to smaller, more boutique affairs. And you’d be right.

The capital is the scene of a significant building boom at the moment as developers race to keep up with demand. Last year some 25,000 new homes were built from luxury penthouse apartments to studio starter flats.

It may not be as much as the government had hoped would be built, nevertheless it’s still a lot of new bricks and mortar to squeeze in.

But all is not as new as it seems.

Underneath the builders’ dust and the glossy hoardings, there is plenty of London’s history peeking out. You may think you’re buying a swish new pad, but it could be where Kings

frolicked, power stations belched, Roman centurions bathed, doodle bugs exploded, weights and measures were calibrated or TV programmes recorded. With at least 2,000 years of turbulent, colourful and rich history below and around us, who knows?

Here are some of the developments for sale at the moment where such history can be found.

ROYAL RIVERSIDE

CITY OF LONDON

Apartments from £750,000 ater Lane has a fascinating history. It’s within the boundaries of original W Roman London and is where the first roman quays and baths in Londinium were built. The site later became one of King Henry VIII’s favourite entertainment spots and then much later a location for Sir Christopher Wren’s Former TV Studios, Hammersmith Starting from £715,000

Custom House. This was blitzed during WWII and replaced with the HQ for Tate & Lyle. But now it’s more about suites than sweets. Today, 165 apartments are being built on this bankside plot, which overlooks Tower Bridge, the Tower of London and the Thames.

More information, 020 7048 0344 or barrattlondon/landmarkplace OLD ASYLUM

MUSWELL HILL

Apartments from £585,000 t Luke’s hospital was one of the first S asylums in the UK to care for those with mental health problems and, after being housed first in Moorfields and then Old Street, a third complex, on Woodside Avenue in Muswell Hill, was built during the 1930s. In its first two pioneering but now 92

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Royal Riverside, City of London Apartments from £750,000

seemingly barbaric incarnations techniques were developed to cure patients including cold water plunge baths, designed to ‘shake patients out of their insanity’. The later, third hospital was closed by the local Foundation Trust in 2011. The site is currently being redeveloped into 161 apartments and has been renamed Woodside Square.

More information, 020 85018777 or woodsidesquare.co.uk

closed. The area was a massive hub for railway lines, commerce and administration all of which is gone now, soon to be replaced by Prospect East, a development of 173 luxury apartments within five buildings each named after some of the most famous locomotives made on the site, which is near the Olympic park.

More information, 020 8003 1718 or prospecteast.co.uk

FORMER RAIL WORKS

CLERKENWELL

WEIGHTS & MEASURES OFFICE

STRATFORD

Apartments from £399,950 his site was where some 1,702 steam T locomotives, 5,500 carriages and 33,000 goods wagons were built for the Great Eastern Railway from the mid-19th century until 1991 when the last of the works SEPTEMBER 2016

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Apartments from £815,000 id you know that the police were once responsible for testing weights and D measure to ensure market traders weren’t ripping off their customers? In 1889, they ceased doing so and a separate inspectorate was set up. In 1892, it set up shop in purpose-built

premises at No.5, Roseberry Avenue, where it remained until 1928. Now, it’s being redeveloped into eight high-end apartments including a modern rear extension to the existing Victorian, high-ceilinged property. Prices range from £815,000 for a one bedroom flat to £1.6 million for a duplex apartment.

More information, Colliers on 020 7101 2020 or 8over5.co.uk OLD SMOKER

BATTERSEA

Starting from £1.975m attersea Power Station belched coal-stained smoke over London for B over 50 years before ceasing operations in 1983. It then stood empty and increasingly derelict until 2012 when a viable scheme to redevelop it was finally launched 93

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SPOTLIGHT

Bombed out church, Clapham Junction Four bedroom property: £2.55m

with Malaysian backing. The work continues today and parts of the residential complex are slowly being released for sale. The most recent includes The Power Station where prices start at £1.975 million for a two bedroom apartment, including several which will sit within the original fabric of the building and include exposed brickwork and industrial fittings.

More information, 020 7501 0678 or batterseapowerstation.co.uk BOMBED OUT CHURCH,

CLAPHAM JUNCTION

Four bedroom property £2.55m rive up St John’s Hill from Clapham Junction and on the D right hand side, you’ll see what used to be St Paul’s Church. But prayers and evensong are long gone. Built in the mid-1860s by the St John’s Hill developer Charles Wix, it was hit by a V1 flying bomb during the Second World War. This destroyed its interior and, despite a refurbishment after the war, by the 1970s it was derelict and an attempt to turn it into a community centre floundered. In 2015 it was converted into four luxury homes, one of which is currently for sale via Portico.

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Old Smoker, Battersea Starting from £1.975m

More information, 020 7099 4000 or portico.com FORMER TV STUDIOS,

HAMMERSMITH

Starting from £715,000 iverside studios in Hammersmith is one R of London’s artistic hubs famous for its TV studios where for many years Dr Who was filmed, as was Hancock’s Half Hour and popular children’s programme Play School. But after plans were drawn up to redevelop the site, a Dalek-like battle raged over the site’s future with Sir Peter Blake objecting to the plans and Bill Bailey supporting them. But in 2014, it was demolished and is being replaced with 165 one, two and three bedroom luxury apartments. Some TV heritage is to remain, including three brand new TV studios on the site.

More information, 020 7205 2973 or queenswharf.co.uk SEPTEMBER 2016

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Elevated London living built on a reputation of excellence The Penthouse Collection, Prices on Application

Chelsea Creek Show Apartments and Marketing Suite 9 Park Street, Chelsea Creek, London SW6 2FS 020 3811 1784 sales@chelseacreek.co.uk | www.chelseacreek.co.uk

Proud to be a member of the Berkeley Group of companies Computer generated image is indicative only.

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LO N D O N

CALLING Bespoke development in leading London locations by Taylor Wimpey

L

ondon deserves its reputation as a world-class destination. It is a leading centre for finance, education, science, arts, culture and sport, and generates more than 20% of the UK’s GDP. Its privileged time zone, linking the USA and Asia, puts it at the heart of global trade and business.

Looking ahead, London is the focus for major infrastructure investment, and anticipates a population increase of over two million people over the next ten years. This statistic alone indicates the sustainability of the rental market and offers prospects for growth that are difficult to find elsewhere.

Taylor Wimpey Central London develops in locations that have significant potential for strong returns, in areas which have recently benefitted from wider inward investment in transport infrastructure, or are already well-established as desirable destinations in central London - such as Paddington, Battersea and Westminster.

You can find Taylor Wimpey Central London at Cityscape 2016 stand 3H30 – where the company will showcase four of its leading residential schemes: Paddington Exchange, Westminster Quarter, Palace View and Battersea Exchange.

PADDINGTON EXCHANGE Paddington Exchange is located in one of London’s most well-connected and vibrant places to live and work, Paddington Basin.

Its residents will benefit from excellent underground and National Rail connections, in Zone 1, with direct trains to Heathrow airport – ideal for those with international business – as well as being close to Edgware Road and Regent’s Park.

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Ongoing investment into this part of London, including world-class infrastructure, demonstrates the area’s rapid transformation.

Demand is expected to continue to grow over the next few years, with Crossrail set to make a major impact. A recent report from Jones Lang LaSalle indicated that property prices could increase by 15.4% by the time Crossrail opens in Paddington in 2020.

The collection of 123 contemporary, one, two and three bedroom apartments has been thoughtfully designed, maximising space and light with floor to ceiling windows and doors which lead onto terraces or balconies with views of the city skyline.

Residents will also benefit from a choice of facilities and communal spaces, including a residents’ terrace on the sixth floor, a landscaped communal garden, fully equipped

gym, 24 hour concierge service, secure underground parking as well as electric car charging points.

WESTMINSTER QUARTER Westminster Quarter offers exceptional new homes in an unrivalled location, within a short distance of the Houses of Parliament, St James’s Park and Buckingham Palace.

Designed to complement the area’s architectural heritage, the development comprises 91 luxury apartments within three low rise buildings.

All feature open-plan layouts, floor to ceiling windows and easy access to a landscaped roof garden – which showcases rare vistas of the Houses of Parliament and Big Ben. Residents also benefit from a gym and private outdoor space, including a landscaped courtyard.

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SPOTLIGHT

The underground stations of Westminster and St James’s Park are both under a 10 minute walk away, providing easy access to the city’s extensive transport network.

PALACE VIEW Palace View offers a limited collection of 55 one, two and three bedroom luxury apartments and penthouses, overlooking Lambeth Palace (the Archbishop of Canterbury’s London residence) on the River Thames.

The collection has been thoughtfully designed throughout to both maximise and reflect its surrounding views, which include the capital’s iconic Houses of Parliament.

The scheme introduces a modern residential marker to one of London’s most prestigious landscapes that boasts a heritage spanning over 800 years, and showcases contemporary interiors by award-winning design practice, Farrells.

Many of the apartments have been designed to take full advantage of surrounding views with well-appointed open-plan layouts and floor-to-ceiling glazing. Each home boasts outdoor space, with either a terrace, balcony or winter garden extending the interior and providing a desirable inner-city sanctuary that can be enjoyed all year round.

Palace View enjoys a prime London location in Zone 1 and is well-positioned at the gateway SEPTEMBER 2016

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to Albert Embankment, the capital’s latest central riverside regeneration area. Albert Embankment is currently being transformed into a new Thames-side destination featuring a modern, open plaza of bars, restaurants and cafés in which to relax and spend time.

homes, centred at the heart of Battersea – an established area with a long-standing and strong sense of community.

The first residents will start to move into this landmark development located moments from Battersea Park by the end of the year. Designed by award-winning architectural practice, Feilden Clegg Bradley Studios, Battersea Exchange commands one of the most prestigious positions south of the River Thames.

The luxury development benefits from exceptional transport connections in and out of the City and is only a short walk from two mainline train stations: Battersea Park Ω that provides a direct service into London Victoria in just five minutes; and Queenstown Road, that travels directly into Waterloo in nine minutes.

The Northern Line underground extension will provide a fast and high capacity transport link that will further boosts accessibility to central London and the local area once complete in 2020. Two new tube stations (Battersea Power Station and Nine Elms) will be within close proximity to the development, only a seven minute walk and 15 minute walk respectively. ◆

BATTERSEA EXCHANGE Battersea Exchange will create a thriving new residential-led community of 290 high-quality

Taylor Wimpey Central London 020 3370 0921; taylorwimpeycentrallondon.co.uk 97

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THE TELFORD HOMES

For additional information, please contact:

Prices correct at time of going to press.

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Ben Stroud Director, Joint Head of Residential - MENA +971 50 671 0008 ben.stroud@eu.jll.com

25/08/2016 11:08

ELITE COLLECTION

A collection of two & three bedroom luxury apartments, penthouses and villas set minutes from London Bridge. Forming part of the fantastic South Bermondsey Regeneration and on the doorstep of the proposed Bakerloo line extension with two new stations.

Prices from:

£517,500

A fantastic collection of two and three bedroom luxury apartments, penthouses and townhouses directly opposite the new Crossrail station.

With 24 hour concierge service and private residents’ gymnasium, Manhattan Plaza boasts spectacular views of Canary Wharf.

Prices from:

£550,000

London E14

An exclusive collection of penthouses all featuring substantial private terraces with fantastic vistas across The River Thames and Canary Wharf, located on the 24th and 25th floors of this striking waterside development on the banks of The River Thames and minutes from Canary Wharf.

Prices from:

£995,000

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WITH TAYLO R WI M PEY C E NTR AL LO N DO N

O U R B E S P O K E A P P R OAC H TO D E V E LO P M E N T I N C E N T R A L LO N D O N E N A B L E S U S TO C R E AT E D I S T I N C T I V E P R O P E R T I E S I N P R I M E ZO N E S 1 A N D 2 LO C AT I O N S T H AT O F F E R O U T S TA N D I N G I N V E S T M E N T P OT E N T I A L . W H I L E E V E R Y D E V E LO P M E N T I N T H E TAY LO R W I M P E Y C E N T R A L LO N D O N P O R T F O L I O I S U N I Q U E , A L L S H A R E T H E S A M E I D E A L S O F E X P E R T D E S I G N , P R AC T I C A L I T Y, I N V E S T M E N T S E C U R I T Y A N D E XC E L L E N T C U S TO M E R S E R V I C E .

- 1 , 2 A N D 3 B E D R O O M A P A R T M E N T S I D E A L LY L O C AT E D C L O S E T O P A D D I N G T O N S TAT I O N O F F E R I N G F A S T A C C E S S TO C EN T R A L LO N D O N A N D T H E C IT Y A S W EL L A S T H E H E AT H R O W E X P R E S S A N D C R O S S R A I L - COMPLETING THIS YEAR - CO N C I ER G E S ERV I C E A N D R E S I D EN TS ’ C LU B LO U N G E W I T H M E E T I N G FAC I L I T I E S - COM M U NAL ROOF TERR AC E - PRICES FROM £975 ,0 0 0

- A C O L L EC T I O N O F C O N T E M P O R A RY A PA R T M E N T S J U S T A S H O R T WA L K T O B AT T E R S E A PA R K - E X C E L L E N T T R A N S P O R T L I N K S F R O M B AT T E R S E A P A R K S TA T I O N A N D Q U E E N S T O W N R O A D S TA T I O N - THE NORTHERN LINE EXTENSION (OPENING 2020) PROVIDES T WO N E W T U B E S TA T I O N S , N I N E E L M S S TA T I O N A N D B A T T E R S E A P O W E R S TA T I O N – A N 1 1 M I N U T E W A L K F R O M B A T T E R S E A E X C H A N G E 1 - E N H A N C E D P U B L I C R E A L M W I T H R E TA I L A N D O F F I C E S P A C E - PRICES FROM £811,000

- LUXU RY 1 , 2 A N D 3 B E D R O O M A PA R T M E N T S - 2 4 H O U R C O N C I E R G E , P R I VAT E G Y M A N D S E C U R E U N D E R G R O U N D C A R PA R K I N G 2 - COMM UNAL L ANDSCAPED ROOF TERR ACE - C L O S E T O W E S T M I N S T E R A N D S T J A M E S ’ S P A R K T U B E S TA T I O N S WITH B E AUTIFUL VIEWS OVER WESTMINSTER AND THE CIT Y - P R I C E S F R O M £ 9 5 9, 0 0 0

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