International Property 2018 by ABSOLUTELY Magazines

INTERNATIONAL PROPERTY

INTERNATIONAL

PROPERTY 2018

GLOBAL

APPEAL DUBAI 2018

What’s happening in prime markets around the world

Fun in

THE SUN EUROPE’S LATEST LUXURY RESORTS AND VILLAS

Emerging

CAPITAL

WE REVEAL TOMORROW’S LIKELY BOOM NEIGHBOURHOODS

Airbnb

BOOKINGS HOW THEY’RE CHANGING LONDON’S LUXE RENTALS

zest.london

T H E G L O BA L LUXU RY P R O P E R T Y M AG A Z I N E

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country house town house period house modern house dream house moving house?

Estate agency has moved on. house. is different We know people are starting to consider online only estate agents, but still want the reassurance of face-to-face help from local experts. You get both with us, because we provide that personal service without expensive high street locations that customers have to pay for.

We also go further to ensure your property and the lifestyle it enables is shown in the best possible light. Sumptuous photography and video, and a contemporary web experience not only shows buyers how your home looks, but how it feels to live there. Itâ&#x20AC;&#x2122;s the new, innovative way to add value when selling your house. The premium online estate agency.

London, Surrey and Sussex 0800 917 0447 info@housepartnership.co.uk

housepartnership.co.uk

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The Maserati of SUVs

Levante. Now available with 0% finance* and 3-years free servicing** H.R. Owen Maserati London Melton Court, 25-27 Old Brompton Road, London SW7 3TD 0333 240 1580 hrowen.co.uk/maserati

Official fuel consumption figures for the Maserati Levante MY19 range in mpg (l/100km): Urban 17.8 (15.8) – 29.1 (9.7), Extra Urban 27.6 (10.2) – 39.2 (7.2), Combined 23.1 (12.2) – 34.8 (8.1). CO2 emissions 282 – 213 g/km. Fuel consumption figures are based on standard EU tests for comparative purposes and may not reflect real driving results. *Minimum 20% customer deposit. 24 month term. Offer available

on new Maserati Levante MY19 range ordered by 30/09/18 and registered by 30/12/18 on PCP sales only. With Maserati PCP you may return the vehicle instead of making the final payment. It must be in good condition and if you exceed the annual mileage, you will be charged 12p per mile for exceeding 10,000 miles p.a. in this example. Model shown is a Maserati Levante GranLusso MY19 (incl. Tri-coat paint, Silver painted callipers, Metallic finish roof rails, Panoramic sunroof, Bowers & Wilkins sound system, Rear laminated privacy glass, Driver Assistance Pack and 20” Efesto alloy wheels) which will increase the minimum customer deposit to 32%. Subject to status. Guarantees may be required. Ts&Cs apply. At participating Dealers only. Maserati Financial Services, SL1 0RW. We work with a number of creditors including Maserati Financial Services. **Three years free servicing available on Maserati Levante MY19 models on vehicles ordered by 30/09/18 and registered by 31/12/18. Terms and conditions apply.

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21/09/2018 18:27 14:30 17/09/2018

CONTENTS London Property

NEW BUILD HOT SPOTS

we reveal the areas where developers are most busy building new homes

RETURN ON INVESTMENT

Nigel Lewis calculates the best ROI for the key areas of London

LONDON’S FINEST

The most expensive and highly ought after areas in the capital city

PRIME MARKET REPORT

Absolutley London investigates the top end of the city’s market.

AIRBNB LONDON

We examine the dramatic effect that Airbnb rentals are having on the luxe market. EDITOR

48 Uk Property

EMERGING CROYDON

Read how the a new Westfield shopping centre is helping turn it around.

CITYSCAPE INTERVIEW: DARREN MCCORMACK OF DEVELOPER TAYLRO WIMPEY We grill Darren about both the London newbuild market and his own company’s performance.

Nigel Lewis A RT DIR ECTOR

Phil Couzens

SENIOR DESIGNER

Pawel Kuba

MID-W EIGHT DESIGNER

Rebecca Noonan DESIGNER

Catherine Perkins

THE £12 MILLION FLAT

PA TO THE DIR ECTOR S

Eva Lehoczky

Join us as we tour a new-build but nonbling apartment just sold in London.

DIR ECTOR

James Fuschillo

LIVING THE DREAM

M A NAGING DIR ECTOR

Sherif Shaltout

We assemble a dozen heart-stopping properties from around the world.

FINA NCE DIR ECTOR

Jerrie Koleci

I n t e r n at i o n a l p r o p e r t y

MONACO MARKET

We visit the world’s most expensive and unusual property market to see just how little three million euros buys.

FRENCH CHATEAU Saviours

Meet a couple who’ve sunk millions of euros and many years of their life into restoring a very historic home.

For advertising enquiries please call 020 7704 0588 or email: info@zest-media.com Subscriptions are available by emailing angie@zest-media.com

ZEST MEDIA PUBLICATIONS LTD 197-199, City Road, EC1V 1JN 020 7704 0588 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. We reserve the right to publish and edit any letters.All rights reserved.

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A World of Sophisticated Beauty Armani Hotel Dubai brings to life the â&#x20AC;&#x153;Stay with Armaniâ&#x20AC;? philosophy delivering a genuine home approach and a unique lifestyle experience where every need and desire is fulfilled for each guest individually. www.armanihoteldubai.com

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EDITORS LETTER

“BRICKS AND MORTAR’S ALLURE MEANS EVEN THE MOST TURBULENT ECONOMIC STORMS STRUGGLE TO SUPPRESS DEMAND FOR LONG”

he Absolutely Property team is hugely excited to returning to Dubai for the 17th annual CityScape show, and to be part of what is a truly significant global real estate event. Like the show, this magazine is a window on the extraordinary global property market and in particular London’s, which for many years now has lead Europe and the world for dynamism and innovation. But residential property has endured several years of turmoil recently as economic uncertainty around the world has softened many key markets, although of course not all of them. Nevertheless, bricks and mortar’s enduring allure as both an asset class, a gorgeous architectural sight for sore eyes and a home means even the most turbulent economic storms struggle to suppress demand for long periods. As we detail in this issue, London’s prime central market is beginning to awake after two quiet years as recent price corrections persuade international home hunters and investors to return in greater numbers.

And as we illustrate all through this magazine, London developers’ long lead times mean they have carried on building, with dozens of high-profile developments in various stages of construction from Canary Wharf to Battersea Power Station. This issue also sumptuously details some of the extraordinary prime homes for sale in London and explores the latest developments within the general market including a look at how Airbnb is impacting the prime rental market. And for the second time now, we also take a look at prime developments in Europe and beyond including in this issue properties in Lisbon, Spain, the US and Monaco. But whatever the reason for your visit to CityScape, we wish you a prosperous and enjoyable three days in Dubai, and that you find this issue of Absolutely Property both useful and entertaining.

EDITOR

NIGEL LEWIS

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DEVELOPMENT

HOT SPOTS Development hotspots Read the Absolutely Global guide to the hottest and newest residential developments in London.

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LONDON PROPERT Y | NEW BUILD HOT SPOTS

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here are over 12,000 new homes due to be built in the UK’s capital this year, official statistics show. This is approximately 10% fewer than last year but still an impressive number of mostly apartments being built in and around the UK’s capital. This reflect a fastchanging property demographic within London, which is rapidly becoming a city of apartments dwellers both as owners and renters. This seismic shift presents an investment opportunity for buy-to-let landlords and overseas leasholders as apartment values increase and rents rise. Here we select some of the more (quite literally) high-profile developments popular with overseas buyers.

“This seismic shift presents an investment opportunity for overseas buy-to-let landlords” PATHE, WEST END

athé’s newsreels of the 1930s became famous for the clipped upper-class accents of its commentators, and the often dramatic and quick-fire style of its reports, which were released twice a week. Although the films look formal and stuffy now, at the time Pathé newsreels were hugely popular and were seen by millions of people every week. The company was originally based at a gorgeous Art Deco era office on Wardour Street in central London. It was recently redeveloped into 15 luxury apartments, and one remains for sale at £1.695 million. More information from CBR Residential on 020 7205 2165. WHAT IS THE WEST END? The West End is the fast-beating theatrical heart of central London near the worldfamous Piccadilly Circus. It’s packed with film companies, restaurants, bars, nightclubs and now upmarket residential.

HERON TOWER, THE CITY

he views from this 230-metre tower in the heart of London’s City financial district are breath-taking for those who work and live here. Heron tower rises 45 floors above the hustle and bustle of Moor Street, on the eastern side of the Barbican residential and arts complex. Completed in 2011, one of its more eyepopping mezzanine apartments is now for sale on the 32nd floor. As well as three huge en-suite bedrooms and an open-plan kitchen/diner, residents of Heron Tower enjoy access to a communal bar, pool room, cinema, parking, gym and library. More information from Hanover Private Office, 020 7935 5795. It’s for sale at £4.75 million. WHAT’S THE CITY? It’s the shorter name of The City of London, the official name for the ‘square mile’ finance, insurance, legal and banking district to the east of central London. It’s been the business hub and shares trading centre of the UK now since the mid-1500s and, except for a famous fire in 1666, has not looked back. The City’s foreign exchange market alone turns over £2.5 trillion every day.

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LONDON PROPERT Y | NEW BUILD HOT SPOTS

HORNSEY TOWN HALL

~ ack in 2011 the BBC unveiled

its drama series, The Hour, to great fanfare. It followed a group of TV types launching a fictional current affairs programme during the mid-1950s, covering events such as the Hungarian Revolution and the Suez Crisis. One legacy of the show was to revive a derelict municipal building in North London. Hornsey Town Hall is to now undergo a £30m conversion that will include an arts centre, co-working space, café, events area, hotel and 135 apartments. Prices start at £499,950 . Savills (020 7409 8756). WHAT’S HORNSEY? It’s an inner-suburb of north London built largely during the Edwardian era (1901 to 1910) and famed among petrol heads as the birthplace of the Lotus car marque in 1952.

WOOLWICH

ne thing can be said about the Trinity Walk development in Woolwich; it’s eye-catching by new-build standards, and affordable. The site is to include one, two and three-bedroom apartments as well as three and four-bedroom houses. These start at £650,000 for the smaller units, which by London standards is a steal. More information on 02031 318 511. WHAT’S WOOLWICH It’s a riverside area of SE London that for hundreds of years was well known for its Royal Navy arsenal, from where the famous London football team takes its name. It’s also famous as a ferry crossing point between north and south London. It’s an area struggling to emerge from decades of industrial decline, although a clutch of new-build developments have helped stimulate the local economy.

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BARNES

he Villas. It’s a development of five 3,000 sq ft, four-storey, four-bathroom townhouses each with access to individual underground secure garages and a private garden. All have five bedrooms and have been built to look like Georgianera houses with brick facades and sash windows. Prices start at £3.6 million. More information: Berkeley Group on 0203 944 1902. WHAT’S BARNES? An affluent, fashionable riverside and semi-rural commuter village/suburb on the outskirts of West London famed for its duck-pond central green, celebrity residents and resilience to property downturns.

CANARY WHARF

ood Wharf is a new district being built within Canary Wharf on a 23-acre plot that will eventually contain 3,600 homes plus shops and public spaces including piazzas and parks, an NHS surgery and a primary school all accessed via new ‘moving’ bridge over the Thames river. If you want to buy into this then one of the first opportunities is One Park Drive, the largest and most striking of the area’s new buildings. It’s a circular tower featuring luxury apartments which all have terraces. Properties come with access to a communal lounge, library and cinema, and a private health club and spa. Apartments include one, two and three-bedroom units starting at £825,000. More info from Canary Wharf Residential, 020 7001 3800. WHAT’S CANARY WHARF? After a wobbly start, Canary Wharf was built during the early 1990s onwards as an extension of London’s City financial district but as broadened its appeal It has since become a wider commercial hub offering retail and residential developments. It’s on the Isle of Dogs overlooking the River Thames and covers 97 acres arranged around three main squares.

MOUNT PLEASANT

or decades the name Mount Pleasant meant just one thing to most Londoners; a Post Office. It’s a huge site that gobbles up much of the central neighbourhood of Clerkenwell and was, at one point, one of the world’s largest post sorting centres. But the site is now changing use and in September a new scheme to redevelop half of it into 681 apartments was revealed, called PostMark. To be completed by developer Taylor Wimpey, much of Mount Pleasant will be transformed over the next six years in several phases and named after – of course – postcodes. The first phase is now open for sales and includes studio, one, two and threebedroom apartments set around two courtyards. Residents will get access to a shared roof terrace, cinema and fitness studio. Taylor Wimpey (020 3918 7208).

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LONDON PROPERT Y | NEW BUILD HOT SPOTS

LEAMOUTH

evelopers have renamed this industrial riverside area of East London as Leamouth Peninsula but anyone who visits will see its eye-catching main event – the O2 music and entertainment over the river. The peninsula is really a spur of land in the middle of an angular bend in the Thames River. On it developer Balllymore is building a mixed-use development of apartment skyscapers. The first to open for sales is Douglass Tower, a colourful 30-storey edifice containing one, two and three-bedroom apartments starting at £395,000. GoodLuckHope.com or 020 7637 0800. WHAT’S LEAMOUTH? Leamouth is at a confluence of the Lea and Thames rivers and the ‘peninsula’ is called Goodluck Hope.

EARLS COURT LILLIE SQUARE

EARLS COURT

illie Square is the first major redevelopment of a famous but now former international conference landmark, Earls Court Exhibition Centre. It was demolished in 2014 and Lillie Square is replacing much of it. The first residents are already in following the completion of Phase 1 but construction continues around its new garden square. Phase 2 is ongoing and includes Numbers 3,5,7 and 9 Lillie Square. Prices start at £820,000. Call the marketing suite on 020 7381 9800. WHAT’S EARLS COURT? Until recently Earls Court was a huge exhibition and conference centre in central London south of the Cromwell Road. Built in an art deco style in 1937 it has hosted some of the world’s most famous exhibitions and shows.

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RETURN ON INVESTMENT

Revealed: W H E R E TO F I N D T H E B E ST R E T U R N S As the Prime Central London market has cooled, many investors are now looking beyond it for better potential returns by N I G E L L E W I S

ook at any house price index for London this year and it’s clear to see that asking prices for properties in the capital have been going down, in some areas by up to 10%. Prices in prime central London more recently have been recovering, according to estate agent Savills, but overall in the broader London market it’s been a buyer’s market. For buy-to-let investors buying properties, this means returns on investment have been increasing as property values stall, but on the other hand rents continue to rise. So where should investors buy a property in London to benefit from the best return on investment (or ROI)? ROI is the total gross annual rent divided by a property’s purchase price. If a flat’s rent is £20,000 a year and it’s worth £400,000 then the gross annual ROI would be 5%, for example. We have looked at average house price in London to see what the gross ROI is likely to be around London. One interesting feature of this year’s figures compared to the last time this magazine looked at ROI in London is that the capital’s cooling market has been good for investors. Many familiar areas of prime London have seen house prices reduce enough, and rents rise enough, to put them on the list including Hammersmith, Maida Hill, Barnes, Kennington, Clapham and Wimbledon*.

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LONDON PROPERT Y | RETURN ON INVESTMENT

N18

E15

5.89%

4.68%

ROI

Where

Upper Edmonton

Stratford (near Olympic Park)

Average annual rent

£1,335 per month

£1,747 per month

Average house price

£272,043

£448,178

N20

SW9

4.34%

4.88%

ROI

Where

Whetstone Average annual rent

£2,676 per month Average house price

£657,925

6.47% ROI

Where

East Ham Average annual rent

£1,876 per month Average house price

£348,046

E13

4.89% ROI

Where

Plaistow Average annual rent

£1,508 per month

C A S E S T U DY

Where

F I F T H F LO O R K E W- D O S

Brixton Average annual rent

£1,956 per month

Average house price

his block of flats in Kew in West London is typical of the kind favoured by buy-to-let investors and landlords in the capital. It’s a newbuild development within Heritage Place close to Kew Bridge and the River Thames. The development is named after the internationally renowned and neighbouring Kew Gardens, which is a UNESCO World Heritage site. A spacious fifth floor apartment remains for sale within Kempton House. It comes with two bedrooms and a large open-plan living area as well as secure parking in the underground car park. It’s for sale at £599,000 via estate agent Dexters (020 8939 6070) and would rent for approximately £2,200 a month, delivering a gross return on investment of 4.40%. *House prices for this list are based on latest Rightmove figures and rental prices on latest Zoopla figures.

£540,352

SW11

4.30% ROI

Where

Clapham Average annual rent

£2,879 per month Average house price

£802,710

SW13

“THE DEVELOPMENT IS NAMED AFTER THE RENOWNED AND NEIGHBOURING KEW GARDENS”

4.53% ROI

Where

Barnes Average annual rent

£4,313 per month

Average house price

£370.341

£1,142,260

E14

5.18% ROI

SE11

4.23% ROI

SW19

4.33% ROI

Where

Poplar

Kennington

Wimbledon

Average annual rent

£2,130 per month

£2,676 per month

£2,840 per month

Average house price

£493,116

£657,925

£786,474

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Photography is indicative only

Move in now! A selection of apartments, duplexes and townhouses â&#x20AC;&#x201C; set within a private courtyard, with secure parking and a concierge. Prices from ÂŁ625,000

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LONDON PROPERT Y | RETURN ON INVESTMENT

SE1

SE18

5.05%

4.46%

ROI

Where

Bermondsey

Woolwich

Average annual rent

£2,864 per month

£1,451 per month

Average house price

£608,412

£390,688

SE2

SE20

4.94%

5.84%

ROI

M AY FA I R

Where

T OW N H O U S E I N V E S T M E N T

Anerley

Where

Abbey Wood Average annual rent

£1,046 per month Average house price

£214,862

SE11

4.46% ROI

Where

Kennington Average annual rent

£2,287 per month Average house price

£615,603

SE16

4.49%

£1,267 per month

Average house price

ot all investors buy new-build apartments. Some purchase whole houses with a view to living in them later but renting them out in the meantime. A good example is this four-bedroom townhouse in Kensington. It was built in 1840 and is part of the Inderwick estate. The property is on Victoria Grove behind the Royal Albert Hall and is in one of London’s most sought-after area other than Mayfair. It’s available as a vacant possession – the owners have already moved out – and is on the market for £3.75 milion. That buys two reception rooms, two bathrooms, a sunny roof terrace, balcony and a gorgeous 42 feet long south facing garden. The shops of Kensington High Street are but a short walk away. Itwould rent for £8,000 a month or £96,000 a year, which as a gross return on capital, assuming it was bought for cash, of 2.56%. HARDING GREEN on 020 3957 4135 • hardinggreen.com

ROI

Where

Rotherhithe Average annual rent

£1,859 per month Average house price

4.75% ROI

£307,640

SE25

4.92% ROI

Where

South Norwood Average annual rent

£1,109 per month Average house price

£270,454

4.30% ROI

“THE MYRIAD SHOPS OF KENSINGTON HIGH STREET ARE BUT A SHORT WALK AWAY”

£496,321

SE17

Average annual rent

Where

Hammersmith Average annual rent

£3,440 per month Average house price

£959,440

SE11

4.23% ROI

6.23% ROI

Where

Walworth

Kennington

Maida Hill

Average annual rent

£2,125 per month

£2,676 per month

£3,085 per month

Average house price

£536,486

£657,925

£594,597

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Views from rooftop terraces

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Offering views towards the River Thames and Barnes Wetland Centre from private roof terraces and balconies, Octagon’s latest London launch offers nine stunning new townhouses with luxurious and spacious accommodation, ranging between 4,375 – 6,150 sq ft. Each home incorporates the highest specification and finishes, featuring 4/5 bedrooms, an impressive kitchen/breakfast room and four formal reception rooms across five storeys. The lower ground floor is dedicated to leisure - including a gym and shower room, cinema/TV den and a covered courtyard garden. Each property features a private west backing walled garden with rear pedestrian access to the Thames towpath. Located within the Bishop’s Park Conservation Area, Bishops Row is just a short walk from Fulham’s vibrant centre, tube stations, bus services, and an excellent choice of local schooling.

GUIDE PRICES From £3.75m BISHOPS ROW STEVENAGE ROAD, FULHAM, LONDON SW6 6PB

SHOWHOUSE OPEN WEDNESDAY TO SUNDAY 10AM – 4PM

ARRANGE AN APPOINTMENT +44 (0)20 3417 4610

+44 (0)20 7731 7100

+44(0)20 8481 7500 | OCTAGON.CO.UK

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BISHOPS ROW FULHAM

Homed to

PERFECTION Quality deisgn & build in sought after locations

OCTAGON DEVELOPMENTS

ctagon, the privately owned pioneer of luxury housebuilding, was founded 40 years ago with one simple but controversial idea: to build very few, but rather superior family homes with gaspinducing interiors. The concept paid off and the company continue today to deliver the ultimate in build perfection. Focusing on prime residential areas of London and the adjoining Home Counties for the majority of their projects, the company’s current collection of homes range from £2.25m, rising to £15m for one of their ‘super mansions’, often built to buyers’ precise requirements under their Bespoke division. All Octagon homes are individually designed by their talented in-house team, incorporating interior and exterior design features which distinguish each house with a unique character, still retaining the unmistakable Octagon style. Their combination of classic exterior architecture, lavish landscaping, wow-factor interiors, along with the latest technology and appliances has earned the Surrey-based niche specialist a formidable number of high profile industry awards.

Latest releases include the beautifully restored and converted Grade II* Listed Eagle House, one of the few and finest examples of a Jacobean Manor House still standing in London today. Built in the early 1600s, this was the second building to be erected in Wimbledon Village, designed as a family country house for Robert Bell, the cofounder of the British East India Company. The house changed ownership and names several times over the centuries, briefly called Nelson, following Lord Nelson’s visit in 1805, and awarded a Blue Plaque as the home of Arthur Schopenhauer, renowned German philosopher who was educated there in 1803. It has taken four years to renovate and convert by the award winning Bespoke building team at Octagon. Overseen by English Heritage and Octagon Listed Home specialist Stephen Dunn, the handpicked team of craftsmen painstakingly restored all the existing fine period features and converted the accommodation into 8 luxury apartments. Some have soaring stained glass and leaded light windows, others elaborately moulded ceilings or ancient hammerbeam arches, and perpetuating throughout is a prolific number of original fireplaces and cast iron grates. Residents will also enjoy a meticulously landscaped, rear communal garden, with a very formal layout to reflect the site’s extensive

BROADOAKS PARK WEST BYFLEET, SURREY

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LONDON PROPERT Y | OCTAGON DEVELOPMENTS

EAGLE HOUSE WIMBLEDON VILLAGE

history, bought together with plenty of informal planting. Designed in conjunction with English Heritage, the gardens were a central element of the grand house when it was built in the early 1600s, and the landscaping has brought the gardens back to their former glory. With every apartment completely unique in both design and layout, each of the 2 and 3 bedroom homes enjoy secure private parking, a rarity for this prime location adjacent Wimbledon Common. Guide Prices start from £2.25m. Viewings are by appointment only. Across the city, on the north banks of the Thames, is Bishops Row, Octagon’s first Fulham development - deceptively spacious townhouses, ranging from 4,375 - 6,150 sq ft, each with 4/5 bedrooms and 4 reception rooms. All 9 townhouses have front and rear courtyard gardens at ground level, with generous balconies leading off the first floor drawing room and top floor master suite. In addition, on the lower ground floor accessed from the cinema rooms, there are innovative covered courtyards with novel glass ceilings. Two of the townhouses enjoy a large rooftop terraces and unparalleled view of the River Thames and beyond. Plot 9 also features a lift which services all 5 storeys.

Bishops Row offers exceptional transport links in to the West End and the City. Nearby Putney Bridge station provides access to Sloane Square and London Victoria, whilst Fulham Broadway and Parsons Green takes 17 minutes to Oxford Circus and just half an hour to Canary Wharf. Heathrow Airport is 32 minutes away from nearby Hammersmith Underground. Prices start from £3.75m. The show home is open Wednesday to Sunday, 10am – 4pm. Finally, ambitious plans for the creation of Broadoaks Park in Surrey’s West Byfleet have just been given the formal greenlight by Woking Council. A verdant 25 acres of rare building land, Broadoaks Park will feature large areas of open and beautifully landscaped grounds. The unique and exclusive development will offer a mix of properties, ranging from beautiful apartments to large detached family homes. The existing Grade II listed mansion, alongside its adjoining lodges, coach house and ornamental gardens, will be beautifully restored and converted into luxury homes, with prices ranging from £500,000 - £2.5m. Sitting just beyond the M25, West Byfleet forms part of the sought-after Surrey ‘stockbroker’ belt, favoured by City commuters, thanks to regular fast train services running directly into London Waterloo, taking less than

“LAVISH LANDSCAPING, WOW-FACTOR INTERIORS, ALONG WITH THE LATEST TECHNOLOGY AND APPLIANCES” 30 minutes. It is also approximately 30 minutes’ drive from both Heathrow and Gatwick Airports. Local schooling is another plus, with Ofsted rated West Byfleet Junior School and The Marist Catholic Primary School. Renowned St Georges Junior School and College are both close by and caters for boys and girls from 3 years old to 18 years old.

For more details on all Octagon properties, call 020 8481 7500 or visit www.octagon.co.uk

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PHILLIMORE GARDENS £11.5 MILLION K E N S I N GTO N F I V E - STO R E Y, S I X- B E D R O O M R E G E N CY

S E M I - D E TAC H E D V I L L A

LONDON’S FINEST The Capital’s Premium Locations

he prolific expansion of London over the past 150 years has left behind an extraordinary and diverse architectural legacy. Even within its relatively small prime central districts the types of property available to international buyers encompasses an enormous range of property types, styles and sizes that few if any other global cities can match. This is largely down to the capital’s relentless development in bursts that has layered the city with clearly identifiable styles hailing from the Victorian, Edwardian, post-WWII, 1950s and beyond to the present day’s flurry of modernist apartment blocks currently being built in almost every postcode from the urban to the suburban. Inspired by the post-war trend of building upwards, developers continue to construct tall apartment blocks and London is now dominated by high rise buildings.

hillimore Gardens was built during the late 1850s and early 1860s on a parcel of land between Holland Park and Hyde Park just off what is now Kensington High Street. Phillimore Gardens hugs the west side of Holland Park, providing the western boundary to the 20-acre Phillimore Estate, which includes Argyll Road, Upper Phillimore Gardens and Essex Villas. Despite their closeness to Kensington’s busy High Street, these streets are havens of tranquillity. This property is a gorgeous Regency-era family home with a breakfast room on the lower ground floor opening out onto its rear garden plus three other reception rooms and much-soughtafter off-street parking at the rear. ● More details: Strutt & Parker on 020 7313 8408.

2 However, unlike the practical, unattractive designs of the ‘60s and ‘70s, developments are now more luxurious and lifestyle led. While new houses can be found dotted around the capital, these are mainly built on plots of demolished buildings or within larger development projects in areas where there is more space, like at Barking Riverside. Here we round-up some of London’s finest homes for sale now across a range of different price points and locations.

“DEVLOPERS CONTINUE TO BUILD TALL APARTMENT BLOCKS AND LONDON IS NOW DOMINATED BY ‘HIGH RISE’ BUILDINGS”

MOORGATE £4 .75 M I L L I O N THE CITY

3 1 ST F LO O R D U P L E X A PA R T M E N T

f you’re about to take up a new job in the City and don’t fancy commuting in then this two-level, three-bedroom apartment is worth considering. As well as eye-popping views over the Square Mile from its main rooms, it features an open plan design all within the iconic Heron Tower in Moorgate. The price comes with access to leisure facilities, a private members’ club and three parking spaces. Moorgate was a entrance in the London Wall originally built by the Romans. It was turned into a gate in the 15th century. Though the gate was demolished in 1762, the name survives as a major street in the City of London. The street connects the City to the London Boroughs of Islington and Hackney, and was constructed around 1846 as one of the new approaches to London Bridge. ● More details: Barnes Office, or 0207 935 5797.

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LONDON PROPERTY | PREMIUM HOMES

3 4

DRAYTON GARDENS

CADOGAN PLACE £4 . 5 M I L L I O N

£4 .9 5 M I L L I O N

B E LG R AV I A

CHELSEA

T E R R AC E D H O U S E

T H R E E- B E D R O O M M A I S O N E T T E A PA RT M E N T

adogan Place has an illustrious history reaching back to the early 19th century and has been witness to a botanic garden, society scandals and the home of a British Prime Minister, Harold Macmillan. It’s name alone has, for most Londoners, the ring of a highly desirable address. For sale on it at the moment is a refurbished threebedroom maisonette within one of its large terraced houses. If you want to hang out in both Belgravia, Chelsea and Sloane Square then this is the place to live in luxury within spitting distance of them all. ● More details: Strutt & Parker, 0207 591 2216.

rayton Gardens is where London’s bohemian artists once lived and the area, for a while until relatively recently, had a reputation as one of the capital’s wild place. It is where, particularly during the 1960s, pop stars preferred to rock and roll. These days it’s the preferred haunt of investment bankers and hedge fund managers who’ve helped give the area a more genteel feel. And this five bedroom period terraced house is a good example. It’s a five-storey, five bedroom house with five bathrooms and a lovely patio garden at the rear. ● More details: Strutt & Parker, 020 7244 1274.

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Finding the perfect school for your child

Established in 1873, Gabbitas is a consultancy advising on all aspects of British Independent Education. We can help with every aspect of your childâ&#x20AC;&#x2122;s educational journey. This includes advising on the best school, university or summer school, advising on higher education and career choices, providing tutors, guardianship and entry testing to ascertain your childâ&#x20AC;&#x2122;s potential.

www.gabbitas.com +44 (0) 20 7734 0161 | info@gabbitas.com Gabbitas Educational Consultants is registered in England No. 2920466. Part of The Prospects & Shaw Trust Groups.

Gabbitas Educational Consultants is registered in England No. 2920466. Part of The Prospects and Shaw Trust Groups. Image supplied by Eastbourne College.

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The Prime Market After two years of slowing house prices and activity, is the top end of London’s market recovering? by N I G E L L E W I S

here is agreement among most London estate agents and developers that the past 12 months or so have been challenging times for the UK’s capital city. Its property market normally does well during difficult economic times, and even during the global financial crisis in 2007/8 both transactions and house price rises only paused for a few months before continuing their upward trajectory. This time around, extraordinary economic and political forces have conspired to hit London much harder. The continuing debate around how the UK leaves the European Union, the additional property taxes levied by the government and high house prices have helped subdue demand for London’s properties among some buyers. Most estate agents say that properties are selling, but only if sellers adjust their asking prices accordingly. And over the past year this has forced down final agreed sales prices by between 10% and 12% in the £2 million plus property market. This has been creating a problem for vendors who need to move at all costs, but an opportunity for buyers, who now hold all the bargaining chips in what is a buyers’ market.

For those purchasing property in London’s sub £2 million property market, which make up 70% of all property sales in London, prices are holding more steady. This is because the balance between buyer demand and property supply in this market is at a more normal level. “Realistic pricing and the continued attractiveness of Sterling will continue to be key factors affecting market activity levels in the higher price sectors,” says Guy Robinson, Head of Residential Agency at Strutt & Parker. Overall across London, other agents and companies who collect data on the whole market have recently reported an upturn in activity. After 12-18 months of both demand and prices softening, it would seem that many buyers believe the worst is over and are diving in again before prices begin to rise once more. This is reflected in figures from London property data company Lonres, which recently reported house prices in prime central London edging up by 1.2% year-on-year. But outside of central London within its luxury fringes in places such as Hampstead and Clapham, prices continue to reduce, by between 3.9% and 5% according to Lonres. “In this market it is realistically priced homes that sell,” says Lonres Managing Director Anthony Payne. “Encouragingly, our latest agent survey found 46% of respondents report a narrowing in the gap between vendor and purchaser expectations on price.

W H AT I S P R I M E C E N T R A L LO N D O N ? PCL is the neighbourhoods north of the Thames in and around London’s two main central green expanses, Regents Park and Hyde Park, and concentrated in the boroughs of Westminster and Kensington & Chelsea. The most famous are Mayfair, Belgravia, Kensington and South Kensington, Chelsea, Notting Hill, Marylebone and St John’s Wood. All these areas feature wildly different price points for buying property, but within them it’s often hard to find an apartment for less than £1 m and prices can hit £50mfor a large detached house.

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LONDON PROPERTY | PREMIUM HOMES

THAMES REACH £1.25 MILLION FULHAM

A PA RT M E N T OV E R LO O K I N G T H A M E S R I V E R

his two-bedroom flat is part of a development built by worldrenowned architect Richard Rogers during the 1980s which was designed to house both his eponymous practice as well as his wife’s River Café restaurant, funded by sales of the flats above. This is a fine example of these properties and has wooden floors throughout and comes with two double bedrooms, a combined reception/ dining room and kitchen, two bathrooms and underground parking. It was also owned by Beatle Paul McCartney at one point. ● More details: John D Wood, 020 7731 1487.

KINGSTON £ 3 .75 M I L L I O N W E S T LO N D O N

CO N T E M P O R A RY D E TAC H E D H U F F H AU S

f central London’s congested streets aren’t for you then one haven of peace in its western suburbs is Kingstonupon-Thames near both Wimbledon and Richmond. This is a German-built luxury kit house on Ullswater Road with five bedrooms, five bathrooms and three reception rooms. Its at the end of a cul-desac so is both quiet and secure; qualities that are hard to find in London. ● More details: Barnes Office, 0207 935 5797.

7 7

DUNRAVEN STREET £6 MILLION M AY FA I R

LUXU RY T H R E E - B E D R O O M A PA R T M E N T

his luxuriously refurbished apartment in the centre of London’s most expensive neighbourhood has a famous history with links toboth a famous author and a more recent high profile but tragic clothes designe. The property is a threebedroom penthouse apartment within a house that was once home both to author PG Wodehouse and fashion designer Alexandra McQueen. The luxury apartment has two floors, a huge reception room, a spectacular roof terrace and an open plan kitchen. ● More details: Fine & Country, on 0203 861 8810.

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LONDON PROPERTY | MARKET UPDATE

“THERE ARE OPPORTUNITIES WHICH BUYERS IN PRIME CENTRAL LONDON APPEAR TO BE WAKING UP TO”

“This was also reflected in the difference between vendors initial expectations on price and those achieved this quarter.” But London’s property market is like any other. Although reality has now bitten, Lonres believes it also presents an opening for buyers. “With a broadly flat market, fewer buyers and rising stock levels, there are opportunities which buyers in prime central London appear to be waking up to,” its most recent research report says. All this is a matter of relativity. Although London has endured a difficult year, it remains one of the most dynamic property markets in the world. As Lonres points out, it still costs £1,722 per square foot to buy a property within prime central London, putting it on a par with other international cities such as New York and Hong Kong, on average.

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DU ST TY AM PA P ID *

Lawr ie Park Place

Lawrie Park Place

Lawrie Park Crescent, Sydenham, SE26 6HH

Lawriedevelopment Park Crescent, Sydenham, SE26 four and five bedroom A gated, boutique of 27 contemporary houses close to Crystal Palace Park. PRICES £1,095,0000 A gated, boutique development of 27FROM contemporary four and five bedroom _ SHOW HOME OPENto 5 DAYS A WEEK THUR-MON houses close Crystal Palace Park. 10AM - 5PM

ASSISTED MOVE* PRICES FROM £1,095,000

TAKE THE HASSLE-FREE ROUTE TO SELLING YOUR EXISTING PROPERTY WITH ASSISTED MOVE AND WE’LL EVEN PAY YOUR AGENT’S FEES.

For more pleaseplease contact Waleed Suilman Forinformation more information contact Waleed Suilman T: 020 T: 8001 W: www.lawrieparkplace.co.uk 0201454 8001E: newhomes@pedderproperty.com 1454 E: newhomes@pedderproperty.com W: www.lawrieparkplace.co.uk A D E VELO PM ENT BY

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21/09/2018 18:33

LONDON PROPERTY | MARKET UPDATE

S U P P LY A N D D E M A N D

A PA R T M E N T S

NEW BU ILDS

GOOD IN VESTMENT?

ccording to Savills, supply and demand problems in London’s sales market have been good news for anyone seeking to buy a new-build property. Because 18,500 new homes have been built in London since 2014 and developers have been keen to do deals where appropriate. “There has been a flight to quality amongst buyers and the associated amenity provision that comes with prime new build property, coupled with lack of quality second hand stock, has driven demand,” says Savills. “Pragmatic developers are increasingly willing to offer incentives and price realistically.” Also, non-UK buyers (who often choose newbuilds over resals) have been a major driver in this market since the 2016 Brexit vote. “The strengthening of the pound could be the sign that the currency window is closing, but we also know that the motivations of overseas buyers are not solely exchange rate driven,” it says.

or property investors, London presents a very different and generally positive picture. While the price of apartments has been falling across London, rents have been rising strongly as a shortage of stock has forced up rents in many – but not all – parts of the capital. “Fewer properties reaching the market to let has meant less choice and greater competition among prospective tenants,” says Lonres. “Looking ahead, agents remain cautiously optimistic about rental growth in the coming year. Prospective buyers’ unease about committing to purchase pre-Brexit will, our agents expect, benefit the rental market over the coming months.” The areas where rents are rising the fastest are the less fashionable secondary upmarket areas of central London such as North Kensington, Borough, Pimlico, Maida Vale, Clapham, Chiswick, Westminster and Hammersmith.

“RENTS HAVE BEEN RISING STRONGLY AS A SHORTAGE OF STOCK HAS FORCED UP RENTS IN MANY PARTS OF THE CAPITAL”

CA S E ST U DY

PA R K M O D E R N

PRINCE HARRY and his WIFE MEGHAN are soon to have new neighbours when a £450 MILLION mixed-use development is completed opposite the entrance to their home, Kensington Palace in central London. Park Modern is to include a restaurant, hotel, health club and 57 homes, many of which will offer glorious birds-eye views over Kensington Palace and its gardens just 400 metres away. Prices for off-plan homes start at £2m each and rise to £30M for the largest penthouse duplex apartments. More information from fentonwhelan.com

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KNIGHT FRANK LO N D O N DATA RESEARCH

THE PROPERTY PICTURE IN

PRIME CENTRAL LONDON

Knight Frank’s London Residential Research expert, Tom Bill, discusses the current trends affecting Central London’s most exclusive properties.

TOM BILL Head of London Residential Research at Knight Frank

s prices have adjusted to a series of tax changes in recent years, there are clear indications that trading activity in prime central London property has stabilised. After a peak in mid2015, property prices in prime central London had fallen 9% by July this year; a decline that more than compensated for any rise in stamp duty rates. Political uncertainty, primarily in the shape of Brexit, means buyers remain price sensitive and transaction volumes are not yet in recovery mode. In the year to July, LonRes data shows that there were 5% fewer transactions than in the previous 12-month period. Yet there are signs that demand is strengthening – and, as political uncertainty reduces, this is expected to continue. The number of new prospective buyers in

prime central London was 31% higher in June than the same month last year. Furthermore, 31% fewer properties were withdrawn from sale in prime outer London in the year to June. Since properties are often withdrawn because buyers will not meet the asking price, this decline suggests that asking prices now more closely reflect buyer expectations. In the highest price brackets, underlying demand remains robust. In June 2018, the total value of £10 million-plus sales in London amounted to the highest monthly total since December 2014 at £407 million. Strong demand from overseas buyers continues, including those from the United Arab Emirates (UAE). This is, in part, due to the relative weakness of Sterling since the Brexit vote, but is also a reflection of the enduring appeal of London as a place to live and be educated in. Kensington and South Kensington have proven to be the most popular central London destinations amongst UAE buyers in 2018.

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PROPERT Y RESEARCH | DUBAI 2018

FALL IN PRIME CENTRAL LONDON PROPERTY PRICES, FROM 2015-JULY 2018

31%

MORE BUYERS LOOKING IN PRIME CENTRAL LONDON IN JUNE 2018 THAN JUNE 2017

£407M TOTAL AMOUNT FOR PURCHASES OF £10 MILLION + PROPERTIES IN JUNE 2018

Kensington South Kensington THE MOST POPULAR AREAS OF CENTRAL LONDON AMONGST BUYERS FROM THE UAE

“STRONG DEMAND FROM OVERSEAS BUYERS CONTINUES, INCLUDING THOSE FROM THE UAE” Buyers from the UAE have remained within the ten largest groups of overseas buyers of Prime Central London property in recent years. Their expenditure is also rising; in the two years to June 2018, the average figure for a property purchase was £3.2million, higher than the £2.06 million recorded in the preceding two years. There is also positive news for landlords. Following a more restricted supply, annual rental value growth (+0.8%) returned to prime central London in June this year. A series of tax changes affecting landlords has prompted more property owners to attempt a sale in recent months. As a result, there were 16% fewer lettings listed in prime central London in the year to June 2018 than the previous 12-month period. Tenant demand also remains strong. In the year to June 2018, Knight Frank agreed 7% more lets in London than in the previous 12 months. Financial services continue to be an important driver of demand for the lettings and sales market. There has been little evidence to suggest that Brexit will materially affect London’s dominance as a global financial centre. Indeed, a series of high-profile commercial lettings deals since the Brexit vote, including those signed by banks and global tech companies, is a positive sign for the residential property market and underlines London’s enduring appeal.

i If you’d like to find out more about the property market in central London, please contact TOM BILL, Head of London Residential Research tom.bill@knightfrank.com

RIVERWALK, WESTMINSTER SW1. A COLLECTION OF 1, 2 AND 3 BEDROOM APARTMENTS FOR SALE WITH KNIGHT FRANK.

If you are looking to buy in central London, please contact RUPERT DES FORGES, Head of Prime Central London Developments rupert.desforges@knightfrank.com

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LONDON PROPERT Y | KNIGHT FRANK

TEAM INTERVIEW Meet the experts on Prime Central London Developments. with K N I G H T F R A N K

stablished since 2007, Knight Frank’s Prime Central London Development team counts some of the capital’s finest luxury new build schemes and global developers among its worldclass portfolio. The team’s three Partners – Rupert des Forges, Ian Pidgeon and Moreas Madani – discuss how they can help those looking to invest in a prime London asset.

“OUR GOAL IS TO FORM TRUSTED RELATIONSHIPS WITH OUR BUYERS; MANY BECOME REPEAT PURCHASERS”

What does the Prime Central London Developments team do? RUPERT: We provide consultancy, sales and marketing strategies to prime developers, and assist global buyers looking to invest in prime central London developments. MOREAS: Our clients include global developers Clivedale and Lodha, and long-established Londonbased developers Native Land, Finchatton and CIT. On the broker side, our buyers are a mix of known collectors and new entrants to the market. Our goal is to form trusted relationships with our buyers; many become repeat purchasers, with some having invested in as many as five of our schemes over recent years. How do you respond to changing trends and buyer requirements? IAN: Private wealth today is more globally widespread than ever before, so we frequently spend time overseas. Over the past year, I’ve spent time in Shanghai, Hong Kong, Singapore and the Middle East, attending events and speaking with prospective buyers interested in hearing about the latest London developments and the market.

How closely do you work with other teams at Knight Frank? RUPERT: Very closely – our client relationships are nurtured via our local businesses across Europe, MENA and Asia, connecting into the agency teams in London. In addition, Knight Frank’s wealth ambassadors travel to gateway cities around the world to meet new and existing buyers. IAN: Our international teams drive buyers to our schemes, too. Last week, 20 members of the Knight Frank China team were here in London to learn more about our offering and local market trends. MOREAS: Being part of Knight Frank gives us access to a global network across both the commercial and residential markets, and enables us to give a whole market perspective to global investors. Close collaboration ensures that our buyers always receive a seamless service. If there was just one thing everyone should know about the team, what would it be? RUPERT: We provide succinct and honest advice our clients can trust, and operate with the highest standards of discretion and confidentiality. MOREAS: We take the time to understand each purchaser’s requirements in context of the market and provide them with a bespoke personnel service. In many cases, we also give our buyers exclusive access to London’s best new schemes before they officially come to the market. IAN: With over 70% prime market share, we have access to the very best portfolio in London, and can provide buyers with an entire market overview in a single stop.

i To find out more about how the team could assist with your prime central London development requirements, please contact RUPERT DES FORGES Head of Knight Frank’s Prime Central London Development team, at Rupert.desForges@knightfrank.com

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Out now knightfrank.com

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LONDON PROPERT Y | KNIGHT FRANK

C H I LT E R N P L AC E Impeccable design in an historic setting

by K N I G H T F R A N K

estled in the heart of London’s West End, moments away from world-famous landmarks and iconic red buses, is the quintessential English area of Marylebone. With a village-like feel at odds with its central location, this quaint neighbourhood has enjoyed a resurgence in popularity over recent years, enhanced by the strong value of its property market. A thoughtful balance of independent boutiques and established names line Marylebone’s winding streets. There’s the artisan local produce of gourmet delis such as the Ginger Pig; the Edwardian bookshop Daunt Books; fresh flower stalls and chic fashion brands; as well as the ultimate celebrity hotspot in which to see and be seen, Chiltern Firehouse. And at the heart of this charming oasis awaits a terracotta building, gracefully rising into the sky and inviting you to become a part of Marylebone’s enchanting tale. At 15 storeys tall, Chiltern Place is Marylebone’s new landmark development – and its apartments are unlikely to remain on the market for long.

The coveted address features a collection of 55 apartments and a townhouse, all showcasing the highest quality of craftsmanship and meticulous attention to detail. Residents and visitors alike experience a warm welcome from the moment they arrive at Chiltern Place via the specially designed Porte Cochere, greeted by an opulent and spacious lobby that exudes a calming ambience. Effortless luxury continues throughout the apartments. Natural light floods in through floor to ceiling windows to enhance the interiors’ neutral colour palette, with dark lacquered woods, sandy plush carpets, and cream marble swirled with cool grey among the many highquality materials in use. As the only new build residential tower in Marylebone, Chiltern Place enjoys unrivalled views of the surrounding area. Every property, from the two-bedroom apartment to the penthouse, comes with at least one balcony – the latter with four – unveiling panoramic views over London. As you’d expect from a home of this calibre, every amenity a resident could wish for is available, including a 24-hour concierge service, an exclusive residents’ lounge, meeting room, state-of-the-art fitness facilities and secure basement parking.

Beyond the local delights of Marylebone, a generous cultural offering awaits. There’s the shopping at Selfridges, the 5-star Claridge’s hotel, the art at The Wallace Collection, the concerts at Wigmore Hall and the films at Everyman arthouse cinema, as well as the medical institutions of Harley Street. When looking to indulge in nature’s own offering, the leafy elegance of King Henry VIII’s former hunting ground, Regent’s Park, is just a short walk away. Chiltern Place presents standards of luxury living among the highest in London – yet Marylebone still presents significantly better value than comparable properties in similar areas. Indeed, despite being separated by less than a ten-minute walk, homes in Marylebone offer almost twice as much value as those in Mayfair. For the discerning buyer, Chiltern Place is more than just a beautiful home in an outstanding location; it’s an exceptional investment opportunity, too. For centuries, Marylebone has been a melting pot of well-known figures. Past residents include Charles Dickens, the Beatles and even legendary fictional character Sherlock Holmes – and, with a home in Chiltern Place, you could be the newest resident of this charming pocket of London.

i Prices at Chiltern Place start from

£2,000,000

for a one-bedroom apartment. To find out more or to arrange a viewing, please contact Moreas Madani, Partner in the Prime Central London Developments team, on +44 20 7861 5461 or moreas.madani@knightfrank.com

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Did you know?

70% of all prime London developments are for sale with Knight Frank.

The Heron, City of London

Register with us for the widest choice of exceptional new homes. Weâ&#x20AC;&#x2122;d love to help you. Contact Rupert des Forges, Head of Prime Central London Developments, on +44 20 3463 0234

knightfrank.co.uk Statistic based on developments on which Knight Frank are directly mandated in London Zone 1 at an average list price in excess of ÂŁ2,000/sq ft.

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10/09/2018 07/09/2018 09:12 17:27

LONDON’S AIRBNB

TIPPING POINT The home sharing listings service has attracted both celebrities and controversy since it started and now many landlords in London are turning to it for better rental returns by N I G E L L E W I S

ive years ago Airbnb was a relatively little-known home sharing website until it was revealed that actor Ashton Kutcher had used it for a year to find homes to live in after his divorce from Demi Moore. His sofa surfing came to light after the No-Strings Attached star revealed he was to invest in the company, which to seasoned start-up watchers wasn’t a surprise; he’s also invested in Skype, Foursquare and Fab.com. That was four years ago, and now Airbnb is gaining not fame, but notoriety. Several cities have attempted, and sometimes succeeded in preventing home owners from renting their properties out via Airbnb, after the website was blamed for a shortage of traditional rented property in the US, Europe and beyond. The maths involved illustrate why. On average Airbnb landlords earn £106 a day from their rentals for a two-bedroom apartment, or £2,226 a month based on a 70% occupancy, says letting agent Portico, which last year launched a premium Airbnb management service. The company also expects to achieve 80% occupancy for some properties, and that landlords can expect to start earning within a week of listing on the site. Portico says Airbnb day rates in London range from £65 to £224 but crucially – and here’s why some worry that Airbnb is sucking a lot of property out of the London rental market – the average rental figure of £2,226 is £449 more than the average price paid by traditional, longer-term tenants.

The protests went global and several cities, including New York, Paris, Barcelona, Berlin, Amsterdam as well as London have begun to either levy a tourist tax on Airbnb landlords or restrict who can rent out their homes via the site. For example, in San Francisco, you can only rent out your home via Airbnb if you’re a full-time resident of the city. In Santa Monica, landlords must live in the house to rent it out. Then Airbnb made its own move late last year, restricting all its landlords from renting out properties for more than 90 days. This has gone some way to placate those think the company is helping reduce the supply of affordable housing in urban areas. The scale of the Airbnb operation in London is surprisingly large. There are just over 48,000

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LONDON PROPERTY | AIRBNB

“THE SCALE OF THE AIRBNB OPERATION IN LONDON IS SURPRISINGLY LARGE”

Airbnb hosts in the capital and the City of Westminster harbours the most at 5,631 followed by Tower Hamlets (5,076) and Hackney (3,572). But it’s not all about central London. Portico says some outer suburbs also have a lot of Airbnb hosts including Brent, mainly because it has Wembley Stadium within it; Newham (the Excel Centre) and Merton (Wimbledon). “Londoners in their thousands are turning to Airbnb to generate extra income,” says Robert Nichols, managing director of Portico. “And despite the 90-day limit, even seasoned landlords are coming round to the fact that a combination of Airbnb and traditional tenancy will maximise their return on investment. “If your property becomes vacant in the quieter months, we recommend listing your property

on Airbnb and synchronising your tenancy to start a long-term let in the summer or late summer when demand from tenants and therefore prices are highest. “Or, if your property is already on the market, why not earn on Airbnb until you let or sell it? Every day it’s sitting vacant is potentially losing you money, so it really does pay to get on board with Airbnb in short-term.”

i For further information call Portico on 020 7099 4000 or visit portico.com

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REACHING FOR THE SKY London has undergone an extraordinary transformation over the past decade or more as its once careworn central districts have been transformed into luxury apartment hubs. We talk to one builder at the heart of this trend.

ook around any city these days whether its Birmingham or Bangkok and you’ll see a crowd of cranes reaching for the sky, a bevvy of builders working underneath to erect the latest apartment tower development. This could not be more true in London, which over the past five years has seen a flurry of huge developments being constructed across its varied skyline from Canary Wharf to Battersea Power Station. One of the key companies in London involved in many of dozens of projects all over the city is Taylor Wimpey Central London. Here we speak exclusively to Darren McCormack, its Sales & Marketing Director to put the most pressing questions to him about the new-build housing market and the company’s latest developments.

Has Brexit changed the buyer profile for your properties in London? The principle profile of buyers remains unchanged. The fluctuation in currency has encouraged more people to buy into a market which has a track record of performing and a rich history of sustained growth. All the indicators for the London property show softening prices over the past 12 months or so. Is that true for the new build sector too? There is a natural cycle in the property market that sees prices fluctuate, though it is also worth remembering that London is made up of micro markets. It’s for this reason that Taylor Wimpey Central London focuses solely on Zone 1 and 2 – our expertise within this area means we’re able to make astute decisions on the locations in which we build. We focus on established areas, close to transport hubs such as London

Underground and mainline train stations, and with easy access to the culture, fine dining and retail offering of central London, where there’s always strong demand for homes and prices remain strong. The government has heralded recent Help to Buy figures that show growing numbers buying via the scheme but is rumoured to be ending it soon. Do you sell many via H2B and what’s your view on its upsides/downsides for the market/ buyers? Help to Buy (H2B) has been a fantastic initiative for buyers across the UK and particularly within London. Given the central locations Taylor Wimpey Central London specialises in, H2B is not always applicable, although our portfolio covers a broad range of price points. However, in some of the key regeneration areas, such as Nine Elms, we have offered the scheme to a handful of buyers which has been

“THERE IS A NATURAL CYCLE IN THE PROPERTY MARKET THAT SEES PRICES FLUCTUATE, BUT IT IS ALSO WORTH REMEMBERING THAT LONDON IS MADE UP OF MICRO MARKETS”

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CIT YSCAPE INTERVIEW | DARREN MCCORMACK

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CIT YSCAPE INTERVIEW | DARREN MCCORMACK

greatly received. Shared equity schemes have been in the market for a number of years in different guises, and whatever happens to H2B, there will likely remain opportunities for those who need it. Are you seeing/have you seen fewer foreign buyers in the market over the past 12/18 months? London is a multicultural city, full of opportunity and history, and as such it has global appeal when it comes to property. The capital continuously attracts people from around the country as well as internationally, who are all drawn to the unique lifestyle London offers.” Do you see the Build to Rent sector as a competitor to your business – or part of it? What’s your view on this ‘generation rent’ solution? Build to Rent (B2R) is a growing sector and certainly something we are watching closely. As the B2R model doesn’t tend to work for developments over £800 per square foot and given the prime areas of London in which we operate, B2R isn’t a direct competitor to our business. More broadly, London has always attracted a high percentage of renters, largely due to the work force flows of major companies who move people around between cities. This movement tends to be for a couple of years at a time, so it often doesn’t make sense for these people to purchase property but does mean there is a continued need for rental properties. There has been much talk and evidence among developers in London and beyond of the changing lifestyle requirement of apartment dwellers – lounges, gyms, café and rooftop party areas. Is this a passing marketing trend for new build developers or a long-term fact of life? Buyer expectations have certainly changed in recent years and there has been a real shift towards the ‘experience economy’ – people value what they do as much as what they have, and this extends to property too. Homes are no longer just about bricks and mortar, but an entire lifestyle. New developments are perfectly placed to offer this, with facilities such as private dining rooms, lounges and fitness suites that act as an extension to each residents’ home. Our latest project, Postmark, is a prime example of modern development – 681 central London apartments are accompanied by a spacious residents’ lounge, private dining room, furnished terrace with great city views, a ground

floor concierge, reception and flexible workspace area, a cinema and a fitness studio. This is an ever-growing approach and such facilities are now a common expectation; we give them careful consideration when designing every one of our developments to ensure the highest quality lifestyle, fitting for the place we are creating and people we are creating it for. London is facing a well-publicised housing shortage for young middleincome buyers in London – what do you think the answer to this problem is in the long term and what role could your company play as a developer? London is a diverse city, and one in which we feel privileged to play a part in shaping the future housing supply. The capital has a good supply of properties within commuting distance for those working in central London which are priced for middle-income buyers. As modern methods of construction continue to develop, there will be further opportunities in London and we envisage Taylor Wimpey Central London as one of the market leaders for this. Do you feel that London property still represents a strong potential

TAYLOR WIMPEY’s current flagship development in London is Postmark, the partial redevelopment of the capital’s central Mount Pleasant Post Office sorting site. The first phase has just launched and will include studio, one, two, and three-bedroom apartments set around a courtyard. PRICES START AT £670,000 More information from www.postmark.com or call 020 3918 7208.

“LONDON IS A DIVERSE CITY AND ONE IN WHICH WE FEEL PRIVILEGED TO PLAY A PART IN SHAPING THE FUTURE”

opportunity for those from the UK and overseas to invest in its new build stock – do the returns enjoyed by landlords still get your investor clients? London is a great option for those looking to invest in a major world city. Its property market is considered a safe option for investment, and has been for many years, with historic data to support previous and future performance. The market has yielded handsome rewards for buyers and recovered from some of the more difficult periods in record time. As a result, London remains one of the most popular areas on the global stage for medium to long-term investment.” How many properties do you currently have for sale at the moment, how many are in the pipeline for 2018 in total? And what market share do you have in London? We currently have seven developments on the market, from Battersea to Kings Cross, including the recently launched major Postmark project. This represents a significant footprint within the Central London market.

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Photography of The Mulberry penthouse at Lockside House, Chelsea Creek.

THE MULBERRY PENTHOUSE, CHELSEA CREEK F U R N I S H E D BY AWA R D -W I N N I N G I N T E R I O R D E S I G N E R S , T H E T H R E E B E D R O O M D U P L E X P E N T H O U S E I N LO C K S I D E H O U S E C O M E S C O M P L E T E W I T H E X PA N S I V E T E R R AC E S PAC E S , P R I VAT E G A R AG E , W I T H AC C E S S TO T H E R E S I D E N T S ’ S PA , G Y M , P O O L A N D 24 - H O U R C O N C I E R G E . A L L W I T H I N E A S Y R E AC H O F T H E K I N G ’ S R OA D , C H E L S E A . SOPHISTICATED AND ELEGANT, MAKE CHELSEA CREEK YOUR HOME TODAY

R E A DY TO M OV E I N P R I C E S F RO M £ 5 ,9 9 9,9 5 0 F O R F U R T H E R I N F O R M AT I O N P L E A S E C A L L + 4 4 (0)2 0 3 918 24 01 O R E M A I L S A L E S @ C H E L S E AC R E E K . C O. U K 9 PA R K S T R E E T, C H E L S E A C R E E K , LO N D O N S W6 2 F S www.chelseacreek.co.uk Proud to be a member of the Berkeley Group of companies

Price correct at time of going to print

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CELEBRITY

ROUNDUP Londoners are often mildly obsessed about which celebrities might be their neighbours, particularly when one of their current or former properties come on to the market. Here’s our roundup of the latest star addresses for sale now in and around the capital. by N I G E L L E W I S

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LONDON ROUNDUP | CELEBRITY HOMES

MOGHUL’S MANSION HAMPSTEAD

£ 1 5 ,0 0 0 P E R W E E K

f you want to know what sort of houses media Moghuls like to hang out in then look no further than this mansion for sale in North London. It’s the former home of Richard Desmond, who until selling his media empire recently for £126.7 million, was the owner of both Express Newspapers and TV station Channel 5. The property was originally listed for sale at £22m four years ago and is now available for £18m. It’s a 17,000 sq ft, eight-bedroom mansion on London’s famous Billionaires’ Row and has everything that a well-heeled media player might want. Fairways is tucked away on a tree lined avenue in Hampstead and comes with a leisure complex including a swimming pool, cinema, four car garage, staff quarters and a guest house. Billionaires Row, as Bishops Avenue is known, is an unusual property market. The smallest houses start at £3m and during the 1990s the Saudi royal family is rumoured to have bought ten properties on the thoroughfare. Desmond says he like’s the road because “it’s like living in the country and yet only 20 minutes from the West End and 20 minutes to the City”. Should you wish to jump in with an offer, it’s for sale through agent Glentree or available to rent at £15,000 a week. GLENTREE 020 8458 7311 glentree.co.uk

SPIFFING ADDRESS M AY FA I R

£6 MILLION

he career of author PG Wodehouse could have been so very different if he’d stuck to his original career as a banker. After a brief spell at what is now HSBC and with the help of a former master from his school – Dulwich College in South London – he landed a job as a gossip columnist at a national newspaper and began writing books and musical comedies for the stage. After many years of hard graft developing his ideas, his most famous line of books was born during the 1920s featuring Bertie Wooster and his long-suffering butler Jeeves which, during the run up to the Second World War, made him a wealthy man. Readers loved his depiction of the interwar years of cocktail parties and dances,

and the interplay of the idiotic Bertie and the patiently tempering effect of Jeeves. His many books were turned into a hugely successful TV series during the 1990s starring Hugh Laurie as the guffawing Bertie and Stephen Fry as his sidekick. During the 1920s Wodehouse and his wife Eleanor owned a house close to London’s theatreland where, at the time, he enjoyed several West End comedy hits. A luxury apartment within his former Grade II listed property is now for sale through Fine & Country (0203 861 8810) for £6 million. The threebedroom, three-level penthouse, which the easily impressed Bertie would have loved, includes a huge reception room, a spectacular roof terrace and an open plan kitchen. F I N E & C O U N T RY 0203 861 8810 fineandcountry.com

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IT’S GOT WINGS FULHAM

£1.25 MILLION

hen this two-bedroom apartment was built during the late 1980s it was just another luxury flat being constructed in Fulham, London, overlooking the Thames. But then Paul McCartney bought the property as new in 1987 when he was still married to Linda. When Linda died in 1998 Paul kept the property and used it as his London pieda-terre and it became a favourite of his next wife, Heather Mills. But the flat then became hers when the couple divorced acrimoniously in 2008. Mills held on to the apartment for some time and remodelled it to her own tastes included making the kitchen open-plan. Several of the units still have delivery stickers with her name written on them. It has wooden floors throughout and comes with two double bedrooms, a combined reception/dining room and kitchen. It’s for sale at £1.25 million. J O H N D WO O D 020 7731 1487

www.johndwood .co.uk

EXPENSIVE DESIGNS HORSHAM

£3.5 MILLION

hree years ago, viewers of famous UK television show Grand Designs got to see what a £120,000 kitchen looks like in the flesh. It was within a modernist house called Pavello visited by presenter Kevin McCloud during its two-year build. Commissioned by a cleaning company boss it cost £1.5 million to complete and was built to take up the same space as seven average-sized homes. Set within a wooded glade in the West Sussex countryside near Horsham, the property is 60m wide. Three years on and he owner has decided to sell up. The house, which is one of the most stunning modernist homes built in the UK, is now on the market for £3.5 million. Pavello features five bedrooms, four bathrooms, a mirrored gym, a two-car garage, two utility rooms, an electric security gate and a huge drawing/kitchen/ dining room. H A M P TO N S 01403 290283

www.hamptons.co.uk

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LONDON ROUNDUP | CELEBRITY HOMES

STRICTLY BALLROOM

LIAM’S WALL OF GLASS

KENSINGTON GARDENS

A L E X A N D R A PA L AC E

£1 MILLION

£3.25 MILLION

~ red Astaire was the greatest

dancer to come out of the golden years of Hollywood during the 1930s and his daughter Ava, who held a ringside seat during his stellar career on stage and screen, has been ensuring his extraordinary talents are not forgotten. US-born Astaire and his equally talented sister Adele were frequent visitors to London and mixed with royalty and nobility as well as making their first recording while visiting the capital in 1923. His daughter Ava, who spent many years at his side after her mother died from lung cancer, went on to become a well-known gardener and cookery writer. Ava and her family left their home in Los Angeles in 1972 to set up shop initially in London and tbis flat it now for sale. It’s a 65 sqm one-bedroom ground floor apartment for sale at £1 million. M A R S H & PA R S O N S 020 7368 4450 www.marshandparsons.co.uk

B “PART OF LIAM’S COME-BACK HAS BEEN ATTRIBUTED BY HIM TO HIS PENTHOUSE FLAT”

eady-eyed fans of former Oasis frontman Liam Gallagher were overjoyed last year when his debut solo album As You Were raced up the charts. They had worried that the notoriously colourful singer was past his prime after the messy demise of Oasis, particularly as it followed a three-year hiatus from recording and personal life problems. Part of his successful come-back has been attributed by him to a large apartment he bought recently near Alexandra Palace in North London. In an interview Gallagher revealed that after he moved into the penthouse flat its tranquil calm, 360-degree views over London from its balcony and intense light “helped my head a bit”, he said. Fans with deep pockets can enjoy a bit of this Gallagher champagne supernova lifestyle for £3.25 million. DEXTERS 020 8348 2341 www.dexters.co.uk

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OCEANIC HOUSE ST JAMES’S SW1 OUTSTANDING APARTMENT INTERIOR DESIGNED BY RENOWNED DESIGNER MORPHEUS A grand apartment of some 1,604 sq ft located on the fourth floor of the iconic Oceanic House, which was built as the offices for the famous White Star Line shipping company. The Grade II listed landmark building has been sensitively restored with a brand new interior echoing the luxury that will be forever associated with the age of transatlantic ocean travel. Impeccably high standards in the specification ensure an uncompromising regard to comfort and security, and an extensive range of modern appliances by internationally renowned brands. Accommodation: Entrance hall, reception room, dining room/sitting room, kitchen, master bedroom with ensuite bathroom, bedroom 2 with ensuite bathroom, utility room, guest WC. Amenities: Lift, porterage.

£3,850,000

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Leasehold

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Paul Finch paul@beauchamp.com +44 (0)20 7499 7722

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OCEANIC HOUSE ST JAMES’S SW1 A UNIQUE DUPLEX PENTHOUSE LOCATED IN THE HEART OF PRIME CENTRAL LONDON This exquisite duplex penthouse is located within the iconic Oceanic House, built as the offices for the famous White Star Line shipping company. This unique penthouse offers open plan living space flowing seamlessly throughout, creating the perfect space to entertain family and friends. The penthouse further benefits from four double bedrooms and direct access to the terrace boasting excellent views of London’s skyline. Accommodation: Entrance hall, reception room, dining room, kitchen/breakfast room, sitting room, master bedroom with ensuite his & her bathrooms and dressing rooms, 3 further bedrooms with ensuite bathrooms and dressing rooms, 2 studies, utility room, guest WC. Amenities: Lift, roof terrace, terrace, porterage.

£16,250,000

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Leasehold

• Joint Sole Agents

Paul Finch paul@beauchamp.com +44 (0)20 7499 7722

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HANS CRESCENT KNIGHTSBRIDGE SW1 AN IMMACULATELY PRESENTED LATERAL FIRST FLOOR APARTMENT Hans Crescent has been elegantly interior designed and furnished to a very high standard, creating classical yet contemporary features throughout. The apartment is located within an attractive corner building on the corner of Hans Crescent and Pavilion Road. Just moments from Harrods, Hans Crescent is one of Knightsbridge’s most sought after addresses selection of shops and restaurants both in Knightsbridge and Sloane Street. Accommodation: Reception/dining room, kitchen, study, master bedroom with ensuite bathroom, 2 further bedrooms with ensuite bathroom/ shower room. Amenities: Lift, 1,846 sqft.

£6,650,000

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Leasehold

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Sole Agents

Paul Finch paul@beauchamp.com +44 (0)20 7499 7722

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WYNDHAM HOUSE CHELSEA SW1 AN ELEGANT AND SPACIOUS THIRD FLOOR LATERAL APARTMENT An elegant and spacious third floor lateral apartment offering well balanced accommodation. the property is presented in very good decorative condition with four/five bedrooms and generous entertaining space. In total the apartment extends to some 284 sq m (3,062 sq ft). Wyndham house is a small handsome stone dressed purpose built block which occupies a position on the south eastern corner of Sloane Square. the many amenities of Chelsea and Knightsbridge are within walking distance. Accommodation: Entrance hall, reception room, dining room, kitchen/breakfast room, master bedroom with ensuite bathroom, four further bedrooms (three ensuite), laundry room, guest WC. Amenities: 24-hour porter, lift, 3,062 sqft.

£6,900,000

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Leasehold

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Sole Agents

Paul Finch paul@beauchamp.com +44 (0)20 7499 7722

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LONDON PROPERT Y | EMERGING LONDON

DALSTON AV E R AG E H O U S E P R I C E

£ 4 94 , 0 0 3

In a nutshell: Dalston is at transition point between former art student neighbourhood and somewhere City traders like to live to give themselves an edge; it’s buzzy, busy and there are lot of beards about. It has excellent transport and is served by four train stations.

RIVERSIDE

SHADWELL AV E R AG E H O U S E P R I C E

£ 6 0 7, 3 5 9

In a nutshell: A relatively deprived riverside area of East London that the gentrification process has bypassed, despite being squeezed between the luxury flats of Wapping and only a few Tube stops from the City. But a handful of luxury developments on its fringes distort its average house prices – away from them, prices are much lower.

OLYMPIC S

STRATFORD AV E R AG E H O U S E P R I C E

£ 4 2 0 ,1 3 3

WHITECHAPEL AV E R AG E H O U S E P R I C E

In a nutshell: A formerly hard-working area that, following the 2012 Olympics held near its central shopping area, had billions poured into its infrastructure and housing but which, despite this, remains relatively affordable compared to more fashionable parts of East London.

£ 6 5 5 ,9 6 9

In a nutshell: An area strongly influenced by Bangladeshi immigration to the east of Aldgate that is transitioning from hard-working district into a Hoxton-style enclave of artists, with developers and property investors not far behind.

MILE END AV E R AG E H O U S E P R I C E

£513,735

In a nutshell: A formerly gritty workingclass suburb of East London once famous for being a gangland redoubt, it’s good transport links into central London have persuaded many professionals to move there and gentrification has followed.

HAGGERSTON AV E R AG E H O U S E P R I C E

£424,515

In a nutshell: A second-tier hipster hotspot between Hoxton and Dalston that has only recently become a popular hangout and is now famous for its mustvisit restaurants and bars, and the new build developers have followed – many of the former drab council estate are being replaced with new-build developments.

ISLE OF DOGS AV E R AG E H O U S E P R I C E

£536,418

In a nutshell: It’s the hunk of former docks in the crook of a Thames u-bend that now holds the shimmering towers of Canary Wharf as well as the lesser-known areas such as Cubitt Town, Millwall and London Yard. Having mostly been a place where you worked, the Isle of Dogs is now, following a huge burst of new homes building, a place to live too.

IN SUMMARY House prices in East London have doubled since the early noughties and, like many other parts of London, rents have been rising too as demand outstrips supply for rental properties. But the journey to regeneration is far from over – and both capital values and rents have a long way to go before they catch up with West, North and central London.

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LIMEHOUSE AV E R AG E H O U S E P R I C E

£ 4 6 3 ,1 6 2

In a nutshell: This small, former dockside community clings to the A13 and is sandwiched between Canary Wharf and Shadwell. Once a bleak no-go zone, it is now a fashionable place to live, helped by Regent’s Canal – along which money has been arriving as gentrification moves eastwards along the canal. The area has witnessed a deluge of redevelopment.

BETHNAL GREEN AV E R AG E H O U S E P R I C E

£544,391

Join the

EAST ENDERS Lower prices and a growing fashionable reputation are attracting buyers to its once industrial areas

f you’ve ever asked yourself where to buy-to-let in London, then the capital’s eastern boroughs may have popped up as an option. They have been enticing property investors for while for one reason – they have potential for growth. Many of its postcodes are still on their regeneration journey and offer – if you get the timing right – a mix of lower-thenaverage house prices, popularity among tenants and potential for development. Until recently places such as Shoreditch, Dalston, Stoke Newington, Stratford and Whitechapel were, some might unkindly say, no-go areas. But not now. As rents and property prices have risen in many other areas, so the East has become a fashionable and affordable place to live. Many landlords have followed the tenants east, attracted by attractive gross returns. For example, according to Rightmove the average house price in East London’s most inner-city borough, Tower Hamlets, is £535,432 while over the river in Lewisham the average price is over £100,000 more expensive at £663,880.

In a nutshell: Originally part of Stepney, Bethnal Green’s compass now points towards the nearby Square Mile but, despite hipster neighbours such as Shoreditch and Haggerston, the area is trying hard not to be pretentious despite a swathe of recent apartment developments and period conversions, and the spread of the ubiquitous craft coffee shop.

POPLAR AV E R AG E H O U S E P R I C E

£ 4 6 0 , 70 6

In a nutshell: Poplar was rebuilt after being largely obliterated during WWII’s blitz and was heralded as the bright new future of post-war London, and retains that spirit today. The area remains an affordable and unpretentious bulwark to the gleaming wealthy in neighbouring Docklands. One unusual aspect of the property market is the Poplar marine, where houseboats are available from £150,00 with moorings.

THE NEW EAST END OLD EAST END

STEPNEY GREEN AV E R AG E H O U S E P R I C E

£ 5 3 1 , 78 6

In a nutshell: Stepney Green has seen many different communities come and go from the Huguenots to the Irish and more recently immigrants from Bangladesh, who still give the area its distinctive flavour. Signs of gentrification have only recently emerged but the area remains heavily influenced by the bombing that flattened a third of it during WWII, and from which plenty of post-war tower blocks rose from the ashes.

“UNTIL RECENTLY PLACES SUCH AS WHITECHAPEL WERE NO GO ZONES FOR SOME LANDLORDS”

SHOREDITCH AV E R AG E H O U S E P R I C E

£695 ,05 0

In a nutshell: An achingly cool slice of formerly forlorn East End on the fringes of the City that’s now become expensive both to buy property in and live within as developers have seized the opportunity to cash in on the area’s popularity.

HOXTON AV E R AG E H O U S E P R I C E

£ 67 5 ,9 1 5

In a nutshell: Another City/East End fringe area that has gentrified rapidly and become a by-word for hip London hangouts, full of tasty md cool food, drinks and clothing stores. But it’s reputation is larger than its layout; Hoxton is a relatively small tangle of roads around its eponymous but compact square.

STOKE NEWINGTON AV E R AG E H O U S E P R I C E

£503, 387

In a nutshell: A fashionable but familyfriendly and fiercely independent area famous for its Victorian stock, cool shops, bars and restaurants, parks and reservoirs.

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EMERGING LONDON

Croydon Absolutely Property visits London’s most affordable and fast-emerging SW satellite by N I G E L L E W I S

andlords hunting high and low for growth potential in the London housing market are normally looking for emerging but fashionable areas where properties are below the capital’s average price to buy, but where rents are rising. And right now, one hot ticket for potential opportunity is Croydon. It’s a town on the southern fringes of London about 15 minutes by train from central London. It famously hit a low point in 2011 when riots blighted its reputation, but it’s since picked itself off the floor as a raft of property, retail and foody investments have given it a much-needed shot in the arm. This has included the expected arrival of Westfield shopping centre in 2022, the new Boxpark food hall near East Croydon station and a raft of newbuild residential developments.

NEWBUILD ● The highest profile of these include the recently-completed Morello development on Cherry Orchard Road; the huge One Lansdowne mixed-use tower that will be one of Europe’s tallest when completed in five years’ time; and the Newgate Tower at the junction of the A222 and A212 in northern Croydon. One Lansdowne is going to be the game changer in the same way the planned Westfield shopping centre will be for retail. It’s two large but linnked mixed-use towers with planning permission to be built, one with 68 storeys and the other with 41. The development is going to dominate Croydon and give its skyline a sprinkling of Dubai. It will contain early 800 apartments, 300,000 square foot of office space, a swimming and gym, bar restaurant and a public viewing gallery. The development will be a short walk from busy East Croydon station and is the brainchild of local

development company Guildhouse Rosepride, which has spent nearly ten years now getting the site prepared and the project off the ground. It received planning permission late last year. One Lansdowne is a long game, though – and is expected to be completed by the end of 2023. Its founder shareholder and director Barry Jenkins told Absolutely Property that: “One of the keys to the developments’ success will be a pedestrian walkway that will take office workers and resident directly to East roydon station where they will be able to get fast trains into central London. Barry says that another lure for both retail and residential investors is the significant price difference between central London and Croydon, which is currently approximately 30% or £700 per sq.ft in Croydon compared to 1,000 sq.ft in central and inner London in London. “Half of the apartments within One Lansdowne will be under £600,000 while many will be for sale under £500,00, keeping them under that Stamp Duty threshold. “You get a lot of private rented sector (PRS) operators looking at Croydon because not only are there opportunities rent growth but the price differential too, which is the magic formula that PRS operators look for.”

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EMERGING LONDON | CROYDON

PUBLIC TRANSPORT ● Croydon’s ace in the pack is the town’s excellent transport links, which are arguably the best in London. As well as frequent trains into both London Bridge and Victoria, its tram system links it to Wimbledon in the west and New Addington/ Beckenham Junction in the east and makes getting to most places in south London a doddle.

PRICES ● Croydon has become a focus for young renters looking for value for money. Rents in other more fashionable parts of south London nearer to the centre of the capital such as Clapham, Crystal Palace and Peckham are at least 20% more expensive than Croydon. Local paper the Evening Standard recently described the town as a “no-brainer for renters on a budget” and lender Landbay last year said it was the 4th most affordable in London at an average rent of £1,100 per calendar month, per property. But increasing demand from tenants for the town’s apartments is pushing up rents, which are now rapidly catching up with other parts of south London. Lettings company Homelet has just revealed that rents are rising by a staggering 12.3% a year in Croydon, making it the 2nd hottest market for landlords right now.

WESTFIELD PROPERTY MARKET

“CROYDON’S ACE IN THE PACK IS THE TOWN’S EXCELLENT TRANSPORT LINKS, WHICH ARE ARGUABLY THE BEST IN LONDON”

● But not all landlords want newbuilds and the high annual management fees that come with them, and one feature of Croydon’s property market is that, although there’s been a lot of focus on the shiny new central towers, the town has an unusually diverse property stock. This includes flats within both the larger modern and period homes in the areas to the east of Croydon including Shirley Hills, and the copious number of flats available within the smaller terraced Victorian houses in restaurantheavy South Croydon. But central Croydon isn’t just retail and offices – there are plenty of 1990s and noughties-built apartments in developments within 10-15 minutes’ walk of the centre.

● Six months ago Croydon Council gave the green light to a £1.4 billion Westfield shopping complex to replace the increasingly shabby Whitgift centre in the heart of the town, saying it would be the catalyst for a mini rental boom in the area. Although the announcement set pulses racing over the prospects of a luxury retail hub like London’s two other Westfield centres in Shepherd’s Bush and Stratford, particularly after London mayor Sadiq Khan gave the project his blessing, it has since transpired that work won’t start until 2019 and is now scheduled to open in 2022. But despite this delay – which has been blamed on the complexities of moving so many businesses – the project is expected to give Croydon a huge economic uplift and transform many of its central streets.

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24/09/2018 18:34

EMERGING PRIME LONDON

Deptford Absolutely London visits one of less developed areas of London to see what the hipster hideaway has to offer by J A M E S R O B E R T S

f you judge an area by its beards quota, then Deptford is riding high now. We are referring to the very British trend of the ‘hipster’; young people who wear old fashioned clothes and grow bushy beards and who love Deptford. This once-scruffy pocket of East London received a massive boost to its fortunes back in 2014 following the approval of a £1 billion regeneration project. But the big change has been seen over the last 18 months as Deptford has cemented its position as the location of choice for creatives and young professionals looking for a vibrant cultural scene within easy reach of central London. Deptford has been dubbed London’s latest ‘arty quarter’ and there’s been a notable influx of creative types drawn to the area by its cool vibe, trendy bars and edgy music venues. And then, of course, there’s the affordability factor. Although prices in Deptford continue to rise, you can still pick up a one-bedroom flat here for under £300,000 making it a clear favourite with both investors and first time buyers. Vicci Smith from Foxtons thinks that the recent cancellation of Stamp Duty (the tax charged on buying homes in the UK) for first time buyers has been great news for Deptford. “If anything comes onto the market costing £500,000 or below the buyers are all over it,” says Vicci. “There’s so much regeneration happening here in Deptford, it’s really exciting. I’d say it’s the area of London which hasseen the most change over the last few years. The enquiries always used to be about Greenwich, but now everyone calls up about Deptford.”

The excellent transport links are a big draw – London Bridge can be reached in six minutes by train and Canary Wharf is only a 12-minute chug on the DLR – but Vicci believes Deptford’s unique community feel is the main attraction for new home buyers. “People flock here because it has such a vibrant, culturally diverse atmosphere,’ says Vicci. “You can get any kind of food you could possibly want in Deptford, there are loads of great new bars and restaurants and there’s a strong sense of community. “Creative types love it here. You see lots of hipsters and people walking around with yoga mats over their shoulders. I had a buyer in the other day who specifically wanted to move to the area because of the number of new vegan restaurants which have opened up.”

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24/09/2018 18:39

EMERGING PRIME LONDON | DEPTFORD

When it comes to property, Deptford offers a wide variety of options. There are grand Queen Anne town houses on Albury Street near St Paul’s Church, Victorian terraces on popular streets like Scawen Road and several impressive riverside developments offering swish new apartments with views of the Thames. The Timberyard Deptford is one of the largest new developments in the area. Built on a former industrial site near the open green space of Deptford Park, the scheme will create 1,132 new homes – each with their own private outdoor space – as well as 100,000 sq ft of commercial and retail units. “Deptford is one of those previously overlooked in-between locations, nestled alongside Canada Water and Greenwich, and as such it has significant growth potential,’ says

“CREATIVE TYPES LOVE IT HERE. YOU SEE LOTS OF HIPSTERS AND PEOPLE WALKING AROUND WITH YOGA MATS OVER THEIR SHOULDERS”

Matthew Moloney of Colliers International who are marketing The Timberyard. “It’s so close to Canary Wharf and has a creative scene to rival Shoreditch. It’s the one to watch in the South East corridor. For buyto-let investors, getting in early for a long-term project such as The Timberyard is where the real opportunities lie.” The first phase of homes at The Timberyard has nearly sold out and a second phase of properties will be released later this year.

i For further information call Foxtons Deptford on 020 8879 2179 or visit foxtons.co.uk

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24/09/2018 18:39

The flat with the The flat with the riverside lifestyle. riverside lifestyle.

Royal Arsenal Riverside, London SE18 • A third floor apartment with privateRiverside, balcony Royal Arsenal London SE18 • Open plan kitchen and reception room •A third floor apartment with private balcony Building benefits from residents gym, swimming pool and cinema room • Open plan kitchen and reception room •The Building benefits from within residents gym, swimming pool and cinema room property is located close proximity to the forthcoming Elizabeth Line Crossrail station and is situated 0.4 miles from both Woolwich The property is located within closewhile proximity to the forthcoming Elizabeth Arsenal DLR and railway stations, the Thames Clipper service is 0.2 Line station situatedare 0.4 approximate.) miles from both Woolwich milesCrossrail away. (All times and and is distances Arsenal DLR and railway stations, while the Thames Clipper service is 0.2 miles away. (All times and distances are approximate.)

Guide price £485,000 Guide priceapproximately 985 years remaining Leasehold: £485,000 Leasehold: approximately 985 years remaining

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Your south east London expert, Mark Ruffell, looks forward to helping you. Your south east London mark.ruffell@knightfrank.com expert, Mark Ruffell, looks +44 20 3967 8567 you. forward to helping +44 7970 237876 mark.ruffell@knightfrank.com +44 20 3967 8567 +44 7970 237876

knightfrank.co.uk knightfrank.co.uk Connecting people & property, perfectly. Connecting people & property, perfectly.

25/09/2018 14:24

LONDON PROPERTY | Q&A

BUILDING A R E P U TAT I O N

ou know something unusual is being built when the marketing suite for a development is more upmarket than a five-star hotel. This is the case at developer Barratt’s Aldgate Place which when finished will be a mixed-use, sixbuilding hub of apartments, offices, shops and a hotel on the junction of Whitechapel Road and Commercial Road in East London. It’s hard not to miss when you step out of Aldgate East tube station. In the reception, a gaggle of tightlytailored receptionists give the place a British Airways gold-card travellers lounge feel, while the marketing suite on the fifth floor – which the women whisk you up to via a lift straight out of a Gucci shoot – is a cross between an Apple Store and a handbag boutique.

But reality isn’t far away. In charge of delivering this promised level of luxury and marble-lined quality is Russell Bond, who has the nail-bitingly responsible job of ensuring the scheme sticks to its £250m budget. As well as a 150-bedroom hotel and offices plus ground-level shops, restaurants and cafés, his team of 500 builders is also constructing 463 homes ranging from studios to four-bedroom apartments. He must also keep it green – part of the planning approval granted in 2013 is that 25% of all materials on the site must be recycled. We nailed down Russel to an interview to find out what it takes to manage such a huge project. Are high buildings like Aldgate East a bigger challenge? What’s more of a challenge here is the site’s location. We are surrounded by tube lines as well as a Red Route that runs all around the site plus we’ve only got one entrance. The site is also riddled with underground services that had to be diverted before we could start building. But because we’re working at height, safety is really the No.1 concern for me. Our tallest building has 24 floors. What’s it like running a site like this? I feel like it’s a huge train running at full speed and I’m the driver. At any one time, I’ve got 30 Barratt staff on site plus a further 13 team site managers and in total 500 people working here.

“as well as a 150-bedroom hotel and offices his team of 500 builers is also constructing 463 homes from studios to four bedders”

Meet the person responsible for delivering the huge £250m Aldgate Place development nearing completion on the Commercial Road in E1.

How long will you be working here? Five years. This project started in September 2013, started the first piling in March 2014 and had our first completions in June 2016 on the first block, while the second phase will finish in 2018. What are the key skill sets you need? My major skill is to lead the construction teams and the site managers. It’s all about planning and organisation including monitoring and reviewing what the workers and teams are doing. I am responsible for budgets and schedules, but one of my main concerns day-to-day is managing people. The other two skills you need are to see the bigger picture while also paying attention to the small details. Where do you live? I live just outside London in Potters Bar, Hertfordshire in a bungalow that I converted by taking the roof off and building up. It’s was my little project back home! I had a good builder, so I didn’t need to manage it too closely. Where’s your office? My name’s above the door on the project office, which is in the basement of the development. Apartments for sale at Aldgate Place start at £695,000. Each property comes with a free allzones travel card for three years. Search online for Barratt Aldgate Place for more information or call 0844 358 3270.

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24/09/2018 19:03

MARKET REVIEW

LONDON’S BUY-TO-LET MARKET Nigel Lewis takes the pulse of London’s buy-to-let market and asks the experts what’s in store for its luxe rentals. by N I G E L L E W I S

ondon has been the beating heart of the UK’s buy-to-let boom for several decades and its 200,000-plus landlords now house over four million private renters. Landlords love London, particularly – if they can afford to – its prime areas, where rents are high and property values, apart from occasional hiccups, have continued rising since the early noughties. The average rent in London is £1,532 a month per property, while within the prime market £4,000 a month is not unusual, or five times the UK average. But over the past two years the wheels have come off the prime market. The capital has been flooded with rental properties as many developers and landlords have bet heavily on the lettings market, particularly overseas investors from places such as Singapore, China and Hong Kong. The huge number of large-scale new homes developments in London haven’t helped either, the best example being London’s newly-minted prime neighbourhood Nine Elms, where 22,000 new flats are being built under the shadow of Battersea Power Station. Many have been bought by investors. Also, the over-supply of properties was given a boost by the additional 3% Stamp Duty charged on investment properties in April 2016, the deadline for which prompted a Serengeti-like stampede to purchase properties and avoid the extra tax. These upmarket buy-to-let addresses are now causing a problem for the market. Supply and demand are out of kilter and agent Knight Frank says that rents have been going down for over a year.

The strongest rent reductions were in February 2017 at 5.2% but more recently they fell back to 2.1%, it says. But what is prime rental property? Some agents say it’s the top 20% of any market, while others say it’s all about location – i.e. London’s central neighbourhoods. “Prime central London’ is defined in [our] index as covering Belgravia, Chelsea, Hyde Park, Islington, Kensington, Knightsbridge, Marylebone, Mayfair, Notting Hill, South Kensington, St John’s Wood, the City and the City Fringe,” says Knight Frank spokesperson Harry Turner. But however you frame it, being a landlord in London’s prime markets has been a rollercoaster experience of recent. As well as the 3% increase in Stamp Duty, landlords have seen the tax relief they once enjoyed on their mortgage interest payments being cut back each year, while the automatic tax deductions for wear and tear have also been reduced. A reasonable person might conclude, therefore, that investing in London’s prime neighbourhoods is not an opportunity worth the risk.

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24/09/2018 19:08

SHOWCASE | SUSTAINABILITY

WEAKER MIDDLE PRIME MARKET? A £1,095-A-WEEK MEWS HOUSE NEAR GLOUCESTER ROAD AVAILABLE TO RENT VIA STRUTT & PARKER.

Knight Frank disagrees. It says in recent months the tax hikes have persuaded landlords to begin exiting the market and last year the number of properties available to rent reduced by 6.4% while demand increased – by 17.6%. This, it says, will begin to drive rents back up again, most likely in the lower and upper ends of this rarefied market, which Knight Frank defines as properties with rents under £1,000 a week and over £5,000 a week. The mid-market for prime London addresses renting at between £1,000 and £1,500 a week has been, and will remain, the weakest. Rents have been falling in this price bracket by nearly 5% over the past 12 months, Knight Frank says, more so than any other prime sector. Savills paints a similar picture. It says the lower

end of the prime London rental market is where the most tenants are looking for properties, and that the rent reductions are beginning to slow down. Landlords must be careful about where and what they buy, Savills’ research suggests. Its figures point to one-bedroom and twobedroom apartments being the most popular among tenants, while larger family-size properties are the least sought-after. And the area where the rental price reductions have been the smallest over the past year is North West London, taking in famous-name areas such as Highgate, Hampstead, Primrose Hill and St John’s Wood. This if followed by North East London including areas considered to be hipster enclaves including Shoreditch and Islington – although parts of central London are still thought to offer an opportunity. “In prime central London, markets which provide better value for money, such as Earl’s Court, Pimlico and Marylebone, have fared better than the more expensive areas,” says Savills research director Yolande Barnes. “Some of the markets are those with a large new build supply pipeline – a situation that has brought them to the attention of a wider range of tenants. This is especially true for Marylebone, with half of Savills renters relocating here for the lifestyle.” Savills is also upbeat about the market in the future, predicting that prime London will turn the corner next year, and that rents will be rising by 4% a year by 2021. One unusual aspect of the market is that there has been a surge in the number of tenants created by vendors who can’t sell their homes at the moment but who must move, opting to rent instead, says Richard Davies, Head of Residential Letting at Chestertons. It appears that London’s beating property heart continues, although perhaps not at the blood-pumping pace it used to.

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24/09/2018 19:08

JUST SOLD

THE UK’S

Most expensive apartment We’ve all heard of them but few of us have seen inside London’s high-end luxe apartments. Absolutely Property went to look around the first of a new breed that eschew bling... and that has just sold for £12.75 million. by J A M E S R O B E R T S

hen a property is so expensive its guest bathroom is worth more per square foot than most people’s cars then you really pay attention while being shown around it. Even the most mildly curious mind is looking at every fixture, fitting and feature to work out where the money went. Is the loo handle ten times better than the one at my home? Does the golden brass balustrade justify the overall spend despite its wow factor? Does anyone really need four dishwashers? Walking around The Penthouse on the freshlyminted Fitzroy Place, these questions pop into your head a lot. One thing’s for sure. This is a truly one-off home. And that’s what the people who will eventually call this two-floor apartment will be looking for. While most people are focussing on the huge price tag, house hunters in this category want to know how much exclusivity their millions buy. And the answer is, a fair amount. The property is on the top two floors of an already select newbuild block that’s just five minutes from Oxford Street, and is the only penthouse on this square. And to top that, Fitzroy Place is the first new square to be built in London’s central districts for over 100 years.

Replacing what older Londoners will remember as the Middlesex Hospital (until it closed in 2005), it includes the HQ of Estée Launder as well as two apartment blocks, restaurants, shops and the one part of hospital that remains; its chapel, which has been deconsecrated but can still be rented out for functions. The penthouse is the icing on this mixed-use cake and comes with two parking spaces in the basement and a lift, the entrance of which can be monitored via a CCTV link upstairs. Once you’re up there are several jaw droppers to take in within the three-bedroom duplex. One is the interior design, which has been completed by Caroline Paterson, who was given over £100,000 and a remit to create something European, contemporary and that wasn’t bling.

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25/09/2018 09:37

SOLD ON | LUXURY PROPERTY

“We wanted to steer clear of the Knightsbridge or Mayfair luxe look that many developments feature elsewhere which are aimed at Middle Eastern buyers,” says Lucy Arthur from Ashby Capital, which is the financial force behind Fitzroy Place. “Instead we wanted this to be the kind of cool European apartment that would appeal to everyone whether they’re European, Asian or from the Middle East.” The other attraction of this penthouse duplex is that it’s relatively ‘affordable’ within the mildly crazy world of prime property. Lucy says it’s hard to find a penthouse like this one for less than £3,000 per square foot – and this one comes in at £2,800. Its considerable square footage comes from the duplex design. The 26ft long lower floor is almost

entirely open plan featuring floor-to-ceiling glass terrace doors along each side. Therefore, as you glide out of your kitchen clutching a gin and tonic after a long day in the City, on the left the doors lead out onto a terrace with views over the square looking east, while the bedroom – which has its own terrace – offers stunning views of the roofs of the West End and, on a clear evening, amazing sunsets. But part of the high price of living here is the area. Fitzrovia, which used to have a reputation as a posh but hard-working area famous for the rag trade, has now gone upmarket. These days it’s dominated by the higher end of the corporate world. Recent arrivals include Facebook, Skyscanner and William Hill and the restaurant trade isn’t far behind – including Masterchef star Monica Galetti, who in February last year opened a restaurant here, called Mere. One add-on that all residents get on Fitzroy Place is access to their own private club, the facilities of which (except the massages) are free. This includes a gym, offices with an executive lounge, 18-seat cinema and boardroom facilities as well as a concierge service. Fitzroy Place, which is also home to three restaurants of varying levels of sophistication including on-trend The Detox Kitchen, is also award winning. In December 2017 one of the two architects responsible for its design, Lifschutz Davison Sandilands, won the Architect of the Year prize at the Architect Journal’s annual awards for the project which, it was said, wowed the judges with its design. So perhaps the £12.75 million this penthouse sold for last month might be justified after all.

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25/09/2018 09:37

THE TUDORS FA R N BOROUGH PA R K - OR PI NGTON BR6

£2,275,000

For sale for the first time in over 40 years, this six bedroom residence extends to almost 5,500 sq ft and offers great potential to redesign, extend or redevelop (STPP). Located on a private estate and set in the heart of a dual frontage 0.75 of an acre plot with attractively landscaped gardens.

For more information contact Chris Salt or Michelle Briley at Langford Russell T: 01689 882 988 • E: locksbottom@langfordrussell.co.uk • W: langfordrussell.co.uk ACORN.indd 1

21/09/2018 18:22

LUXURY APARTMENTS | TECH

WHERE SMARTPHONES

LIGHT THE WAY The new homes of today are unrecognisable compared to similar properties built 15 years ago, and that includes how much tech is no offer now.

alk into most home electronics stores and you’ll see the beginning of the home management gadget revolution including dozens of shelves stacked with remote heating dials, intelligent light switches and bulbs, voice-controlled blinds and much more. Property developers are also introducing similar gadgets into their new homes. And the latest to showcase is the Fenman House development in London’s Kings Cross.

What was once a grim former industrial site now contains 76 apartments by developer Argent. Each apartment will feature tech that most people assume to be the future but is available right now, supplied by German company Gira. Only the show apartment has been completed so far. It features full smartphone controlled lighting, music systems, heating, curtains/blinds, fire safety, eco efficiency and door entry for the residents of Fenman House. The upmarket homes within the building include both smartphone and wall-switch controlled tech that can even call the communal lift from within the apartments. Fenman House is being built within a 26-acre site that includes two open spaces called Lewis Cubitt Park and Jellico Gardens. A third park, called Gasholder, is also nearby, famously created within a huge former gas holding tank.

i Two-bedroom apartments with terraces are currently available within Fenman House starting at £1.425 million and rising to £2.015 million. More information from Kay & Co on 020 7467 2020.

“THE UPMARKET HOMES WITHIN THE BUILDING INCLUDE SMARTPHONE AND WALL-SWITCH CONTROLLED TECH THAT CAN EVEN CALL THE COMMUNAL LIFT”

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25/09/2018 09:59

LIVING THE

DREAM A country mansion by N I G E L L E W I S

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25/09/2018 10:54

LONDON PROPERTY | LIVING THE DREAM

THE WIRRALL £ 3 .9 5 M I L L I O N

Gayton Hall is a six-bedroom Grade II* recently and luxuriously refurbished manor house and estate near Liverpool with a 600-year-old history and connections to a famous battle and a monarch, William III. Its price tag includess the main house, several outbiuldings and six acres of land. More details: Savills on 01244 323232 savills.com

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25/09/2018 15:20

HAMPSTEAD MANOR NW3

£ 74 7, 5 0 0 +

(Above and right) A little bit of the country in London. This former manor house started out as a leather merchant’s plaything before becoming a school for female botanists and then part of Kings College. It now has new role, as a luxury homes development in North London Price start at £7474,500 for a onebedroom apartment and rise to £3.5 millino for a townhouse. More details: Mount Anvil on +44 (0) 7776 5730 or mountanvil.com

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25/09/2018 15:41

LONDON PROPERTY | LIVING THE DREAM

WILLASTON CHESHIRE

£ 5 ,0 0 0 A M O N T H

ancy trying before you buy in the UK. Then make a beeline for Willaston Hall in the lush ountryside outside Manchester, which is currently available to rent. The property is a Grade-II listed Queen Anne style mansion and tenants will be able to breeze around its six bedrooms, four bathrooms and four reception rooms. Tom Burke, head of Cheshire lettings at Savills, says: “Willaston Hall was renovated throughout by designer Clive Christian, who owned the home until 2016 when he sold it to the current owners.

● Savills wilmslow. +44 (0) 1625 417450

www.savills.com

HAMPSTEAD MANOR

“This former manor house started out as a leather magnate’s plaything before becoming a school for female botanists”

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25/09/2018 15:41

020 3284 1888 mayfair@humberts.com

48 Berkeley Square, Mayfair London W1J 5AX

William Mews Manor Farm Knightsbridge Harley Street SW7 £2,795,000

Asking Price: £1,075,000 freehold Marylebone W1G

bedroom flat on the ground floor in a portered block. Benefits from underground parking OnAasmart ruralone laneway but just 29 miles drive from central London. A lovely 7 bedroom and off street parking within the mews. 1 Bedroom, 1 Reception Room & 1 Bathroom over approx. former huntinglarge lodge and apartment separate cottage withbyGeorgian origins (1757).together, On justand under 3 This unusually lateral was created joining two apartments includes 550 sqft. Unbeatable Knightsbridge location. Share of Freehold. EPC: C 2 kitchens, 3 bedrooms andwith 2 sitting rooms. with Located on the 2nd floor with a lift and a porter. In need acres, mainly laid to lawn paddocks, a cobbled driveway.

of modernisation. Leasehold, 33 years remaining. EPC: D

Guide Price: £1,900,000 leasehold

David Adams Director 48 Berkeley Square, Mayfair, London W1J 5AX T: 020 3284 1888 E: david.adams@humberts.com

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humberts.com

Stay in touch with us 14/03/201821/09/2018 8:10 pm 18:19

LONDON PROPERTY | LIVING THE DREAM

RANGEMORE £ 1 .7 M I L L I O N

STA F F O R D S H I R E

his imposing rural pile is near Burton upon Trent in England and for sale within it is a five-bedroom wing awash with crystal chandeliers and gold fixtures and fittings. Built in the late Nineteenth Century by Michael Thomas Bass, a descendent of the founder of Bass Brewery, the Hall sits in 10 acres of parkland. The wing also has five bathrooms as well as three reception rooms including its own ballroom plus access to an on-site leisure complex with a swimming pool, wave machine and sauna.

Pallet millionaire and former Dragon’s Den star Hilary Davey was famous during her two-year stint on the programme for her gravelly voice, no-nonsense views and raven hair. Devey is also famous for her homes, which have featured in several BBC and Channel 4 programmes. Her wing of Rangemore Hall enjoys East and South aspects over its own grounds, of around 10 acres with lakes, summerhouse and outbuildings. The remainder of the Hall and outbuildings have been converted into individual apartments and homes in this lovely parkland setting. ● Humberts +44 (0) 115 9505 444 or

humberts.co.uk

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25/09/2018 15:41

Life at your own pace.

Exceptional villas, local knowledge, personal service thethinkingtraveller.com +44 (0)20 7377 8518 S I C I LY •

PUGLIA •

IONIAN ISLANDS

SPORADES ISLANDS •

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CORSICA

24/09/2018 16:59

Overseas GET INTO THE EU RO ZO N E

MAKING A SPLASH Just an hour or so by plane from London are some of Europe’s most luxurious holiday resorts where nationals from all over the globe like to play and relax in style. Here Absolutely looks at some of the sun-drenched prime properties available to buy in Portugal, Monaco, France and Spain.

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25/09/2018 11:24

Luxury in

LISBON If you’re looking for a European holiday home that’s near the beach, in a rural setting but is a short taxi ride from a city centre then this could be it by N I G E L L E W I S

substantial new villa complex under construction outside the tourist crush of Lisbon is not the usual holiday homes resort most people are used to viewing when housing hunting under the Mediterranean sun. Instead of offering just golf courses and swimming pool complexes, the resort is designed to appeal to sporty international buyers who also like outdoor pursuits. Lisbon Green Valley, as its name suggests, overlooks a verdant swathe of mountainous countryside criss-crossed by mountain biking and hiking paths. And if you do need to get the beach but don’t want to drive, there’s a trail for the more adventurous that leads eventually to the nearest beach. The resort has a way to go before it’s finished. The JCBs and construction workers have recently begun mauling its rich brown earth, and new wide boulevards are slowly forming to accommodate the 16 apartments, 14 townhouses and detached bespoke villas that will soon line them. Like the modernist leanings of its partbuilt main apartment block and finished show townhouses, in many respects Lisbon Green Valley is a fresh approach to what a Mediterranean country resort should be. And that means community, a model that’s been tried next door at its sister resort. There buggies whirr, children bob along the sidewalks and local office workers return for lunch and residents, in surprising number for the early Autumn day when Absolutely London paid a visit, were lunching in the club house.

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Developer Gilberto Jordan, whose father André created two of Europe’s most famous resorts – Quinta da Lago and Vilamoura – says Lisbon Green Valley will bustle like its sister resort Belas Clube Campo because he expects 90% of residents to live there year-round. It’s why the new resort is to have both a large school and a health centre. Lisbon Green Valley is also likely to have the same mixture of residents as Belas – retired golfing expats, professionals from around the world living in the sun but managing businesses remotely, and Lisbon commuters. This is all why Belas is alive in comparison to the shuttered ghost resorts that you often seen in Spain and other parts of the Mediterranean, which only come to life during the busy highseason Summer months and half-term breaks. Lisbon Green Valley is also close to the main motorway network that cradles the capital and spreads out into the surrounding sometimes suburban countryside. This makes many of the area’s main destinations around 20 minutes away – assuming you don’t drive at rush hour, including the regal mountains of Sintra, which can be seen from the resort in the distance, as well as the seaside resort of Cascais, historic Belem’s tower and the varied delights of Lisbon, including its bourgeoning celebrity chef scene. Lisbon is the city break destination du jour for many northern Europeans helped by the arrival of Madonna, who has bought a house in Sintra and is now often seen in Lisbon with her son after he gained a place at the training academy of the city’s football club.

“BELAS IS ALIVE IN COMPARISON TO THE SHUTTERED GHOST RESORTS THAT YOU OFTEN SEEN IN SPAIN”

Mention of celebrities does not fluster Gilbert Jordan. His father’s first two resorts Vilamoura and Quinta do Lago were in part built on a reputation for global celebrity residents including Christiana Ronaldo and Jose Mourinho. Gilberto says he already secured several famous names for Lisbon Green Valley, who are likely to buying one of the secluded $325,000 plots available, with building costs on top.

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i Further down the price list are completed apartments starting at €325,000 for a one-bed on the bottom floor to €520,000 for a twobedroom unit on the top floor. Townhouses kick off at €905,000 for the smallest three-bed units. All of which come with access to mountain bike storage facilities, of course. More information from: libsongreenvalley.pt

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Call us 7 days a week on +377 9770 4200 m: +33 680 862 491

savills.mc

Villa NOCTURNE Exclusive to Savills Monaco

In a quiet district of the Principality, just 15 minutesâ&#x20AC;&#x2122; walk from Casino Square, this four-level home dating back to the XIXth Century, entirely renovated and refurbished, comprises a drawing room, a dining room, a fully equipped kitchen, a laundry, a study, 4 bedrooms, 5 bathrooms, and a large tv room.

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Price on Request n This property on 4 levels has an outside terrace and garden. n Garage for 3 cars. n A private lift leads directly into the villa from the garage. n Part of the property is situated in France.

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Call us 7 days a week on +377 9770 4200 monaco@savills.com

savills.mc

COLUMBUS MONTE CARLO RESIDENCES Exclusive to Savills Monaco

Price on Request

A range of exclusive and luxurious serviced apartments designed and furnished to an outstanding level, ideally located close to the Fontvieille harbour in Monaco.

LAUNCHING WINTER 2018/19

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This four-bedroom apartment with a terrace pool and four bedrooms is available through Savills Monaco (+37 97 70 42 00). Price on application

A top-of-therange six doublebedroom apartment for sale in a prime position overlooking Monaco harbour. More details and price from Finlay Brewer International (020 7371 4166)

ten percent of sales in Monaco are for properties for sale at over €10 million. But Monaco has a problem. It is running out of land. The steep hills which surround its famous marina and that have helped it stay independent for so many centuries cannot be built upon, and therefore the number of new homes being constructed is slowly drying up. Three of the most recent and largest residential developments, Le Meridien, Tour Odeon and Le Stella, have all been finished are and mostly sold. So Monaco has a big idea; to build out into the harbour. By 2025 it plans to create a 100,000 sq metre residential and commercial district called Portier Cove. This will include two new marinas with room for at least 20 new berths,

an investment that will include money poured into ensuring the development is sensitive to environmental concerns and climate change. “The work has begun but amazingly many of the off-plan apartments within this development have already been sold,” says Rista Backovic. “There’s always something going on here even if it’s developers knocking down older buildings and replacing them with bigger ones, because there is such a big demand for property in Monaco. There is a practical reason why property is so in demand here. To become a resident and take advantage of the principality’s low-tax regime, its authorities require applicants to own a home within its borders. This has also created a substantial population rise within Monaco. The number of people registered as residents has increased by 24% since 1990 and nonlocals now make up 78% of the population. And one recent arrival is reclusive billionaire Jim Ratcliffe, who the Sunday Times recently named as the UK’s wealthiest individual with assets worth £21 billion, and who is unlikely to be troubled by Monaco’s very high asking prices.

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MONACO Nigel Lewis takes the pulse of Monaco’s extraordinary property market where studio flats can start at €3 million. by N I G E L L E W I S

onaco would be just another smart seaside town on the fringes of France’s dazzling Cote D’Azur coast if several quirks of Medieval history and local geography had not helped it maintain a beautiful but lofty independence. Helped more recently by the developments of both a huge gambling industry, millionaire-friendly tax regime and reputation for glamour – including the annual Formula 1 race – the

A four-bedroom seafront apartment in the Larvotto quarter with four parking spaces, a huge terrace and swimming pool. For sale at €35 million through Savills Monaco (+377 97 70 42 00)

principality is now one of the world’s wealthiest small states, beaten only by the Vatican in Rome. Its eight neighbourhoods also contain one of the world’s most exclusive and expensive housing markets. It’s the predictable result of competition among millionaires and billionaires for a ringside seat apartment overlooking its shimmering, superyacht-stuffed marina. “People also come here because it’s so safe and it also has excellent schools but the main reason are its tax breaks,” says local agent Rista Backovic of London agent Finlay Brewer, which has an affiliated office in the principality. “You have to remember that in a sense it’s a village and a lot of people don’t leave it because they’ve pretty much all they want there. “It is glitzy and from wherever you are in Monaco you can see the boats in the marina.” It’s a select property market; Rista says just 200 properties are sold here every year and estate agents often survive on just a handful of annual sales, so high are the commissions for each property. But even so over €2 billion worth of property is bought and sold in Monaco every year, although sales volumes are 23% down on 2016 when the market turned over €2.7 billion. But in this sort of property market, who cares? A shortage of stock means property prices continue to rise. Monaco currently has an average asking price of €4.5 million and a square metre price of €41,300, making the principality more expensive than Hong Kong. Also, according to estate agent Savills,

“OVER $2 BILLION WORTHOF PROPERTY IS BOUGHT AND SOLD IN MONACO EVERY YEAR, DOWN FROM $2.7 BILLION IN 2016”

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Restored to

GRACE Would you sink over a million euros into a crumbling rural château and devote five years of your life to the project? Meet one couple who’ve recently finished theirs by J A M E S R O B E R T S

very year there are a handful of brave people who buy a run-down château in the shimmering French countrywide and sign up to a new life of plaster, pinot and penury. Soon realise they have bitten off more than they can chew. Crumbling walls, officious bureaucrats, laissez-faire workmen and bills higher than the château’s turrets are often the ingredients for a Gallic shocker. Michael Bucknell, 69 and his wife Rose, 68, know all about that. Seventeen years ago the couple, who originally hail from central London and worked in banking and insurance, retired early with ‘a project’ in mind somewhere in southern France. After much searching they were directed to a house in the village of Parisot in the Tarneet-Garonne in SW France, well-known for its literary festival, rose petals and 16th-century architecture. What they didn’t realise at first was that the saggy-roofed, age-weary house they were offered was originally one of the village’s two châteaux. And after buying it and rolling up their sleeves, they were astonished to be referred to as ‘lord’ and ‘lady’ in the local shop. Since those early days, during which a small army of French builders and artisans spent five years doing the ‘bijou’ château up to the couple’s exacting standards, they have spent €1 million on its restoration. “The scaffolding alone cost €25,000 because we had it up for two years during the work,” says Michael. “Luckily the property hadn’t been listed and therefore the French heritage authorities only cared what we did to the outside, not the inside.” One of the dramatic moments in the château’s

restoration was the hoisting of new oak-beamed pointed roofs onto the recreated towers, both of which made it on with only inches to spare as the crane wasn’t big enough. “We relied totally on the abilities of our French stone masons and carpenters – it wasn’t like the UK where you’d need acres of plans and permissions,” says Michael. “Instead we told them approximately what we wanted to achieve and they got on with it.” Built in 1501 Château de l’Astorguié was originally the home of a French family whose son, Jean de La Valette-Parisot, went on the defend Malta against the Turks in 1565. He’s why the Maltese capital is called Valetta. But as well as being the seat of local landed gentry, the chateau has also been a magistrate’s court, store room, pharmacy and offices. And when the Bucknells took ownership, a wreck. The couple had to replace almost everything including the roof, floors and windows as well as installing the basics such as electricity and water, and under-floor heating.

“THE FRENCH HERITAGE AUTHORITIES ONLY CARED WHAT WE DID TO THE OUTSIDE, NOT THE INSIDE.”

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A top floor was also added after the stone central spiral staircase was extended, and some vestiges of its 16th C origins were also preserved. This included wall murals, quotes above two of the bedrooms reminding the Medieval owners of their own mortality, and ox-blood stained rafters. English artisans were also involved in its rescue. The couple’swooden four-poster bed was built in the Home Counties and its woollen bed pane was bespoke-designed by William and Kate’s favourite interiors expert. The Bucknells also have a sense of humour – the original long-drop toilets have been replaced with modern conveniences disguised as benches. Luxuries include an outdoor dining room and summer kitchen have been added and there was also the matter of the three barns within its

grounds, all of which had to be restored. One is now gite-style accommodation, while one houses Michael’s treasured tractor and the third is part-renovated. But it is now time to move on for the pair. Their children live in New Zealand and are less keen on flying to France so regularly with their children. It’s time to downsize to a more manageable property and spend more time at their Kiwi home. The chateau is for sale at €1.48 million.

For further information call Leggett Immobiliare on 33 (0)5 53 60 84 88.

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“T AR WA F

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FRANCE - CHAMONIX Exceptional 3412 sqm chalet designed by renowned local architect Lionel Adam of Smile Architect, the chalet offers a spacious living-dining room, an open-plan kitchen and 6 bedrooms. Sauna and hammam. Garden with the Mont Blanc Massif view.

3 950 000 â&#x201A;Ź

BARNES UNITED KINGDOM 7 Grosvenor Gardens Belgravia SW1W 0BD London, United Kingdom +44 (0)20 7935 5797 london@barnes-international.com

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GOLFE DE SAINT-TROPEZ - GASSIN Within house

a residential and secure domain, this property offers an exceptional panoramic view over offers 7 bedrooms and 7 bathrooms. Beautiful garden with a swimming pool and a

the sea. The guests house.

10 500 000 â&#x201A;Ź

BARNES UNITED KINGDOM 7 Grosvenor Gardens Belgravia SW1W 0BD London, United Kingdom +44 (0)20 7935 5797 london@barnes-international.com

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PARIS 16 - AUTEUIL On the top floors (6th and 7th) of a Haussmann-style building, this 2,378 sq ft duplex family apartment offers a double living room, an eat-in kitchen and 6 bedrooms. This property also comes with a walk-in closet and two cellars.

2 750 000 â&#x201A;Ź

BARNES UNITED KINGDOM 7 Grosvenor Gardens Belgravia SW1W 0BD London, United Kingdom +44 (0)20 7935 5797 london@barnes-international.com

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GREECE - SEAFRONT VILLA Set on three floors with a spectacular view over the sea, the house offers two large living areas, a fully equipped kitchen, 8 bedrooms and 8 bathrooms. Outside, a large lounge area and an infinity pool are surrounded by a lush Mediterranean garden.

8 000 000 â&#x201A;¬

BARNES UNITED KINGDOM 7 Grosvenor Gardens Belgravia SW1W 0BD London, United Kingdom +44 (0)20 7935 5797 london@barnes-international.com

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It’s nice not be in

NICE Luxury property in Europe’s glitzy seaside resorts by J A M E S R O B E R T S

f you haven’t watched the current Sky Atlantic series Riviera then you’ve missed out on a treat should you want to get an armchair glimpse of life on Europe’s glittering seaside resorts. The programme follows the gilded life of art dealer Georgina Clios played by Julia Stiles, whose life begins to unravel when her rich husband is killed in mysterious circumstances. Panned by some critics, Riviera is nevertheless a feast for the eye. It’s set in the heart of the shimmering Cote d’Azur in France, a fitting façade for the dark world of organised crime Georgina finds herself immersed in. In the real world, if you ignore the bling and the traffic jams, the French Riviera is

GRASSE, FRANCE €3.9 MILLION

an astonishingly beautiful place. In many places, on a bright summer’s day, the land slips coyly into an azure sea. The centrepiece of the TV show is Georgiana’s home, called Villa Carmella. It’s actually Chateau Diter, a recentlybuilt mansion that’s the home to a French businessman who rents it out for filming and upmarket weddings. The property is near the small town of Grasse, in the hills above Cannes and is an extraordinary little micro-market of large villas most of which have rolling views over the Mediterranean below. “The Riviera is hugely varied in terms of landscape, attitude, cuisine, people and I think some people have pre-conceptions of the Riviera being brash and glitzy when actually this really isn’t the case at all,” says agent Tim Swannie of Home Hunts. “We work with clients from all over the world and from a huge array of backgrounds, from retired couples to celebrities, and even the odd royal but the majority of our clients are families or couples who are looking for a holiday home in the sunshine with easy access to restaurants and culture. Tim says the market for property in the area where Riviera was filmed has been flat for the past three years, but now prices are starting to rise once more. And while wealthy buyers with a taste for modernist edifices graduates towards Cannes, Antibes and Villefranche-surMer, inland areas such as Grasse and Valbonne, are where those who yearn for a traditional, stone-built property go. A good example of such a home is this 18th century stone bastide with six bedrooms overlooking the coast, around the corner from Chateau Diter. It’s for sale at €3.9 million with Home

MARBELLA, SPAIN £6.68 MILLION

“THE MARKET IN THE AREA WHERE RIVIERA WAS FILMED HAS BEEN FLAT FOR THE PAST THREE YEARS BUT PRICES ARE RISING AGAIN”

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LAGOS, PORTUGAL £1.76 MILLION

L AG O S Po r t uga l

£ 1 .76

MILLION

Six-bedroom villa with two guest cottages in a hectare of grounds with views over Meia Praia, the best beach in Lagos, to the east of the port town. • More information from Knight Frank on 020 7861 1109.

MARBELLA Spain

£6.68

Hunts (+33 970 446643) and comes with a terraced garden and a swimming pool below the property. Should you have the deep pockets to buy the property, then you’ll be in starry company. Tim says he’s sold properties locally to both celebrities and the “occasional minor royal” so popping down to the shops for milk should be interesting. But the French Riviera is not for everyone, and there are plenty of competing resorts around Europe that offer similar levels of luxury and sea views. Here are four more luxury properties in the hills some of Europe’s other glitzier seaside resorts.

MILLION

Four-bedroom hilltop mansion overlooking Marbella in Andalucía, Spain in a peaceful neighbourhood but not too far from the fast lane of central Marbella. Comes with a separate snooker room, beautiful terrace with amazing views over the coast and a swimming pool. • More information from Mark Harvey on (07825 732032).

PA L M A Ma ll o rc a

£2.63

MILLION

Extraordinary mountain-top villa overlooking the heart of road cycling country in Mallorca and its capital, Pollensa – where Bradley Wiggins hangs out and trains, and interests in a local restaurant, where his bike and signed shirts can be enjoyed over a glass of local wine and seafood. The property has six bedrooms and a panoramic terrace. • More information from Engel & Volkers (+34 971 532050).

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Ski Property

MOGULS Nigel Lewis visits the famously extreme Alpine resort with his investor’s hat on. by N I G E L L E W I S

he day I visited Chamonix the skiing conditions did not look good. The snow was mostly cannon-created, thin and there were rumours in the nearby Three Valleys of resorts being partially closed as water reserves ran low. And then the next day the clouds gathered, darkened and dumped. Chamonix’s pistes were transformed into a powdery heaven and for a time the volume of snow – ironically – closed one of its ski stations Such conditions, in which my skis disappeared into huge drifts even on the main pistes, are manna from heaven for Chamonix. It’s where serious skiers go to test their skills and, rather than being a ski resort, it’s more a winter sports wonderland. Ski touring enthusiasts, ice climbers, backcountry boarders and couloir-tackling maniacs flock to it, and the town describes itself as the best ‘freeride resort’ in the world. Walk down Chamonix’s high street on a late January afternoon and you’ll see who the resort tends to attract; weathered Nordic types clutching long, fat skis and plenty of technical bits hanging off carabiner clips clump merrily down to their après dens. It’s also got an unusual layout. Chamonix has two ski areas directly above the town but the other ski areas are along and below it. The skiing in the two nearest areas – Le Brevent and Le Flegere – can, in places, be hairy although there are some blues. But both require a black run or a bubble to get you back to town. There’s also a cable car on the outskirts of town that takes you to the famous Aiguilles du Midi viewpoint, from where you can ski the 20km-long and world-famous off-piste Vallee Blanche routes. You’ll need to hire a guide and be a good skier to navigate them, as the area is peppered with crevasses.

For the safety of more familiar blue or red pistes, you must either take a bus or drive up or down the valley. Up from Chamonix is Argentiere which, once you’re up on its pistes, you can only return to via a red or the bubble and it offers mostly blacks and reds with a handful of short blues. But further up the valley is Le Tour, which has a better mix of blues and reds but again, to return to your car of the bus means navigating a red. For less proficient skiers or those who just want an easier day’s skiing then down the valley and 10 minutes along the motorway is Les Houches. It is a nice mix of blues and easy reds and offers stunning views over the Chamonix valley on a clear day, and has a pretty village below it where you can have lunch, as well as several piste-side eateries too. The property market in Chamonix is comparable to other high-profile Alpine resorts, but on average it’s less expensive, partly because

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demand is lower. It’s not somewhere you own a property for the caché so much, but rather because you’re a serious skier. It’s a market heavily dominated by apartments; studios kick off at €250,000 while two-bedroom flats start at €450,000 and three-bedroom apartments at €600,00. Four and five-bedroom chalets do come to the market in the town centre, but are usually on the outskirts and range from €1.2 million to 3.5 million. Some big, seven and eight-bedroom luxury chalets are also built outside Chamonix occasionally, and can fetch up to €7 million. The region’s largest house builder, MGM, is also busy in and around Chamonix. It has a large ‘hotel-apartment’ style development called Le Crystal de Jade recently completed next to the Aiguilles du Midi cable car. It’s a five-star development of 56 luxury one to four-bedroom apartments in chalet-style, fourstorey properties. Attached to them is hotel-style

reception with a resident’s lounge, a small bar as well as a sauna, spa, indoor pool, ski lockers and underground parking. The remaining available properties within the development are being sold via the French leaseback system and start at €391,667 for a twobedroom apartment. “Leaseback means that you own the freehold but lease the property back to MGM; in return the French government gives you back the 20% VAT it charges on new apartments, if you agree to rent it out,” says Richard Deans of MGM. “Leaseback options are either three, four or six weeks usage for the owner, and in return you get an income which, after its running costs are deducted, would be €4,600 a year for a twobedroom apartment. “The three and four week options give you the same injcome, while the six-week option is slightly less.” MGM also has two other development under way near Chamonix. These are the Residence Alexane in Samoëns, 60 km north of Chamonix where leaseback prices start at €245,833 for a one-bedroom apartment, and in Les Houches, where prices at Les Chalets Elena start at €220,000 for a one-bedroom apartment.

i More information from mgmfrenchproperties.com/property

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KOMMENO, CORFU

€2,400,000

Lockett International are delighted to offer to the market this outstanding detached four bedroom, four bathroom South facing Villa situated within the exclusive suburb of Kommeno which offers stunning panoramic views. This beautifully designed, gated development is secluded, very private and conveniently situated within ten kilometres of Corfu town. The property includes a separate apartment located on the lower floor. To the East of this exclusive peninsula lays the mountains of Northern Greece and Albania which provides outstanding views and to the West is the Gouvia Marina with its impressive array of yachts. This modern Villa is beautifully designed and would appeal to any international property investor.

• Impressive Swimming Pool

• Superb Panoramic Views

• Separate Lower Ground Apartment

• Double Glazed Windows

• Land size: 1500 m2

• Four Bedrooms

• Exclusive Gated Development

• Four Bathrooms

020 7736 2810 | www.lockettinternational.com 963 Fulham Road London SW6 5JJ | sales@lockettestates.co.uk

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VILLEFRANCHE SUR MER, COTE D’AZUR

€3,980,000 Freehold

Within walking distance to the local shops, restaurants, the centre of town and to the port and the beach, Lockett Estates are delighted to offer to the market this authentic California style Villa built by a renowned architect in 1955. The property boasts approximately 325 sq/m of living space on a section which is approximately 2000sq/m. The property has large bay windows, numerous terraces and comprises of a vast open plan dining room with feature fireplace, large kitchen/diner, four double bedrooms, three of which are en-suite, an office and a self-contained apartment with two bedrooms at the garden level. The property is light, sunny and situated in tranquil surroundings with a fantastic swimming pool and landscaped gardens. Further benefits include a double garage and four parking spaces. This property has been described as a haven of peace in the heart of the local town with beautiful panoramic sea views.

• Six Bedrooms

• Swimming Pool

• Four Bathrooms

• Double Garage

• Panoramic Sea Views

• Four Parking Spaces

• 1950 sq/m Section

• California style Villa

020 7736 2810 | www.lockettinternational.com 963 Fulham Road London SW6 5JJ | sales@lockettestates.co.uk

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Passion

PALACE If you’ve talked to anyone in the UK recently then chances you may have discussed the TV phenomenon which is Love Island. Here’s the property that took centre stage during the dating series. by J I M R O B E R T S

t’s a programme featuring a clutch of famehungry wannabes male and femle starlets who in an elimination contest must coupleup with various people in the show and make it through to be last pair standing. Several episodes of the Mallorca, Spainbased dating show have seen the boys and girls separated from the main house in Sant Llorenç des Cardassar, with the male gym bunnies herded into a new villa called Casa Amor – which is Spanish for ‘love’. The idea is the same as last year – just when relationships are beginning to form and couples are successfully pairing, the boys are sent off to meet some new contestants before being reunited with their former playmates. This is the second appearance of Casa Amor in Love Island, which was used for the previous series as well. But now it’s for sale. Casa Amor is on the market for €2.56 million. Like the main house, it’s on the less touristy east coast of Mallorca. The four-bedroom and four-bathroom house is a new-build and has every mod con a pampered reality TV star could desire such as underfloor heating, freestanding bathtubs, fitted wardrobes and a James Bond 007 sign over its entrance. Fans of Love Island will recognise its outdoor area which has a large plunge pool, deck area and outdoor lounge. The property’s walls are adorned with plenty of nude photographs, which must have kept the lusty competitors entertained.

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“This is the second appearance of Casa Amor in Love Island, which was used for the previous series as well.” I N T E R N AT I O N A L P R O P E R T Y D U B A I 2 0 1 8

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M AT E R I A L M A N S I O N

Absolutely Property pays a visit to Madonna’s former Normandy-style LA home. 92

he high point for many British fans of Madonna came during the late 1990s when the queen of pop met and later married film director Guy Ritchie. The Material Girl embraced British culture whole heartedly including the purchase of a large country pile in Wiltshire and taking up various rural pursuits. Ritchie and Madonna were also frequently seen at their Mayfair pub, which he still owns today, drinking beer and chatting with bemused locals. But during her love affair with everything Brit Madonna kept her American roots alive including the purchase in 2003 of a $12 million property in Beverley Hills, Los Angeles. It’s a French Normandy-style mansion built in 1968 with 5,800 sq ft of space including eight bedrooms and fourteen bathrooms on over an acre of land with two separate guest houses. Madonna put the property on the market in 2012 with a price tag of $28 million, selling it a year later for $19 million. Since she moved out six years ago the property has been remodelled and refurbished substantially while the exclusive area’s neighbours have looked on. These include Leonardo DiCaprio, Keanu Reeves, Simon Cowell, Jack Nicholson and Jennifer Lawrence. The house now also features a 60-foot pool and spa and a tennis court within mature landscaped grounds, a 15-seat movie theatre plus seven fireplaces, a bar, fitness centre and staff quarters.

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OVERSEAS PROPERTY | MADONNA

i Madonna’s former Beverley Hills home is for sale at $35 MILLION through local estate agent Mauricio Umansky. More information from toptenrealestatedeals.com

“Madonna put the property on the market in 2012 with a price tag of $2m, sellling it a year later for $1m.” I N T E R N AT I O N A L P R O P E R T Y D U B A I 2 0 1 8

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B LO C K B U ST E R S A L E

The owner of this property in Florida launched the famous video rental store which at its height operated 4,500 outlets in the US alone but has just one now. 94

re you old enough to have rented a movie from a Blockbuster store? If you have, then you’re among the millions of people across the world who have used the walk-in store before online streaming services like Netflix and Amazon began popular. Although it’s almost disappeared now, Blockbuster dominated the globe for decades and helped make founder H. Wayne Huizenga a rich man. He spent part of his fortune on an opulent mansion called Tarpon Point on its own peninsula jutting out into the New River in Fort Lauderdale which he bought in 2005. Now for sale at $26.95 million, Huizenga’s home has become a landmark for Lauderdale’s large boating community and tourist boats. The entrepreneur, who died in March aged 80, populated the property with peacocks. It’s in the prime Rio Vista neighbourhood of Fort Lauderdale on a one-acre plot surrounded on three sides by 600 feet of waterfront, which is perfect not only for tying up a yacht, but for watching the New River boat traffic and fauna. With an overall 21,057 square feet of living space, the home has 10 bedrooms, 18 bathrooms and is divided into three living zones. The family wing includes offices, bedrooms, private kitchen and family room. The guest wing also includes the staff quarters. Tarpon Point’s got the latest gadgets including an electronic window locking system, state-of-the-art security system for the doors, hurricane protected windows, emergency generators, an elevator and dock facilities. It’s for sale at $26.95 million. The listing agent is Kelly Drum of Drum Realty, Ft. Lauderdale, Florida.

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LIVING THE DREAM | FLORIDA

i Hearth of the matter The enormous fireplace inside the former Florida home of Blockbuster founder H. WAYNE HUIZENGA. More information from toptenrealestatedeals.com

“Now for sale at £26.95m, Huizenga’s opulent home has become a marine landmark for Lauderdale’s large boating community” I N T E R N AT I O N A L P R O P E R T Y D U B A I 2 0 1 8

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KEIL abstracts at

gallery Ossowski

ke y w o rd se arc h / art, c o nt e m p o rary, sc ul p t ure , m e tal , b e aut y, gl ass, l e d l i gh t s, p h o t o grap h y, m ac ro m i c ro, q uant um p h ysi c s, sm al l wo rl d m e e t t h e b i g w o rl d, p i m l i c o road, h e ri tage , m o de rn, t h e vo i d, grav i t y, l o o k l o se yo ur c o nsc i o usne ss o f t i m e fo r a t i m e , sp i n, part i c l e s are fi e l ds, fi e l ds are t h o ugh t- fo rm s.

83 Pi m l i c o R oa d L o nd o n S W1W 8PH o s s o ws ki .c o.u k

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LIVING THE DREAM

I N T E R N AT I O N A L

LIVING THE

DREAM More must-have global luxury by N I G E L L E W I S

B EVER LEY H I LL S

CLOS E EN CO U NTER

his unusual house was built by a Hollywood actor During the late 1950s who had become interested in extra-terrestrial life and built several ‘UFO houses’ on a six-acre site in the New York City suburb of Westchester County. Designed to look like the alien saucers he was convinced existed, they included a 50-ft diameter Mother Ship, a guest house named the Scout Ship and a round storage building and two swimming pools, all of which were completed in 1959. The main house includes 7,450 square feet of living space with five bedrooms and six bathrooms, a library, card room, kitchen, office, dining room and an open entertainment space including a marble fireplace. It’s for sale at $12 MILLION. More information from toptenrealestatedeals.com. Take me to your leader: a UFO house in New York.

It is for sale at $15.9 MILLION. More information from Coldwell Banker Global Luxury, Beverly Hills on +1 310 777 6342 or coldwellbankerluxury.com.

I S L AN D LI FE

f you’ve wondered while watching the Pirates of the Caribbean films where they get the pristine white beaches for Captain Jack and his crew to swagger around on, then ‘be looking no further’ than the Exumas islands in the Bahamas, me hearties. Its extraordinary sapphire-blue waters and 365 islands have featured in several of the films including Dead Man’s Chest. The Exumas are part of the wider and 700-island strong Bahamas north of Cuba and south east of Florida, and their relative isolation and beauty has made them a bolthole of the rich and famous. If you count yourself in this select group then you may be interested to hear that a private island in the Exumas is now for sale which, it is said by agent Knight Frank, is one of the most impressive in the central Bahamas. Little Pipe Cay was bought 15 years ago by the current owners and turned from an uninhabited 38-acre island into a mini private resort with five houses, four beaches and several hundred feet of dock frontage.

Walk the plank: a beach with pirate appeal

“ITS EXTRAORDINARY SAPHIRE-BLUE WATERS AND 365 ISLANDS HAVE FEATURED IN SEVERAL OF THE FILMS ”

nyone who wants to rub shoulders with the stars and billionaires of Beverley Hills in California now has the ultimate opportunity to do it, at a price. It’s a 7,781 sq ft house with six bedrooms, seven bathrooms, four fireplaces, an art studio, sauna and library. All rooms are large with glass walls to view the surrounding garden, patios, pool and city views.

Star address for $47m

STAR Q UALIT Y

mansion and estate in Montecito, California has come on the market with starry neighbours including Oprah Winfrey, Ellen DeGeneres, and Gwyneth Paltrow. The neighbourhood is 80 miles northwest of Los Angeles between the Pacific Ocean and the Santa Ynez Mountains that’s famous for its spectacular hillside views, nearby whale watching and weather. Designed and built in 2009 it’s within a three-acre site and includes an eightbedroom house with a movie theatre plus a two-bedroom guest complex, onebedroom pool building and staff quarters. It’s now for sale at $47 million and includes a tennis court, landscaped gardens, a pool and spa, two outside fireplaces and a koi pond.

More info from Sotheby’s International Realty on +1 + 1 805 689 1602 or sothebysrealty.com.

Only accessible by seaplane, it is available as a freehold island and is for sale at $85 MILLION.

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What are they going to see

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Sincere Service. Memorable Experiences.

Delighting guests since 1865, The Langham, London continues to set the standard for luxury hotels in the capital. Understanding the needs of the sophisticated traveller, it offers superbly styled rooms and exquisite suites. The Langham Club is an unrivalled benefit and, with dining overseen by Michel Roux Jr and full concierge services, it is an exclusive haven in the West End.

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