4 Quarters Property Search and Concierge

Another Step Forward in Our History!

2013-02-18T13:12:00.000Z

Over the last few months we have been hard at work servicing client requests, building strong networks and developing long term relationships. A few week ago our efforts paid off as we have partnered with one of the largest online estate agencies in the UK. The House Network has been established for over nine years and to date has saved its' clients over £21 million in agency fees. In partnership with 4 Quarters Property Search they are now able to offer their clients accompanied viewings creating the first fully serviced fixed cost online Estate Agent to match the offering of any high street competitor but at a fraction of the cost.
We at 4 Quarters are excited at this new opportunity and would like to thank everyone at the House Network who helped to make this a reality.

Chelsea Barracks, What's Going On?

2013-02-15T18:36:00.001Z

Qatari Diar, the investment arm of the wealthy Arab Emirate has made the bold move to suspend the development of now notorious project due to concerns of the British economy. The site has planning permission for 450 luxury homes with 123 affordable homes in the affluent area of Chelsea only a short walk to Sloane Square.

The issue now is that there is uncertainty as to whether the necessary £3bn investment would reap the returns to make such a large scale project viable and that the only sensible option would be to look to sell the site for another developer to take over the mantle and the risk.

It is clear Britain is still languishing in the current recession with little light at the end of the tunnel in terms of an economic turn around, in fact a triple dip recession (depression) is more than likely. Qatari Diar already own a large stake in the Shard, Harrods, The US Embassy, and is joint owner of the Olympic Village and the Shell Centre.

No office lettings have yet been announced in the Shard, and concerns about the future demand for luxury homes in London mean the risk of pouring a further £2bn into construction in a stagnant economy has caused concern. Britain's economic data has compounded fears that the emirate overpaid when it gave the Ministry of Defence £959m for the site in 2007.

Tax Avoidance & London's High End Property Market

2012-12-24T18:55:00.002Z

Through a video expose' created from a legal dispute regarding planning permissions between a world renowned night club and a high end developer; the well-known (through inner circles) method of purchasing through offshore vehicles has come to light.
Oakmayne the developers of an ultra luxurious row of terraces in Cornwall Terrace, Regents Park (just down the road from me) have become the unfortunate whipping boys in recent weeks as amidst the Treasury clamping down on tax avoidance and "off-shoring", they had since 2007 bought a number of properties through a series of companies based in the Isle of Man known as Special Purpose Vehicles (SPV's). The video which can be found on the Guardian website shows the sales director explaining to the client that purchasing the company which owns the property rather than buying the property itself would allow them to negate the stamp duty fees which would have been in the region of £1.35mn on the £27mn home. This works as the purchase of the SPV being offshore leaves no indication to the UK authorities that the property changed hands through the land registry allowing the avoidance of the tax.
This route can also benefit the developer as they maybe able to secure a higher selling price than would otherwise be possible as no stamp duty would be paid and conversely it could allow for a quicker sale by virtue of the lower price. While still entirely legal, the initial purchase of any residential property worth over £2m by a company now attracts a punitive rate of stamp duty of 15%, intended to make setting up such structures uneconomical for developers.

Mortgage Market Stalling

2012-10-18T15:55:00.000+01:00

It has been a while since my last post, news in the property world has been hard to find of late! Today however the CML (Council of Mortgage Lenders) have reported a 10% reduction in mortgage lending and remortgages from the same period last year. £11.6bn was loaned over the month, a 10% drop from the £12.9bn in August and a 15% fall compared to September 2011.

As I have mentioned before a reluctant market for property under £2 mn and the negative economic effects of the London Olympics have only gone to weaken the property market further. It is clear that confidence is still lacking and that is even with the governments funding for lending scheme being in place, aimed to encourage banks and building societies to offer a great range of loans across the market.

4 Quarters Property & Lifestyle

<a href="http://www.hypersmash.com">HyperSmash.com</a>

All Yours For 300 Million Pounds!

2012-09-14T12:26:00.001+01:00

Over the past few months a 60,000 sq ft, seven storey, 45 bedroom residence has been put up for sale on a strictly off market basis for the princely sum of £300,000,000. Situated in Knightsbridge directly opposite Hyde park it also boast one of the most beautiful locations in London. This is by far the most expensive single residential property ever to go on the market and makes the £140,000,000 price tag for Park Place in Oxfordshire look like chump change. Not only are you paying for an incredible amount of internal space the property boasts, underground parking, swimming pool, several million pounds of gold leaf, lifts and an industrial sized kitchen.

The property was originally four homes until redeveloped and was owned by Rafiq Hariri the late Lebanese Prime Minister. On his assassination in 2005 the property was given as a gift to the Crown Prince of Saudi Arabia Sultan bin Abdulaziz who himself recently passed away in October.
The stucco-fronted property, initially built as four separate homes, was owned by the late Lebanese Prime Minister Rafiq Hariri.
While being a truly exceptional property one of only a handful anywhere in the world, the astronomical price tag and facing Stamp Duty fees of £21 million the only potential buyer would either have to be in the Forbes Rich List or be an institutional investor. One thing is for certain, the commission on such a residence would put a broad smile on any agents face for a while!

A Luxury Development with an Unusual View...!

2012-09-10T23:57:00.002+01:00

Nestled amongst parkland yet within walking distance of the city centre lays one of the most audacious concepts to see the light of day. Developers KOP of Singapore have created a condominium featuring a "sky garage" allowing car owners to securely transfer their precious vehicles directly adjacent their apartments. The development itself combines modern design with an evident Asian influence providing elegance and calm to the whole project. Boasting the tallest en-suite car porch the Hamilton Scotts offers 52 units and 4 Penthouses, with all the additional amenities you would come to expect from such a residence.

Letting Agents On Notice!

2012-09-04T12:24:00.004+01:00

Can I just say that this issue is one of my biggest personal gripes. Even after 5 years of working in estate agency for various companies I have always asked myself why our administration fees, end of tenancy fees and renewal fees were always so steep and whether they were truly justified? To my amazement applicants would never really challenge these random fees that we would instate as they assumed that as every other agent was doing the same it had to be compulsory; is this one of many estate agents dirty little secrets?

The Scottish government is more than aware of this practice and have suitably banned all letting agents from being able to charge additional fees apart from the rent of the property and an agreed security deposit. Perhaps predictably this has led to letting agents being up in arms at the thought that their profit margins are being squeezed and have fired back suggesting that rental rates would have to increase to make up the difference; not a cynical move at all!

Asking Prices have fallen in August , Olympics to blame!

2012-08-21T12:24:00.002+01:00

During August vendors have aggressively reduced their asking price by an average of 2.4% compared with 1.1% reductions over the same period last year. The buzz of the Olympics along with fewer tourists coming to London, combined with a massive migration of residents trying to flee the congestion and bad weather, caused this heavy correction. Online property portal Right Move has also seen heavy losses of traffic up to 50% over the period as the European Football and Olympics took hold.

It is clear that while the economy continues to falter, vendors are more aware that they need to compete and seem as attractive to buyers particularly as we enter September and the market should see somewhat of a revival.

Property Sales Continue to Fall

2012-08-14T13:42:00.001+01:00

Apologies in advance but once again I come as the bearer of bad news; not since 2008 have we seen property sales at such a low level. Unsurprisingly perhaps this has resulted in a drop in sales prices across the whole of the UK except London where averages are still stable. Property transactions have fallen for a fourth straight month and prices have sunk to their highest level over the last 12 months. There is a hope even if maybe slightly over-optimistic, that while events such as the Diamond Jubilee, the Olympics and several weeks of continued downpours had halted purchasers from testing the market, the second half of the year would prompt a surge in activity.

With the ever clearer lack of economic sentiment and confidence, fewer vendors are putting their homes on the market preferring to wait for things to settle this coupled with the lack of financing options for vendors across the board, the reality is that unless property is accurately priced to sell they can expect an awfully long wait before purchasers will bite.

Conway Street Refurbishment

2012-08-07T16:30:00.000+01:00

A little while back a client from Russia asked us to refurbish the property of their daughter so they could begin renting it as she had outgrown her wardrobe space! This one bedroom property in the heart of Fitzrovia is filled with light, has high ceilings, excellent storage and unusually two large outside spaces. In my opinion, we created a demure natural feel in a relatively limited space.

Oympics; first prize, an anvil around your neck!

2012-07-26T18:01:00.002+01:00

Hailed as the global event that would inject much needed optimism, pride and investment into our slightly less loved, cash strapped city, the Olympics with only a day to go before the grand opening has already proved to be money not well spent. With hundreds of thousands of tickets left unsold and with tickets still available for the opening ceremony, not only have the organisers been caught short but so too have Londoners trying to benefit from the buzz around the games.

As millions of Britons travelled abroad to warmer climes and to avoid the disruption the Olympics would bring, it seems that many had the same idea and have been put off coming to London probably due to the expense and partly from the vast show of local and military force that has been required to secure the site and the attendees.

The result has been that hotels of all standards, restaurants and local attractions have seen a dramatic drop in clients in the days leading up to the Olympics. With the promise of tens of thousands of people swarming to London looking for accommodation close to the Olympic village, existing Landlords and those looking to cash in on their hope to rent their property for 3 to 4 times the marketed value over the 6 weeks covering the Olympics and Paralympics have been sorely disappointed. The reality is that supply has far outstripped demand and around 85% of those who marketed a property specifically for the games have not been able to find tenants.

Only time will tell whether the Olympic legacy will provide anything more than the booby prize and an anvil around our necks.

European Housing Costs

2012-07-20T14:05:00.002+01:00

I do not know about all of you out in the blogging world, but if you are unfortunate enough to live in the UK you face the third highest housing costs in Europe, with only Denmark and Greece facing higher rates. On average you will spend over 40% of income on living expenses including rent and mortgage payments. In France only 5.2% of the population face a 40% housing cost while in the UK it is closer to 16.5%.

This is hardly surprising as government over the last few decades have done little to invest in social housing, resulting in one in six being overburdened with mortgage, rent and utility payments. The lack of affordable housing only goes to driving up the cost of the private market only fuelling the problem which is only likely to worsen over the coming years. Just to give you an idea of the gap that needs to be plugged, in the 1960's around 250,000 new homes were being built while in 2010-11 that number was closer to 121,000.

As we are all doing our bit to improve the economy during these difficult times, the situations seems bleak when families are forced to make trade-offs between paying utilities, the food bill or filling up the tank!

A beautiful apartment in Whitehall, Central London.

2012-07-17T20:36:00.000+01:00

With notable residents including William Gladstone, Lord Kitchener, Grand Duke Michael of Russia and George Bernard Shaw, perhaps our next client can add their name to this prestigious list. This second floor, £2,300 per week, 3 double bedroom property with a host of period features including plaster mouldings, hard wood fixtures and panelling, herringbone parquet flooring and wonderfully high ceilings and heavy stone set balcony covering the length of the apartment, this is one of the nicest properties I have seen in a while. Sitting in Whitehall Court an imposing building within a few minutes walk of Embankment, Trafalgar Square and even 10 Downing Street (yes the Prime Minister is practically your neighbour), this property drips with sophistication and gravitas. I'll let the photographs speak for themselves, but one additional feature allows a future resident access to the hotel facilities of the Royal Horseguards Hotel and even room service!

A full set of details can be found on Rightmove & Primelocation marketed through House Network.

Battersea Powerstation, finally getting a makeover?

2012-07-11T14:09:00.000+01:00

30 years down the line, Battersea Power station has been purchased once again with the intent of completing the largest redevelopment programme in London's recent history, even overshadowing the grandeur of Canary Wharf. With a £400mn price tag the Malaysian Consortium that purchased the site plan a 15 year scheme and an £8bn investment in heavy infrastructure including extending the underground network much needed in the immediate area and a range of housing, shops, offices and entertainment facilities.

Over the past three decades there has been interest from various UK players as well as Mr. Abramovich himself, looking to purchase the site for a new stadium for Chelsea Football Club, but even he was outbid for the prime London site by Malay developers SP Setia.

Fingers crossed that this time around SP Setia and the UK government find commonality and appreciate the necessity to finally break ground and refresh this behemoth that sits in one of the most beautiful areas in Central London.

The Shard

2012-07-09T20:36:00.000+01:00

Last Thursday was the inauguration of Europe's tallest skyscraper the Shard standing at 310m (1,017ft) in a blitz of lazer light and music. During a period of austerity and cost cutting this building launched by the Qatari & British Royal family seems to be a little arrogant and overbearing at best.

While an amazing piece or architecture, its incredible impact on London's gentle, archaic symmetry seems to break apart the essence of the city, overshadowing major landmarks including St. Pauls Cathedral and the Tower of London. Perhaps that is exactly the point? Shouldn't we be embracing advances and the relentless pace of technology and innovation; seems to work just fine in Japan with modern and historic sitting side by side? Either way Londoners are clearly split down the line as to whether this will benefit or hinder architecturally and economically.

The developers Sellar Property have created 6.5 mn square feet of office space, a five star hotel, restaurants 6 shops and 10 apartments over the 53rd to 65th floor reportedly costing up to £50 million each. Lets hope the Shard is a great success, cos if it isn't we are going to be stuck with it for a very long time!

Lets try something new...

2012-06-29T20:20:00.004+01:00

First of all, a big thank you to all of you who have taken the time to read our blog over the past few months it is very much appreciated. As we are so pleased with the response so far we have decided to prepare a video just to highlight our services. Any comments or ideas would be great so that we can perhaps create a few more relevant and interesting videos in the future! From all of us at 4 Quarters have a great weekend !!

Private Island meets High End Yacht, The Ultimate in Luxury!

2012-06-28T16:28:00.000+01:00

From Gabor Orsos, the founder of this new concept in design and living and himself having experience in real estate, hospitality and fine cuisine has created the unique Orsos Island a man-made transportable off shore residence.

At a relatively affordable three million euros, the Island is over 20 meters wide and more than 37 meters in length, offering excellent potential for a luxurious and spacious layout. With about 400 m² on each floor, the Island offers up to 1,000 m² of living space.

The concept which has yet to go into production also features several environmental features including;

An autonomous power supply energy system
160 m2 of Solar Panels
Noiseless Wind power generation
Heat recovery from sea water for heating and air conditioning
Desalination plant to create drinking water.

I'm sure you will agree that even for that person who literally has it all, I doubt they will be left disappointed if they received this as a gift!

Its all in the title

2012-06-25T15:44:00.000+01:00

This must be perhaps one of the tardiest, overstated updates you will have the pleasure to read; yes its true, we have set up a lifestyle and concierge service. After a steady stream of requests from our property clients to help them with everything from travel arrangements to stocking the fridge it seemed a natural progression to expand our services. From running everyday errands to acquiring luxury cars or fine art, as long as it's legal we can help.

Widen your horizons

2012-06-06T17:28:00.000+01:00

Good afternoon all,

Over the last few weeks we have seen the Facebook IPO nose dive into the abyss, the Greek people unable to agree on a way forward to form a new government, France electing a new President in Hollande with his alternative world view and Queen Elizabeth II celebrate 60 long years on the throne. Through it all the global economy is as fragile as ever and we are heading into a dangerous time should the Greek people still fail to elect a new government plunging the very fabric of Europe into doubt.

While talking about property may seem a little mute these days, I think it is still worth mentioning in the grand scheme of things. While property prices are still quite volatile particularly in London and other major EU cities it is worth remembering that Europe is a vast place with 500 mn citizens approximately. Many of us talk about the expense of living in our respective countries, without taking into account the freedom to travel across Europe and with it a new way of life. From The UK to Greece, Portugal to Poland our options are only limited to our ability to assimilate into a new culture and the dedication to learn a new language. For some families moving to a less expensive country may prove to be the answer to financial hardship and perpetual debt as often skills gained in your home country easily transfer to others. So whether the reasons are financial or social perhaps we should expand our horizons a little further.

And the drama continues...

2012-05-08T20:33:00.003+01:00

Based on Halifax figures, house prices have fallen 2.4% Nationally shaving almost £4000 of the average value of a property in Britain. I believe that this is due to in no small part to the end of the Stamp duty holiday and the raft of measures brought in by the treasury to raise revenue and close loop holes. While there was a boost in sales leading up to the announcement in the budget and prolonged negative economic sentiment was not enough to raise property prices.

With unemployment high and earnings flat, it is expected that house prices will continue a steady downward decline through to the end of 2012 potentially contracting prices by a further 3%.

Central London as usual has swam against the tide showing an increase of 0.4% over the month. Beyond the turmoil in the EU and the influx of wealth from troubled economies, the Stamp Duty changes have forced some families and investors to sell up and move on concerned about their tax situation and lack of anonymity with the heavy tax implications of owning property in off shore vehicles. Looking to the next few months, even the London bubble will be strained once the true effects of the measures come through and the inevitable slowdown begins with the double dip recession and volatility of the European Markets taking hold.

Stamp Duty Woes!!

2012-04-29T19:04:00.000+01:00

A little over a month has passed since the chancellor announced the budget, the dramatic changes in Stamp Duty and alterations to off shore property ownership. These changes have already had an affect on the market across all price levels. While the end of the stamp duty holiday for first time buyers doesn't affect our client base with a 1% drop in prices nationwide reflecting a rapid fall in demand it is just one of a number of changes that in my opinion has negatively changed the market.

The introduction of the 7% Stamp duty rate for properties over £2mn caused an overnight correction in prices across London most notably causing a shift in confidence for both vendors and purchasers alike. While vendors on or just above the £2mn cap have had a kick in the nether regions knowing full well that any offers would skim just below the cap; purchasers too have had to think twice about the additional 2% tax and have have factored this into any offers made. Problem is that these changes do not seem to benefit either party, so I'm afraid the chancellor got it wrong on this one!

Now lets face facts, tax avoidance has always been a delicate issue and I do not condone the practice however, the closing of the loop hole for off shore firms with a 15% flat tax on residential property has also had the effect of slowing down markets. Property in Central London has bucked the trend predominantly through foreign investors from across the globe investing here to mitigate global uncertainty and the positive returns that are to be made. While portfolios and off market investments were steadily trading hands now we see more of a window shopping approach and a more tentative approach to offers (cheeky to the point of laughable) being made slowing the market down. Will the new tax approach end up being a massive shot in the foot reducing the government purse and slowing the property markets, we'll have to wait and see, but so far it doesn't look good!

Its a hard knock live, but not in Holland Park!

2011-12-30T16:45:00.001Z

It was reported in the guardian this week that Campden Hill Square in Holland Park has become the most expensive address in Britain with average prices of £4.8 m. With the dramatic influx of the uber wealthy from mainland Europe amid the financial crisis and from Arab states concerned with recent political events; prime central London property is still regarded as an investment safe haven.
Holland Park for a long time has held a certain caché with residents of both the business and media sectors mingling between eclectic boutiques, fine restaurants, the serene park and a host of excellent schools in the area. Who knows what 2012 will bring us but even with all the turmoil surrounding us at the moment, it looks as though London property may still prove to far out perform global markets.

May you all have a wonderful new year and look forward to sharing more with you in the coming months!

A St Johns Wood apartment transformed!

2011-12-07T15:15:00.000Z

Back in June 2010 we were instructed to project manage the complete refurbishment of a two bedroom, two bath loft style property in the heart of St Johns Wood. Once home to Dame Laura Knight a prominant British impressionist artist; our brief was to sensitively modernise the interior maximizing the pre-existing sense of light and space.

Using stripped bamboo flooring across the length of the apartment, a neutral colour palette, led inset lighting to help zone the floor space and a sleek fully integrated galley kitchen, formerly a shoebox with a third of the worktop space and storage; we created a free flowing apartment well within budget.

Once the refurbishment was complete we were asked to let and manage the property for the landlord and within a week of marketing we were able to achieve a rental income twenty percent higher then they had been previously achieving; a good investment all round.

Lets do a deal!

2011-12-02T15:52:00.001Z

Even though the property market in London slows down heading towards Christmas, we had an enquiry to source a rental property for two members of an Emirate Royal Family. Beyond the excitement of working for Royalty, my home finder light bulb lit up as it happened to coincide perfectly with an old client who had a vacant rental property that fit the bill!
The property is located in St. Johns Wood and is a recently refurbished, three double bedroom, double reception ground floor apartment in Stockleigh Hall; a beautiful classicly Art Deco portered block facing Regents Park.
Now even though this was a match made in heaven, the deal fell through as we could not agree final terms of the tenancy as it was an open ended short term stay, but found a very nice property a moments walk away on St Edmunds Terrace.
The little lesson to be learnt here is to remember that even when you think a deal is set in stone, human intervention can always find a way to mess up best laid plans so always have a plan b in place to cover any eventuality!

A big thank you for everyone who has read this blog so far, I will be back with more content soon...

Dawning of a new day!

2011-11-28T14:27:00.001Z

4 Quarters Property Search has finally found her feet and is looking to connect with any of you out there interested in property, of any shape or size. In the coming weeks and months we will be giving you an insight into what we do and how we work and would welcome any questions you may have related to anything property.

We hope you find our posts interesting, and look forward to getting to know you.