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'Location, location, location' is an age-old line used as a yardstick to determine a property's investment credos. Lodha UK, the UK subsidiary of Indian developer Lodha Group, is sticking to tradition to market its first project in London.
If it's entertainment you are seeking, Covent Garden is at hand with its bustling theatres, restaurants and retail outlets, including Apple's flagship store.
"It's very difficult to build in this part of London. It is a historic quarter. Not many developers get the permission to build in this area and that means we have less competition," says Charlie Walsh, director of sales and marketing at Lodha UK.
The developer claims there are no comparable high-end properties in the neighbourhood, which should bolster the resale value and attractiveness of Lincoln Square to both investors and owner occupiers looking to live and work in prime central London.
Pool of buyers
The wealth of institutions in the vicinity paves the way for a catchment of prospective buyers.
"We have international buyers purchasing homes for children, judges and barristers working at the adjacent Royal Courts of Justice who need pied-a-terres, bankers from Goldman Sachs and Deloitte looking to buy or rent, and professors and students from the LSE. We also have straightforward investors who are looking to buy units and rent them out," informs Walsh.
Prices for a studio apartment start from £900,000, a one-bedroom ranges from £1.2 million to £1.3 million and a two-bedroom is priced north of £2 million. Lincoln Square also features three- and four-bedroom apartments, four townhouses and two penthouses. The project's gross development value is 500 million sterling. It aims for completion in Q3, 2018.
Lodha UK had an initial VIP launch in London, which was "well-received".
"A very large segment of buyers have been owner occupiers. We have also had talks with our investors from Asia. There has been interest from Hong Kong, Singapore, Thailand and mainland China. We will be coming to the Middle East again in September or October," says Walsh.
Gulf investors are a major target market for the developer, particularly in view of the favourable currency play after Brexit. "Also, given the transition of the younger generation of Emiratis and other wealthy Arabs who are being educated overseas, Lincoln Square offers them an option to have accommodation near their university," the executive points out.
Amenities
Keeping with the upscale nature of the project, Lincoln Square offers amenities such as a club lounge, billiards room, 24-seat cinema, 25m swimming pool, private dining room for up to 36 people, spa, sauna and steam room, a gym, two 24/7 concierges, a private courtyard and kids' room. The design of the amenities has been done by Patricia Urquiola. The project is also near Lincoln's Inn Fields park and is also near the Tube stations of Holborn and Chancery Lane. Investors can hope to achieve gross yields between three to 3.5 per cent on Lincoln Square, "which is very good for prime central London," says Walsh.
The project will be built using a combination of Lodha UK's equity and construction finance. "An element of funding will come from off-plan sales, although it won't be a major part of financing."
Lodha UK is also working on another luxury project in London, No 1 Grosvenor Square, coming up on the site of the former Canadian Embassy in Mayfair.
- deepthi@khaleejtimes.com
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