South Hill Park Gardens

The Challenge

Our client, originally from the US but based in London, wanted to purchase a family home in either Primrose Hill, Hampstead or Swiss Cottage with a maximum budget of £5,000,000. The competition for family homes in prime residential neighbourhoods, with gardens and within easy access to a park pre and post the Covid lockdown was fierce, and so ensuring early access to possible options was going to be crucial.

The Perfect Conclusion

The search started in mid-February when the residential sales market was seeing a rebound as a result of the Conservative election victory and more certainty over Brexit. Whilst a number of possible options were identified vendors were, in general, being very bullish about their asking prices which continued as we entered the lockdown period. We remained in close contact with our network and were made aware of a beautiful, double fronted house which was due to come to market on South Hill Park Gardens which is a beautiful street in Hampstead close to the Heath, shops and walking distance into the village. The house was 3000 square foot, with an asking price of £4,950,000 or £1650 per square foot and had been painstakingly refurbished by the current owners who were planning to move out of London. The house was perfect for our client and unsurprisingly there were a number of other interested parties. As a result we paid the asking price and were able to take the house off the market to prevent any further viewings taking place or offers being solicited.

The Unfair Advantage

Early access to best in class is crucial. In a highly competitive market, retaining Black Brick meant our client was able to secure their perfect property without entering into a competitive bidding situation.

 

Henry Moore Court

The Challenge

We were engaged by a repeat overseas client, who needed assistance with the sale of their London pied a terre in an exclusive modern development in Chelsea. At the time of being engaged, the market was going through an uncertain period, starting with Brexit, an election and finally a pandemic, presenting us with a very challenging sales market. 

The Perfect Conclusion

We successfully negotiated the sale of the apartment to a cash buyer prior to the Covid-19 lockdown. Despite all the economic and market concerns, and the very many legal complications we were able to keep the transaction together without the buyer withdrawing or reducing their bid.

The Unfair Advantage

We know how to hold a deal together. Without our communication, experience, contacts and pragmatism this sale would have not gone through.

 

Clarges

The Challenge

Our US client wanted to purchase an apartment in Mayfair on an ‘off-plan’ basis, with a minimum of three years between exchange and completion, as well as a staged payment schedule, to allow him the time to fund the transaction.

 

The Perfect Conclusion

Clarges is widely regarded as one of the best boutique buildings in London with only 34 units, as well as meeting the client’s requirements for 24-hour concierge and first-class leisure facilities. The issue was that the development has been completed, precluding payment over an extended period.

Nevertheless, we structured an unusual offer to the owner, namely that our client would rent the property via a series of one-year tenancies, up to a maximum of three years. We would agree the ultimate purchase price at the outset, and our client would pay the owner each year for an option to purchase the property, at that price, at any point during those three years. If our client walked away after the rental period, he would lose the option payments; otherwise, these payments would be deducted from the final purchase price.

While the negotiations were far from straightforward, we eventually agreed terms, namely that the purchase price was fixed at £10.5m to be paid within the three years.

However, the impact of Covid-19 meant that our client wanted to extend the timeframe of the deal, given the degree of economic uncertainty ahead. We went back to the seller to renegotiate to extend the term of the transaction to five years. After another extensive period of negotiation, we were able to agree revised terms. This both meant that we were able to keep the transaction together during a very testing time, while ultimately securing the best possible outcome for our client.

The Unfair Advantage

We know how to hold a deal together. This deal not only demonstrates our ability to construct and execute very complicated transactions in order to allow our clients to achieve the outcomes they need, but also our ability to renegotiate and hold the a transaction together during a global pandemic.

 

Long and Waterson

The Challenge

Our long term investment client was looking to invest a total of £20 million into the London property market for a combination of rental yield and long term capital appreciation. Our advice was to split the budget across multiple properties in order to give diversification to the portfolio and to purchase in bulk – 6 units or more in one single transaction to qualify for commercial rates of stamp duty. The properties had to meet a strict set of investment criteria – high quality new build, easy to let out or pre-let and able to achieve a gross yield of at least 4% or higher. Finding suitable opportunities that met with all the criteria was a challenge in Central London.

 

The Perfect Conclusion

We identified a boutique, high quality new build located in Shoreditch, consisting of just 119 units. Long and Waterson is the first and only to date premium new development in the immediate vicinity (1/2 mile radius). Fringe City locations have benefited hugely in recent years from the broad increase in urban living in London, from the rise in popularity of East London and also from the growing importance of technology, digital and start-up businesses-all of which have heightened appetite for living in this increasingly cosmopolitan London enclave. The development is superbly located, a 2 minute walk from Hoxton station, 7 minute walk from Shoreditch High Street station, 9 minute walk from Old Street station and 15 minutes from Liverpool Street station. The development also benefits from a 24-hour concierge, private gym, saunas and treatment room, extensive private gardens, a screening room and residents’ lounge.

We negotiated the purchase of 6 apartments in January 2020 for a combined purchase price of £4,750,000 achieving almost a 16% discount from the original asking price and an estimated average net return on equity of 6.6% over a projected 5 year hold period. However, right before we were due to exchange contracts, Covid-19 struck and the world changed. London went into lockdown and we sensibly decided to put the transaction on hold. Over the course of the following weeks and months we carefully monitored market conditions and as we approached the end of lockdown and the property industry was able to return to work, we successfully re-negotiated the purchase down to £4,075,000. We de-risked the purchase by removing one of the more expensive 3 bedroom units and replacing it with a one bedroom unit. We also managed to increase the overall discount to 20% from the original asking prices and we negotiated a one year rental guarantee for our client to take into account the higher risk rental environment due to the pandemic. At just over £1000 per square ft. this will be a very good long term investment for our client, in an exciting new growth area of London.

 

The Unfair Advantage

Challenging markets call for cool heads and lateral thinking. Despite unprecedented events in the form of a global pandemic, we successfully managed to turn this transaction around for our client, bettering the deal we originally had agreed, saving them almost 20% from the original asking price.

 

Abingdon Road

The Challenge

Our international client had purchased a house in Kensington for family use more than 10 years ago but it was no longer required. He was keen to sell despite the fact the sales market was extremely challenging given the uncertainties over the Brexit outcome. The property had been vacant for some time and there were a long list of outstanding maintenance issues which needed to be rectified.

 

The Perfect Conclusion

With our many years of experience we knew it was crucial that the house was presented in its best possible state before any viewings from potential purchasers were allowed to commence. We worked through the maintenance issues and also recommended that our client use the services of a professional staging company who then furnished the entire house with stunning furniture and art. Once this first stage had been completed we then made our network of fellow buying agents aware that the property was available off market.

We received an acceptable offer from only the second viewing at the house with a completion date set for April 2020. Unfortunately this was during the coronavirus crisis but we were able to ensure that completion happened without any delay.

 

The Unfair Advantage

Our many years of experience and unrivalled network allowed our client to achieve an off market sale in a very challenging market from just two viewings.

 

One Casson Square

The Challenge

Our Canadian client was looking for a London pied-a-terre. They had been looking at the market for two years and had come to the conclusion that a new build property along the Southbank would work well for their requirements. Due to the vast range of apartments being sold under differing circumstances, such as; off-plan units direct from developers, re-sales (or contract assignments) from off-plan investors, and then the newly completed units, this area of the market can be very hard to navigate. Not least understanding and gaining access to what is actually for sale and then identifying the most keen sellers and the most competitively priced units. In addition there is a large range in the quality of buildings and therefore values change considerably between building to building within a relatively small area.

 

 

The Perfect Conclusion

We identified a 31st floor 2 bed, 2 bath apartment in the One Casson Square building which is part of the new Southbank Place development. This is recognized as the highest quality development on the Southbank in terms of construction quality, interior design and facilities. This standard has historically only been found in more traditional prime central areas north of the river. The unit is just below the penthouse and provides expansive views over the river Thames and central London taking in many of the cities iconic landmarks. The unit was a contract assignment that had been reserved more than two years ago by the original purchaser. They were now very keen to exit their investment prior to completion to avoid paying the final 80% (of the purchase price) installment and the stamp duty bill. We were therefore able to step in with our client and purchase the apartment just prior to completion at a £165,000 discount on the original purchase price (equating to an 8.2% discount) for what is one of the best units in the development.

 

 

The Unfair Advantage

We understand the complexities of buying new build, and can identify good opportunities via contract assignments. We managed to not only identify one of the best units in the development, but also successfully saved our clients 8.2% from the original contract price.

 

Islington Square

The Challenge

Our client is looking to diversify their wealth and build a buy-to-let portfolio in Central London. Our aim is to identify opportunities where we can buy 6 more units in order to both qualify for commercial rates of stamp duty but also secure decent discounts. The aim of the portfolio is to provide our client with a stable rental income and capital appreciation over the medium to long term.

 

The Perfect Conclusion

We successfully sourced this superb bulk discount purchase of multiple units in one of the best new builds to come to market in north central London in recent years. Islington Square was once formerly an Edwardian Royal Mail sorting office, and retains period charm and character combined with all the efficiencies of a new build. We negotiated aggressively and managed to secure a significant 17.75% saving on the asking price resulting in a 4.8% projected net yield (return on equity).

 

The Unfair Advantage

We have the expertise to source and negotiate excellent discounts in the best buildings for our clients. In this instance our client has been able to take advantage of the weaker pound, and a softer market, to secure an attractive discounted multiple unit purchase. Black Brick will manage the letting of the apartments, providing a seamless service at minimal stress to the client.

 

Eaton Square

The Challenge

Our US client was looking for a London pied-a-terre. They had been looking at the market for a number of months and had conducted some viewings but had found the market difficult to navigate. They had concerns over pricing transparency and were unsure that they had gained access to the best opportunities in the Chelsea & Belgravia areas. 

 

The Perfect Conclusion

Eaton Square is widely considered one of the top three addresses in prime Central London due to the attractive period architecture and immaculately maintained private gardens, all closely managed by the Grosvenor Estate. The most desirable properties are often sold off market and gaining access without professional representation can be difficult. We sourced a rare and impressive first and second floor duplex in one of the ‘key’ mid-terrace buildings on Eaton Square. Through our negotiation we then agreed a huge £1,000,000 discount from the asking price. Beyond the negotiation we were also able to introduce the clients to experienced advisors, essential due to the complex nature of how property is held and managed on the square, this included a leasehold enfranchisement specialist and building project manager.

 

The Unfair Advantage

We know the market intimately. We provided our client with sales comparables that are not available in the public domain and as a result, we negotiated a 14% discount from the asking price for a rare and impressive apartment on one the best streets in London. We made sure the client had all the necessary information and advice, in order for them to make an informed decision prior to exchanging contracts. This is important on an address such as Eaton Square, where the leasehold structures and management policies are relatively complex and far more comprehensive than your average street in London.

 

One St Johns Wood

The Challenge

Our Indian client was looking for a family apartment in St John’s Wood that was not only close to where his family already owned, but it also had to meet with his complex Vastu requirements. Vastu shastra (vāstu śāstra) is a pseudoscience originating in India which literally translates to “science of architecture”. According to Vastu Shastra, the main entrance to a home is not only the entry point for the family, but also for energy. The main door should face the north, east or in the north-east direction. Trying to find an apartment that meets with Vastu requirements is incredibly challenging as most do not comply.

 

The Perfect Conclusion

Vastu requirements can sometimes be fulfilled in new build developments, particularly when buying off plan, as long as the developer is open to making changes to the layout. Our direct relationship with developers often means we gain access to opportunities early, allowing our clients to select the very best options, and make changes.

We identified a superb off market, new build development less than a two minute walk from where our client’s family live. One St John’s Wood is set to be one of the most luxurious new build developments in St John’s Wood. Amenities include a 20m swimming pool, gym, steam room, sauna, Jacuzzi and plunge pools, cinema room, private dining room, business lounge, club lounge, concierge and residents lobby, residents roof terrace and valet parking. Once completed it will be without doubt one the most compressively serviced buildings in St John’s Wood.

We analysed the block and its units and concluded that combining two smaller units would give our client the size of apartment that he needed and, just as importantly, a layout that could be re-organised to comply with Vastu. We were not only able to get the developer to agree to the amalgamation of the units and change in layout, but we were also able to save our client money from the asking price.

 

The Unfair Advantage

Our direct relationships with developers is unrivalled. Early access meant that we could cherry pick the best units for our client and negotiate layout changes which were vital to meeting our clients strict Vastu requirements.

 

Marlborough Road

The Challenge

Our British clients had been living in West London for over 20 years but had decided that they wanted to live somewhere with a stronger sense of community and also a location which would be more convenient for them to access their second home in Dorset. Their favourite area was Richmond Hill but they were concerned as to how little seemed to come onto the open market. They wanted a family home, with a minimum of four bedrooms, a good sized garden and preferably something which had been recently renovated.

 

The Perfect Conclusion

Through our strong relationships with the local agents in Richmond we were able to access a house which was available on the lettings market but not for sale. The house was located on the best road on Richmond Hill and matched the brief perfectly: it had four bedrooms, off street parking for two cars, a lovely garden and had been the subject of a ‘back to brick’ renovation only a few years ago. We managed to negotiate £100,000 from the asking price and contracts were exchanged within 4 weeks and just 5 days before Christmas. Crucially the house never came onto the open market.

 

The Unfair Advantage

With more and more sellers opting to sell ‘off market’ we have the network to make sure our clients have access to the very best opportunities.

 

Sloane Gardens

The Challenge

Our Canadian clients were looking for a pied-à-terre in Prime Central London that offered beautiful high ceilings, period details, green views and it had to be close to a tube station. They were only in London for a week and had limited time for viewings. Our clients knew and liked Marylebone, in particular because of the high street, but we felt that there were other areas worthy of consideration that were better value and would offer our clients more for their budget. 

 

The Perfect Conclusion

Although our clients had initially come to us wanting to purchase in Marylebone, we ended up securing them a fabulous apartment in Chelsea. The Cadogan Estate have in recent years taken a very active role in the re-development of the area around Sloane Square, with Duke of York’s Square and Pavilion Road under-going a complete transformation, the latest stage of which will be the arrival of Hotel Costes with its first hotel outside of Paris.

We successfully negotiated the purchase of a stunning off market, 1st floor, one bedroom apartment overlooking private communal gardens located just a minutes’ walk from Sloane Square station. The apartment has the ideal East to West aspect which gives the bedroom the light in the morning and living room in the afternoon. It has the most wonderful period details which include exquisite ceiling mouldings and parquet flooring. Despite being off market we were still able to negotiate a saving of £45,000 from the asking price.

 

The Unfair Advantage

Our relationships with agents gain us priority access. We viewed this apartment before anyone else. This enabled us to offer and agree a purchase price before it was launched to the open market, thereby avoiding competition from other buyers.

 

Oceanic House

The Challenge

Our South American client was looking for a new London home. They were already renting in the area and had identified a property which they liked, but needed specialist advice on pricing and negotiation. We were instructed by the trustees who wanted peace of mind that the client was purchasing the right property on the best possible terms.

 

The Perfect Conclusion

Oceanic House was originally the London headquarters of the White Star Line from which tickets for the RMS Titanic were sold. The handsome Grade II listed building has now been re-developed into 7 luxury apartments. Before engaging Black Brick, our client had initially wanted to purchase the show apartment. Often developers will “dress” the weakest apartment. We identified an alternative, more attractive flat in the same building which was larger, with a better layout and improved position. Through our negotiation we then agreed a huge £800,000 discount from the asking price, equating to just over a 19% reduction. The property was newly refurbished with a number of new appliances and services, we therefore introduced a specialist M&E surveyor who put together an extensive list of items which we made sure the developers had fixed in order for the property to be handed over in fully working order. This can often be a problem with new build apartments but we ensured our client will move in without the hassle of any snagging issues. The entire process was managed and overseen by us in order to protect our clients best interests. 

 

The Unfair Advantage

Buyer beware. Buying new builds can be very tricky. We know the market intimately, can identify more attractive properties and negotiate huge discounts for our clients. We identified a better apartment, saved our client 19% from the asking price and made sure there was no snagging issues when our client moved in.

 

Trafalgar Gardens

The Challenge

Our Italian client was looking for a secure pied a terre in Kensington. They had already identified a property which they liked, but needed specialist advice on value and negotiation. Being based overseas they also wanted someone on the ground who could communicate more efficiently with the sellers, and who could subsequently provide ongoing management of works and a key holding once the purchase had completed.

 

The Perfect Conclusion

We successfully agreed the purchase at £150,000 less than the asking price. We have overseen the legal process and introduced best in class surveyors and building contractors to assist with advice on future works. The whole process has been managed and co-ordinated by us, reducing any risk of potential loss of time and escalating costs due to the client being busy and based overseas.

 

The Unfair Advantage

We have strong relationships built over decades. Our relationship with the estate agent meant we were able to save our clients 7% from the asking price.

Ashley Gardens

The Challenge

Our clients had been trying unsuccessfully for more than a year to identify a suitable apartment to buy before instructing Black Brick to assist with their search. They had identified a very small area in Westminster where they wanted to buy an apartment. The area and style of property suited them for a number of reasons compared with more expensive surrounding areas, and they had narrowed their search down to one block in particular called Ashley Gardens. Property values and styles in Westminster mean that buyers are able to purchase large (in excess of 2000 square feet) lateral mansion block apartments for under £1300 per sq. foot. By way of comparison, a similar sized apartment in Belgravia would cost a minimum of £2000 per square foot. As a result competition can be fierce.

 

The Perfect Conclusion

Once instructed we managed to highlight a suitable opportunity in Ashley Gardens, prior to it coming to market, in the block they favoured. The flat worked especially well as it was located on the first floor, measuring 2200 sq. feet and had the unique appeal of having one of the largest balconies in the block. We were able to access the opportunity off-market, which enabled our clients to offer on the property without facing competition.

 

The Unfair Advantage

We gain access where others can’t. Our relationships with key estate agents in the area meant we were able to gain access to a special opportunity prior to it coming to market.

Young Street Multiple Units

The Challenge

Our clients were looking to invest into the prime Central London property market for wealth preservation and diversification. They viewed the market as a good time to enter, given the fall in property values and depreciation of sterling, effectively giving them a 37% discount compared to buying in June 2014. They were mid to long term investors, looking for a combination of capital appreciation and rental return. They were initially open new build, freehold blocks and individuals units across multiple prime areas. Their goal was to buy a minimum of 6 apartments for within their budget.

 

The Perfect Conclusion

We spent time with our clients, educating them  on different parts of London, pricing and rental yields. Eventually we successfully sourced this superb bulk discount purchase of multiple one bedroom units in one of the best new build boutique developments in Kensington. On account of our negotiation the client has secured a significant saving resulting in a 3+% projected gross yield. We will continue to assist our client in securing suitable tenants and managing the portfolio of properties via our dedicated Property Management Service.

 

The Unfair Advantage

We negotiate hard. Bulk deals give us greater leverage. We saved our clients a record discount for this particular development.