The City Magazine
January arrives like an unwelcome visitor after the festivities of the previous month. A somewhat sharp shock following the excesses of New Year’s Eve, the return to the office can be a tough ask for even the most committed of workers, and those long dark months from January to March always feel like a bit of an ordeal. Still, onward and upward... And there will be plenty to look forward to this year – World Cup anyone? Oh, wait... I said look forward to.... Well, there will be numerous other sporting diversions to amuse and distract. Andy Murray will defend his Wimbledon title – likely to be gripping stuff – while the Commonwealth Games in Glasgow will see Sir Chris Hoy attempt to compete one last time for gold on home soil before his rumoured retirement. It’s the stuff great headlines are made of. Elsewhere, in the business world, reports of an economic upturn mean good things for UK banks (p. 76) while the opening of American Psycho the musical in Islington should provide a rather humorous look at life (and death) in the rat race, (p. 24). We are honoured this month to feature Pierce Brosnan as our cover star. His exclusive shoot for Hackett with renowned photographer Terry O’Neill has produced a series of striking images, which capture not only Brosnan’s warmth and style, but his charisma and playful side too (p. 12). Our fashion shoot provides inspiration for stylish winter woollens to keep out the cold (p. 40) and Ben Fogle reminds us that, however hard that morning commute might be, it’s nothing compared to walking across cracking crevasse fields, with a mile-long drop beneath you (p. 19). Terrifying stuff.
January arrives like an unwelcome visitor after the
festivities of the previous month. A somewhat sharp
shock following the excesses of New Year’s Eve, the
return to the office can be a tough ask for even the
most committed of workers, and those long dark
months from January to March always feel like a bit
of an ordeal. Still, onward and upward...
And there will be plenty to look forward to this year – World Cup anyone?
Oh, wait... I said look forward to.... Well, there will be numerous other sporting
diversions to amuse and distract. Andy Murray will defend his Wimbledon title –
likely to be gripping stuff – while the Commonwealth Games in Glasgow will see
Sir Chris Hoy attempt to compete one last time for gold on home soil before his
rumoured retirement. It’s the stuff great headlines are made of. Elsewhere, in the
business world, reports of an economic upturn mean good things for UK banks
(p. 76) while the opening of American Psycho the musical in Islington should
provide a rather humorous look at life (and death) in the rat race, (p. 24). We are
honoured this month to feature Pierce Brosnan as our cover star. His exclusive
shoot for Hackett with renowned photographer Terry O’Neill has produced
a series of striking images, which capture not only Brosnan’s warmth and
style, but his charisma and playful side too (p. 12). Our fashion shoot provides
inspiration for stylish winter woollens to keep out the cold (p. 40) and Ben Fogle
reminds us that, however hard that morning commute might be, it’s nothing
compared to walking across cracking crevasse fields, with a mile-long drop
beneath you (p. 19). Terrifying stuff.
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homes<br />
&<br />
property<br />
expert comment<br />
LETTINGS:<br />
Off to a flying start<br />
SALES:<br />
No time like the present<br />
GARY HALL, REGIONAL PARTNER AT KNIGHT FRANK<br />
IN WAPPING, COMMENTS ON THE TRENDS IN THE<br />
RESIDENTIAL LETTINGS MARKET<br />
JOANNA HEATON, ASSOCIATE AT KNIGHT FRANK<br />
IN WAPPING, COMMENTS ON THE TRENDS IN THE<br />
RESIDENTIAL SALES MARKET<br />
After a slower than normal start to the<br />
winter months, the rental market has<br />
picked up pace with some momentum.<br />
<strong>The</strong> rush to find a rental property before<br />
Christmas was no different in 2013, with<br />
applicants leaving it until the last minute<br />
before deciding to move. As with previous<br />
years, we fully expect the first quarter of<br />
the new year to be full of activity.<br />
<strong>The</strong> luxury lifestyle development<br />
market continues to grow, with <strong>The</strong> Heron<br />
apartments (just moments from Moorgate) completed at the end<br />
of 2013. Towering at 38 storeys, <strong>The</strong> Heron apartments offer<br />
not only extremely high specification units with all the latest<br />
gadgets, but the development also benefits from a well-equipped<br />
gym, a very smart private residents’ bar/restaurant, excellent<br />
24 hour concierge and a communal roof terrace. It’s an ideal<br />
home for a corporate tenant.<br />
Over the past few years, the majority of investment<br />
properties in new build schemes in central London have sold to<br />
rental investors from South East Asia where the appetite for<br />
property has been extremely strong. This has continued but<br />
we’ve also observed that an increased number of <strong>The</strong> Heron’s<br />
new landlords, are from the UK and other parts of the world.<br />
This is a positive sign for the investment market in London.<br />
Additionally, the number of corporate tenants renting through<br />
the Wapping & <strong>City</strong> office via relocation agents has increased<br />
significantly over the past six months, showing there is renewed<br />
confidence in the <strong>City</strong> job market. Although RPI reduced again<br />
at the end of 2013, activity levels continue to increase. If these<br />
conditions remain, we should start to see rental prices rise in<br />
line with the increased demand as we move through 2014. •<br />
2013 saw prices soar and demand far<br />
outweigh supply. It was an exciting year<br />
for property owners watching their<br />
assets grow and culminated in many<br />
people staying for another Christmas<br />
in their homes. This was frustrating for<br />
buyers as they were forced to stay put<br />
too. Throughout the year, many buyers<br />
remained hopeful that the high prices<br />
being achieved would translate in to<br />
growing stock levels, but this didn’t happen<br />
and as a result many now have their hopes pinned on the fruits of<br />
spring 2014.<br />
With the new year comes fresh momentum to the market<br />
around the <strong>City</strong>, Wapping and Docklands, a momentum that will<br />
open doors to people wanting to trade up or away, and first time<br />
buyers will be able to make their first step on to the ladder.<br />
Lenders are keen and the demand for properties in East<br />
London is at an all-time high. Government intervention schemes<br />
have helped build confidence, and first time buyers are registering<br />
with record high budgets and never have we seen so many<br />
families wishing to buy long term homes in and around the <strong>City</strong>.<br />
Our message to property owners considering a sale is this - the<br />
time is now!<br />
<strong>The</strong> international spotlight is on residential property in this<br />
part of London and the eastern <strong>City</strong> fringe is seeing an enormous<br />
amount of new development. <strong>The</strong> international acclaim is drawing<br />
people from across the Globe to parts of London they had not<br />
previously been aware of. Knight Frank Residential Research<br />
explores the “ripple effect” of price growth out of prime central<br />
London in its autumn 2013 ‘London Review’, available at<br />
knightfrank.co.uk.<br />
Knight Frank Wapping and Canary Wharf wish <strong>The</strong> <strong>City</strong><br />
<strong>Magazine</strong> readership and all of our neighbours and clients a very<br />
happy and prosperous New Year. Please do call us if you would<br />
like a free market appraisal or any advice regarding the sale or<br />
purchase of property in this area. •<br />
Knight Frank Wapping<br />
020 7480 6848<br />
knightfrank.co.uk/wapping<br />
Knight Frank Wapping<br />
020 7480 6848<br />
knightfrank.co.uk/wapping<br />
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