THE BRIEFING Property
Connaught). And, for all its style, the design never loses sight of the demographic it serves. In the restaurant, for example, round-edged bespoke tables minimise knocks, and velvet- ribbed panels soften acoustics. The same attention to detail applies to the apartments themselves, most of which are rented unfurnished (Auriens offers a design team to advise residents). In what is termed ‘future-proofing’, marble bathrooms (non-slip, as in the indoor pool area) can be easily converted into wet rooms for wheelchair users. Kitchens (all by Roundhouse) have age-friendly refinements such as motorised cabinets that lower at the touch of a button, top-loading dishwashers, and pull-out wooden units that enable you to sit while preparing food. Windows are triple-glazed, each apartment is soundproofed, and each has its own filtered ventilation system. All this, of course, comes at a price.
Apartments range from 900 square feet to more than 2,000 square feet, with one-bedroom apartments costing £13,750 per month (two-bedroom apartments are from £16,500). Compare this with a one-bedroom 600 square foot suite at the Savoy, which starts at £2,515 per night (a rack rate equating to £75,450 a month), and things take on a different perspective. The Auriens fee, moreover, includes everything from council tax and buildings insurance to utilities and Netflix, and the use of a chauffeur-driven car.
‘If your dishwasher breaks down or you make a hole in the carpet, we will fix it,’ says Meagher. ‘People chose to come here for lifestyle, care, security, financial planning – but above all, for convenience. And we offer the flexibility of a three-month notice period, which is a big selling point.’
At the time of writing, 10 of the
56 apartments are spoken for, with residents including a former politician, media owner, publisher, gallerist and property investor. There are two further developments in the pipeline, due to open in St John’s Wood and in Kensington, within the next five years. Meagher, then, is fully invested in the idea that the concept has legs on this side of the Atlantic – for the fortunate few. S Web
auriens.com
Earned it through the grapevine
Wine-growing land is a popular new asset class in the UK – and estates in prime locations seem a safe bet, Tim Relf discovers
THE UK MAY not quite be on the verge of replacing Champagne as a wine-growing region, but the changing climate has certainly sparked a rush of interest in wine production in Britain – and this has created a new property market in viticulture land. Met Office data shows the UK has warmed by 1°C since the 1950s and suggests that by 2070, summers could be between 1 and 6°C warmer than in the 1990s. This trend has prompted bullish predictions, despite the challenges for grape growers of more frequent – and intense – weather extremes also associated with climate change. A 2018 University of East Anglia report identified 86,000 acres (35,000 hectares) of ground potentially suitable for the endeavour. That’s nearly 10 times the area currently under vine in the UK. Such land is being snapped up by winemakers keen to expand, farmers looking to diversify, and HNWs who wish to enter the sector or buy a beautiful slice of the countryside, or simply see it as a sound investment. According to Matthew Berryman, a land and viticulture consultant with property management consultancy CLM, the best ‘bare’ land suitable for planting vines is changing hands at more than £25,000/acre (£62,000/ha). Arable land typically trades for £7,500–£15,000/acre in the South East. But not all wine country is created equal.
The perfect spots are on chalky, free-draining, south-facing ground, less than 300ft above sea level – but beauty is also important and, in terms of London investors, so is access. People might not want to spend four hours getting to their idyllic estate. ‘If you’re looking for a safe, long-term
investment, it makes sense to buy the best you can afford, even if it looks expensive now,’ says Berryman. ‘It’s the same with agricultural land – value will always be underpinned by its scarcity.’ The land market is, he adds, remarkably recession- proof, partly because it’s seen as a safe haven for funds at times of global turmoil. As in any market, the prices paid are dependent on who wants it and how much they want it. ‘Values rocket if two people are both desperate for the same patch,’ says
Berryman. ‘As the viticulture market matures, we’ll see more differentiation between the best and the rest. Areas with a proven track record in wine production that are seen as “fashionable” – such as Sussex – look set to command higher prices.’ This two-tiered market has long been
evident in France, according to Alexander Hall, who runs a vineyard real-estate business in Bordeaux. The global explosion in production of relatively inexpensive ‘generic’ wines over the past 20-plus years has left many French vineyards unviable, pushing prices down in some areas. ‘At one end of the scale you can hardly give land away, but sometimes even just 20 minutes away, eye-watering sums are being paid,’ says Hall. ‘Small slithers of land in the most sought-after regions which have iconic brands and are producing super-premium wines are changing hands for huge sums… It’s like buying a house in the most expensive street in London or Paris.’ Regardless of their motivations, aspiring purchasers should always take time to understand the intricacies of what they’re acquiring, he advises: ‘Don’t buy the dream – buy the business.’ One UK business that many would also deem a dream is Blackdown Ridge – a vineyard in West Sussex with over 12 acres of vines, currently for sale with Knight Frank with a guide price of £4,950,000. As well as three dwellings, it has the capacity to produce up to 30,000 bottles of still and sparkling wine. Knight Frank’s head of rural research,
Andrew Shirley, has noticed estate owners increasingly looking to diversify income streams since Brexit and changes to agricultural support, with some exploring wine-related opportunities. ‘Viticulture also appeals to many because they’re already enthusiastic collectors or investors in wine and have seen the value of their collections rise sharply over recent years,’ he says. Berryman has also noticed City money moving toward the sector: ‘Making a profit from viticulture is a long-term proposition, but this is an exciting, fast-evolving market and, in terms of property investment options, is well worth considering.’ S
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
