Location: London

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.

Westminster Green

The Challenge

Our clients were looking to sell this smartly converted two bedroom apartment in Westminster. Current market conditions are proving a tough environment to sell in and several properties in the same building had been withdrawn from the market over the last 24 months without having achieved a sale.

 

The Perfect Conclusion

After several months of viewings and negotiations with more than one buyer, we successfully identified the right buyer for the apartment. Once the sale was agreed we managed the legal process carefully to ensure that contracts were exchanged within a short time frame of just four weeks.

 

The Unfair Advantage

We’re focused. Our Managed Sale Service is low volume and high quality which means we have the focus and dedication to deliver a successful sale, no matter how long it takes or how tough the market conditions.

Primrose Gardens

The Challenge

Our client’s instructed us to find them a three bedroom property with a large garden in a period building. They were very open to our advice as to differing neighbourhoods across the Capital, so initially we were looking from North West London to Richmond. However after several tours it became clear that Belsize Park, the area they were renting, was the preferred location. The main challenge was that their budget would not allow them to buy a house and most of the flats with gardens did not offer three double bedrooms.

 

The Perfect Conclusion

Having identified a wonderful two bedroom garden flat with planning permission granted to add another bedroom we found ourselves in a competitive bidding situation with another party. Despite putting forward the lower of the two bids our offer was accepted highlighting the strength of our relationships with estate agents and their preference to work with us over an unrepresented buyer.

We assisted our clients in obtaining detailed quotes from our extensive list of architects, builders and surveyors so they could accurately plan ahead and work out what would be possible, and importantly the costs to extend the property. This gave our clients the confidence to move ahead with the transaction knowing they would be able to create their ideal home by doing the work. 

 

The Unfair Advantage

We go the extra mile – our trusted network of architects, surveyors and builders added huge value to this transaction, giving our clients the confidence to move ahead. 

Wycombe Square

The Challenge

We were instructed on behalf of a trust to sell this large freehold house which had a complicated history and was close to becoming a receivership sale. The property was in a very poor state of repair and there were no funds available to arrange a refurbishment.

 

The Perfect Conclusion

We understood that time was of the essence and so reached out to our carefully curated network of contacts which includes buying agents, private banks and other professional intermediaries. Within 8 weeks of being instructed on the sale, we had agreed terms with a suitable buyer who was keen to remodel the house to their own specifications. Contracts were exchanged 3 weeks later.

Our client commented:

‘It has been a pleasure working with Black Brick, and in particular I would like to thank Caspar for his dedication, persistence and unwavering commitment to getting this deal over the line! We shall be sure to keep you in mind for future property transactions in the London area.’ Trustee, Isle of Man.

 

The Unfair Advantage

Experience is key – over 80 years combined property experience allowed us to deal competently and confidently with a very complicated sale. Despite a challenging sales market, we achieved a successful sale within 8 weeks of being instructed.

Seymour Street

The Challenge

Our client from Hong Kong was looking to invest circa £2 million into the London market. They had limited knowledge of the geography and market conditions in central London. We advised them to split the budget for the investment into two properties, rather than one, providing diversity of investment and stronger rental prospects. This is one of the two flats our client purchased on our advice.

 

The Perfect Conclusion

We successfully agreed the purchase of this brand newly completed one bedroom flat located in a block of only 27 private residential apartments. The building is regarded as one of the best to have been completed in the area within the last 24 months, with all units selling out off-plan. The building is finished to a very high standard with 24 hr security/concierge and underground parking. The property sold for the original contract price of £1,600,000, but the buyer failed to complete. Through our contacts we were quickly made aware of the opportunity to purchase at a heavily discounted rate before the property was released back onto the open market. We subsequently agreed the purchase at £1,150,000, a 28% discount from the original contract price.

 

The Unfair Advantage

We gain access to the best deals – an early heads up meant we were able to achieve an impressive 28% discount from the original contract price.

Halsey House

The Challenge

Our client from Hong Kong was looking to invest circa £2 million into the London property market. They had limited knowledge of the geography and market conditions in central London.

The Perfect Conclusion

We successfully agreed the purchase of this newly converted two bed two bath apartment located on a garden square in WC1 at £100,000 less than the asking price. The property provides good potential yield due to high demand for rental apartments in the area from a number of University students and law professionals studying and working locally. This is one of two properties purchased by our client. We advised them to split the budget for the investment into two properties, rather than one, providing diversity of investment and better rental prospects. The property is also two bed, two bath, a bonus considering most other new build or newly converted flats in the area at this price are one beds. We will be managing the properties on an ongoing basis, providing an end to end service from purchase through to management when the tenants are in-situ.

The Unfair Advantage

Knowledge is power – we successfully rented the property within a week of it coming to the market, resulting in a 3.5% gross yield.

Red Lion House

The Challenge

Our client was a sophisticated investor, already owning significant commercial and residential real estate assets in London. He had been looking for some time to acquire a family home in London, and did not want to pay the huge premium that comes with buying new build properties. He needed 4 to 5 bedrooms and at least 3000 square feet in Marylebone or Mayfair.

 

The Perfect Conclusion

We identified a freehold house in Mayfair, measuring just over 8500 square feet which was being sold by receivers. The house had previously been sold in 2014 for £19.175m. Once a famous pub, The Red Lion was shut down in 2009 and sold to a luxury developer, and initially had asking price of £25 million. With 6 bedrooms, 6 bathrooms, 2 receptions rooms, dining room, kitchen, media room, gym, swimming pool, roof terrace and an internal lift, the house met with every single one of our clients requirements.

The purchase price of £15 million, equated to a highly competitive £1748 per square foot. Unmodernised houses in Mayfair usually achieve over £2000 per sq. foot, and modernised houses often achieve well in excess of £3000 per sq. foot. Red Lion House was in almost new condition, so the price was extremely attractive. Of course, we were not the only potential buyers interested in the property, and we had to move quickly and demonstrate our ability to get on and do the deal in order to win the contract from at least two other interested parties.

The area immediately surrounding the property is interesting from a future investment perspective. On one side of the property business entrepreneur and billionaire John Caudwell is developing his own private residence of over 50,000 sq. feet, and on the other side he is developing a new luxury block of residential apartments – Audley Square which is due to be one of the most luxurious new build developments in Central London, with prices set to be in the region of £10,000 per sq. foot.

Finally, we are in discussions with our client regarding our Vacant Care Service to help look after and service our clients home for him when he is travelling.

 

The Unfair Advantage

Mayfair houses traded at an average rate of £2567 per square foot in 2018. We acquired Red Lion House at an astonishing £1748 per square foot, 32% below the market average.