Close Brothers – An Introduction to Residence One: Finding the Best London Properties

Close Brothers Property Finance is the premier organisation when you’re seeking advice and options to finance your property purchasing options. As an entity funded by Close Brothers, you needn’t look any further than Residence One when it comes to owning property in the capital. 

Here’s what Deputy Managing Director Daniel Joyce had to say about Residence One for Prime Resi and Premier magazines recently: “Residence One’s knowledge of the super prime property market in Prime Central London’s most exclusive postcodes is second to none. The team truly has their fingers on the pulse and knows exactly what features buyers at this end of the market expect when it comes to purchasing a home”.

The article goes into great detail about the strengths Residence One has when it comes to looking for the most luxurious properties in the London area as part of the vast financed projects Close Brothers contributes towards. The team’s insightful industry knowledge is superior and puts a huge emphasis on client satisfaction. 

Established in 2013, Residence One has grown exponentially and is widely considered one of the best companies around regarding dealing with developments across London’s most desired postcodes; this is exemplified in their £200 million portfolio of ongoing property construction developments. Read on to find out the opinion of Prime Resi and Premier magazines.

Premier magazine piece:

The market for luxury redeveloped properties in prime central London has proven remarkably resilient in the face of economic headwinds, with developer Residence One reporting more than 15 prospective buyers for each of its properties.

Part of the reason that the Prime Central London property market has held up better than the wider UK property market is due to the high proportion of cash buyers, who are insulated from rapid interest rate rises. With housebuilding at its lowest level since the pandemic, Residence One reports that three-quarters of transactions for its properties involve cash buyers.

Knight Frank’s Global Super Prime Intelligence Report shows a 20% increase in the number of transactions of London properties sold at £10m or above, rising from 45 in Q1 2023 to 54 in Q2 2023. The value of these transactions over the same period rose from £ 933 million to £ 1,034 million. A study by Savills shows that in the first nine months of 2023, 120 properties worth £ 10 million and above were sold in the capital. This marks a 50% increase compared to the pre-pandemic average (in the three years leading up to 2019).

Ben Wilson, Director at Residence One, says: “The Prime Central London market has held up extremely well. The supply constraints in Prime Central London mean we’re seeing consistently high demand for beautifully refurbished properties. We have built a strong reputation for quality and design and have achieved numerous records across our developments.

Close Brothers Property Finance has provided funding for the latest four development projects that Residence One has been working on. In a high-interest rate environment and uncertain economy, many funders are cautious about lending to smaller developers and impose restrictions against lending above a certain square footage or value in prime locations, however, Close Brothers has continued to support Residence One through the cycle.

Ben Wilson: “Close Brothers has always taken a very level-headed approach to lending, taking time to understand how they can best support our business objectives. There is a housing shortage across all sectors of the market, and more needs to be done to help housebuilders build, with Close Brothers playing a key part in solving this challenge.”

Daniel Joyce, Deputy Managing Director at Close Brothers Property Finance, comments: “We pride ourselves on our relationships with clients and our in-depth understanding of their markets, which is why we are able to operate as a through-the-cycle lender – helping our clients to build in the good and challenging times.

Residence One’s knowledge of the super prime property market in Prime Central London’s most exclusive postcodes is second to none. The team truly has their finger on the pulse and knows exactly what features buyers at this end of the market expect when it comes to purchasing a home, which is how they have been able to demand premium prices and have a queue of buyers for each property – which is some feat in the current market.”

Over the past 10 years, Residence One has developed numerous properties across Prime Central London and currently has £200m worth of prime London residential developments in their pipeline, across both single and multi-unit schemes. The developments are located in Prime Central London’s most exclusive enclaves, including Belgravia, Knightsbridge, and Kensington.

The customer base for their properties, which range in price from £1million to £25million per unit, comprises 60% international buyers and 40% domestic.

Residence One will listen to the aspects of purchasing property that are most important to you. To understand what it is we do at Close Brothers, explore the rest of our website here.

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