Stake in an offshore asset
London apartments are almost sold out on launch to the South African market, writes Michelle Swart
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