Top Five London Buying
A 10,000sq ft flat in One Hyde Park, London’s biggest rental deal last year, and the whole top floor of 20 Grosvenor Square (all 8,000sq ft of it) bought for ‘something north of £50 million’: these were among the stand-out transactions at Lichfields last year, which have left founder Tryon brimming with enthusiasm at the start of 2017.
‘Otherwise, we had eleven acquisitions with a combined value of just shy of £95 million, our second-best year,’ says the former Spear’s Property Adviser of the Year. ‘We still haven’t cracked the one hundred, but we’re getting closer.’
Lichfields’ success despite low stock levels, ‘too high’ prices, hiked-up stamp duty rates and uncertainty following Brexit is in large part due to its focus, which is sourcing off-plan new builds for a largely international client base buying for investment.
Clients are mostly interested in ‘lateral’ accommodation — ‘in thirteen years as a buying agent no one’s ever asked me for a tall, thin house,’ he says, naming BBC TV Centre and Battersea Power Station, where he has bought three properties, as top picks among London’s new developments.
The year ahead is set to be challenging: ‘Anyone who thinks otherwise is being fairly disingenuous,’ says Tryon. ‘Patience is critical’, he adds, stressing that buyers should
be prepared to move quickly when the right property does come along.