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One Seven Five – October 2011

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One Seven Five – October 2011 OneSevenFive Marylebone – the village in the heart of the city :90 Marylebone's garden squares See page 2 second interview Estate agent Simon Hedley, 48, has lived predominately Italian, Greek and Spanish and worked in Marylebone for 25 years while Russian buyers still see the Central and still gets a buzz out of meeting people London property market as a safer haven and helping them fi nd their ideal home. He than more provincial property markets in believes that with its blocks of high-quality other cities or countries. But we still have a purpose built fl ats and its diversity of eclectic large number of buyers from the UK. shops Marylebone and the surrounding area provides a haven in the centre of London. So how long will this interest in Marylebone last? Even with Sterling strengthening foreign buyers tend to like the traditional English Interview by Gerald Bowey “village” feel that Marylebone provides; but many also enjoy its cosmopolitan atmosphere, What attracted you to Marylebone? Well my West End location and affordable range of fi rst real job was working for Druce in their distinguished styles of buildings to live in, Hampstead offi ce and I found the village surrounded with a mix of independent shops, atmosphere had a real positive effect on the boutiques, farmers market and restaurants. Marylebone rus in urbis way I worked. I then traveled extensively for a couple of years visiting many locations Will the area in the short term be affected Ruth Slavid, Architectural author For those who need to work in London, in North America and Australasia which by the lack of properties coming onto the and journalist takes a walk around or simply want to enjoy its cultural gave me a wonderful insight into all sorts of market? On the whole our sales and lettings facilities, there can be a confl ict – one that cultures and environments. When I returned attract professional people because of the Marylebone Village is often not resolved satisfactorily by the to the UK I went back to work for Druce in great transport links to the City and Canary compromise of suburban living, with its their Marylebone agency. Wharf. We are also located in a district that Country dreams in the urban buzz dreary commutes and less than stimulating has many embassies and diplomats tend Many people are torn between a environment. Marylebone Village, on the What was the appeal of the job? Initially it to be located nearby. I fi nd that people desire to live in the country, with its other hand, although right in the heart of was just a job. Druce was in the process of generally stay in the area once they move sense of community, its open spaces, the city, offers many of the advantages of divesting its interests from employing over in. They may start with a one bedroom and a ‘villagey’ atmosphere, and the rural living – without, admittedly, the cows sixty people in property from commercial fl at but will more than likely trade up as convenience and excitement of the city. and sheep. See page 4 property right through to hotels, with retail they progress in their career, this helps to and residential thrown in for good measure. stimulate the market from time-to-time. Also we have some of the most stunning So what changed? I think the thing that and clever conversions in the West End, for appealed to me was when we decided to instance, achieved by joining two adjoining focus exclusively on residential property in residential buildings, eliminating a core and Marylebone offers fl exibility to Marylebone 18 years ago. Druce already had a creating larger family homes. good reputation in the area and I brought my UK and foreign investors own diverse experience learnt in Hampstead and overseas, which came together with the We have some of the opening of the Weymouth Street agency. most stunning and clever City and Financial Journalist conversions in the West End Richard Northedge You must have seen some interesting changes over that period? investigates the opportunities to Marylebone High Street has gone from And the long term prospects? While the enhance investment potential decline to an up-market local resource and, fi nancial and lending markets are still in a in my view, can hold its own with Mayfair state of fl ux there is considerable activity The liquidity of the London lettings and Kensington for facilities. Much of that going on in the area. We are currently engaged market makes the UK capital a favourite change has been driven by the passion of the with a number of developers and working for property investors from both Britain Howard de Walden Estate, and in particular with them on a range of conversations and and abroad. With such an established Simon Baynham, who runs the development new build properties. They may be on the investment infrastructure of brokers, side of the estate. He has juggled uses to drawing board at the moment but the demand banks and buyers, and such a ready create more appealing spaces – the result for high quality homes in Marylebone will source of tenants seeking to rent, an is a vibrant high street that attracts top of soon bring them into the market. That fl exibility does not exist in areas investor can easily enter the market – the range shops which appeal to potential that are predominantly occupied by and more importantly, easily exit. residential tenants and buyers. What keeps you motivated? In a constantly owners or mainly let to tenants. Not changing situation, whether it is driven by only do many world capitals tend to one The even balance between property market conditions – good or bad – I spend a form of tenure rather than the other, so that is leased and homes owned by their Marylebone High Street has great deal of time thinking about what else do large parts of London. However, an I can do to make the whole process better, occupiers means that houses and fl ats area such as Marylebone with its blocks gone from decline to an can pass readily from one sector to the up-market local resource easier and less painful for the potential of high-quality purpose-built fl ats and buyer. I have lived in the area most of the other, allowing an investor to buy with its diversity of affl uent residents means time I have worked in Marylebone and vacant-possession and seek a tenant or both renting and buying and popular. Where do buyers come from in this current bought several properties in the process, so purchase a property that is already let – Tenants and owner-occupiers are climate? Last year we saw a signifi cant rise I feel that I am good at what I do. I can’t do then choose whether to sell to an owner- often neighbours in identical adjacent in international buyers, partly down to anything else and don’t want to do anything occupier or to another investor. properties. Continued on page 6 weak Sterling, from continental Europe – else either. That drives me. Squares Finance Lifestyle Property Investment Directory page 2 page 3 page 4 page 5 page 6 page 7 A touch of Buy-to-let A walk around Improve your Marylebone is Contacts country in and home of Marylebone investment and still a favourite directory the city your dreams Village extend your lease opportunity 2 OneSevenFive ‘Garden squares’ bring harmony to Marylebone life Ruth Slavid, Architectural author and journalist takes a look at the distinctive character behind some of them London’s squares are among its glories The squares were developed at the time and Marylebone is rich in them, with of the construction of Marylebone, which some particularly fi ne examples of what was built as part of two of the great estates are known as ‘garden squares’ – squares of London: the Howard de Walden estate that have tended gardens at their (originally the Portland Estate), and the centres, to which only the residents of Portman estate, both of which carried out the square have access. the bulk of their development work in the second half of the 18th Century and Although these may seem exclusive, the opening decades of the 19th century. the fact that they are beautifully cared This intense period of building, coupled for enhances the experience of visitors with the subsequent conservation of the to the squares as well. If you are not a estates, gives a pleasing sense of harmony resident and do want to have a peek and regularity to most of the streets and inside, they are accessible during squares within Marylebone. Nevertheless, London ‘Open Garden Squares Weekend’ each square has a distinctive character and (the next will be in June 2011). identity. Among the most interesting are: Bryanston Square Built between 1811 and 1821, a little later than some of the other squares, it is one of the most gracious of the squares. Houses on the east and west sides were built with stuccoed fronts and columns Montagu Square and pediments at each corner. One of the more formal squares, Within the gardens, London plane trees Montagu Square was laid out by the are set among other fl owering trees, and architect James Thompson Parkinson there is colour throughout the summer, in around 1800. It has some geometric as the planting includes rhododendrons, planting set in lawn which is surrounded azaleas, camellias, roses, weigelas, by a path and shrubs. dogwood, viburnum, mahonia, and hydrangeas. Despite its elegant and formal appearance, the square had connections A range of fl owering with the early heyday of pop music.
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