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by Simon Barnes

Buying the Best Properties in the Best Streets

Simon Barnes explains why settling for second best is not an option when it comes to locating the best properties

When people are considering buying a property in Prime Central London I’m frequently asked ‘EXACTLY where is the best place to buy?’

The simple truth is there is no point in having the best house in the worst street.

Similarly, once you have chosen your street, you certainly do not wish to invest in a lesser house when, with a little insider knowledge and research, you could have a much better one.

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One thing potential buyers find very surprising is that the key areas of Prime Central London – even Mayfair, are all incredibly small, but the property range is quite diverse. So being armed with the knowledge of exactly where and where not to buy is essential.

Mayfair

I would say that there are only ten streets you should be looking at in Mayfair; these include Charles Street, Upper Grosvenor Street, Mount Street and Green Street.

However, do look at Charles Street in Google Earth or Street View and you will see that some sections are much narrower than others, and that the houses contrast in style and architectural features. At the rear, you will see that others back closely onto houses in Hay’s Mews to the north and Clarges Mews to the south. You can imagine that, in these houses, very little natural light comes in and the gardens may lack privacy, although many do have the adjoining mews houses, which provide much needed parking, added accommodation and security.

In reality, even in the prestigious location Green Street, Mayfair there are perhaps only four or five houses, that I would recommend buyers view.

Belgravia

Take a Google Street view ‘drive’ around Belgrave Square and at first glance, you will see that all the houses appear to be identical. Therefore, you would assume that they all have the same inside layout. However, there is a massive difference between houses and their immediate neighbours. Seemingly irrelevant details, for example, where the staircase is , can dramatically change the house and will define the houses appeal.

Similarly in one of the great Belgravia streets, Cadogan Place, at the eastern part of the street, you will notice that the houses all have gleaming white stucco fronts while at the south end the houses have plain brick frontages. While the white facades may seem attractive, all these houses back closely onto their mews houses. The brick fronted houses are much better; more space at the rear, quieter and altogether a better location.

Kensington

It’s the same story in Kensington. In the popular Holland Villas Road, houses on one side back on to the noisy Holland Road, while houses on the other side back onto the very much quieter large houses of Addison Road.

Some years ago a client came to me wanting to buy a property in Holland Park and was comparing it in size, amenities and price to another across the road which had recently been on the market. I told him that he should consider only one which actually backed on to the park. While there are very few which do, I found one which he subsequently purchased.

Filed Under: Advice Tagged With: Addison Road, Belgrave Square, Cadogan Place, Charles Street, Clarges Mews, Green Street, Hay’s Mews, Holland Road, Mount Street, Prime Central London, Upper Grosvenor Street

by Simon Barnes

Big isn’t always best when it come to buying property in Prime Central London

Simon Barnes explains why big isn’t always best when it come to buying property in Prime Central London

The obsession with digging deeper or adding extra floors to create more space and assuming that this will add value, is a current trend in Prime Central London.  In the past, buyers would enquire about properties based on the number of bedrooms, reception rooms and how the space flowed, the property’s overall layout and number of floors.

The shift to the emphasis of ‘square footage’ dates back to the mid ’90s.  In the Far East during this period, developers were pre-selling developments off-plan, primarily to investors, where all the flats were identical in layout. In Hong Kong a typical new build two bedroom flat would be around 200 sq.ft, whereas in London it would be double that. That’s when the trend for basing value on the amount of square feet first emerged in London.  Over recent years, the growth in the UK new build residential market has certainly influenced the focus on square footage because flats are getting smaller, so square footage becomes more important.

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However, in Prime Central London the restrictions applied to listed buildings, or properties within a conservation area, mean that there is a limit to the increase in size permitted for a traditional layout in a town house.  Most buyers prefer a normal layout with accommodation over two or three floors, offering decent sized reception space on the ground floor and four bedrooms on the first floor, with a master suite on the top floor.  Adding an additional 800 square feet of space won’t add value, unless there’s a workable means of extending the ground floor to enhance the existing layout.

A few years ago, I was acting for a developer client. I showed him a really quirky studio house in Little Venice, that was unmodernised with a practical arrangement of space in a great location, perfectly suited to a young professional or couple.  On viewing, my client’s immediate reaction was to plan to extend and make the space bigger with the intention of increasing value and profit.  I advised against this because firstly, it was unnecessary and secondly, in making it more expensive, it would price out the buyers most likely to snap it up.  Ultimately, on taking my advice, the developer focused on modernising the existing house, and the property was sold straightaway to a young professional couple, as predicted at the outset.  The moral of the tale is that it is possible to stay smaller and yet enhance the value and importantly ‘buyer appeal’.

Most London houses follow a fairly similar pattern when it comes to required accommodation; rarely will a buyer insist on a basement casino two floors below the pool already located in the basement; or a further six bedrooms over three extra floors. For example, in Belgravia, there are houses in certain streets, which are narrower and have two extra floors, being arranged in all over five floors.  The value of such properties will be different from those with more lateral and useable space laid out over fewer floors.  Likewise a mews house comprising of around 3,000 square feet over two floors might seem to a developer an opportunity to double the square footage, create two extra floors and include a cinema in the dug-out basement.  However, on doing this, the mews house once appealing with a practical layout, period charm and quiet location, is morphed into a large overdeveloped space, out of place and uneasy alongside its natural neighbours.

Taking the formula of each square foot of building in Prime Central London being worth between £3,000 – £4,000 can be a costly mistake when developing or extending a property.

Personally, I believe that it is a crude way of arriving at a value, when so many other factors need to be taken into account. How space is configured, and how space really works inside the home for those living there, should never be underestimated or undervalued.  Remember bigger isn’t always better.

Filed Under: Advice Tagged With: basement conversions, Little Venice, Prime Central London

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