BARBICAN LIFE
unlikely this will happen with The Heron and Roman House. The developers will obviously be trying to sell them as much to overseas clients who want a foothold in London – perhaps even off plan and sight unseen - so it becomes very much a marketing exercise. Set the prices high enough and perhaps they will be lucky and sell one or two at the asking price, but it also gives them scope to reduce and sell at what might appear to be a ‘bargain price level’ and still pull in a decent return. Coincidentally, since I visited Roman House and started putting this article together there has been some discussion on the
barbicantalk.com bulletin board on this very matter. A particularly pertinent comment was posted by one participant,
Now wh
ile Herr Dr Pangloss may h er prices in th
ave a
point – particularly with regard to Barbican prices vis a vis oth of th
e area – some e newbuild premiums, as noted above,
are way in excess of the 30% top end premium h
e quotes.
To some extent, one supposes, those Estate Agents who specialise in Barbican properties may be a little spoilt in terms of being generally able to move properties which are in good locations, and in good positions on the estate, very quickly compared with agents in other areas of London. The Barbican is very much in demand as well managed and offering a safe environment with terrific public transport options, gardens where children may safely play etc. However, the agents
properties often going to sealed bids, the market can adjust appropriately. Indeed there has to be the likely effect that potential buyers in the area will note the exceedingly high prices being asked for the newbuild apartments and thus be prepared to pay more for Barbican properties as a result. The local estate agents will be well aware of this and certainly will adjust pricing accordingly. Indeed some are already noting this in their comments below.
ESTATE AGENTS SALES COMMENTS The agents were asked, on this instance, also to comment on the premise that Barbican flat sales might be undervalued.
who signs himself Herr Dr. Pangloss: He noted re. another poster’s possible reason for underpricing of Barbican properties as being due to a distaste, or lack of understanding, of our brutalist exterior architectural design “If th
at was righ would be no premium on Frobish er of wh t, th
are also extremely attuned to the Barbican market and have a very good idea of what sells and what doesn’t and at what prices. Perhaps they do err on the underpricing side marginally, but then with in-demand
ere er flats, and
Barbican properties would be bargains compared to comparable properties. Neith
ich is true - wh eaper th an oth ers in th e neigh anyth ing now th e opposite is th For reasons I h e case. ave never fully understood,
it is perfectly normal for new build properties to sell at a significant premium to existing buildings. That is especially the case for developments aimed at overseas buyers (since in most oth
considered more desirable th
er countries, new properties are an second-h
ones) and buy-to-let landlords (because new builds are nice and sh
iny and attract tenants,
and the new-build guarantees mean they won't be stung with unexpected maintenance ch th
arges for several years). Wh it’s unh
e top end of such a premium, I don't th eard of.”
020 7704 3504
ile 30% is at ink
INFO@THEMODERNHOUSE.NET WWW.THEMODERNHOUSE.NET
47 and THE ART OF SELLING ARCHITECTURE bourh ood, if
Clerkenwell ile up to
about 10 years ago, Barbican flats were much ch
The Modern House has been selling London’s finest Modernist architecture for nearly a decade. By reaching well beyond the limits of the local market, we are able to expose Barbican flats to a much wider audience and thereby maximise their value. Please contact us to discuss how we can achieve an outstanding result for your property.
GQ Magazine
Vogue
Tina Evans of Frank Harris noted: “It has been very interesting seeing the listed prices of the new developments around the periphery of the Barbican Estate, but I don’t see that you can compare them with the Barbican residential blocks. New homes will always attract investors some of whom will have bought “off-plan” and
Ben Jonson 1-bed duplex on sale by Frank Harris at £550,000
3 bed, 3 bath Frobisher Crescent penthouse on sale by Hamilton Brooks at £1,925,000
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