The Challenge
We were engaged by a Canadian client who was relocating to London for work on short notice. She was looking to rent a three bedroom property within a 15 minute taxi journey of her new office in Kings Cross. It was critical that the apartment be in great condition, fully furnished, have air conditioning, a lift and have some outside space. A tough search, made no easier by the Covid-19 international travel restrictions and quarantine rules. The client would therefore have to rely heavily on our expertise and guidance to find the right option as she would be selecting the property remotely.
The Perfect Conclusion
We identified the perfect 3 bedroom apartment with a sensational roof terrace set in a boutique portered mansion block in the heart of Fitzrovia which matched all the criteria given to us. We provided a comprehensive video tour so the client could get a sense of the space and condition of the apartment which gave her the confidence to move forwards without seeing it in person. When securing the flat we were able to negotiate over a 32% discount from the asking price.
The Unfair Advantage
We were not only able to identify and secure the perfect apartment in trying circumstances but we did so at a sizeable discount.
The Challenge
Our Swiss client was looking for a London apartment for personal use. With children at school in the UK, they wanted a family apartment to use when visiting the city. Our client was not in a rush to buy and needed advice on the market, timing their transaction, and access to the best opportunities in their favoured areas of Chelsea, Knightsbridge & Belgravia.
The Perfect Conclusion
We sourced a grand and spacious second floor lateral apartment situated in a quiet position, but only a few steps from Sloane Square. The building consists of only 12 large apartments and the flat itself comes with a share of freehold, a rarity for the area. Through our negotiation we then agreed a huge £500,000 discount from the asking price. Beyond the negotiation, we also introduced our clients to tried and tested third parties such as a specialist structural surveyor and design & build contractor.
The Unfair Advantage
We know the market intimately. The property was listed through a single-office boutique estate agent we have transacted with in the past. As a result we were the first to be made aware of it. We negotiated strongly, taking advantage of the current lack of overseas buyers in London and achieved an impressive 12% discount from the asking price for a rare asset. We made sure our client had all the necessary comparable sales data and advice, in order for them to make an informed decision prior to submitting the offer.
The Challenge
Our clients were looking to sell this large lateral three bedroom apartment in Belgravia. Covid has led to a shift away from buyers wanting to buy flats towards houses in more rural areas. This combined with a current lack of international buyers makes for a tough environment to sell central London flats in. In addition to our clients flat, there were several properties in the same building that have been on the market for a substantial period of time without achieving a sale.”
The Perfect Conclusion
We successfully found the perfect buyer through a buying agent from our unrivalled network of contacts and once the sale was agreed ensured an exchange of contracts within six weeks.
The Unfair Advantage
We have the experience, expertise and patience to manage sales in a difficult market. Acting for fewer sellers means we have the time and dedication to deliver a successful sale, no matter how long it takes.
The Challenge
Our British Clients already owned a house in London but decided that they wanted a larger property with more lateral space and to be closer to Richmond Park in order to walk their two dogs. Their budget was up to a maximum of £3,500,000. The market for large family houses in close proximity to parks has always been competitive but the Covid pandemic has only increased the demand for this type of property.
The Perfect Conclusion
The search started in February when the sales market was seeing a significant rebound as a result of the Conservative Party win in the General Election and more certainty over Brexit. We identified a number of interesting options but the lockdown in March meant that the search went on hold and resumed in September when the market was perhaps even more competitive than it had been earlier in the year. We identified a house in Sheen which had been recently refurbished and offered not only exceptional lateral space but also was located less than a 10 minute walk from a gate into Richmond Park. The house was 3700 square foot with an asking price of £3,300,000 equivalent to £891 per square foot. We were able to agree a price of £3,150,000 ( £851 per square foot) but crucially the terms of our offer specified that no further viewings were to take place and that our clients were to be given a period of exclusivity so that they could undertake their due diligence without the threat of another buyer coming forward.
The Unfair Advantage
We know how to secure a deal. Our years of experience means that even in competitive markets we are able to ensure that when the right property is found, our clients have the time to transact without the pressure of having other buyers compete with them.
The Challenge
The client was looking to sell their investment flat which was originally purchased off plan to release money for alternative investments.
The Perfect Conclusion
Black Brick successfully sourced a buyer within only two weeks of the property being made available for sale, with the final purchase price being agreed at only 6.6% off the asking.”
The Unfair Advantage
We have the contacts to find buyers in the most difficult of markets and negotiate excellent prices for our clients. In this instance we were dealing with the backdrop of the global Covid pandemic and in an area where supply of new build apartments is plentiful allowing buyers the luxury of choice.
The Challenge
We were appointed by a Trust Company to manage and oversee the sale of a lovely, semi-detached house in South Hampstead. Unfortunately the house had not been lived in for almost a year and had fallen into disrepair. In addition there was no budget to enable the house to have a light refurbishment prior to marketing.
The Perfect Conclusion
We were appointed just as lockdown was lifted. The house, whilst needing work, was the perfect example of what buyers are looking for in a post Covid world. Plenty of space, secure and set back behind gates with off street parking for several cars and the benefit of a large south facing garden. We knew that the house would appeal to family buyers and could sell quickly given the price point. We decided to keep the house off market, and send it out to our network which includes other buying agents. We were inundated with viewings and received several offers within just a few weeks, finally selling to the client of another buying agent for £3,100,000, close to our guide price of £3,250,000.
The Unfair Advantage
We get results, fast. Our client needed to sell, and we delivered. Within just a few weeks of being appointed we successfully identified a buyer for close to the asking price.
The Challenge
Our British clients were downsizing from a large house in Acton to a smaller, more centrally located apartment. They were interested in exploring Maida Vale, St John’s Wood, Hyde Park and Marylebone as potential areas. They had strict criteria and needed at least 1500 square feet, 3 bedrooms, and to be within a short walk of a tube station. Their target budget was £2 million or less. The supply of good quality apartments in North West London for below £2m is limited, and finding vendors that are suitably motivated to sell is also challenging in these locations.
The Perfect Conclusion
Our search started just before lockdown and the onslaught of Covid-19. However, with our clients house under offer and proceeding, it was essential that we kept the search going. We kept in close contact with the market, so that the minute lockdown was over we were able to quickly resume our search. Within just a few weeks we identified a magnificent 1635 sq. ft., 3 bedroom apartment in one of St John’s Wood most prestigious portered developments, Eyre Court. The building is exceptionally well run and is less than a 5 minute walk from St John’s Wood tube station, making it the perfect choice for our clients. The vendor had been under offer at close to the asking price just before the pandemic, but the offer had fallen through. We seized the opportunity to negotiate and managed to save our clients £180,000 from the asking price.
The Unfair Advantage
Our commitment to our clients is unrivalled. Despite lockdown, we kept our finger on the pulse of the market, ensuring the minute the market re-opened we were ready.
The Challenge
Our client, originally from the US but based in London, wanted to purchase a family home in either Primrose Hill, Hampstead or Swiss Cottage with a maximum budget of £5,000,000. The competition for family homes in prime residential neighbourhoods, with gardens and within easy access to a park pre and post the Covid lockdown was fierce, and so ensuring early access to possible options was going to be crucial.
The Perfect Conclusion
The search started in mid-February when the residential sales market was seeing a rebound as a result of the Conservative election victory and more certainty over Brexit. Whilst a number of possible options were identified vendors were, in general, being very bullish about their asking prices which continued as we entered the lockdown period. We remained in close contact with our network and were made aware of a beautiful, double fronted house which was due to come to market on South Hill Park Gardens which is a beautiful street in Hampstead close to the Heath, shops and walking distance into the village. The house was 3000 square foot, with an asking price of £4,950,000 or £1650 per square foot and had been painstakingly refurbished by the current owners who were planning to move out of London. The house was perfect for our client and unsurprisingly there were a number of other interested parties. As a result we paid the asking price and were able to take the house off the market to prevent any further viewings taking place or offers being solicited.
The Unfair Advantage
Early access to best in class is crucial. In a highly competitive market, retaining Black Brick meant our client was able to secure their perfect property without entering into a competitive bidding situation.
The Challenge
We were engaged by a repeat overseas client, who needed assistance with the sale of their London pied a terre in an exclusive modern development in Chelsea. At the time of being engaged, the market was going through an uncertain period, starting with Brexit, an election and finally a pandemic, presenting us with a very challenging sales market.
The Perfect Conclusion
We successfully negotiated the sale of the apartment to a cash buyer prior to the Covid-19 lockdown. Despite all the economic and market concerns, and the very many legal complications we were able to keep the transaction together without the buyer withdrawing or reducing their bid.
The Unfair Advantage
We know how to hold a deal together. Without our communication, experience, contacts and pragmatism this sale would have not gone through.
The Challenge
Our US client wanted to purchase an apartment in Mayfair on an ‘off-plan’ basis, with a minimum of three years between exchange and completion, as well as a staged payment schedule, to allow him the time to fund the transaction.
The Perfect Conclusion
Clarges is widely regarded as one of the best boutique buildings in London with only 34 units, as well as meeting the client’s requirements for 24-hour concierge and first-class leisure facilities. The issue was that the development has been completed, precluding payment over an extended period.
Nevertheless, we structured an unusual offer to the owner, namely that our client would rent the property via a series of one-year tenancies, up to a maximum of three years. We would agree the ultimate purchase price at the outset, and our client would pay the owner each year for an option to purchase the property, at that price, at any point during those three years. If our client walked away after the rental period, he would lose the option payments; otherwise, these payments would be deducted from the final purchase price.
While the negotiations were far from straightforward, we eventually agreed terms, namely that the purchase price was fixed at £10.5m to be paid within the three years.
However, the impact of Covid-19 meant that our client wanted to extend the timeframe of the deal, given the degree of economic uncertainty ahead. We went back to the seller to renegotiate to extend the term of the transaction to five years. After another extensive period of negotiation, we were able to agree revised terms. This both meant that we were able to keep the transaction together during a very testing time, while ultimately securing the best possible outcome for our client.
The Unfair Advantage
We know how to hold a deal together. This deal not only demonstrates our ability to construct and execute very complicated transactions in order to allow our clients to achieve the outcomes they need, but also our ability to renegotiate and hold the a transaction together during a global pandemic.
The Challenge
Our long term investment client was looking to invest a total of £20 million into the London property market for a combination of rental yield and long term capital appreciation. Our advice was to split the budget across multiple properties in order to give diversification to the portfolio and to purchase in bulk – 6 units or more in one single transaction to qualify for commercial rates of stamp duty. The properties had to meet a strict set of investment criteria – high quality new build, easy to let out or pre-let and able to achieve a gross yield of at least 4% or higher. Finding suitable opportunities that met with all the criteria was a challenge in Central London.
The Perfect Conclusion
We identified a boutique, high quality new build located in Shoreditch, consisting of just 119 units. Long and Waterson is the first and only to date premium new development in the immediate vicinity (1/2 mile radius). Fringe City locations have benefited hugely in recent years from the broad increase in urban living in London, from the rise in popularity of East London and also from the growing importance of technology, digital and start-up businesses-all of which have heightened appetite for living in this increasingly cosmopolitan London enclave. The development is superbly located, a 2 minute walk from Hoxton station, 7 minute walk from Shoreditch High Street station, 9 minute walk from Old Street station and 15 minutes from Liverpool Street station. The development also benefits from a 24-hour concierge, private gym, saunas and treatment room, extensive private gardens, a screening room and residents’ lounge.
We negotiated the purchase of 6 apartments in January 2020 for a combined purchase price of £4,750,000 achieving almost a 16% discount from the original asking price and an estimated average net return on equity of 6.6% over a projected 5 year hold period. However, right before we were due to exchange contracts, Covid-19 struck and the world changed. London went into lockdown and we sensibly decided to put the transaction on hold. Over the course of the following weeks and months we carefully monitored market conditions and as we approached the end of lockdown and the property industry was able to return to work, we successfully re-negotiated the purchase down to £4,075,000. We de-risked the purchase by removing one of the more expensive 3 bedroom units and replacing it with a one bedroom unit. We also managed to increase the overall discount to 20% from the original asking prices and we negotiated a one year rental guarantee for our client to take into account the higher risk rental environment due to the pandemic. At just over £1000 per square ft. this will be a very good long term investment for our client, in an exciting new growth area of London.
The Unfair Advantage
Challenging markets call for cool heads and lateral thinking. Despite unprecedented events in the form of a global pandemic, we successfully managed to turn this transaction around for our client, bettering the deal we originally had agreed, saving them almost 20% from the original asking price.
The Challenge
Our international client had purchased a house in Kensington for family use more than 10 years ago but it was no longer required. He was keen to sell despite the fact the sales market was extremely challenging given the uncertainties over the Brexit outcome. The property had been vacant for some time and there were a long list of outstanding maintenance issues which needed to be rectified.
The Perfect Conclusion
With our many years of experience we knew it was crucial that the house was presented in its best possible state before any viewings from potential purchasers were allowed to commence. We worked through the maintenance issues and also recommended that our client use the services of a professional staging company who then furnished the entire house with stunning furniture and art. Once this first stage had been completed we then made our network of fellow buying agents aware that the property was available off market.
We received an acceptable offer from only the second viewing at the house with a completion date set for April 2020. Unfortunately this was during the coronavirus crisis but we were able to ensure that completion happened without any delay.
The Unfair Advantage
Our many years of experience and unrivalled network allowed our client to achieve an off market sale in a very challenging market from just two viewings.
The Challenge
Our Canadian client was looking for a London pied-a-terre. They had been looking at the market for two years and had come to the conclusion that a new build property along the Southbank would work well for their requirements. Due to the vast range of apartments being sold under differing circumstances, such as; off-plan units direct from developers, re-sales (or contract assignments) from off-plan investors, and then the newly completed units, this area of the market can be very hard to navigate. Not least understanding and gaining access to what is actually for sale and then identifying the most keen sellers and the most competitively priced units. In addition there is a large range in the quality of buildings and therefore values change considerably between building to building within a relatively small area.
The Perfect Conclusion
We identified a 31st floor 2 bed, 2 bath apartment in the One Casson Square building which is part of the new Southbank Place development. This is recognized as the highest quality development on the Southbank in terms of construction quality, interior design and facilities. This standard has historically only been found in more traditional prime central areas north of the river. The unit is just below the penthouse and provides expansive views over the river Thames and central London taking in many of the cities iconic landmarks. The unit was a contract assignment that had been reserved more than two years ago by the original purchaser. They were now very keen to exit their investment prior to completion to avoid paying the final 80% (of the purchase price) installment and the stamp duty bill. We were therefore able to step in with our client and purchase the apartment just prior to completion at a £165,000 discount on the original purchase price (equating to an 8.2% discount) for what is one of the best units in the development.
The Unfair Advantage
We understand the complexities of buying new build, and can identify good opportunities via contract assignments. We managed to not only identify one of the best units in the development, but also successfully saved our clients 8.2% from the original contract price.
The Challenge
Our client is looking to diversify their wealth and build a buy-to-let portfolio in Central London. Our aim is to identify opportunities where we can buy 6 more units in order to both qualify for commercial rates of stamp duty but also secure decent discounts. The aim of the portfolio is to provide our client with a stable rental income and capital appreciation over the medium to long term.
The Perfect Conclusion
We successfully sourced this superb bulk discount purchase of multiple units in one of the best new builds to come to market in north central London in recent years. Islington Square was once formerly an Edwardian Royal Mail sorting office, and retains period charm and character combined with all the efficiencies of a new build. We negotiated aggressively and managed to secure a significant 17.75% saving on the asking price resulting in a 4.8% projected net yield (return on equity).
The Unfair Advantage
We have the expertise to source and negotiate excellent discounts in the best buildings for our clients. In this instance our client has been able to take advantage of the weaker pound, and a softer market, to secure an attractive discounted multiple unit purchase. Black Brick will manage the letting of the apartments, providing a seamless service at minimal stress to the client.
The Challenge
Our US client was looking for a London pied-a-terre. They had been looking at the market for a number of months and had conducted some viewings but had found the market difficult to navigate. They had concerns over pricing transparency and were unsure that they had gained access to the best opportunities in the Chelsea & Belgravia areas.
The Perfect Conclusion
Eaton Square is widely considered one of the top three addresses in prime Central London due to the attractive period architecture and immaculately maintained private gardens, all closely managed by the Grosvenor Estate. The most desirable properties are often sold off market and gaining access without professional representation can be difficult. We sourced a rare and impressive first and second floor duplex in one of the ‘key’ mid-terrace buildings on Eaton Square. Through our negotiation we then agreed a huge £1,000,000 discount from the asking price. Beyond the negotiation we were also able to introduce the clients to experienced advisors, essential due to the complex nature of how property is held and managed on the square, this included a leasehold enfranchisement specialist and building project manager.
The Unfair Advantage
We know the market intimately. We provided our client with sales comparables that are not available in the public domain and as a result, we negotiated a 14% discount from the asking price for a rare and impressive apartment on one the best streets in London. We made sure the client had all the necessary information and advice, in order for them to make an informed decision prior to exchanging contracts. This is important on an address such as Eaton Square, where the leasehold structures and management policies are relatively complex and far more comprehensive than your average street in London.
