Prime real estate needn’t be always about location

Location, location, location has always been the name of the game when searching for the ultimate trophy home ... until now. Due to stringent planning restrictions, one of the world’s leading property markets is seeing a shake up to this traditional rule of thumb, with buyers favouring lesser known areas in their search for luxury residences of a similar standard to those found in competitor cities.

Previously, when hunting for a dream property in the London market, the focus has solely been on traditional “prime locations”, but today’s high net worth individuals are looking for much more than a premium postcode. These buyers want the whole package, an architecturally brilliant home with a leading interior designer on board, breathtaking views, and, most importantly, a whole host of luxury amenities. Golf simulators, five-star concierge services, branded spa facilities and business lounges are just a few examples of the exacting specifications of the elite.

This is championing a new focus in London on prime buildings and driving the super-wealthy to look outside traditional prime location postcodes where planning permission for such large-scale developments is virtually unheard of. Planning consent is stringent in these parts of the city for a number of reasons, one of the most important being that many of the buildings in Chelsea and Belgravia are listed as architecturally or historically significant.

Iconic towers

This means there is very little room to amend or add to the already tightly packed properties. Lack of developable land and lack of clarity on planning regulations also significantly impact on the number of iconic towers springing up in this area of the city. While the UK is currently undergoing a government reshuffle, potentially with new policies on planning issues in this part of London, many feel it is doubtful that these will ever change.

It is therefore only in lesser known locations that high net worth individuals can achieve the kind of luxury amenities, views and lifestyle they demand. One Blackfriars is a perfect example of this rise in iconic developments in previously overlooked locations. It is absolute luxury living, but in a less traditional postcode on the Southbank.

The 170 metre high residential development will bring to fruition 274 luxurious homes, a boutique hotel, a landscaped piazza open to the public and 14,000 square feet of commercial space for new shops, cafés and restaurants. Ticking all the boxes of a luxury high-rise project, residents of Ian Simpson’s masterpiece will enjoy a whole array of on-site amenities, including 24-hour concierge through Harrods Estates and a thermal spa with treatment rooms operated by Harrods Urban Retreat.

Added value

Despite its lesser known status, the Southbank is just five minutes’ walk from London Waterloo and sits at the heart of London’s principal cultural quarter, with some of the world’s most famous galleries and theatres a stone’s throw away from One Blackfriars.

What’s more, the trend for property hunting in previously overlooked locations is clearly catching; the Southbank was one of the top performing areas in sales prices in central London‎ last year. It is apparent there is an abundance of added value to be achieved in these less traditional areas of the capital, we’re expecting to continue to see an uplift in the Southbank in particular as not only has planning permission been granted for 2,600 new homes but also big commercial names such Puma and Ogilvey & Mather have recently relocated to the area.

Interestingly, the London market is unique in this emerging trend of iconic towers being located in lesser known districts. New York, for example, has an abundance of landmark residential towers right on the cusp of Central Park, 432 Park Avenue is testament to this. The Rafael Vinoly designed skyscraper stretches 1,363 feet above Park Avenue between 56th and 57th Streets; it’s hard to argue a more central location in New York.

Resonate with buyers

Meanwhile, the Creekside in Dubai is a soaring skyscraper positioned just opposite Downtown Dubai.

While location is usually the prime factor when choosing a property, these landmark towers offer so much more. They often incorporate aspects which will resonate with buyers for years to come. Residents therefore not only have peace of mind that their investment will remain popular with future potential purchasers, but they can enjoy facilities in their home that will never feel dated.

Many of these buyers are also typically time-poor, and therefore there will always be a need for everything under one roof. As such, these prime towers will always be the jewel in the London property market’s crown.

The writer is a Partner at Knight Frank Residential Development.