This page contains a Flash digital edition of a book.
92 London set for £38bn of housing


A STAGGERING £38 BILLION of prime residential development is planned in London over the next decade, with a total floor space equivalent to the size of the Olympic Park. More than 15,000 units of prime residential property have been


earmarked for development, according to a yearly report by global built asset consultancy EC Harris. The findings show that 125 schemes are currently in various stages of acquisition, planning and building, adding up to a total floor space of nearly 20 million sq ft. It is an increase of about 70 per cent from last year’s report, and


has been fuelled by continued strong demand from overseas cash buyers for new residential property, as well as rising values across prime London residential markets.


Chelsea and Fulham have the highest number of new units expected to be delivered, with 3,791 predicted in the next ten years. Mayfair can expect to see 502 units in the same time frame.


They include 36 apartments at 20 Grosvenor Square, 13 apartments at 5-6 St James’s Square, 24 apartments at Audley Square House, 16 apartments at 55-73 Duke Street, and the redevelopment of the American embassy. Mark Farmer, head of residential at EC Harris, said: “The size of


the pipeline is a reflection of a massive vote of confidence in London and in UK plc, and will only have been enhanced by this summer’s Olympics showcase. London prime residential continues to act as a magnet for global investment, and offers clear opportunities for properly organised and funded developers and investors to generate healthy returns. This positivity is tempered by some notes of caution. “There are significant risks to the realisation of the pipeline, including the sustainability of the unprecedented levels of international investor and sales demand fuelling the lower end of the prime market, a lack of development funding and a scalability of specialist development skills needed to deliver these opportunities.” The report also warned that although financial volatility across


Europe meant that prime London is still being viewed as a safe haven for investment, any devaluing of the Euro could make London more expensive than in recent years. In addition, it stated that the government’s stamp duty hikes meant developers would need to adapt their schemes towards a price point of £2 million. Buyers now face a seven per cent levy on properties over that price, up from five per cent previously.


LEFT: THE VERGE IS A RECENT DEVELOPMENT OF TEN LUXURIOUS APARTMENTS ON DERING STREET THAT ARE ON THE MARKET WITH KNIGHT FRANK (020 7499 1012). MORE THAN 500 RESIDENTIAL UNITS ARE EXPECTED TO BE BUILT IN MAYFAIR OVER THE NEXT DECADE


THE GRAND RESIDENCES AT 47 PARK STREET


A cheap flat – with a catch


BUYING A HOME IN MAYFAIR for less than a quarter of a million pounds is about as likely as you and me outrunning Usain Bolt in the 100 metres. However, a Park Street apartment that has come onto the market for just £230,000 proves you can get a prime address for less – as long as you are only planning on living there for 21 days a year.


The swish one-bedroom pad is a timeshare apartment that is located in the Grand Residences by Marriott. It is spread over 936 sq ft and boasts a dining room, lounge, en-suite bathroom and kitchen.


Perks that come with the property are not to be sniffed at.


Timeshare members enjoy exclusive use of a private entrance to Michel Roux Junior’s two-Michelin-starred restaurant Le Gavroche, which is just down the road. According to the brochure, buying a stake in the apartment “enables 47 Park Street to become your London address, whether it is the need for correspondence or just friends and family using your apartment as they would your home.” There is a twice-daily maid service and valet parking, as well as a handy option to leave possessions in storage. A dedicated


team will move members’ belongings into the flat ahead of their arrival, even stocking the kitchen with their favourite foods and organising fresh flowers.


Members also have access to a 24-hour concierge, who can assist any residents looking to host a dinner party in their apartment, chill out at a nearby spa, or arrange tickets to the opera through the timeshare’s partnership with the the Royal Opera House. The timeshare at 47 Park Street is on the market with Knight Frank (020 7499 1012).


property


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100