Taking advantage of the Brexit effect of uncertainty and downward prices in the market, Landmass revealed their latest offer to clients, Bespoke Residence Sourcing, pulling together the team’s strength in sourcing, refurbishing and transforming previously unmodernised property into unique prime properties, adding value upwards of 10-20% once complete to a high standard.
Having developed and designed over 50 properties, Landmass uses experience and expert knowledge of the Prime Central London market, the team are able to source unmodernised property, both on and off the market, before converting and redeveloping the property to maximise the added value. With current market conditions as they are, the team are able to negotiate substantial reductions off the asking price and hence get the best value for their clients. Saving at a lower purchase price also means less stamp duty.
As buyers want more value and a new home designed to their taste, Alan Waxman, founder and chief executive of Landmass said, “With Brexit and other global political and economic uncertainties there is a lot of scepticism in the market, here lies an opportunity, to capitalise on unmodernised and underperforming properties.
“This appetite for maximization is the driver behind our newest offer, which provides a holistic service which sources, designs, project manages and delivers newly refurbished luxury properties for the client.”
An example of this work is a three-bedroom apartment in Upper Grosvenor Street. The unmodernised apartment is now available for a negotiated price of £4.95m, £550,000 lower than the asking price of £5.5m. The transformation costs for this project will be approximately £2, inclusive of all professional fees. It is forecasted that its resale value will be upwards of £8.9m presenting added value of over £1.5m or around 20%. The project is forecasted to take 18 months, which is about average for a property of this type.
Waxman added, “Upper Grosvenor Street in Mayfair is an exquisite example of what we are able to do. We were able to secure a discount of nearly 10%, and we have outlined plans to regenerate this tired apartment into a luxurious modern home.
“Maximising design, we believe that we will be able to add value of over 20 per cent in 18 months, adding approximately £1,000 to its sq.ft. price. This project will deliver a brand new bespoke residence for its owner, who will have saved on stamp duty and will have not paid a premium for a turnkey finish.”
The eight-phase project process developed by Landmass is tailored to the client, with each project requiring a bespoke brief from: preparation, to design and contract procurement and finishes.