Stake in an off­shore as­set

Lon­don apart­ments are al­most sold out on launch to the South African mar­ket, writes Michelle Swart

Business Day - Home Front - - HOMEFRONT -

THAT 14 out of 16 apart­ments were sold al­most im­me­di­ately on launch of a new res­i­den­tial de­vel­op­ment in Lon­don un­der­lines con­tin­ued de­mand for such prop­erty, par­tic­u­larly among South African in­vestors, says By­ron Dick, Lon­don man­ager for Pam Gold­ing Prop­er­ties In­ter­na­tional.

“We were in­tro­duced to this well-po­si­tioned prop­erty by Athanor In­ter­na­tional Prop­erty In­vest­ments, a joint ven­ture with Pam Gold­ing Prop­er­ties, which mar­kets di­rect off­shore com­mer­cial prop­erty in­vest­ments.

“To­gether with Athanor and via our ex­ten­sive data­base of lo­cal and in­ter­na­tional clients, these new units help to cater for a strong de­mand among South African in­vestors, the bulk of pur­chasers in this new res­i­den­tial de­vel­op­ment in a prime lo­ca­tion in West Lon­don’s Chiswick High Road.

“South African pur­chasers such as these are look­ing to diver­sify their port­fo­lios in a prop­erty in­vest­ment that en­ables them to in­ject cash from their off­shore al­lowance, ob­tain a mort­gage for the bal­ance of the pur­chase price and find a ten­ant to cover most of the re­main­ing costs,” says Dick.

Just two min­utes’ walk to Gun­ners­bury and Chiswick Park tube sta­tions, the one and two bed­room apart­ments are priced be­tween £315 000 and £430 000. Lo­cated next to the Thames and renowned for its peace­ful na­ture, Chiswick is an ap­peal­ing and con­ve­nient lo­ca­tion close to the city and with quick ac­cess to the bus route, the M4 and Heathrow Air­port.

“The de­vel­op­ment is close to schools, parks, ameni­ties, shops, cafés and restau­rants, as well as Chiswick and Brent­ford busi­ness parks that house head of­fices for, among oth­ers, Dis­ney, Sky, Sega and Glax­o­smith­line UK.

In ad­di­tion to the above sales, in re­cent months Pam Gold­ing Prop­er­ties has also sold a fur­ther 18 apart­ments in Lon­don res­i­den­tial de­vel­op­ments Trin­ity Place, Av­ing­ton House (in Queen Mary’s Place) and Bal­ti­more Wharf, which is sit­u­ated in the trendy Dock­lands precinct.

Ac­cord­ing to Sav­ills UK’s re­search depart­ment, the prime, cen­tral Lon­don prop­erty mar­ket re­flects tan­gi­ble sta­bil­ity and con­tin­ues to out­per­form the rest of the UK both in sales and, im­por­tantly, rental growth.

The de­sir­abil­ity of this lo­ca­tion is un­der­lined by the fact that an­nu­ally £3,3bn in for­eign cap­i­tal is in­jected into the prime Lon­don res­i­den­tial mar­ket, with the largest over­seas buy­ers be­ing West­ern Euro­peans, North Amer­i­cans and Mid­dle Eastern­ers.

Across prime Lon­don as a whole, 27% of buy­ers over the past five years have been from over­seas, while the value of prop­er­ties they have pur­chased makes up 40% of the mar­ket.

Dick says: “A growth area that held its own dur­ing the cri­sis, Chiswick is a sought-af­ter area for ten­ants and these new-build, high­spec­i­fi­ca­tion units in Chiswick High Road are ideal for buy-to-let in­vestors, with achiev­able rentals of be­tween £325 and £450 a week. They were pur­chased with a 6% gross guar­an­teed rental for the first 12 months af­ter they were com­pleted.”

Lon­don’s cen­tral area is home to some of the most ex­clu­sive real es­tate on of­fer, with sales at the pres­ti­gious One Hyde Park res­i­den­tial de­vel­op­ment in Knights­bridge hav­ing ex­ceeded the £1bn mark in what Sav­ills UK de­scribes as an un­prece­dented in­dus­try achieve­ment.

Buy­ers re­flect Lon­don’s global city sta­tus, with Bri­tish, Rus­sian, Asian, Euro­pean and Mid­dle East­ern pur­chasers rep­re­sented.

Of the to­tal of 86 apart­ments, 46 units have been sold, and the first res­i­dents have al­ready be­gun mov­ing into this lux­u­ri­ous de­vel­op­ment, which borders Hyde Park and Sloane Street.

As the first Euro­pean apart­ments made avail­able in the Man­darin Ori­en­tal ho­tel, the ho­tel’s ex­ten­sive ameni­ties and fa­cil­i­ties are avail­able to res­i­dents.

These in­clude a pri­vate cin­ema, 21m ozone swim­ming pool, en­ter­tain­ment room, pri­vate spa, state-of-the-art gym, golf sim­u­la­tor, un­der­ground park­ing, per­sonal wine stor­age and a squash court. Con­tact: Pam Gold­ing Prop­er­ties By­ron Dick 083 655 7444 Of­fice 021 762 2617

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