“Some buyers have this preconceived notion that old Victorian buildings are riddled with problems when what they want is a home to lock up and leave,” said Camilla Dell, managing partner of Black Brick. “They worry about the hot water not working, the heating bills, and they also want to live somewhere with a lift, a concierge, and amenities. There is only one solution to this, and that is a new build apartment.”
London has a wide range of new developments to choose from, which begs the question: what distinguishes a decent building from one that is really special?
For Dell, part of the answer can be found the moment you set foot in the lobby. “A big part of it is how you feel when you walk into the building for the first time,” she said. “The quality of the common areas and how well it has been designed is a big indicator of how good a building is.”
Of course, different buildings are good in different ways. For example, at Twenty Grosvenor Square, formerly the headquarters of the US Navy in London, the large, light-filled lobby feels like walking into a five-star Four Seasons hotel. Meanwhile, at 1 Grosvenor Square, previously home to the American Embassy of London, the aesthetic is equally slick but with a boutique hotel vibe, featuring wood panelling, monumental artworks, and a marble concierge desk. “In this case, it’s not about better or worse,” said Dell. “It is very much a matter of personal taste.”
Amenities are another way to judge newer developments. Good security should be a given, and ever since One Hyde Park opened its doors in Knightsbridge in 2009, introducing ultra-luxury, highly serviced apartments to the British capital, house builders have been vying to offer buyers the very best in amenities.
In recent years, swimming pools, spas, gyms, movie theatres, golf simulators, residents’ clubs, and children’s playrooms have become standard in luxury developments. Some developments think outside the box: Chelsea Barracks, considered world-class by Dell, offers amenities ranging from a board room to a billiards room and even concierge medical services. Holland Park Gate provides an in-house car service to ferry children to school and has a dedicated music room for them to practice.
At The Peninsula Residences London in Belgravia, owners don’t have to worry about everyday admin like MOTs or plant care, as staff take care of all such matters seamlessly. “What people really care about is really good service,” said Dell. “They want to be able to pick up the phone because they suddenly want a cappuccino or they need a babysitter, and they want that service on tap 24 hours a day.”
Many buyers are attracted to the certainty provided by a global brand like the Mandarin Oriental, which provides services at One Hyde Park and Mandarin Oriental Mayfair. Six Senses services the apartments at The Whiteley in Bayswater, while The Peninsula Residences benefit from the reputation of The Peninsula Hotels, a brand especially well-regarded by buyers from Hong Kong and China. “At The Peninsula, a lot of sales have been done without even a marketing suite because of the strength of the brand,” said Dell.
Sometimes, rarity value also elevates a development. In Marylebone, where modern apartments are scarce, the launch of Chiltern Place shattered local price ceilings and thrilled buyers. “It is really good quality and it sold incredibly well,” said Tom Kain, director of Black Brick. “Even resales have gone up in value, which is great for a new build where normally you would expect units to drop in value once they have been lived in.”
That rarity value is likely to become increasingly important in London, with research by Savills and Knight Frank both pointing to the growing scarcity of new developments. Planning restrictions and a constrained pipeline could significantly reduce the supply of prime new homes in the coming years.
Wherever you decide to buy a modern London home, you must be prepared to do your due diligence, especially if you are purchasing off-plan with little more than a brochure to guide you.
Service charges are a crucial consideration, as costs can be very high. For example, The Peninsula charges £35 per sq ft per year, the highest in London, while Twenty Grosvenor Square charges £26 per sq ft per year. Buyers should expect to pay between £10 and £20 per sq ft across the board, but the costs can quickly add up. Nick Candy, the developer of One Hyde Park, recently joked that although he spends only around 20 days per year in his penthouse, his service charge is still some £3,000 per week.
Buying off-plan requires a specific skill set, which not all buyers have mastered. “We have got a lot of experience and a direct relationship with developers,” said Kain. “Often the best developments don’t really advertise, but we can get early access and cherry-pick the best units in terms of views, aspect, and layout. Also, when you are the first in the door, there is often a bit more room for negotiation. We are doing a sale at the moment where we have persuaded the developer to make some alterations to the flat.”
Add in expertise on developers’ track records, building plans, and excellent contacts – from solicitors to private banks, interior designers, and surveyors for the all-important post-sale snagging survey – and you will understand why having Black Brick at your side is an essential part of the London buying experience.
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