Super prime homes boost London property market
Proving that not everyone is feeling the pinch in a new era of austerity, specialist contractor Mivan, has picked the perfect time to branch out into the buoyant prime residential market, with new figures showing that ‘super-prime’ homes in London are selling better than ever.
Mivan Prime is set to raise the bar in the London property world, by offering fully bespoke construction, refurbishment and fit-out services for luxury homes, in hot spots such as Mayfair, Knightsbridge and Belgravia.
The new division will target projects valued between £2m and £10m, helping to fill a gap in the market for prime and super-prime residential property, a sector that saw unprecedented sales last quarter. According to estate agency Savills, prime residential property is selling at a record rate, with a total spend of £850million on £5million-plus homes in the Capital, between April and June - the highest quarterly figure recorded since Spring 2008 - and takes the total value of £5million–plus homes sold in 2010 to over £1.6billion.
The rise is being partially fuelled by instability in the Eurozone, and an influx of foreign investment, especially from Russia and Greece. The increasing interest from overseas buyers, making the most of stronger domestic currencies against the weaker pound, has meant an increase in the number of nationalities among London purchasers, from around 30 in 2008 to over 50 currently, and 50% of prime London (£2m+) sales are going to international buyers.
Buoyed by these latest figures, Stephen Mills, Business Development Director for Mivan Prime, is confident the time is right to launch the fresh brand: “The top-end London market was the first to show price growth after the downturn, and has performed well throughout the recession. Prime London property prices are 23% higher than their ‘post-crash’ low in March 2009, and as these latest figures show, these luxury properties are selling better than ever.”
Mivan Prime is already delivering the interior fit-out on several super-prime properties in central London, and is now offering the capability to take on the complete construction contract to either renovate an existing home, create a bespoke extension or complete a new build to a superior standard.
Mivan are currently on-site in large projects in Belgravia, Knightsbridge and St. James completing contracts with a cumulative value in excess of £70m, and have recently completed projects in Belgravia, Knightsbridge and Notting Hill.
“We are extending ourselves in a market where we are already very successful,” says Stephen. “The dedicated Mivan Prime division will focus on the luxury residential sector, and build on our knowledge of interiors and construction. Our extensive expertise means that we understand how to deliver the kind of luxury and quality finish this elite market demands. This is the right time for quality-conscious clients to create superbly designed and finished statement homes, tailored to their specific lifestyle and tastes.”
Operating from its central London office, Mivan Prime is taking a proactive approach to this burgeoning London market and has ambitious but realistic business projections, expecting a steady, annual turnover of £30m from this sector by 2012.
For more information, visit: mivanprime.com
