Multi-millionaires don't decorate. Credit crunch or no credit crunch, when it
comes to buying property, they still prefer to fork out for the luxury of
fully fitted and furnished interiors than have to deal with builders.
The London trend for “turnkey” property has reached an unprecedented level of
refinement. Niche developers catering to Belgravia tastes find that the more
they spend on interior design, the greater the return. The popular look
panders to playboy tastes: leather, dark wood and aggressive technology -
the sort of place you'd expect to find Grand Theft Auto IV on the
Playstation. Not every developer subscribes to this view, though the Candy
brothers have made a fortune out of it, and it accords with the estate agent
maxim that, while women decide mainstream property purchases, men have the
final say when it comes to super-prime.
One developer, Finchatton, is firmly in the boys' toys camp. The directors,
Alex Michelin and Andrew Dunn, are embarking on their most ambitious turnkey
project yet. They have acquired the freehold of 63 Eaton Square, a Grade
II-listed, 8,000 sq ft, seven-bedroom, six-storey mansion incorporating a
mews house. Following a complete refit, they expect to sell in September for
a whopping £30 million.
Freehold houses on the Grosvenor Estate (of which Eaton Square is a part) are
very rare. Finchatton bought the lease two years ago when it was converted
into flats, and acquired the freehold under new legislation which gives
leaseholders of flats the right to enfranchise. “The Estate is now buying
flats in each building to try to stop it, but they were too late with us,”
says Michelin, who is spending £500 a foot to transform what was “a total
shithole” into what will be “one of the best houses in London”.
Currently a building site, 63 Eaton Square will have grand reception rooms, a
huge kitchen, a basement terrace accessed by stairs which descend at the
touch of a button, a pool, sauna, gym, cinema, staff rooms, lift and an
entire wall of temperature-controlled wine storage. A foreign buyer is
anticipated.
If £30 million seems a bit eye-watering and you fancy something a bit more
subtle, a new-ish high-end developer, Rigby & Rigby, yesterday launched
13 Cadogan Street, a 2,400 sq ft, four-bedroom, four-storey house with two
private terraces, for £4.95 million (via Knight Frank, 020-7591 8600).
Situated in a lovely Georgian row just behind the Kings Road, it is a new
house behind a period façade.
Steve and Jenny Rigby, a husband-and-wife team, are ambitious. “We want to
become the largest and best developer of turnkey houses in Belgravia,
Knightsbridge and Chelsea,” says Steve. Despite revising the price down from
over £5 million before putting it up for sale, he believes that this market
will be comparatively well insulated from the economic slump.
The Rigbys have spent £460 a foot rebuilding everything from the roof to the
foundations. A chunky dentil cornice runs round the ceilings, and bespoke
cabinetry gleams from every corner. One curved walnut kitchen cupboard had
eight layers of gloss applied to perfect its sheen. The technology (TVs,
fridges, speakers), usually on boastful display, is also hidden behind wood
cabinets.
It's not surprising to hear that the house is aimed at a couple rather than a
bachelor. “Many of our competitors aim solely at young single men, but we
are a lot broader than that” says Steve. “Jenny is very useful for the
feminine perspective.” The occasional flash of colour is a welcome relief
from the usual palette of neutrals. The drawers of the bespoke vanity unit
in the master bedroom are lined with Tiffany-blue faux lizard skin. Is this
the beginning of the end for beige?
finchatton.com; rigbyandrigby.com
