Prime LondonRENEWAL, CHANGES AND OPPORTUNITIES

Report on the latest trends and property opportunities in the residential market in prime central London.

By David Spittles, Property Correspondent, London Evening Standard

3P R I M E L O N D O N

COMMISSIONED BY LEADING LONDONDEVELOPER GALLIARD HOMES, THISREPORT PROVIDES AN INDEPENDENT ANDAUTHORITATIVE REVIEW OF THE LATESTTRENDS AND PROPERTY OPPORTUNITIESIN PRIME CENTRAL LONDON, ONE OF THEMOST VALUABLE, DYNAMIC ANDINTERNATIONAL PROPERTY MARKETS INTHE WORLD.

Drawing on the latest research from leadingproperty advisors Knight Frank, Savills, CBRE andLonres, the report is written by David Spittles, anaward winning property writer who has reportedfor the London Evening Standard for more than25 years.

Founded in 1827, the Evening Standard is thedominant regional newspaper for Londoncovering national, international and City ofLondon news stories complete with a dedicatedweekly residential property supplement.

Introduction

5P R I M E L O N D O N

Founded in 1992, Galliard Homes is a leadingdeveloper operating in London and southernEngland building residential and mixed usedevelopments including newly built homesand the conversion or refurbishment of grandcommercial buildings, riverside warehousesand period properties into stylish homes.

Galliard’s development portfolio withinLondon consists of over £1.1 billion of newdevelopment, providing over 5,900 homes.The company’s mixed use developments aredesigned to provide buyers with an exclusivelifestyle and a home, so within the GalliardHomes property portfolio buyers will finddevelopments that not only provide homes,but also a concierge service, landscapedgardens, new shops, superstores, hotel,riverside bars, restaurants, cafes, commercialspace, museum and art gallery space.

Galliard Homes

www.galliardhomes.com

NEW CAPITAL QUAY, GREENWICH RIVERSIDE

A finished computer generated image of what is currentlythe largest residential construction site in London.

98 P R I M E L O N D O N : R E N E W A L , C H A N G E S & O P P O R T U N I T I E S • C O N T E N T S P R I M E L O N D O N : R E N E W A L , C H A N G E S & O P P O R T U N I T I E S • C O N T E N T S

ContentsPage 10-11Executive Summary

Page 12-13The Impact of Crossrail

Page 14-17Property Values & Rents in Prime Central London

Page 18-19Galliard Homes & Central London

Page 20-23Domino London

Page 24-25Galliard Homes’ Platinum Collection

Page 26-33Fringe Benefits

Page 34-37Take Me to the River

Page 38-41Greenwich and its Royal Roots

Page 42-43Hampstead Haven

Page 44-49Buy in the Bullseye

Page 50-51The Platinum Collection

28 Red Lion Court Development29 Ludgate Broadway Development30-33 Marconi House Development

An overview of the Capital’s principal districts.

46 Great Cumberland Place Development47 Portland Place Development48-49 London’s West End

A snapshot of postcode values, analysing prime property and per square foot price banding.

Introducing Galliard Homes’ £500 million premiumportfolio and central locations.

Development location and contact.

34-35 Wapping36-37 Wapping Riverside Development

The Capital’s new superfast highway.

40-41 New Capital Quay DevelopmentValues, statistics and growth forecasts for prime central London.

43 Belsize Park DevelopmentLooking back - regeneration, the catalyst for prime redevelopment and successful sales.

1110 P R I M E L O N D O N • E X E C U T I V E S U M M A R Y

Executive Summary ❚ London’s “safe haven” status and unrivalleddiversity continues to attract homebuyersand property investors from around theglobe.

❚ After the magnificent spectacle of the 2012Olympics, the capital remains alive withregeneration projects, transport upgrades,cultural and employment shifts that arecreating new property-buying opportunitiesand new hotspots.

❚ King’s Cross and London Bridge arebecoming new business hubs, which isboosting the local residential market.

❚ “Midtown”, the area between the West Endand City, is experiencing its biggest changein 50 years with redevelopment of outdatedcommercial buildings.

❚ The City of London, known locally as “TheSquare Mile”, once a dull nine-to-five officedistrict, has an animated evening economyand unsatisfied demand for homes.

❚ Victoria and the bordering Westminsterparliamentary quarter, for decades aforgotten address, are swinging intofashion.

❚ Marylebone, Fitzrovia and Bloomsburycontinue to be revitalised by independentretailers, restaurants and galleries.

❚ Parts of London’s Theatreland, including theglitzy and famous Strand and grubby Sohobackstreets, are getting a facelift andbenefiting from new homes, hotels andleisure facilities .

❚ Homes are sprouting up alongside West Enddepartment stores and shops.

❚ Upper crust St James’ is experiencing a residentialrenaissance as part of a Crown Estate makeover of thearea.

❚ Desirable “inner suburbs” such as St John’s Wood andHampstead are benefiting from a fresh crop of homesthat suit modern lifestyles.

❚ Awesome riverside regeneration is underway at NineElms and Vauxhall, with new riverside projects alsobeing unveiled in Wapping and Greenwich.

❚ Fast-changing South Bank, once out-of-bounds formany homebuyers, has joined the property premierleague, and a second wave of development is comingto Canary Wharf and Docklands, bringing glamorousskyscraper living and fashionable warehouseapartments.

1312 P R I M E L O N D O N • T H E I M P A C T O F C R O S S R A I L

The impact of CrossrailThe £15.9 billion project is the most importantrail development taking place in the UK, offeringa direct fast-speed service east to west acrossLondon. The high capacity, high frequencyrailway will run from Maidenhead and Heathrowin the West to Shenfield and Abbey Wood in theEast, and will link London’s West End tolocations including Heathrow, PaddingtonInternational Station, Liverpool Street (City ofLondon), Canary Wharf and Stratford.

Maiden

head

Taplo

wBu

rnha

mSlo

ugh

Lang

ley Iver

Wes

t Dray

ton

Sout

hall

Hanwell

Wes

t Eali

ngActo

n Main

line

Bond

Stre

et

Totte

nham

Cour

t Rd

Farri

ngdo

n

Whit

echa

pel

Canar

y Wha

rf

Custo

m Hou

seW

oolw

ichAbb

ey W

ood

Hayes &

Har

lingto

n

Ealin

g Bro

adway

Paddi

ngto

n

Liverp

ool Stre

et

Strat

ford

Maryla

ndFo

rest

GateMan

or Pa

rkIlfo

rdSe

ven K

ings

Goodm

ayes

Chadw

ell H

eath

Romfor

dGide

a Par

kHaro

ld W

ood

Bren

twoo

dSh

enfie

ld

HeathrowAirport

CROSSRAIL, THE NEW EAST-WESTRAIL LINK, SCHEDULED TO BEOPERATING BY 2017, CUTSTHROUGH MUCH OF THE PRIMECENTRAL LONDON TERRITORYREVIEWED IN THIS REPORT AND ISPROVING A CATALYST FOR MOREINVESTMENT AND GROWTH,ESPECIALLY AROUND THE SEVENNEW CENTRAL LONDON STATIONS.

The Capital’s superfast Crossrail highway will typically cut a current journeytime of 26 minutes from Canary Wharf to Paddington to just 16 minutes.

14 P R I M E L O N D O N • P R O P E R T Y V A L U E S

Property values andrents in prime Central London

WHILE LONDON’S OBSESSION WITH

RENEWAL CONTINUES TO TRIGGER NEW

OPPORTUNITIES, A “PERFECT STORM” OF

LOW INTEREST RATES, STRONG RENTAL

DEMAND, CAPITAL GROWTH AND

COMPETITIVE MORTGAGE FINANCE IS

ADDING FURTHER ALLURE TO PROPERTY.

LONDON’S RISING POPULATION IS

FUELLING DEMAND FROM BUYERS AND

RENTERS, YET PLANNING CONSTRAINTS

ARE RESTRICTING THE SUPPLY OF HOMES.

120 %

100

80

60

40

20

0

-20

-10 Jan Feb Mar Apr

Stamp duty increase

May Jun Jul Aug

500 £m

400

300

200

100

02007 2008 2009 2010 2011 2012*

2011-2012 change:Prime Central London£2m+ sales volumes 2012

Who is buying?£1m+ London sales bynationalityQ2 2009 to Q2 2012

Greater Londontotal sales

Rank Country %

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

UK

Russia

India

Italy

US

France

UAE

Australia

China (inc. Hong Kong)

Greece

South Africa

Germany

Singapore

Ireland

Saudi Arabia

Lebanon

Spain

Egypt

Switzerland

Canada

58.9%

4.3%

3.6%

3.5%

3.3%

3.2%

1.8%

1.6%

2.4%

1.3%

1.2%

1.0%

0.9%

0.8%

0.6%

0.6%

0.6%

0.6%

0.5%

0.5%

£10m+

£5m-£10m

* January to September

SOURCES: Curzon, Savills, Knight Frank

16 P R I M E L O N D O N • P R O P E R T Y V A L U E S

Property values andrents in prime Central London

Prices have jumped 52 per cent since the low pointof March 2009 in the immediate aftermath of thebanking collapse and are now 13.5 per cent above theprevious peak, according to research by Knight Frank.

Across central London, prices have risen by 10.1 percent during 2012 despite Eurozone turmoil.Marylebone is the area performing particularly well- up 14.5 per cent, the highest annual rise of all areascovered by the Knight Frank index. And futuregrowth prospects are promising too.

Savills’ most recent growth forecast predicts centralLondon prices will rise by another 25.6 per cent bythe end of 2017, tempered by a slight pause in 2013.

SINCE THE 1960s, CENTRAL LONDONPRICES HAVE ROUGHLY DOUBLEDEVERY EIGHT YEARS, A TRACKRECORD AT LEAST AS GOOD ASGOLD. THOUGH NOT TOTALLYINSULATED FROM KNOCKS ANDSHOCKS, HISTORY SHOWS THATCENTRAL LONDON ALWAYSBOUNCES BACK STRONGLY.

17

Prime MarketsFive year forecast values

Actual

2012

Central London

Outer Prime London

2013 2014 2015 2016 2017 5yrs toend 2017

Forecast

4.0%

3.5%

0.0%

0.0%

3.5%

3.5%

8.0%

6.5%

6.5%

5.5%

5.5%

5.0%

25.6%

22.1%

Rental GrowthFive year forecast values

Cost of deposit pushes first time buyers into renting

UK Mainstream

Rental Growth

Greater London

Prime Central London

2013 2014 2015 2016 2017 5yrs toend 2017

2.5%

3.0%

3.0%

2.5%

3.0%

3.0%

3.0%

4.5%

4.5%

4.5%

4.5%

6.0%

4.5%

4.5%

6.5%

18.2%

26.4%

24.0%

1,000

900

800

700

600

500

400

300

200

100

0

140%

120%

100%

80%

60%

40%

20%

0%

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Private rented sector households in London (thousands) FTB deposit as a % of income

SOURCES: Savills Research/CLG/CML

Galliard Homes has unlocked the value inthese sites and buyers have benefitted fromthe capital value uplift as the areas aroundthe projects have been regenerated andproperty values have risen. For examplehomes in Papermill Wharf, originally sold for£50,000 are now valued at £500,000, whilsthomes in The White House on London’sSouthbank primarily sold for £99,000 andare now valued at over £500,000.

Galliard Homes has a reputation for pricingits projects extremely competitively and aproven track record of generating strongforward sales on the projects it undertakes,with the homes selling to UK end users,individual investors and overseas buyers.

Galliard Homes & Central Londonwww.galliardhomes.com

GALLIARD HOMES HAS ALWAYSOPERATED IN CENTRAL LONDONAND HAS BEEN HIGHLYSUCCESSFUL IN ACQUIRINGSITES IN PIONEERINGLOCATIONS WHERE THERE HASPREVIOUSLY BEEN LITTLE OR NONEW HOMES DEVELOPMENT.EXAMPLES INCLUDE THEREDEVELOPMENT OF PAPERMILLWHARF, COUNTY HALL, THEWHITE HOUSE, SPICE QUAY ANDTEA TRADE WHARF.

1918 G A L L I A R D H O M E S & C E N T R A L L O N D O N

Spice Quay, released 1999

Cayenne Court, released 1999

Papermill Wharf released 1993 The White House, released 1997 The County Hall, released 1995

Tea Trade Wharf, released 2001

London & Butler’s Wharf EstateApril 1997

Cayenne CourtDerelict prior to conversion

Site of Spice QuayPrior to construction

Tea Trade WharfDerelict warehouse prior to conversion

20 D O M I N O L O N D O N

Domino LondonEquity coming out of prime central London isfinding its way to close - in areas such as leafyPrimrose Hill and Belsize Park. The hunt formore affordable locations is seeing Fulhamresidents crossing the river to put down roots inBattersea and Balham; others are moving fromParsons Green to Putney, from Hammersmith toShepherd’s Bush and from Clapham toGreenwich.

Buying decisions are influenced by the fact thatLondon is a collection of micro markets wherelocal factors (highly-regarded schools, historicarchitecture, even fashionable bars andrestaurants) can lift prices beyond the areanorm. Also there are emerging districts,benefiting from regeneration or an influx ofcreatives, where arguably prices have notreached their full potential. Other places areunder a veil, poised to be uncovered, and couldbe future hotspots.

THE POST FINANCIAL CRISISPHENOMENON OF WEALTHYINTERNATIONAL BUYERS DRIVINGTHE MARKET FOR ULTRA-EXPENSIVEHOMES IN CENTRAL LONDON ISCAUSING PROPERTY RIPPLESBEYOND THE GOLD-PLATEDADDRESSES OF KNIGHTSBRIDGE,BELGRAVIA, MAYFAIR, KENSINGTONAND CHELSEA.

21

SW15

SW1

W11 W2

SW7

SW3SW5

W8W14

SW10

SW11

SW8

SE1

NW1

NW3

NW8

W9

W1

SW6

SE1I

SW18

EC3

EC2EC1

EC4

WC1

WC2

N1

N7N5

N16

SW4

W6W4

NORTH

Average house price £4,109,083

£928,089

Average £per sqft £948

CENTRAL

Average house price

Average flat price

Average flat price

£4,104,643

£1,390,388

Average £per sqft £1,335

WEST

Average house price £3,487,623

£1,055,543

Average £per sqft £1,080 SOUTH

Average house price £1,178,947

£509,631

Average £per sqft £652

Average flat price

Average flat price

Prime London snapshotLonres areas last 12 months

A “heat map” of London shows prices exceed £4,000 persq ft for the best central addresses, yet circa £2,000-£2,500 per sq ft is more typical for prime, as opposedto “super-prime”, properties. And the average priceacross the wider central London area (which includesPimlico and Paddington, Earl’s Court and the SouthBank) is nearer to £1,300 per sq ft.

Striking is the “value gap” between central London areaslying in close proximity to each other. Mayfair, once theMonopoly Board king, is typically 15 per cent cheaperthan Belgravia, whose quieter, village-like ambienceappeals more to families. Yet a pocket of Belgravia -around Ebury Street, along the southern boundary withVictoria - is cheaper than Mayfair. Streets in primeChelsea can be four times more expensive thancharming Georgian terraces in Kennington, which isinside the parliamentary division bell area.

Areas move at different speeds. Certainly, once uncooldistricts are swinging into fashion and others are beingrediscovered. Sometimes you cannot define why anarea is on the up but you can detect it, feel the vibe. Itis not always because of carefully planned regeneration,rather a confluence of people and bargains that make aplace special; it could be a new source of wealth (say,bankers moving to Notting Hill) or, more likely, propertyopportunities. As with Soho before it, Shoreditch hasbecome a furnace for stylish entrepreneurialism becauseof relatively cheap rents.

Buyers (and developers) who cherry pick areas withpotential can profit handsomely. Neighbourhoods canquickly swing into fashion. Twenty years ago there wereonly four addresses - Mayfair, Knightsbridge, Belgraviaand St James’s - in a premier division of propertycompiled by Savills. Today there are ten, with HollandPark, Notting Hill, The Boltons, Chelsea (SW3), Regent’sPark and Kensington.

SOURCE: lonres.com Residential Review Autumn 2012.

The most spectacular arrival in the top tier isNotting Hill, which in 1990 was in the fifth (andbottom) division - “off the radar”, according toSavills. Bayswater has moved from third to firstdivision over the last decade.

The South Bank, boosted by the so-called “stringof pearls” attractions between WestminsterBridge and Tower Bridge, is another shiningexample. Knight Frank tips this riverside districtto jump further in price during the next five toten years. “Nine Elms to Vauxhall Cross willchange out of all recognition, while theextension of Tate Modern, due for completionin 2014, will see Bankside values rising evenhigher.”

Research by property consultant CBRE showsthat over the last five years the £1,000 per sq ftprice point has rippled out from the SW1, SW3and W1 postcodes to reach Hammersmith in thewest, Lambeth in the south, Swiss Cottage in thenorth and Aldgate in the east.

Studying square foot prices is a good way ofidentifying hotspots and “opportunity areas”.Current Galliard developments offer value-added properties across the price range, from£400 to £4,000 per sq foot.

Galliard Homes has had its finger on theproperty pulse of London for three decadesand its gift for unlocking areas of hiddenvalue has paid off handsomely for buyers.Galliard was the first developer to spot thepotential of South Bank (through its CountyHall and Whitehouse schemes) as well as ShadThames (with Spice Quay) and Westminster(Monck Street). It has built pioneering CanaryWharf developments, boutique apartments inBorough and Bermondsey and is undertakingmajor regeneration schemes in Deptford andthe majestic naval town of Greenwich.

22 D O M I N O L O N D O N

The Distillery Tower & Crescent, Deptford SE8

The regenerating South Bank, now stretching from Tower Bridge to Westminster Bridge.

Lincoln Plaza, Millharbour Village, Canary Wharf E14

New Palace PlaceMonck Street, Westminster SW1

Domino London

ALL ARE AMONG THE MOSTRECOGNISABLE LONDONLOCATIONS. TO CONSOLIDATEITS CENTRAL LONDON PRESENCEIN THIS NEW ERA, GALLIARD HASLAUNCHED A “PLATINUMCOLLECTION” - A £500 MILLIONPORTFOLIO OF NEW-BUILD,CONVERSION ANDREFURBISHMENT PROJECTS (SEEOVER) - AND HAS ACOMPLEMENTARY PREMIUMRENTAL BUSINESS.

2524 T H E P L A T I N U M C O L L E C T I O N

Galliard Homes Platinum Collection

The Platinum Collection by Galliard Homes is a £500 million portfolio of new residentialand mixed use developments located in some of the capital’s most sought afteraddresses. The Platinum Collection includes new build, conversion and refurbishmentprojects providing luxury apartments, penthouses, loft style riverside flats, duplexesand large family houses for private sale priced from £1,200 to over £3,000 per sqft.

The Platinum Collection projects include new luxury residential developments at MarconiHouse WC2, 42-45 Belsize Park NW3, 43-45 Great Cumberland Place W1, New Capital QuaySE10, Red Lion Court EC4 and 136-140 Wapping High Street E1W, 7 Ludgate Broadway EC4and 7 Portland Place W1.

Each Platinum Collection home is individually designed, with the interiors, kitchen, bathroomsuites, outside space, security, parking, technology, fixtures and fittings all carefully thoughtthrough and created to provide the buyer with everything required for stylish living in primeinner London.

Collection

THE

P L A T I N U M

Marconi House, Strand WC2 42-45 Belsize Park, London NW3

43-45 Great Cumberland Place, London W1 7 Portland Place, Marylebone London W1

New Capital Quay, Greenwich Waterside, SE10 Wapping Riverside, Wapping High Street, London E1

7 Ludgate Broadway, London EC4 Red Lion Court, Temple, London EC4

27F R I N G E B E N E F I T S

REMARKABLE CHANGE ISTAKING PLACE JUST BEYOND THESQUARE MILE’S ANCIENT WALLS.CITY-FRINGE DISTRICTS THATWERE ONCE SPILLOVER OFFICEAREAS ARE BEING REVITALISEDBY NEW COMMERCIAL ANDRESIDENTIAL DEVELOPMENTSAND BECOMING FIRST-CHOICEADDRESSES.

Like the Square Mile itself, which runs fromChancery Lane in the west to Aldgate in the east,from the Thames in the south up to Farringdon inthe north, these City fringe areas have a uniquecharacter. They have been “urban” since the MiddleAges, always moving with the times, reinventingthemselves as old industries and trades gave wayto new forms of commerce.

Transport upgrades such as the Jubilee line andEast London line extensions have combined withriverbank regeneration to invigorate City fringedistricts, bringing “dot-commerce” plus newcultural and leisure attractions.

For two decades London’s centre of gravity hasbeen shifting east - the majority of the capital’spopulation now lives east of Blackfriars Bridge.Yet it is easy to forget that the City fringe was asemi-industrial belt barely 20 years ago. Around1990, most of the capital’s 29,000 printers workedin Clerkenwell, alongside metalworkers,clockmakers and jewellers. Shoreditch was famousfor ragtrade sweatshops, Bermondsey fortanneries.

Then loft living arrived as technology changed andredundant warehouses and factories wereconverted into homes and offices. Bars, eateries,fashion boutiques and galleries followed.

Beyond expectation, the pace of change hasaccelerated since the onset of the credit crunchin 2008. Whereas the fringe used to be in theshadow of the City, it is now in the spotlight, withshowpiece architecture, most notably Shard ofGlass, advertising its arrival.

The City’s western boundary extends beyond StPaul’s Cathedral to Temple and takes in Holborn’sinns of court and the former Fleet Streetnewspaper zone, a transforming area, now athriving hub for law and accountancy firms.

Fetter Lane has the world’s biggest “courtscomplex” (29 courtrooms and other judicialaccommodation), evidence of the area’s resurgentlegal sector. Nearby Inner and Middle Temple, withtheir barristers’ chambers, are London’s oldest live-work estates. Here too is the London School ofEconomics campus and historic Lincoln’s Inn Fields.

Among the best new homes are those tucked awayin narrow lanes and passageways, or butting upagainst heritage buildings. Red Lion Court, closeto the Royal Courts of Justice, fits into thiscategory, while 7 Ludgate Broadway, anEdwardian building converted into eight luxuryapartments, offers views of the City’s spires andskyscrapers.

Scarcity makes City and City fringe homes suchsound investments. Yet values are still significantlylower compared with the top central Londonaddresses, partly because the area is in transition.City Corporation planners have an unswervingpolicy that promotes commercial developmentabove residential to ensure the City retains itsnumber one spot as a financial centre, resulting ina limited supply of homes.

A lifestyle preference to live within walkingdistance or a short bike ride of these employmentcentres is increasing demand for homes. As areinfrastructure improvements on the Cityborderline.

When Crossrail opens in 2017, Farringdon station,currently one of London’s quieter mainlinestations, will be Britain’s busiest, with a sevenfoldincrease in commuters and 140 trains per hourpassing through it. Farringdon will be the onlyLondon terminus with integrated north-south (ofthe river) and east-west routes; the only oneallowing passengers to board Crossrail, Thameslink(also being upgraded) and Tube trains. It willprovide direct links to Gatwick, Heathrow, Lutonand London City airports as well as Eurostarservices at St Pancras and Brighton on the southcoast.

Fringe Benefits

7 LUDGATE BROADWAY

LONDON EC4Red Lion Court

T E M P L E L O N D O N E C 4

Collection

THEP L A T I N U M

LOCATED JUST OFF FAMOUSFLEET STREET IN LONDON’SLEGAL AND FINANCIAL DISTRICT,RED LION COURT PROVIDES 12ONE, TWO AND THREEBEDROOM APARTMENTS AND 2MAGNIFICENT PENTHOUSES,LOCATED BEHIND A GRANDRETAINED STONE AND BRICKFAÇADE.

Red Lion Court is just 500 metres from the RoyalCourts of Justice, the Temple and most of thecapital’s most distinguished law chambers, and isalso in the heart of the City of London and within10 minutes walking distance of campus facilitiesfor the London School of Economics and KingsCollege London.

The apartments are designed for chic City living,with living/dining rooms, open plan or enclosedkitchens and master bedrooms with ensuiteshower-rooms. Features include Oak veneerflooring, mood lighting, comfort cooling and fullyintegrated surround sound technology toprincipal rooms.

The kitchens have either polish black ceramic oroak veneer flooring, high gloss white lacquerunits and Smeg integrated appliances. Theensuites have natural stone tiled floors, designersuites, underfloor warming and fitted mirrors,vanity units and wall tiling. Prices at Red LionCourt start from £775,000.

7 Ludgate Broadway is the conversion andrefurbishment of a landmark office building,formerly law chambers, into a development of 9magnificent apartments, including a duplexpenthouse, which are within 250 metres ofSt.Paul’s Cathedral in the heart of the City ofLondon. The apartments on the upper floors ofthe building provide panoramic views of St Paul’sCathedral and the surrounding cityscape.

There are 8 one and two bedroom apartments,each with a spacious living room, someincorporating the bay windows which are aretained feature of this elegant Edwardianbuilding. The two bedroom apartments havemaster bedroom suites with ensuite bathroomsand the three bedroom duplex penthouse has tworeception rooms, each opening onto a privateroof terrace.

The luxurious specification includes Oak veneerflooring, comfort cooling and integratedsurround sound systems to living rooms andbedrooms. The open plan designer kitchens havepolish black ceramic flooring, high gloss whitelacquered units, black granite worktops andintegrated Smeg appliances.

The site has an extremely interesting history.Between 1278 to 1538 it was occupied by a Prioryof Dominican Friars, monks from whose blackcappa the district of Blackfrairs takes its name.The monks worshipped at a church where St.Paul’s Cathedral now stands. A blue plaque on thecurrent building records the site’s history as aPriory.

With the dissolution of the monasteries in 1538,the site became the London home of LordCobham before in 1578 Richard Farrant openedthe first Blackfriars Theatre on the site, a theatrein which Sir William Shakespeare shared afinancial interest. In 1597 the theatre relocatedand by the 19th Century the site was occupied bylawyers chambers.

Authentic apartment view.

28 F R I N G E B E N E F I T S • R E D L I O N C O U R T F R I N G E B E N E F I T S • L U D G A T E B R O A D W A Y 29

M A R C O N I H O U S E

336 - 337 STRAND WC2

F R I N G E B E N E F I T S • M A R C O N I H O U S E 31

MARCONI HOUSE IS ASHOWPIECE DEVELOPMENT,A LANDMARK BUILDING INTHE PRIZED STRANDCONSERVATION AREA,WHICH INCLUDES THEAUSPICIOUS AUSTRALIAN AND INDIANHIGH COMMISSIONS,SOMERSET HOUSE ANDSPLENDID BUSH HOUSE,FORMER BBC WORLDSERVICE HEADQUARTERS.

The site has historical significance, beingthe place where pioneering wirelesscompany Marconi and the BBC broadcastthe world’s first radio service. The listedbuilding has been transformed into ablock of 86 apartments, ranging from“suites” to spectacular penthouses, with afabulous concierge reception and servicesprovided by the adjoining five-star hotel.

Marconi House by Frogmore and Galliard Homes isa development of 86 magnificent luxuryapartments and penthouses within a grand GradeII listed façade, complete with undergroundparking and a 5-star 168 bedroom hotel operatedby Melia, allowing residents access to hotelconcierge and spa facilities.

Close to Trafalgar Square, Covent Garden, TheRoyal Opera House and Regents Street, MarconiHouse is minutes from the most exclusive theatres,shops and restaurants in central London.

Marconi House was originally built in 1902-1903to designs by architect Norman Shaw, as a theatreand restaurant, with a hotel on the upper floors. In1912 the Marconi Company acquired the buildingand it became a world famous location forbroadcasting and telecommunications technology.

In 1922-1923 the building served as the firstbroadcasting studios for the BBC. A plaque inMarconi House commemorates this role in thehistory of the BBC. From 1972, the building servedas headquarters for Citibank. In 2005 planningpermission was provided to transform MarconiHouse into a hotel and luxury private residences. Designed by the developers, in association withFoster & Partners, Marconi House has now beentransformed into one of central London’s mostprestigious residential addresses. The Premium Collection residences in MarconiHouse are now being released for sale comprisingtwo bedroom apartments and two and threebedroom penthouses, including duplexes.

The Gaiety Theatre1868-1953

Marconi HousePictures from the past

Marconi House1955

English Electric House1959-1960

Collection

THEP L A T I N U M

M A R C O N I H O U S E

336 - 337 STRAND WC2

32 F R I N G E B E N E F I T S • M A R C O N I H O U S E F R I N G E B E N E F I T S • M A R C O N I H O U S E 33

Prices for the Premium Collection Marconi House apartments start from £1.5 million for an apartment and from £3 million for a penthouse.

T A K E M E T O T H E R I V E R • W A P P I N G 35

Take me to the River

Wapping

It is Britain’s most valuable development site,attracting over 20 million visits a year fromwalkers, joggers, cyclists and tourists. Even cruiseships are coming in and the river is used by about2,000 private boats.

Striking architecture has brought wow-factorapartments and penthouses with wrap aroundterraces opening up vistas of the Thames. Newpromenades with bars and restaurants, boutiquesand galleries have made the waterfront a far

more convivial place to live, work and play, andthe 2012 Olympics legacy benefits aim tomaximise the river’s potential as a recreationalresource.

An improving river-taxi service is another bonus,allowing city commuters to avoid the hassle ofbus, tube and car journeys. The mayor is keen tofurther extend river transport and integrate pierswith new housing developments.

LONDON’S RIVERBANK CONTINUES TO CAST A SPELL OVER HOMEBUYERS.SINCE THE DEMISE OF THE OLD DOCKS IN THE 1970s, THE THAMES HASSTAGED A REMARKABLE COMEBACK.

More people now live alongside thecentral stretch of the Thames inLondon than at any time in thecapital’s history. Between Richmondand Royal Docks there are 158housing schemes - refurbishments ofhistoric wharves as well as fabulousnew-builds. And developers continueto bring forward new sites.

With its historic wharves and warehouses, cobbled lanes andfamous inns, Wapping is for many people Dockland’s mostcharming and authentic quarter. Past and present mixeffortlessly and nowhere else in London do you get a bettersense of the old London docks and the exciting new riverbanklandscape.

During the 1980s, when the Docklands property boom took off,Wapping was the number one place for riverside and warehouseliving. With the emergence of Canary Wharf, it settled intoquiet respectability, yet today is more affordable than manypeople imagine.

Wapping starts in the shadow of Tower Bridge (by Georgian StKatharine’s Dock) and runs east to Shadwell Basin, where aVictorian pumping station has been turned into an art galleryand restaurant, an amazing post-industrial space and culturalhub.

The neighbourhood is clearly definedbecause when the docks were built in the19th-century, Wapping was enclosed by ahigh wall to stop the theft of cargo.Brunel’s Rotherhithe Tunnel and later theTube helped open up the area. Remarkably,for a brief period in its early years, thetunnel, with its 64 very fine stone arches,served as an underground shopping arcade.

A new chapter is unfolding. The area isbeing re-energised by the East London line,while fashion, web and media companiesare moving into refurbished wharves,including one on the site of ExecutionDock, where the Admiralty used to hangpirates and brigands.

Wapping Riverside, a listed warehousetransformed into 37 apartments, occupiesa coveted position right on Wapping HighStreet.

Canary Wharf, the economic power houseof east London, is just around the riverbend from Wapping. The 97-acre estatehas its own “ring of steel” (a privatesecurity cordon), 14 million sq ft of officeand retail space, four shopping malls, adepartment store plus numerousrestaurants and leisure facilities.Increasingly, people who work there alsolive there and socialise there. A Crossrailstation is coming too, adding to the appealof the gleaming residential towers.

Homes located within the Canary Wharf“halo” - a 10-minute walk of the towers -are the most sought after. Lincoln Plaza,close to Millharbour Dock, has 380apartments.

W A P P I N G R I V E R S I D E1 3 6 - 1 4 0 W A P P I N G H I G H S T R E E T

L O N D O N E 1

36 T A K E M E T O T H E R I V E R • W A P P I N G

Wapping Riverside at 136-140 Wapping High Street

is a spectacular Thameside warehouse conversion

which provides 37 exclusive new one, two and three

bedroom loft style apartments and penthouses. It also

has a private communal riverside roof garden, 50 sqm

of commercial space and grand entrance lobby with

concierge all within a Grade II listed riverside building

situated in the Wapping Riverside Wall Conservation

Area.

One of the last Thames warehouse conversions, each

apartment provides panoramic riverside views across

the Thames. Each apartment benefits from a private

balcony or penthouse terrace offering river views,

spacious reception room, designer fully fitted kitchen

with integrated Smeg appliances and master bedroom

suites with ensuite bathroom.

The apartments include loft style exposed brick wall

features, light oak, stone filed and deep carpet

flooring and large warehouse style windows

combined with a contemporary specification with

wall mounted i-Pod docking stations and surround

sound technology.

Prices at Wapping Riverside start from 1 bedroom

641sqft apartment starting from £630,000 (River

View), 2 bedroom 918sqft apartment starting from

£945,000 (River View) and 3 bedroom 1,938sqft

apartment starting from £1,835,000 (River View).

Collection

THEP L A T I N U M

3938 G R E E N W I C H • R O Y A L R O O T S G R E E N W I C H • R O Y A L R O O T S

Greenwich and its Royal rootsrecreational delights - and homebuyers waking upto its residential charm.

Since 1997, Maritime Greenwich has been aUNESCO World Heritage Site (because it is the“finest and most dramatically sited architecturaland landscape assembly in theBritish Isles”). Symbolically,Cutty Sark, the world-renownedclipper ship devastated by fire in2007, has been restored andreopened, while a new cable car,the Emirates Air Line, links thearea with Docklands.

New Capital Quay is a waterside village being builtin a former dock basin moments from Cutty Sark.The peninsula site has 636 homes and will includea Waitrose superstore, a heritage museum,waterfront bars, cafes and restaurants.

OF ALL THE MAGNIFICENT VENUESAND ICONIC LONDON LANDMARKSTHRUST INTO THE GLOBALSPOTLIGHT BY THE 2012 OLYMPICS,GREENWICH WAS THE ONE THATBEST CAPTURED THE CAPITAL’SUNIQUE BLEND OF ANCIENT ANDMODERN. FOR MANY, IT WAS THESTAR OF THE SHOW.

From an elevated position, the equestrian eventswere played out against a spectacular backdrop ofWren architecture (the perfect symmetry ofQueen’s House and the Old Royal Naval College),the sweeping Thames and the skyscrapers ofCanary Wharf and the City.

The impact on the gracious old naval town hasbeen immense, with hundreds of thousands ofvisitors continuing to discover its cultural and

Charles II also redesigned the park andcommissioned Sir Christopher Wren to build theRoyal Observatory, Britain’s oldest purpose-builtscientific structure. Queen Elizabeth II waspresent when her father, George VI, officiallyopened the National Maritime Museum in 1937.

One of the Duke of Edinburgh’stitles is Baron Greenwich. He isalso a patron of the Cutty Sark.

Greenwich entered 2012 as a newly-conferred“Royal Borough”, reflecting a royal connectiondating back 600 years. Henry V created theGreenwich royal manor in the 15th century,enclosing land which is now Greenwich Park, theoldest of all Royal Parks. His riverside house wasknown as the Palace ofPlacentia, or “pleasantplace”.

Henry VIII, Elizabeth I andMary Tudor were all bornat Placentia. Henry VIIIdeveloped the site, creatinga chapel and stables, andstocked the park with deer.

The Queen’s House was built for James I’s wife,Anne of Denmark. After the Restoration, CharlesII replaced the original palace with a newclassical building, which forms part of the OldRoyal Naval College, established by Royal Charterin 1694.

Queen’s House

4140 G R E E N W I C H • N E W C A P I T A L Q U A Y G R E E N W I C H • N E W C A P I T A L Q U A Y

Built on a peninsula, surrounded by the RiverThames on three sides, New Capital Quay combines636 one, two and three bedroom apartments,duplexes and penthouses, located in a series ofcontemporary waterside buildings, with a flagshipWaitrose superstore, riverside bars, restaurants,cafes, commercial space, art gallery space and a newGreenwich heritage museum.

New Capital Quay is designed around thewaterfront, riverside walkways, public squares andlandscaping and brings the Butler’s Wharf lifestyleto Greenwich. All the apartments have a receptionroom, most opening onto a balcony or terrace,complete with designer fully fitted kitchen andspacious bedrooms all with fully fitted wardrobes.Some master suites have ensuite bathrooms.

The first phase of apartments was all pre-sold priorto construction commencing, and now withdevelopment much progressed, Galliard Homes arereleasing the second phase of apartments for sale inadvance of first occupations which are scheduledfor Spring 2013. Prices at New Capital Quay startfrom £295,000.

LOCATED WITHIN 5 MINUTESWALK FROM THE HISTORICMARITIME CENTRE AND DLR,NEW CAPITAL QUAY HASBEEN DESIGNED TO PROVIDEA NEW WATERFRONT VILLAGEFOR GREENWICH.

Collection

THEP L A T I N U M

Authentic view from upper level apartments.

4342 H A M P S T E A D H A V E N H A M P S T E A D H A V E N • B E L S I Z E P A R K

NOWHERE ELSE IN LONDONIS QUITE LIKE HAMPSTEAD:AN ANCIENT YET UP-TO-DATE VILLAGE WITH AFASCINATING VARIETY OFHOMES AND A WONDERFUL800-ACRE HEATH THATLOCALS CONSIDER THEIROWN BACK GARDEN.

42-45 BELSIZE PARK IS ADEVELOPMENT BY GALLIARDHOMES OF 10 NEWRESIDENCES CREATED WITHINCLASSICALLY BUILT VICTORIANVILLAS COMPLETE WITHCOVERED PARKING ANDLANDSCAPED GARDENS.

Solidly fashionable Belsize Park forms part of this area, whichis said to have more millionaires within its boundaries than anyother place in the UK. It appeals to Premiership footballers andpop stars as well as literary types and business tycoons, all ofwhom like the “town-and-country” ambience.

Belsize Park's grand, stucco-fronted townhouses have generousroom sizes and gloriously-high ceilings. Those at 42-45 arenew to the market and combine heritage architecture andmodern creature comforts. Behind the restored façades,Galliard is building two new six-bedroom townhouses and eightapartments.

The development is located within the Belsize ParkConservation Area and is within easy walking distanceof Swiss Cottage Underground Station (providingconnections to the West End and Canary Wharf) andthe local shops of Finchley Road. Belsize Park is apopular inner London address that borders Hampstead,Primrose Hill and Swiss Cottage.

The stucco fronted villas were originally built in the1850s in elegant Italianate style by local entrepreneurCharles James Palmer. The new development willprovide two large 6 bedroom London townhouses andeight apartments including 2 bedroom apartmentsand duplexes and 3 bedroom penthouses.

The apartments have features including generousceiling heights, bay windows and fully fitted designerkitchens and bathroom suites. Each townhouse hasthree reception rooms, study, kitchen/family room,swimming pool, media room and six bedrooms. Pricesat 42-45 Belsize Park start from £1.65 million for atwo bedroom apartment.

Hampstead Haven 42 - 45 Belsize ParkLONDON NW3

Collection

THEP L A T I N U M

45B U Y I N T H E B U L L S E Y E

Buy in the bullseye

Over the next five years, the thoroughfare willbe transformed into a clean, tree-lined,pedestrian-friendly zone adorned with publicart.

New “gateways” are planned for Marble Arch,Tottenham Court Road, Bond Street andLangham Place, and there will be side-street“oases” for al-fresco dining and boutiqueshopping.

Great Cumberland Place leads from OxfordStreet to village-like Marylebone and is aprestige address. Luxury residences are alsobeing created in a grand Edwardian mansionon Portland Place, close to Oxford Circus andthe BBC headquarters.

RESURGENT DEMAND FOR ZONEONE LIVING IS BRINGINGHOMES TO LONDON’S WORLDFAMOUS SHOPPING DISTRICTS.

Oxford Street, Europe’s busiest retaildestination, is set for a radical makeoversteered by the New West End Company, anumbrella group of top retailers and property owners backed by London Mayor BorisJohnson. It is the UK’s first “BusinessImprovement District” where financialcontributions from local landlords arecompulsory.

Collection

THEP L A T I N U M

Located in Marylebone close to Marble Arch,

Park Lane and Hyde Park, 43-45 Great

Cumberland Place is the redevelopment of

elegant Victorian buildings, originally built in

circa 1870s, to provide seven individually

designed 1, 2 and 3 bedroom apartments, each

benefitting from an abundance of lateral living

space.

From ground level, there is one apartment per

floor of the building, giving each residence the

benefit of its own totally private and personal

lift lobby. Each apartment has a unique layout

and features. All have a spacious living/dining

room, an open plan kitchen/breakfast room

and master bedroom suite, each with luxurious

ensuite bathroom with in-wall TV

entertainment. Some of the apartments have

features including large bay windows, walk-in

dressing rooms and outside patio/terrace.

The luxurious specification ranks amongst

Galliard Homes’ highest including hardwood

flooring, rich deep carpets and stone flooring,

bespoke designer kitchens with Miele

integrated appliances, marble bathrooms,

comfort cooling and heating to principal

rooms, integrated mood lighting, central wi-fi,

home entertainment system and i-Pod docking

stations. Prices at Great Cumberland Place start

from £1.5 million.

7 Portland Place, situated in Marylebone

between Oxford Circus and Regent’s Park,

consists of the conversion of a landmark

headquarters building into luxurious two, three

and four bedroom apartments each providing

an abundance of lateral living space.

Behind a grand Portland stone façade, Galliard

Homes will create luxurious new residences

that will benefit from the imposing building’s

large tall windows, high ceilings and spacious

proportions, providing principal rooms with a

sense of space and grandeur only found in

London’s most exclusive apartment buildings.

Elegant ornamental balconies, private gardens

and roof level terraces will form part of the

new development, with the existing main

entrance, grand staircase and communal areas

of this grand Edwardian building retained and

incorporated in order to create one of central

London’s most sought after addresses.

46 B U Y I N T H E B U L L S E Y E • G R E A T C U M B E R L A N D P L A C E B U Y I N T H E B U L L S E Y E • P O R T L A N D P L A C E 47

GreatCumberlandPlaceLONDON W1

7 Portland PlaceMARYLEBONE LONDON W1

Proposed duplex penthouse apartment offering

2,455 square feet of magnificent living space.

S I X T H S E V E N T H

B U Y I N T H E B U L L S E Y E • L O N D O N ’ S W E S T E N D 49

London’s West EndTHE WORLD’S PREMIER SHOPPING DESTINATION

Centred around Oxford Street, Bond Street and

Regent Street, London’s West End district is

arguably the premier retail destination in the

world.

Now ranked number one globally for

international flagship designer stores, the West

End offers a world-class mix of over 600 shops,

40 renowned theatres, 30 museums and

galleries, 17 Michelin star restaurants and 7

green spaces including parks, squares and

gardens.

West End retailers include world famous

department stores such as Selfridges, Fenwick

and Liberty, leading designer brands Massimo

Dutti Swarovski, Burberry, Louis Vuitton, Prada,

Bvlgari, Cartier, Chanel, Armani, Gieves &

Hawkes, Ralph Lauren and Dolce & Gabanna.

Over 200 million shoppers visit the West End

annually, spending over £7.6 billion. Of these

visitors, 37% are from overseas, 21% are from

outside of London and the remainder come

from across the capital to spend their time in

the West End. By 2016, it is forecast that

consumer expenditure in London’s West End

will increase to some £9.1 billion per annum.

Over 50% of all overseas visitors spend time

sightseeing, shopping and eating in London’s

West End, with over 75% of all overseas visitors

passing through central London.

Overseas shoppers in particular, spend large

amounts of money on shopping in the West

End, with the average shopper spend per store

transaction in the West End averaging £1,267

for a shopper from the Middle East region,

£988 from a shopper from Russia and £1,310

for a shopper from China. The average spend

per store by UK nationals is £122 per shopper.

Since 1987, retail rents in the West End have

increased by over 200% and it’s stores are now

in the world’s top 5 list of most valuable and

coveted premises: the other top four being

New York, Paris, Hong Kong and Monaco. Over

30,000 people are employed as retail staff in

the West End and the district accounts for over

10% of all retail units across Greater London.

The West End is the most connected retail and

leisure location in the capital, serviced by a

network of roads, around 40 bus routes and

five underground stations: Marble Arch

(Central Line), Bond Street (Central Line, Jubilee

Line, Crossrail), Oxford Circus (Central Line,

Bakerloo Line and Victoria Line), Tottenham

Court Road (Northern Line and Central Line)

and Piccadilly Circus (Piccadilly Line and

Bakerloo Line). The five underground stations

alone can carry over 452,000 passengers per

day.

Sources:

New West End Company www.newwestend.com

Retail in London: Retail in the West End Report - London

Development Agency & Mayor of London.

GREATCUMBERLAND PLACE2

MARCONI HOUSE4 RED LION COURT5 LUDGATE BROADWAY6 WAPPING RIVERSIDE7 NEW CAPITAL QUAY8

BELSIZE PARK1 PORTLAND PLACE3

1

2

3

4

5

6

7

8

T H E C I T Y

W A P P I N G

C A N A R Y W H A R FB E R M O N D S E Y

S H O R E D I T C H

T H E S O U T H B A N K

C A M D E N

I S L I N G TO N

G R E E N W I C H

W E S T M I N S T E R

M A Y F A I R

M A R Y L E B O N E

B E L G R A V I A

V A U X H A L LC H E L S E A

K N I G H T S B R I D G E

H A M P S T E A D

Regent’s Park

Primrose Hill

Hyde Park

St. James’s Park

T H E W E S T E N D

For further information on the Platinum Collection developments

contact Galliard Homes on

020 7620 1500 or visit www.galliardhomes.com

T H E P L A T I N U M C O L L E C T I O N 51

Collection

THE

P L A T I N U M

The Collection

42-45 Belsize Park London NW3

43-45 Great Cumberland Place London W1

7 Portland Place, Marylebone London W1

The Collection

Marconi House, 336-337 Strand London WC2

Red Lion Court, Temple, London EC4

7 Ludgate Broadway, London EC4

Wapping Riverside, 136-140 Wapping High Street, London E1

New Capital Quay, Greenwich Waterside, London SE10

Tower Bridge

LondonBridge

WaterlooBridge

Marble Arch

B E L S I Z E P A R K

The PRIME LONDON: RENEWAL, CHANGES &OPPORTUNITIES report has been produced for generalinterest only. It is not definitive. It must not be relied uponin any way for financial or investment advice. Althoughhigh standards have been used in the preparation of theinformation, analysis and views presented in the PrimeLondon: Renewal, changes and opportunities report, noresponsibility or liability whatsoever can be accepted by itsauthor David Spittles or publisher Galliard Homes for thecontent. We make no express or implied guidance of itsaccuracy. The research statistics quoted in the report arethe sole ownership and copyright of the estate agents,firms or organisations cited.

As far as applicable laws allow we do not acceptresponsibility for errors, inaccuracies or omissions, nor forloss or damage that may result directly or indirectly fromreliance on its contents. The report does not necessarilyreflect the view of Galliard Homes in any respect. Readersshould not take or omit to take any action as a result ofinformation in the report.

© David Spittles

Reproduction of this report in whole or in part is notpermitted without the prior written approval of the author.

All photographs are property of their respective ownersand may not be reused without permission.

Published Spring 2013.