London property experts Giles Cook and Catherine Cockcroft share what denotes prime and super-prime in the world of London lettings. DBPR asks “Is it all about the price bracket or are there other factors?”
Giles Cook, Director at Best Gapp
“In the exclusive world of the prime and super-prime Central London rental markets, Prime lettings denotes those rental properties offered below £4,000 per week whilst super-prime properties are those above £5,000 per week.
Notable important factors for tenants looking in the higher echelons of the price range include first and foremost location, positioning within the building or in the street and not surprisingly the level of interior design, where ultra-luxurious fittings are typically incorporated into the finish.
Expansive outside spaces such as gardens and private roof terraces, secure integrated parking for luxury cars, swimming pools, spas and wellness centres, air-conditioning and comfort cooling, under floor heating, home cinemas and in-house concierge services and fine restaurants are also a factor, as is the latest technology employed for entertainment, communications, lighting, cyber and home security.
We advise landlords to invest in furnishings and interiors to fit their target audience and subsequent pricing expectations. In some cases, we would recommend an entire refit of dated interiors. The distinction is always a factor between prime and super-prime rental properties and tenants more often than not demand the best that is available.
Those luxury brands that are most aligned to super-prime rental property include
ROBERTO CAVALLI | GIANFRANCO FERRE | LALIQUE | ANTONIO LUPI | BOCA DO LOBO | VISTA ALEGRE | MERIDIANI | ANTOLINI | FENDI CASA | POGGENPOHL | B&B ITALIA | CASSINA | DAVID LINLEY.”
Catherine Cockcroft, Director and Head of Lettings at Aylesford International
“It is expected that properties in the Prime and Super Prime markets should be in immaculate condition. Most landlords holding onto their properties are happy to upgrade in order to achieve a higher rental. However, those landlords who are looking to rent for a couple of years whilst they see what happens to the sales market are a less keen to do a lot of work. In this instance, they have to decide if they take a substantially lower rent, or do the works (which may ultimately help them in selling their properties in the future).
Due to the nature of rental (versus sales), a tenant will not usually do works themselves unless they are committed to a long term tenancy of a few years. Therefore, the quality of finish is very important when looking at the rent achievable.
‘Many of the properties which come on at the super prime level are brand new and would have been sold, had the sales market been more buoyant. Some vendors will now consider renting their property as an alternative whilst they wait for a more stable sales market. This in turn helps to improve the quality of finish throughout the market.”
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