Connect with us

Current

London is now the biggest market in the world for top-end homes. So who buys them?

Voice Of EU

Published

on

As one of the most expensive residential property purchases ever made public, it was inevitable that Telis Mistakidis would hit the headlines when he bought his £46.1million London apartment.

The Greek tycoon’s 7,900-square-foot Belgravia duplex was one of six built by Candy & Candy in the capital’s former BT telephone exchange. 

From the extravagant staff quarters to the hefty £3.2 million stamp duty bill, every decadent detail of the sale was pored over in 2015.

Every detail, that is, apart from the name of the woman who brokered the deal.

In the background, guiding negotiations at every stage, was property agent Becky Fatemi, whose exclusive firm the retired mining mogul Mistakidis, 58, had enlisted.

‘He wanted something extremely “trophy” and unique,’ recalls sharply dressed Londoner Becky, 44, who says a small development was also paramount to protect his privacy.

‘He didn’t want to get in the lift and see a fellow billionaire every time.’

Guiding negotiations at every stage, was property agent Becky Fatemi (pictured), whose exclusive firm the retired mining mogul Mistakidis, 58

Guiding negotiations at every stage, was property agent Becky Fatemi (pictured), whose exclusive firm the retired mining mogul Mistakidis, 58

She closed the deal in just 48 hours. But in order for high-stakes property sales to happen at such breakneck speed, they require an army of staff. 

‘You walk into a boardroom to have these negotiations, working with six or seven lawyers,’ she explains. 

‘The team that works around this type of buyer and their spending power is huge.’

This week, it was revealed that the super-rich bought more homes in London than in any city in the world last year, spending around £3 billion on ‘super-prime’ properties — those costing more than £10 million.

And on Thursday it emerged that Nick Candy, one half of Candy & Candy, had put his own apartment in One Hyde Park, Knightsbridge, on the market for £175 million. Astonishingly, he is already said to have offers.

Little wonder, then, that the services of prime property agents such as Becky, who source and sell homes for the world’s wealthiest people, are more sought after than ever.

This week, it was revealed that the super-rich bought more homes in London than in any city in the world last year. Pictured: Heathfield House UK Sotheby's International Realty

This week, it was revealed that the super-rich bought more homes in London than in any city in the world last year. Pictured: Heathfield House UK Sotheby’s International Realty

Their roles have come under the spotlight thanks to Selling Sunset, the popular Netflix reality television series documenting the roller coaster careers of glamorous agents at Los Angeles brokerage firm the Oppenheim Group, who bicker and scheme as they bag commissions on some of the most fabulous real estate imaginable.

So how does the lot of their London counterparts compare? And what is it really like scouring the capital’s most breathtaking homes and brokering multi-million-pound deals for a living?

From hiring private jets for whirlwind viewings to having a rapper client who believed Buckingham Palace ‘beneath him’ and selling a £40 million property whose master bedroom was the size of an ordinary house, Becky has seen it all.

‘I think we make it look glamorous,’ says Becky, whose prime estate agency, Rokstone, has made more than £1.4 billion of sales in ten years. 

‘We’re working in a glamorous environment — but we’re hustlers at the end of the day. It’s highly volatile.’

Gazumpings and bidding wars are just the beginning of the stresses these prime agents face.

But money certainly helps, as Mathew Walters, 35, (pictured) and Stuart Aikman, 42, founders of boutique prime property agency Story of Home

But money certainly helps, as Mathew Walters, 35, (pictured) and Stuart Aikman, 42, founders of boutique prime property agency Story of Home

‘Once, a very successful banker who missed out on a sealed bid for a £5 million home turned up to my office foaming at the mouth and asking how he was going to explain to his wife that he’d lost the house. 

‘It was frightening. We had to lock the door,’ says Becky, who was forced to call the police.

A post-Brexit price drop, low interest rates and lack of supply have led to the current ‘crazy’ market, she says, with three buyers competing for her most recent sale, an £18 million, 4,300-square-foot Knightsbridge home with four bedrooms, two kitchens and the ‘most unbelievable’ decor.

The sellers were a British couple who had outgrown the house after their children moved out, and the buyers were British too, something Becky sees a lot more of these days: ‘When I started I was working with a lot of Greeks and Iranians. Now I work a lot more with domestic UK buyers.’

Prohibited by an NDA (non-disclosure agreement) from revealing to whom she sold her most expensive home, which cost ‘in excess’ of £100 million, she has clients in entertainment and law, finance and technology.

She’s housed a former prime minister and searched for properties for singers Rihanna, Beyonce and Sean Combs, aka Puff Daddy.

‘Puffy wanted to be surrounded by acres of land in the middle of London,’ smiles Becky. ‘We actually drove past Buckingham Palace and he said, “I love that, but everyone can see inside.” ’

Sellers and buyers come to her via her 65,000-strong contact database. ‘Everything we do is referral work,’ says Becky, who started her career at Foxtons, where she became the highest banking agent in the company’s history — a title she still holds.

The super rich are estimated to have spent around £3 billion on ¿super-prime¿ properties last year¿ those costing more than £10 million. Pictured: Anchor Brewhouse UK Sotheby's Realty

The super rich are estimated to have spent around £3 billion on ‘super-prime’ properties last year— those costing more than £10 million. Pictured: Anchor Brewhouse UK Sotheby’s Realty

‘She has a staff of six female agents at Rokstone, which she founded in 2011. ‘I don’t advertise. I don’t send touting letters.’

Once she’s found a potential buyer, she assesses whether their money is ‘clean or dirty’. 

Around 10 per cent are vetoed on account of not being able to prove where they made their money.

‘Understanding where the money comes from is a big issue for us. If you can’t provide a paper trail to show the source of your wealth, you can’t buy a property.’

Becky brings many prospective buyers who live abroad to Britain on a private jet.

‘I work closely with a private jet company and have all the hotels on speed dial — [clients] usually stay in the Connaught, Lanesborough or Berkeley,’ she says, adding that most bring a security team to viewings to assess ‘fire exits, points of entry, to see if a panic room can be installed, before the offer is put in’.

While her twentysomething technology entrepreneurs and YouTuber star clients seek new-builds on the River Thames — ‘they all want the same thing: river views, underground parking, balconies’ — some of her sales, such as the converted Knightsbridge church that sold for £40 million to a ‘high-profile Middle Eastern’ client, beggar belief.

‘It had a glass cylinder hydraulic lift, three kitchens, a swimming pool and a 2,500-square-foot master bedroom — the equivalent size of a three-bedroom flat,’ she says.

¿Their privacy is so key that they only want one point of contact ¿ me,¿ says buying agent Hannah Aykroyd, (pictured) managing director of Aykroyd & Co, who advises high net-worth individuals on prime London properties.

‘Their privacy is so key that they only want one point of contact — me,’ says buying agent Hannah Aykroyd, (pictured) managing director of Aykroyd & Co, who advises high net-worth individuals on prime London properties.

She earns around 1.5 per cent to 2 per cent commission per sale — so £140,000 on a £7 million deal — but if it doesn’t go through, she doesn’t get paid a penny.

It’s stressful, she admits, ‘especially when you spend four years trying to sell and then the owner changes their mind’.

Her own home is a relatively modest two-bedroom flat in Marylebone, North West London, which she shares with her seven-year-old son.

‘I would love to move to a house with a garden, but can’t afford it because of the stamp duty,’ she says. Not that she envies her billionaire clients. 

‘They usually feel displaced. There is no simplicity to their lives.’ True. 

But money certainly helps, as Mathew Walters, 35, and Stuart Aikman, 42, founders of boutique prime property agency Story of Home discovered recently, when a Swiss banker flew by private jet to see a £5 million, eight-bedroom Georgian property they were selling — with a swimming pool and off-street parking — before buying it and flying home the same afternoon.

With demand so strong, they recently brokered a bidding war on a house ‘over £6 million’ between international clients who had only seen the property via video link.

Stuart once agreed a £9.35 million offer from a Middle Eastern princess for a Georgian townhouse in Marylebone, before flying to Las Vegas for a wedding and handing over the sale to Mathew to complete.

‘When I landed, I asked how it was going,’ recalls Stuart. ‘He said contracts had been exchanged — but not with my buyer.’

On Thursday it emerged that Nick Candy, one half of Candy & Candy, had put his own apartment in One Hyde Park, Knightsbridge, on the market for £175 million. Pictured: Stuart Aikman property Belsize Park Firehouse

On Thursday it emerged that Nick Candy, one half of Candy & Candy, had put his own apartment in One Hyde Park, Knightsbridge, on the market for £175 million. Pictured: Stuart Aikman property Belsize Park Firehouse

In the space of Stuart’s ten-hour flight, Mathew took a call from a representative of a San Francisco technology entrepreneur: ‘He said, “I hear this building is under offer. My guy wants it.” He told me to ask the owner what he needed to do to acquire it,’ says Mathew.

‘The owner said if the second buyer paid the asking price of £10 million and exchanged contracts today, he’d swap buyers.’ And so he did.

While pools and off-street parking are de rigueur, some properties come with unexpected quirks, such as a fish tank built into the floor of one client’s bedroom and en-suite, ‘so the fish were swimming round the bath,’ says Stuart.

Even the most stylish designer finishes are subject to the whim of the buyer. ‘You’d be amazed how many people spend £10 million on an amazing property then rip it out completely,’ says Mathew.

Given concerns around their privacy and the cut-throat nature of the market, increasing numbers of wealthy clients hire buying agents to act in their interests, scout out the best homes and secure viewings.

‘Their privacy is so key that they only want one point of contact — me,’ says buying agent Hannah Aykroyd, managing director of Aykroyd & Co, who advises high net-worth individuals on prime London properties.

‘People don’t want the entire world looking at the internals of their property. An incredible art collection can be worth far more than the property itself, so there’s no way that sellers are going to allow pieces of art to be photographed,’ says Hannah, 35, who lives in West London with her husband and two small children.

From hiring private jets for whirlwind viewings to having a rapper client who believed Buckingham Palace ¿beneath him¿ and selling a £40 million property whose master bedroom was the size of an ordinary house, Becky has seen it all. Pictured: Ovington Square UK Sotheby's International Realty

From hiring private jets for whirlwind viewings to having a rapper client who believed Buckingham Palace ‘beneath him’ and selling a £40 million property whose master bedroom was the size of an ordinary house, Becky has seen it all. Pictured: Ovington Square UK Sotheby’s International Realty

She adds that she often doesn’t reveal the names of celebrity buyers to agents until they put an offer in — and then ‘we can make it a condition of sale that it’s not to be talked about’.

Pre-Covid, Hannah, whose clients’ £2,500 retainer fee is deducted from the 2 per cent ‘success’ fee she receives from the purchase price, says 70 per cent of her buyers were from abroad. But post-Covid, 70 per cent are British, most in their 40s and entrepreneurs or working in finance, law, or technology, and looking for bigger family homes.

‘To get a really cracking family house with off-street parking, you’re looking at the £15 million to £20 million mark,’ she says. ‘Most of these houses have a separate flat for a housekeeper or nanny.’

Hannah says she sometimes sees herself as ‘marriage counsellor’ with buying couples — ‘you’ve got slightly different briefs you have to merge together’.

If a buyer is ‘focused’, she hopes to find them a home within four months. Is she ever intimidated by their wealth?

‘Definitely not. You can’t advise your client if you’re intimidated.’

In any case, she says: ‘Ninety-nine per cent of our clients are wonderful and happy to have us on board during what is a stressful part of their lives.’

Source link

Current

Maurice Investments sell London office building for €30.3m (GB)

Voice Of EU

Published

on

Allsop, acting jointly alongside Anton Page, has completed the sale of the freehold of a Grade A workspace in Aldgate, central London, on behalf of Maurice Investments for €30.3m (£26m). Acquired by Meadow Partners, the price is equivalent to approximately €1120 (£960) per ft² and a net initial yield of 5%.

 

Wool + Tailor, 10-12 Alie Street E1, comprises 27,158ft² of Grade A office and ancillary accommodation over nine floors. It is within a three-minute walk of Aldgate station and a 15-minute walk of six further train and underground stations, including Whitechapel which is on the newly opened Elizabeth line, and is multi-let to five tenants. Maurice Investments had initially acquired the building in an off-market deal advised by Allsop, which also went on to conclude a successful leasing campaign alongside Anton Page.

 

Wool + Tailor was redeveloped in 2019 to include two additional floors and a new façade, with BREEAM “very good” and EPC A and B ratings. It features an eco-friendly biodiverse roof, cycle racks to accommodate up to 36 bikes, and a WiredScore Gold certification with fibre optic internet. Wool + Tailor further benefits from outstanding natural light throughout, which is enhanced by floor-to-ceiling heights of up to 3.3 metres, and a 7th floor communal business lounge with dual aspect terraces offering panoramic views of the City and beyond.

 

Matthew Millman, Partner at Allsop, said: “The sale of Wool + Tailor concludes a highly successful business plan for our client where we advised on the off-market acquisition, letting, then disposal of what has become one of the finest buildings in Aldgate. Wool + Tailor satisfies the requirements of the modern investor and occupier for ‘best in class’ office space with strong ESG credentials, excellent connectivity and plentiful nearby cafes, bars and restaurants.”

Source link

Continue Reading

Current

AnaCap secures €59m loan for Paris office deal (FR)

Voice Of EU

Published

on

Tristan Capital Partners’ TIPS One “Income Plus” Real Estate Debt Fund has provided senior debt financing to funds advised by AnaCap Financial Partners, to support the €59.25m acquisition of South Station, a freehold office asset located in Massy, in the second ring of Paris. South Station is a high-quality property ideally located in Massy – the largest economic centre in the Southern Paris area – and is adjacent to the town’s main transport stations (RER and TGV). The asset is one of the most attractive buildings in the submarket offering modern A-grade office space with excellent amenities.

 

The sale and partial leaseback acquisition will see the vendor CGG, a geophysics specialist, remain as the majority tenant. Pramena Investment will act as the asset manager for the property.

 

Ashil Sodha, Director, Debt Investment at Tristan Capital Partners, said: “As TIPS One continues to diversify, we are pleased to have closed our first loan in France. We are focused on lending on high-quality assets with the right ESG characteristics and we believe this loan exemplifies this strategy well. We look forward to working alongside AnaCap and Pramena and supporting them in optimising their strategy for this asset.”

Source link

Continue Reading

Current

Barratt and David Wilson invest €45.5m in UK resi market

Voice Of EU

Published

on

Harworth Group plc has sold two residential land parcel at its Waverley and Thoresby Vale developments to Barratt and David Wilson Homes, for a total consideration of €45.5m (£39m).

 

At Waverley in South Yorkshire, Harworth has competed a €33.8 (£29m) land sale which will see the delivery of approximately 450 homes, of which over 30% will be affordable. This represents Harworth’s largest-ever serviced residential land sale by number of plots. The new homes will represent Barratt and David Wilson Homes’ fifth phase at the site and will be situated adjacent to both Highwall Park and the Waverley Lake, benefitting from unique water frontage in an area of the development known as Waverley Waterfront. Construction will follow a bespoke design code, devised in partnership between Harworth and Barratt and David Wilson Homes, that complements the existing Waverley development while maximising the amenity value of the area’s waterfront location. The development will include a pedestrianised promenade, further enhancing the site’s placemaking and connectivity.

 

At Thoresby Vale in Nottinghamshire, Harworth has exchanged on the sale of serviced land capable of delivering 174 homes, for €11.6m (£10m). This represents the second phase of the Thoresby Vale development, following the sale of two land parcels at the site to Harron Homes and Barratt and David Wilson Homes in 2019 and 2020 respectively. Alongside the new homes, Barratt and David Wilson Homes will provide a new surface water attenuation pond and a multi-use path and associated landscaping, which will enhance connectivity and link to the site’s planned primary school and local centre, for which site preparation works are currently underway. The sales conclude an active first half for Harworth’s residential developments, during which over 100% of its budgeted residential land sales for the year were completed, exchanged or under offer, and it also launched its first single-family Build to Rent portfolio.

 

Andrew Blackshaw, Chief Operating Officer at Harworth, commented: “Barratt and David Wilson Homes is a trusted and valued partner to Harworth, and we are pleased to be developing our relationship with these two significant land sales. Harworth is particularly well-placed in volatile markets as our serviced land provides housebuilders with a product which is de-risked and ready to build on from day one. The acceleration of both our Waverley and Thoresby Vale sites will see Harworth stepping through its strategy to take advantage of the placemaking and levelling up that these schemes ultimately bring to these communities. In addition, these sales will enhance the maturation of these socially diverse neighbourhoods when delivered alongside our recently launched single family Build to Rent product, Project Spur.”

 

Ed Catchpole, Joint Regional Director for Yorkshire & Central at Harworth, added: “Barratt and David Wilson Homes has a proven track record of high-quality housing delivery at Harworth sites, and these transactions will help to further accelerate the build-out and placemaking at Waverley and Thoresby Vale. Both sites are also set to benefit from additional investment which will see the creation of new Build to Rent homes and local amenities.”

 

Mark Cotes, Managing Director at Barratt and David Wilson Homes North Midlands, said: “We’re thrilled to have secured the land for an extension to our Thoresby Vale development and will look forward to another opportunity to meet the growing demand for housing in Nottinghamshire. Our growing community in Edwinstowe will continue to provide new jobs for local people and we’ll be making further ecological and financial investments as the development progresses.”

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!