Samir Salya explains why luxury isn’t just about location

While location has always been the watchword when it comes to finding the ideal luxury home in the UK’s capital city, there has been a shift recently in one of the hottest prime real estate areas.

Planning restrictions in London have meant that buyers are shifting away from traditionally popular areas in search of more flexible residences elsewhere. High net worth buyers in 2017 are looking for much more than a posh postcode when searching for their dream London home.

Buyers want whole package

Luxury end buyers are demanding the entire package – including high end interior design, luxuriously forward-thinking architecture, amazing vistas and endless luxury extras. We’re talking about everything from branded designer spa facilities, fully laid out business lounges and golf simulators as examples.

These demands are leading to changes for London’s prime building space, as wealthy buyers are realising they can’t make the structural changes they want within traditional areas. Building these kinds of luxurious, forward thinking properties just isn’t possible in the historically popular areas of London. Many of the buildings in areas like Belgravia and Chelsea are listed, which means they can’t be altered at all.

With limited options to alter and build on top of the existing properties, along with a lack of land that can be developed and often confusing planning regulations, the uber-rich have no choice but to search elsewhere.

Uncertain planning restrictions

The UK is going through some fundamental changes in terms of government, and it’s possible that planning regulations will alter in the future. However, it’s not likely that they’ll alter significantly enough to allow the kinds of properties the extremely wealthy buyer is currently looking for.

Lesser known areas are giving these buyers the freedom to create, develop and obtain the sorts of luxury properties they demand. A good example of this sort of development in a previously less popular area is Number 1 Blackfriars. It’s luxury living with superb views and situated in an area on the Southbank that isn’t traditionally considered a ‘luxury’ postcode.

This development includes 274 luxury homes, a boutique hotel, a specially landscaped outer piazza which will open to the public, and a large amount of commercial space ready for cafes, restaurants and shops. Buyers will be able to access luxury amenities, including a 24-hour concierge system and a thermal spa with treatment rooms run by Harrods.

Newly emerging market

Southbank is one of a new breed of locations that are fast becoming popular with luxury buyers. There is a lot of value that can be added with the looser planning restrictions outside of the very centre of London. It’s likely that there will continue to be an increase in developments in lesser known areas like Southbank.

Luxury home buyers are generally time poor, so are attracted to these kinds of tower developments that supply everything easily accessible under one roof. It’s likely that these kinds of developments will resonate down the decades in London and remain popular with wealthy buyers.

About Samir Salya

Samir Salya is the Chairman of Reign Holdings and is involved in real estate and construction within the UAE and UK. Samir holds over 20 years of experience in executive management, business expansion, performance improvement, sales and marketing.