battersea’s power station, marylebone’s new tower & a ...€¦ · marylebone’s new tower...
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News · 1st Nov 2018
Battersea’s power station,Marylebone’s new tower & aRegent’s Park crescent: Buyingagency picks top luxury new-buildbetsSterling Private Office explains why it considers “unique” apartments atBattersea Power Station, Regent’s Crescent & Chiltern Place tobe “London’s premier new-build investments”
ewly-launched property consultancy Sterling Private Office hasbravely revealed which three schemes it considers to be “London’s
premier new-build investments”.
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The boutique firm, which is run by a quartet of former Knight Frank buyingagents, is keen to stress the risks that go along with investing millions ofpounds in a new-build flat – especially in a market beset by potentialoversupply and acute uncertainty – but says the key is to find “somethingunique…that won’t become part of a homogenous mass”.
For differing reasons, Ronson Capital Partners’ Chiltern Place, GreatMarlborough Estates’ Regent’s Crescent, and BPSDC’s redevelopment ofthe Grade II listed turbine hall of Battersea Power Station each tick thatcrucial box, according to the team, which has advised clients on all threeprojects over the last 18 months, and offers the following rationale….
Battersea Power Station
The £9bn regeneration of Battersea Power Station included some 4,000homes, shops, and restaurants. However, the jewel in the crown is to own aunit in the Grade II listed turbine hall which will have only 253 residentialunits.
Regent’s Crescent
Linking the West End and Regent’s Park, the John Nash-designed Regencycrescent is now being converted back to residential use. This scheme willprovide the only Grade I listed new development in central London.
Chiltern Place
Rare high-rise real estate in Marylebone. Chiltern Place properties are theonly residential units in highly sought-after Marylebone that commandsuch unbroken views of the London skyline and the leafy residential areabelow.
A recent stately home scheme in Surrey is also given an honorary mention.Consero’s Dawn Hill delivered “one of the few properties on the WentworthEstate with a lateral layout”, and duly fetched an “above average” £22mwhen it sold in 2017, demonstrating “how nuanced the distinction can bebetween best in class and second rate”.
All that said, a ballooning supply pipeline and trickling sales justifiesoversupply concerns in the new-build market, warns the firm, advisingpotential purchasers to faithfully abide by “caveat emptor” in any dealings– and to take upbeat reporting of the market by estate agents with a bigpinch of salt.
The London-based team, which has handled some £96m worth oftransactions since launching last Summer, claims to have so far secureddiscounts of up to 30% on scheme prices, and up to £9m on individualproperties.
Jonathan Mount, Director, Sterling Private Office: “With constructionof prime new-builds outstripping demand by 2:1, concerns ofoversupply in the capital’s prime market are well justified –something agents will not be keen to admit. However, while we’readvising our clients to tread carefully, there are certainly savvyinvestment opportunities in the prime new-build market. But it’sessential investors exercise good judgment. The key is to findsomething unique, that won’t become part of a homogenous mass.”
Earlier this week, JLL predicted that central London developments will see17.6% price growth by 2023, with the wider PCL market and UK expected topost 15.3% and 11.4% respectively. More here.
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