Residential Land https://www.residentialland.com/blog Wed, 05 Jun 2019 11:23:30 +0000 en-US hourly 1 https://wordpress.org/?v=4.8.9 41089096 London South Bank – A brief history https://www.residentialland.com/blog/index.php/2019/04/london-south-bank-brief-history/ Wed, 17 Apr 2019 15:51:48 +0000 http://www.residentialland.com/blog/?p=56424 About the South Bank

South Bank is an area of incredible history, architecture, culture and regeneration. Originally isolated and defined by the Thames, for centuries this riverside location developed in a very different way from the affluent north bank.

The South Bank regeneration stretches from Shad Thames in the east to Battersea Power Station in the west and continues to evolve with galleries, cafés, markets, restaurants, new landmarks and property developments. For centuries, this iconic location has grown and developed from humble beginnings to something spectacular.

A brief history

The South Bank of the River Thames was once a marshland, accessible only by ferrymen and their boats. The area grew and developed as the Industrial Revolution took place in the early 1800s which saw construction of industrial wharves, tanneries, waterworks and leadworks.

Fast forward 150 years, and the South Bank’s appearance drastically developed. In 1951, six years after the end of the second world war, the Festival of Britain lifted the nation’s spirits with a celebration of science, technology and architecture in the area. This injected life into the South Bank of the river, giving it a modern upgrade from its industrial past.

The ‘South Bank’ as we know today was born.

In recent years, London’s South Bank has been brought to life by significant commercial and retail developments. The South Bank has come to life with arts, culture, food markets, green spaces and views along the River Thames and has become one of the most renowned areas of the capital, appreciated by both locals and tourists. Landmarks such as Tate Modern, the London Eye and Shakespeare’s Globe attract visitors from around the world.

The Residence – Thornes House

Residential Land has taken a giant step into becoming an important part of London South Bank’s future.

Thornes House, situated in The Residence development, is the latest member of Residential Land’s exclusive portfolio of luxury property. Located in the riverside community of Nine Elms in South-West London, Thornes House will be part of a 561-acre vibrant riverside district. Nine Elms is one of London’s last remaining industrial districts, and is the final piece of South Bank to undergo a total transformation estimated to have cost more than £15 billion.

Take a tour of the impressive Thornes House development.

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Residential Land recommends: Easter Weekend in London 2019 https://www.residentialland.com/blog/index.php/2019/04/residential-land-recommends-easter-weekend-london-2019/ Tue, 16 Apr 2019 16:34:42 +0000 http://www.residentialland.com/blog/?p=56294 A well-deserved four day weekend is on the horizon, and with weather in London this weekend expected to eclipse holiday hotspots across Europe, this Easter holiday is gearing up to be a good one.

The options are endless when it comes to how you should spend your first bank holiday of the year in London. From Easter-egg hunts, iconic London bottomless brunches, delicious Easter Sunday lunches and a plethora of beer gardens across the capital, there’s so much to fit into the long weekend.

Easter egg hunt

GoBoat – Merchant Square

GoBoat London is the only self-drive, powered boating experience in central London. The mission of GoBoat London is to make the canal waters accessible to all those who live in and visit London.

This Easter, GoBoat is hosting an Egg Hunt for all bookings made during the Easter school holidays. You and your group of up to eight people will be provided with a map to help you spot the giant Easter Eggs along the canal. To claim your prize simply photograph as many as you can, there are 12 to find.

Brunch

Piano works – West End

With four glorious days off work, the long Easter weekend is the perfect time to indulge in a boozy bottomless brunch.

For bottomless brunch with a side of live music, head to The Piano Works, London’s only non-stop live audience requested venue. Both the West End and Farringdon branches are hosting a Bottomless Aperol Spritz Brunch on a number of bank holidays throughout the year, starting with Easter Sunday on 21st April. For £50, guests can enjoy two courses of brunch classics washed down with bottomless Aperol Spritz, Bloody Mary’s, Italian pink sparkling wine, prosecco or mocktails. Dishes include eggs Florentine, Royale and Benedict, pancakes, and waffles.

Special mentions:

Big Easy, multiple locations

Bad Egg, The City

Easter Sunday Roast

The Bobbin – Clapham

Tucked away in a quiet residential street north of Clapham Common, this charming, understated gastropub does a cracking roast dinner within the cosy confines of its cute duck-egg blue bar and dining room. Choose from a slab of slow-roasted pork belly with homemade apple sauce and crackling, half a roast corn-fed chicken with bread sauce or the pièce de résistance: roast sirloin of beef with creamy horseradish and Yorkshire pud – plus all the trimmings. Starters and desserts take inspiration from Italy and France, with occasional Brit intruders such as apple crumble.

Special mentions:

Blacklock City, Aldgate

Hawksmoor Seven Dials, Covent Garden

Beer Garden

The Prince – West Brompton

The creme-de-la-creme of beer gardens, The Prince in West Kensington. Part swanky bar, part glorified trellis, The Prince plays host to a variety of street food vendors eager to provide you with the perfect accompaniment to your chosen tipple. No need to panic if there’s a drop of rain either, as the garden has a retractable roof keeping the sunshine in and the rain out.

The Prince also offers their own take on a boozy brunch, with two sittings at 12pm and 2:30pm, with bottomless bubbles and bloody marys for £20

Special mentions:

The Ship, Wandsworth

Pergola, Paddington

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Coming Soon – Indulgent Living in SW8 https://www.residentialland.com/blog/index.php/2019/02/coming-soon-indulgent-living-sw8/ Thu, 21 Feb 2019 18:27:40 +0000 http://www.residentialland.com/blog/?p=55194 A new, elegant Manhattan loft-style development is set to take SW8 by storm. Thornes House, situated in The Residence development, is the latest member of Residential Land’s exclusive portfolio of luxury property.

With one, two and three-bedroom apartments available to rent, Thornes House is gearing up to be one of the most extravagant developments in South-West London.

Attention to detail is at the forefront of Residential Land’s core values. Architects and interior designers have combined to make Thornes House one of the most elegant properties on the market.

The missing piece in the puzzle

Located in the riverside community of Nine Elms in South-West London, Thornes House will be part of a 561-acre vibrant riverside district. Nine Elms is one of London’s last remaining industrial districts, and is the final piece of South Bank to undergo a total transformation estimated to have cost more than £15 billion.

Nine Elms is part of an iconic neighbourhood, currently home to distinctive landmarks such as the renowned Battersea Power Station and the U.S. Embassy.

Coming soon…

Take a sneak peak at Thornes House below, and see why we’re so excited.

 

 

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Ritchie seals landmark debt deal and launches £650m fund https://www.residentialland.com/blog/index.php/2018/12/ritchie-seals-landmark-debt-deal-launches-650m-fund/ Thu, 20 Dec 2018 10:16:39 +0000 http://www.residentialland.com/blog/?p=54894

Bruce Ritchie’s Residential Land has secured one of the largest refinancing deals ever in the UK private rented sector and embarked on a fresh £650m push into prime central London.


Bruce Ritchie

HSBC has backed Residential Land with a five-year £320m facility at a loan-to-value of 55%, with the debt secured against homes held in Residential Land’s four funds with Canadian pension giant Ivanhoé Cambridge and Apollo Global Management.

The deal marks the first time Residential Land has sourced external debt for the four funds, which have invested or committed £800m since 2012. The refinancing demonstrates the strong appetite among lenders for debt on rented holdings, with HSBC fighting off competition from 13 rivals, including shortlisted lenders Met Life and Crédit Agricole, to secure the deal.

Ritchie has also embarked on a new venture with Ivanhoé Cambridge, which will see the Canadians investing in a fifth fund with investment firepower of £650m. Ivanhoé will work directly with Residential Land, rather than through Apollo, for the first time.

Ivanhoé has committed to an initial three tranches of £90m of equity, coupled with equivalent debt, alongside investments from Residential Land and Apollo’s head of real estate in Europe Roger Orf, who is personally investing in the new fund. Each tranche is likely to be invested over six months and Ivanhoé has indicated its willingness to commit to additional tranches.

The new fund will invest in a much broader area of prime central London, taking in areas like the South Bank, parts of north and east London and the Isle of Dogs. It has already bought Circus Apartments, a 40,000 sq ft building attached to the Four Seasons Hotel in Canary Wharf, from City & Docklands, for £31.5m. The building has 45 existing apartments let to serviced apartment operator BridgeStreet until March this year, when Residential Land is open to a new operator coming on board.

Residential Land has also increased its upper price point for investment from £1,500/sq ft to £1,650/sq ft, and plans to invest in areas where there are opportunities to benefit from the ripple effect of prime central London moving outwards.

Ritchie told Property Week: “We are pleased that finally there is a successful example of long-term PRS investment in central London by an institution that shows with the right level of returns it can be as profitable as any commercial equivalent.”

For the article on Property Week here

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Ritchie launches £700m resi fund https://www.residentialland.com/blog/index.php/2018/12/ritchie-launches-700m-resi-fund/ Thu, 20 Dec 2018 10:12:25 +0000 http://www.residentialland.com/blog/?p=54874

Prime London Ventures follows up with second private-rented sector fund

Bruce Ritchie and his North American backers are setting up a second private-rented residential fund that will have £700m to spend on London property in areas from Docklands to Barnes.

Prime London Ventures, the vehicle set up by Ritchie, Canadian pension fund Ivanhoé Cambridge and US opportunity fund Apollo Global Management, are in the final stages of establishing a successor to their first £350m fund, which is now fully invested.

In a sign of the growing appetite for private-rented sector (PRS) investments in London, it is expanding beyond the zone 1 postcodes in which it invested for the first fund, and looking further afield. The venture was due to be announced yesterday at Property Week’s RESI 2013 event at the Celtic Manor in Newport, south Wales.

The vehicle will be seen as a huge positive for the PRS sector: the fact that the first tranche of money has been successfully invested in a short space of time, and a second tranche twice the size is planned, with a widened remit, will be seen as proof that PRS, particularly in London, has the potential for scale and successful returns.

PRS investment is a key part of the government’s strategy to bridge the housing gap in the UK, where there are currently at least 50,000 too few homes being built to meet the volume of household creation. When fully invested, the second vehicle would be by far the largest PRS fund in the UK.

Ritchie told Property Week: “Prime London Ventures has managed to place its first fund with investment of £350m in prime central London residential within 18 months of its two and a half-year target.

“The partnership is now actively acquiring for the second fund at twice the total capacity. We will be looking to source opportunities inside the existing prime central London areas as well as in an expanded investment area.”
Like the first vehicle, it will comprise around 50% equity and 50% debt. Ritchie and his team at Residential Land source the properties, while Apollo is the financial adviser to Ivanhoé Cambridge.

For the article on Property Week here

 

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Ritchie’s first for £1bn resi fund https://www.residentialland.com/blog/index.php/2018/12/ritchies-first-1bn-resi-fund/ Thu, 20 Dec 2018 10:09:02 +0000 http://www.residentialland.com/blog/?p=54834

Bruce Ritchie’s Residential Land has made a purchase for its £1bn private-rented residential fund with Canadian pension fund manager Ivanhoé Cambridge.

The pair have bought Native Land’s Chantrey House scheme in London’s Belgravia for £37.5m, in what is believed to be their sixth deal.


Residential Land

Native Land bought the block for £20.75m in July 2009 from Grosvenor, using a £10m interest-free loan that it won in Property Week and Bank of Scotland’s £30m Search for Property Entrepreneurs competition in 2008.

Native Land asset managed the 35,000 sq ft block of 28 flats and five shops. It has now sold it to Prime London Ventures, the vehicle set up in February by Residential Land and Ivanhoé, the property arm of Caisse de Dépôt et Placement du Québec, which is investing through Apollo Global Investors.

 

Read the article on Property Week here

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Stars of residential shine at RESI Awards 2016 https://www.residentialland.com/blog/index.php/2018/12/stars-residential-shine-resi-awards-2016/ Thu, 20 Dec 2018 10:05:27 +0000 http://www.residentialland.com/blog/?p=54814

Dominic Grace of Savills has been named ‘Personality of the Year’ at the RESI Awards 2016.

Savills’ head of London residential development collected the award, sponsored by Chestertons, at last night’s event held at Grosvenor House.

Other big winners on the night included Knight Frank, which won residential investment agency and international sales agency of the year, and Ballymore Group, winner of large developer of the year.

LUXLO’s 77 Mayfair won development of the year while Meyer Bergman’s Project Soya was named deal of the year.

Audley Retirement won the inaugural retirement living operator gong, sponsored by Savills.

To relive highlights from the evening check out #resiawards on Twitter.

The full list of RESI Awards 2016 winners:

Personality of the Year
Dominic Grace (Savills, head of London residential)

Described by the judges as “the go-to man for London residential”, Dominic Grace can boast many of London’s most illustrious developers as clients. Having joined Savills in 1984, he was involved in its first major new-build project at Chelsea Harbour on behalf of P&O Properties and has since worked on schemes including Chelsea Barracks, Greenwich Peninsula and One Hyde Park.

“I am truly humbled by the accolade, particularly given the many titans of the residential business who have won it in previous years,” said Grace. “I am also delighted for all my gifted colleagues at Savills, as well as the wider agent/consultant community, that our roles can be recognised along with our developer clients.”

Residential Investment Agency of the Year
Knight Frank

Described by the judges as “forward thinking and visionary”, Knight Frank’s residential investment team grew revenues by 37% year on year to £9.7m in 2015 as it exchanged on assets worth a combined £2.5bn. The team’s landmark deals included a £200m forward-funding deal at Canary Wharf Group and Qatari Diar’s Shell Centre redevelopment; and the sale of the ground rent at One Hyde Park. Meanwhile, its specialist private rented sector and student valuations team, which garnered a special mention from the judges, has advised more than 150 clients on assets with a gross development value of £15bn, including a 1,500-unit central London building of £900m and a 2,300-unit regional portfolio for £250m.

Development of the Year
LUXLO – 77 Mayfair

Mayfair-based Luxlo started work on its development of seven apartments at 77 Mayfair in London’s West End in 2011. Last year, the scheme made headlines when its penthouse sold for £7,000/sq ft – the highest price per square foot achieved in the area. The 1960s office 77 South Audley Street was a post-war eyesore that had blighted the street until Luxlo started work on it, and the developer has now sold six of the seven highly specified luxury apartments for a total of more than £100m. Due to complete this summer, the scheme achieved “excellent sales prices” and provided the “right product for the target market”. One added: “Others said they couldn’t do it, but they turned an ugly duckling into a swan.”

Deal of the year
Meyer Bergman – Project Soya

Meyer Bergman completed one of the largest residential development deals of 2015, paying £250m for a portfolio of sites from Tesco in a deal with Strategic Iconic Assets Heritage Acquisition Fund. The pair bought 13 sites in London and the South East, advised by Savills. In addition to finalising the deal, Meyer Bergman set up resi development arm Meyer Homes to redevelop the sites, which include a 1,000-unit redevelopment of a brownfield site in Tolworth, a 700-unit resi-led mixed-use scheme in Woolwich and a 300-unit development on Cromwell Road in Kensington.

The judges described the off-market deal as “creative, complex, bold and highly competitive”.

(Highly commended: Eco World & Ballymore JV – Project Ace)

UK Sales Agency of the Year
Strutt & Parker

Strutt & Parker bolstered its residential team last year with the acquisition of Buckinghamshire firm Roberts Newby in July and Berkshire and Surrey agency Edwards & Elliott in October. Praised for “growth across all areas of the business”, it now boasts 55 offices and is eyeing further growth in the home counties.

The team’s achievements speak for themselves. It worked on 3,250 residential transactions in 2015 including the sales of a £40m penthouse in Kensington; England’s most valuable estate for £30m; and the UK’s only desert, the Dungeness Estate in Kent, to EDF for more than £3m. It also has a pipeline of £6bn in new-build sales and moved into lettings in May to support its buyers.

Asset Manager of the Year
Residential Land

Bruce Ritchie’s Residential Land is the biggest provider of privately owned rented property in prime central London. In 2015, the company cemented its status as a top player in the UK’s private rented sector by transforming key relationships with two of the world’s largest fund managers. The firm took over responsibility for asset management from Apollo Global on its £1.4bn joint venture with Canadian fund management giant Ivanhoe Cambridge.

Residential Land also completed several stand-out deals, including the £100m purchase of 39 Hill Street in Mayfair to rejuvenate the building, and the buyout of 122 flats in Hamlet Gardens in Ravenscourt Park from Swedish fund manager Akelius. The judges praised the company’s “excellent track record”, “strong deployment of capital in new deals” and “bold investments”.

International Sales Agency of the Year
Knight Frank

Seventy-eight nationalities bought UK properties totalling £2.4bn through Knight Frank last year, and the firm grew its global reach to 417 offices employing 13,600 professionals in 58 nations on six continents. “The strength of the growth of the business at a time when others were declining or stagnating made Knight Frank the stand-out winner,” the judges said.

The team’s exceptional effort was on Ballymore and EcoWorld’s 624-apartment Wardian London, which launched in September and where Knight Frank sold 78 units totalling more than £50m to overseas buyers. Last year, the firm also created a dedicated team in the Middle East and North Africa region to facilitate new-build sales in London to investors in countries including Egypt, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates.

Landlord of the Year – Registered Social
Home Group

Home Group has 55,000 homes accommodating 120,000 people in England, Scotland and Wales, with annual turnover of £327m and assets valued at £2.8bn. Praised for its “scale and diversity while maintaining a strong tenant focus”, it is set to grow its portfolio by a further 3,500 homes, of which 1,300 are affordable, after completing eight joint venture deals in 2015. These include: a partnership with Keepmoat and Strata to build 4,000 homes in Hull; a tie-up with Countryside Properties to deliver 500 homes in South Oxhey in Hertfordshire; and a 400-home project with Galliford Try in Shinfield, Reading. In total, these eight joint ventures have a gross development value of £650m.

(Highly commended: A2Dominion)

Landlord of the Year – Privately owned
Get Living London

Delancey and Qatari Diar set up residential owner and manager Get Living London in 2013. Its biggest project is the redevelopment of the Athletes’ Village site from the London Olympics. It manages 1,500 private rental homes in East Village through an on-site office and is seeking to foster a sense of community with regular residents’ drinks evenings and events.

During 2015, Get Living attracted more than 9,000 people to five major events on the site, including: a tapas, beer and cider festival; an outdoor film festival; and a Christmas market. “They’re leading the way in terms of scale and quality of service in the UK’s biggest PRS development,” commented the judges.

Letting Agency of the Year
Chestertons

For the first time, the lettings division at Chestertons recorded higher sales and profits than its sales division in 2015, as 25 of its 34 lettings departments recorded their best-ever years. In its core central London region of Chelsea, Knightsbridge and Mayfair, the firm hit revenues of £3m, while it exceeded £5m in the north of England. Chestertons also responded to the increased scrutiny of private landlords by growing its compliance department to help it protect its landlord clients; and launched a key clients department dedicated to its largest clients, including Grosvenor and Motcomb.

The judges said: “The lettings division at Chestertons set themselves apart with their increased turnover and profitability, as well as the strength of their support to landlords on changes in compliance legislation.”

Property Manager of the Year
Savills

Savills Prime Estates’ submission was hailed by the judges as the “most comprehensive and impressive entry”. The 35-strong property management team acts for businesses including The Crown Estate, The Phillimore Estate, Resolution Property, Tesco and The Wellcome Trust. In 2015, it added the likes of Dorringon, Grosvenor and LaSalle to its roster and grew its properties under management to more than 5,500, up 17% annually.

Its highlights included: the bolstering of its UK-wide build-to-rent service with wins such as the appointment by LaSalle to manage its £500m private rented portfolio; and being named sole provider of private rented services to M&G Real Estate at schemes including Bath Riverside, Leeds Waterside and Brewery Square in Dorchester.

Residential Financier of the Year
Cain Hoy

Founded in 2013, Cain Hoy has established itself as one of the industry’s most active financiers, and last year grew its total committed capital to more than £1.3bn. Led by Jonathan Goldstein, the firm’s biggest deals last year included funding the redevelopment of 2 Millharbour near Canary Wharf. It bought the site in 2014 with Galliard and Frogmore, and achieved planning consent for a 901-apartment project six months later. It also led a consortium to develop the £750m The Stage in Shoreditch, and secured £190m to finance the £400m Islington Square scheme. The judges were impressed by Cain Hoy’s “bold decision-making”, “commitment” and ”flexible approach”.

(Highly commended: Homes and Communities Agency)

PRS Deal of the year
Long Harbour / Aberdeen Property Trust – One Eighty

In March 2015, Aberdeen completed one of the largest single-asset resi deals of the year when it bought the 166-unit One Eighty from Long Harbour for £60m. The scheme overlooks the Olympic Park and includes a 26-storey tower. Long Harbour bought it in 2014 when it was partially complete, and secured all approvals before finishing construction. The deal is Aberdeen’s largest in the UK’s private rented sector. “It was a gutsy purchase by Long Harbour, which matured into a bold transaction with Aberdeen,” said the judges.

Residential Consultancy Practice of the Year
CBRE

Founded in 2012, CBRE Residential impressed with the speed of its ascent and size of its projects. “Winning credibility in such a short space of time clearly demonstrates an exceptional ability,” remarked the judges, noting it advised on the formation of the £2.2bn joint venture Project Ace between Ballymore and Malaysian group Eco World Investment and on fundraising for the Silvertown Partnership’s £3.5bn regeneration of Royal Docks in east London.

The CBRE team was also appointed by the Royal Borough of Kensington and Chelsea to advise on regeneration sites with a gross development value of more than £1bn. In total it is advising on schemes in London with a combined value of at least £50bn, and is looking to grow this further in the coming years.

(Highly commended: SAY Property Consulting)

Retirement Living Operator of the Year
Audley Retirement

Audley owns and operates 12 luxury retirement villages in the UK. It buys and renovates redundant buildings and adds a surrounding village. Its plan is to complete two villages a year, and in December it secured £170m from Moorfield to help it double in size. “They offer integrated services, enabling the owner to stay in their home,” said the judges. “This shows a real understanding of their customers’ needs.”

Student Accommodation Operator of the Year
Unite Students

Described by the judges as “the market leader that continues to lead the market”, Unite Students is a pioneer in the purpose-built student housing market, with more than 46,000 students living in its blocks. Highlights of 2015 included growing its portfolio by 3,000 beds; hitting 99% occupancy; and opening the 759-bed Angel Lane in London and 484-bed Orchard Heights in Bristol. The company is also working on developments in London, as well as Aberdeen, Coventry, Edinburgh and Liverpool.

Newcomer of the Year
Property Partner

Residential crowdfunding site Property Partner launched in January 2015 to offer a new way of investing in professionally managed private rented homes. Praised for “improving transparency and liquidity in the sector”, the firm buys rental properties and allows individuals to invest whatever sum they want to, draw an income from rent and then benefit from capital appreciation when they sell. It grew its assets to £19m across 108 units in its first year, and hopes to grow to more than £100m by December, backed by Index Ventures, Octopus Investments and Seedcamp.

Small Developer of the Year
HUB Residential

Founded in 2012, HUB Residential focuses on delivering affordable homes in London’s less central areas while taking advantage of major infrastructure projects, including Crossrail. Projects include the 360-apartment twintower Hoola scheme in Royal Docks and The Rehearsal Rooms in North Acton, one of the UK’s first purpose-built private rented schemes to be forward-funded by a UK institution. In late 2015, it agreed a deal with Fizzy Living for 189 units in The Material Store at the Old Vinyl Factory in Hayes. “From how and where they have taken sites through planning to their sales record, HUB is innovative and refreshing,” said the judges. “They really stand out from the crowd.”

(Highly commended: Quinn Estates)

Large Developer of the Year
Ballymore Group

Founded in 1982, Ballymore has grown from a family-run Irish housebuilder into a major developer with a presence across Europe. Praised by the judges for its “innovative schemes” and “fantastic financial returns”, the company is involved with developments in some of London’s most significant regeneration areas. In early 2015, it signed a key deal with Malaysian group Eco World Investment to form the £2.2bn joint venture Project Ace. The vehicle is building three large housing projects including the 624-unit Wardian London near Canary Wharf, which launched in September. Last year, Ballymore also revealed plans for the striking midair swimming pool at Embassy Gardens in Nine Elms, and attracted the English National Ballet as anchor tenant at its City Island scheme. The judges added that it was “very client driven”.

 

For the article on Property Week here

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RESI Awards 2012: full list of winners and photos https://www.residentialland.com/blog/index.php/2018/12/resi-awards-2012-full-list-winners-photos/ Thu, 20 Dec 2018 10:00:59 +0000 http://www.residentialland.com/blog/?p=54774

Berkeley Group’s legendary chairman Tony Pidgley was last night named Personality of the Year at Property Week’s inaugural RESI Awards.


Tony Pidgley collects Developer of the Year

Pidgley, 64, was rewarded for a year in which he bought One Blackfriars Road out of administration for £77.4m and started development of London’s tallest residential tower, 1 St George Wharf.

Another big winner on the night was Native Land, which picked up two awards for developer of the year (under 1,000 units) and development of the year for Neo Bankside which it developed alongside Grosvenor.

Other big awards went to Residential Land for Private Landlord of the Year (over 1,000 units), Places for People for Registered/Social Landlord of the Year (over 1,000 units) and Delancey and Qatari Diar for Deal of the Year.

The sell-out event, the headline sponsor of which was Residential Land, saw more than 500 members of the residential property community attending the Intercontinental Park Lane hotel in London for the evening.

Guests were entertained by the evening’s host, sports presenter Clare Balding, over dinner. You can view pictures of the night and all the winners by clicking here.

The evening raised £6,400 for property industry charity LandAid.

The winners on the night were:

Property Manager of the Year (sponsored by Qube Global Software)
Rendall and Rittner

Letting Agency of the Year (sponsored by ARLA)
Countrywide

Residential Consultancy Practice of the Year (sponsored by Residential Land)
Savills

International Sales Agency of the Year (sponsored by Grosvenor)
Jones Lang LaSalle

UK Sales Agency of the Year (sponsored by Deverell Smith Recruitment)
Knight Frank

Newcomer of the Year (sponsored by Kay & Co)
London Square

Residential Financier of the Year (sponsored by Clearview Homes)
Barclays

Asset Manager of the Year (sponsored by JJ Homes)
Grainger

Development of the Year (sponsored by Knight Frank)
Neo Bankside – Native Land & Grosvenor

Deal of the Year (sponsored by Sage)
Delancey and Qatari Diar’s acquisition of the Olympic Village

Small Developer of the Year (sponsored by Jones Lang LaSalle)
Native Land

Large Developer of the Year (sponsored by CBRE)
Berkeley Homes

Landlord of the Year (sponsored by Roomservice by Cort)
Registered Social Winner – Places for People
Privately-Owned Winner – Residential Land

Residential Personality of the Year (sponsored by Mainstay)
Tony Pidgley

 

Find the article on Property Week here

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Mayfair: From a marshland to London’s most expensive area https://www.residentialland.com/blog/index.php/2018/09/mayfair-marshland-londons-expensive-area/ Mon, 24 Sep 2018 16:27:49 +0000 http://www.residentialland.com/blog/?p=49704 Mayfair recently overtook Knightsbridge as the most expensive area of London. However, had the game of Monopoly been invented in the 17th century, the most valuable square on the board would not have been Mayfair. Just over 400 years ago, many of the Blue Plaques that decorate the walls of the Mayfair District did not exist. In fact, Mayfair was originally an unwanted and nameless muddy field. At the time, the most popular areas of London for the privileged and wealthy were Soho, Whitehall and the City.

From rags…

Mayfair takes its name from the May Fayre, an annual fair which was granted royal permission from King James II in 1686 on what is now known as Shepherds Market. Lasting a fortnight from May 1st, the open fields and farmland of the area would be a marketplace for livestock, and expanded to include booths of theatres, jugglers, gambling, and sausage stalls.

By the reign of George I, the May Fayre had fallen into disrepute and was regarded as a public scandal. Many who lived nearby considered the fair to be a nuisance and led a public campaign against it. It was abolished in 1764.

However, the downmarket reputation which had now spiralled wouldn’t last for long…

To riches…

The story of Mayfair’s rise to the top starts with a young girl and her inheritance. Mary Davies was the daughter of a wealthy banker, and her inheritance included 100 acres of marshland in West London. Mary Davies married in to the Grosvenor family, a wealthy landowning company. Her husband, Sir Thomas Grosvenor, was the Member of Parliament for Cheshire and was an ancestor of the modern-day Dukes of Westminster. This marriage, mixed with Thomas Grosvenor’s construction expertise, and Mary Davies’ inheritance would see land development like no other.

One of Mary and Thomas’ children would become influential in the development of Mayfair. Sir Richard Grosvenor wanted to continue his family’s legacy and vision, and along with the Earl of Scarborough set about the construction of Grosvenor Square in 1710, whilst other wealthy families were developing affluent streets nearby such as Brook Street and Hanover Square. By 1720, the former muddy fields were transformed into a large building site, thus the beginning of the Mayfair area.

The Grosvenor Square construction was the game changer, it was the cream of the crop and put everything else in its shadow. The aristocracy had their eyes set on this extravagant new location and decided to depart their outdated houses and relocate to the wonders of Mayfair. Of the initial 227 houses built in Mayfair, 117 had titled owners such as Dukes, Duchesses, Marquesses and Earls.

With the Mayfair’s reputation area growing and growing over the decades, Rev Sydney Smith, canon of St Paul’s had this to say, “The area contains more intelligence and human ability, to say nothing of wealth and beauty, than the world has ever collected in one space before”.

By 1850, Mayfair was firmly London’s top address for the upper classes.

As we reached the mid-Victorian era, the aristocrats who were exclusively ruling Mayfair were joined by those who generated their money through business, rather than statehood, land or inheritance.

The plutocrats who were now flooding into the area decided to redesign, and classic, understated properties with pulled down and replaced by lavish mansions. The business moguls were pumping millions into the area and were outspending the aristocracy on every level. By the Edwardian era, Mayfair was home to more business owners who had only recently started moving to the area, than the old gentry who originally rehomed there.

The super-rich newcomers gave Mayfair a “new money” vibe, and with their desire for social acceptance from royalty and aristocracy, the rise of the social and cultural philanthropists, the socialites of the time, began.

The residential decline

The aftermath of the Great War and the ensuing Great Depression dealt blows to both the wealthy landowners and business owners who could no longer afford their luxurious homes. During the 1920’s and 1930’s, over £30 million worth of mansions and townhouses (around £2 billion in today’s value) were replaced by hotels and offices.

Just as the Great War and Depression ended, the Second World War continued the residential decline. With corporate offices throughout the Capital destroyed by the bombing and the post-war increase in taxation led to 1.2 million square feet of Mayfair residential property being converted to commercial use.

By 1970, residential buildings only amounted to a third of Mayfair’s property stock and by the late 1980’s, the residential population had decimated by 90 per cent since the end of the Second World War.

The second coming

The oil boom lead to wealthy nationals of the Arab states of the Persian Gulf started to invest in residential property. To add to this, by 1990, the corporate offices started to reverse back to residential property due to their temporary office permissions expiring and their desire to relocate to newly building high rise offices in the City and Canary Wharf. Slowly but surely the residential homes were returning to Mayfair.

In 2004, it was reported that residential property in Mayfair was more valuable than commercial property for the first time in decades. And in August 2018, it was announced that Mayfair had overtaken Knightsbridge as the most expensive area in London. Mayfair had gone full circle.

Our properties

Residential Land offers a number of luxury one, two and three bedroom apartments to rent across Mayfair, with property on Duke Street, Green Street, Hill Street and Grosvenor Hill.

If you would like to find out more about our properties, get in touch with us on 0207 408 5155

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Jeans for Genes: Residential Land is raising money for a great cause https://www.residentialland.com/blog/index.php/2018/09/jeans-for-genes-residential-land-raising-money-great-cause/ Thu, 20 Sep 2018 14:01:26 +0000 http://www.residentialland.com/blog/?p=48604 On Friday 21st September, Residential Land staff will be wearing jeans to help make a difference to the lives of children suffering from genetic disorders. Born in 1992, Jeans for Genes is a national children’s fundraiser run by the UK charity Genetic Disorders UK which raises money for the care of children and families who are affected by genetic disorders.

Genetic disorders affect 1 in 25 people born in the UK and include conditions such as cystic fibrosis, sick cell anaemia and muscular dystrophy as well as around 6,000 others. 30,000 babies and young children are newly diagnosed in the UK each year. The associated health problems of genetic disorders are the biggest cause of the death of children agreed 14 years and under in the UK.

By taking part in this initiative, children’s lives can change, such as Faith. Eleven-year-old Faith suffers from a rare genetic disorder known as Kleefstra syndrome, meaning she suffers from epilepsy and delayed physical and intellectual development. Faith is also unable to walk or talk and is susceptible to lung infections. There are thought to be only 200 children in the world with this genetic disorder and Faith will need lifelong support. Read Faith’s story.

Or little Freddie, a 15-month-old baby who was born prematurely at 28 weeks and developed Trichothiodystrophy (TTD), so rare it affects just one child in a million. This rare disorder affects so many parts of Freddie’s body, from his heart and lungs, to his brain, skill, skin, eyes, stomach and ability to eat. Read little Freddie’s story.

Residential Land is passionate about supporting charities, and the Jeans for Genes initiative is one we feel strongly about. We will be raising funds through various activities, staff will be donating £2 each by donning their best denim, cakes and other treats will be sold throughout the day, and we will be holding a company-wide raffle with extremely generous donations from some well-known friends of the company.

We would like to pass our appreciation and thanks onto the following businesses and individuals who have donated gifts for our raffle:

The generosity of these businesses and individuals will help children and families suffering from genetic disorders all over the UK, as well as making our staff very excited about their potential prizes.

It’s not too late to make a support the initiative and make a difference to children’s lives. Visit the Jeans for Genes site here for more information and find out how you can help. Your donations will raise money to help some of the most vulnerable children in the UK; together we hope to help fund projects that provide nursing care, equipment, activity weekends, online support and counselling.

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