With the pound’s value still reeling from the shock EU referendum result, foreign property investors are finding their dollars and euros can go far further, so why not have a look at what Sons & Co.’s new Pinks Mews development in Holborn has to offer.
The pound in poverty
The UK sat with baited breath on 23rd June as it awaited the result of the historic EU referendum. The result was a shock in various ways – and no more so than on the country’s currency markets. Dropping to its lowest level since October 2009, the pound sunk to 1.08 versus the euro and 1.27 against the dollar. There’s been little sign of recovery over one year on from the result, largely due to fears over the consequences of a hard Brexit.
However, not everyone’s sad about a sub-standard Sterling. Indeed, prior to summer 2016, the strength of the pound had actually presented a problem for foreign investors. They had long been drawn to London; they knew the language, admired the culture, and liked the infrastructure. But the relative strength of the pound always made the capital a little expensive when compared to the likes of Paris or New York.
International investors resurgent, not retrenching
However, in the Brexit economy, this is no longer such a problem and international investors are responding accordingly. Contrary to many forecasts, foreign investment in the London property market has not dropped off a cliff post-referendum. Instead, the pace has picked up. Middle and Far Eastern buyers have been particularly active, with research showing they have almost doubled the amount of money spent in the UK’s regional markets compared to last year. Indeed, the Qatari Investment Authority now owns more land in London than TFL and the Queen put together.
But, far from such vigorous investment activity being restricted to the archetypal Prime London neighbourhoods of Chelsea, Knightsbridge and the like, a weakened pound means foreign investor cash can go further. As such, this demographic is more willing to travel a little further as well, venturing outside the typical international buyer comfort zone, in order to manoeuvre and experiment.
Chelsea, Belgravia, Holborn
One such place a foreign investor might like to experiment is Holborn. The area may not instinctively conjure the celebrity cache of other Prime London postcodes that traditionally lure investors. Nevertheless, it enjoys a pedigree and style of its own.
Situated in the capital’s heartland that links the City to the West End, Holborn is enormously well-connected. Its native transit hubs – Holborn and Chancery Lane station – offer access to both the Central and Piccadilly lines, meaning just about anywhere in the city is within easy reach. For an overseas investor looking for a crash pad for themselves or their children, the location could not be better.
Holborn is also no stranger to big business. Long home to the some of the world’s most prestigious law firms – Freshfields, Hogan Lovells, and Slater & Gordon, to name a few – the district has been the stalking ground of the well-to-do solicitor and barrister for centuries. Charles Dickens even served as a Junior Clerk there, while the beautiful chambers at Lincoln’s Inn and Gray’s Inn are a proud testament to that heritage.
But the area is also diversifying its portfolio, having drawn a host of big names from the creative and technology. Google, Amazon, Skype, Warner Brothers, as well advertising giants Saatchi & Saatchi are all amongst those who now have their London HQs in the area, contributing to an increasingly vibrant and dynamic atmosphere. It’s a combination of companies any investor with a business interest simply wouldn’t find in the likes of more sedate Belgravia and Chelsea.
Those accustomed to West End socialising will not be disappointed either. So-called ‘Midtown’ has enjoyed a total renaissance in entertainment over the past few years: from the Rosewood Hotel (a real celebrity magnet) and high-end restaurants catering to the corporate crowd to trendy concept bars like Bounce and Flight Club for the more creative types
An investor’s dream: Pinks Mews
Nestled amongst this dynamism is Pinks Mews. The gated development, accessed via a private walkway, is tucked away between the neo-Gothic Holborn bars building and Lincoln’s Inn Fields, giving the viewer a sense of both history and seclusion.
Pinks Mews is a Victorian-style mews development home to 35 one, two and three bedroom apartments, all finished to the highest standard. Inside, a combination of luxury oak floorings, marble bathrooms and bespoke furniture designed by renowned interiors firm Cocovaragive the rooms at Pinks Mews a “West End finish” many international investors expect if they are to part with their cash. Moreover, additional flourishes like comfort cooling, underfloor heating, Sonos surround sound system and a 24/7 concierge service make Pinks Mews a place one can enjoy, as well as invest in.
With Pinks Mews’ prices starting at £995,000, any sensible investor would realise Pinks Mews already offers great value for money. When factoring in the extra price advantage currently possessed by those trading in dollars or euros, you really will be in the pink if you plump for this mews.