Lifestyle supplement 2018

the barrister Lifestyle Supplement

the barrister

Lifestyle

Supplement 2018

01 | Easter 2018

the barrister Lifestyle Supplement

02 | Easter 2087

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Content 04 Buying a ski home?

Should you buy outright or opt for leasehold

By Bunny Angus

06 Recognising resilience?

Talking Talent research finds the Legal sector toughing it out

By Rob Bravo, Director, Talking Talent

08 The Dubai coming of age

12

15

17

19

By Dee King

Why now could be the best time to investment in Monaco Property?

By Charlie Matthews

Enhance Your Image the Paris Commercial Property & The Rental Market

By Noreen Payne

STAND by London the Indians are coming… and one canny property developer is rolling out the red carpet to greet them.

By Romeo Prince

Lisbon & The Golden Visa

By Lettie Sharpe

22 Martin Kemp—Private Jets

25

28

and Yachts: The sky really is the limit

By Linda Hart

The Mansion in Marylebone, London’s last remaining village

By Lloyd Forbes

Mei Ume: Honouring a legacy

By Jane Walker

03 | Easter 2018

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Buying a ski home?

Should you buy outright or opt for leasehold?

By Bunny Angus

L

easeback schemes make the most sense from an investment point of view; there are considerable tax breaks and guaranteed rental returns, however, outright purchase allows you complete freedom and care of management. (client: MGM French Properties) A luxury ski chalet is top of the list for many overseas property enthusiasts, and there is a variety of purchase options available to buyers, including leaseback and outright purchase. The question of whether to buy in a leaseback or outright scheme is the first question to get straight when you first consider investing in a French property.

For most buyers, the reason for buying the property should guide the choice between outright and leaseback purchase. The main factor behind the decision should be the amount of time the buyer intends to spend in the home.

Will this be simply a base from which to enjoy the ski season a few weeks per year, or a year-round holiday home? If it’s the former, leaseback schemes make the most sense from an investment

04 | Easter 2087

point of view; there are considerable tax breaks and guaranteed rental returns.

By purchasing a leaseback home, the buyer benefits from a rebate of 20% VAT on the purchase price, through French tax allowances. The property freehold is completely owned by the purchaser, but the owner limits personal usage to a pre-agreed timetable between 3-6 weeks per year. The developer guarantees a fixed rental income for the time when the home is not in use. The day-today maintenance and rent collection for the property is handed over to the developer, or to a property management company. This kind of purchase is intended to be hassle-free, allowing the owner to enjoy the lifestyle aspects of the holiday without needing to deal with the practical aspects of looking after the home.

For those looking for a year-round holiday home, then buying outright could be the better option. Outright purchasers have complete freedom of use throughout the year, but can still rent the property or hire a property management company to handle the day-to-day for periods when they won’t be near the property. Financially, the major

difference between the two purchases is that you cannot then claim the 20% VAT rebate, and the rental income is likely to be lower and less reliable.

The amount of time the buyer wishes to spend at the property should also guide other decisions related to the purchase.

For example, for leaseback purchasers who might have less time to spend less time in their property, location becomes more important than ever. For example, leasehold purchasers might prioritise someone close to ski lifts and facilities.

Equally, for outright purchasers, investing in somewhere with a bustling local environment and a good range of

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summer time activities is also worth considering.

With this in mind, there are some welllocated leaseback and outright purchase Alpine homes worth considering for discerning buyers.

Leaseback properties are available in a variety of resorts across the French alps.

For those seeking easy proximity to the slopes, MGM French Properties’ ski-inski-out development in Les Saisies could be an ideal choice. Résidence Amaya will comprise 44 luxury leaseback purchase apartments, each with a large private balcony, storage lock up, a ski locker and an underground parking space. Additionally, purchasers will benefit from excellent on-site amenities including swimming pools, a spa area and gymnasium. The resort is in close proximity to the ‘Carrets’ ski slope, giving purchasers direct access to the Espace Diamant ski area, and 192km of ski slopes, in less than 15 minutes. Prices start from €258,333 for a one-bedroom apartment to a €645,833 for a fourbedroom home.

Another great resort in charming Haute

Savoie is Le Grand-Bornand, one of the closest resorts to Geneva Airport.

Based near chocolate-box Chinaillon, the 44 fully-furnished apartments which make up Le Roc des Tours feature panoramic views of the slopes and cosy rustic interiors. They each include a private cellar and ski locker room. The development also boasts a state-ofthe-art spa facility and will also have a restaurant when the second phase is complete. Apartmen ts at Le Roc des Tours start from at €195,833 for a one-bedroom apartment, ranging to €525,000 for a three-bedroom duplex property.

Alternately, for those looking to purchase outright, Le Lodge des Neiges is a fantastic ski-in-ski-out development in the epicentre of Tignes 1800. Located right on the slopes and just above the gondola in Tignes 1800, Le Lodge des Neiges features an indoor swimming pool, children’s paddling pool, sauna, steam room, hammam, whirlpools and private gymnasium. Tignes is great for families and adults alike, and is less than two and a half hours’ drive from Geneva and Lyon airports. Prices start from €315,000 for a one-bedroom apartment

and go up to €715,000 for a fourbedroom apartment, available through MGM French Properties.

For outright purchasers, Vallandry is also a great resort to consider. Recentlylaunched Les Granges de l’Epinette offers excellent family living space, classic interiors and striking panoramic views of Mont Blanc. Each apartment is available for outright purchase and boasts a private balcony, underground parking, ski locker and cellar; with prices starting at €275,000 for a one bedroom apartment. For skiing aficionados, Vallandry is a great choice, as it is located within Paradiski, which offers 425km of uninterrupted pistes between Les Arcs and La Plagne. The development is located a short walk to the Vanoise Express chair lift.

Overall, the choice between outright and leasehold purchase is completely dependent on the buyer’s personal preferences, but prospective purchasers would be wise to consider how they intend to use the flat and use this to guide their property search.

05 | Easter 2018

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Recognising resilience?

Talking Talent research finds the Legal sector toughing it out…

By Rob Bravo, Director, Talking Talent

H

ow do you feel on Monday morning? Do you bounce into work? Or do you drag yourself there? And how are your colleagues across the legal profession feeling at that moment? If you’re missing the spring in your step, is that just life? Or could it be something more fundamental… Are you at risk of burning out? Is that more likely because you work in the legal profession?

These questions and many others are examined by Talking Talent’s recent research into burnout. Censuswide were commissioned to speak to a representative sample of professionals across a range of levels, ages, sectors and family circumstances. The research was designed to get to the heart of what triggers burnout and the findings have much to tell us.

Looking at Legal What did the research tell us about working in the legal sector?

Let’s start with our cliché about dragging yourself to work in the morning. When Censuswide asked them, half (50% exactly) of those working in the legal profession complained that they have to ‘drag themselves to work and have trouble getting started once they arrive’.

That’s 10% more than for workers overall (40%). And, although the results for Legal workers are better than for HR (52%) or IT & Telecoms (59%) for example, it’s revealing to make a comparison with a public sector profession. In Education only 29% recognised this complaint.

Talking Talent recently held a legal think tank and out of the discussion came the fact that there appears to be an embedded long hours culture. This culture is, in turn, passed on to trainees. This cycle has a dramatic impact on working culture overall and increased stress levels over time.

Supported with purpose So what’s causing half of legal workers to feel so unhappy about going to work?

Is it the expectations or attitude of their employer? Or pressure from clients? Is it the nature of the work? Or something else?

Well, two thirds of Legal (67%) workers agree that their organisations recognise and actively support them attending to their wellbeing. For workers overall this number is 12% lower at 55%.

In addition, when asked whether their ‘boss recognises and actively supports them to attend to their own wellbeing’, Legal (63%) responses again outperform those of workers overall (58%).

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So it doesn’t appear to be expectations or attitude from their employer that’s making them unhappy.

Employees in the Legal sector are not short of meaning, direction and purpose either.

At work, 77% of them experience this, compared to 66% of all employees. And at home, 83% of Legal workers felt that way, compared to 73% of all workers.

And less Legal employees (43%) experience a ‘lack of satisfaction with their achievements’ than employees overall (51%), and in particular than Finance workers (59%) and IT & Telecoms colleagues (68%) for example.

Hard to work hard So we have to work harder to explain exactly why half of all legal workers have to drag themselves to work every morning.

At Talking Talent’s recent Legal think tank, it was clear that the senior decision makers in law are interested in employee wellbeing, but this can conflict with delivering the level of service they want to offer their clients. Perhaps the volume of work, combined with demanding deadlines explain how legal employees feel?

Let’s examine what the research tells us?

Almost three quarters of Legal workers (73%) felt that they gave a lot in their work, but got little in return. That compares to only 60% of all workers who felt this way.

The research asked participants how hard they feel they are working? More Legal workers (70%) felt they ‘work too hard in their job’ than across employees overall (59%).

Looking at other sectors, the research showed that 81% of those working in HR feel they work too hard, and IT & Telecoms workers (70%) and Finance workers (64%) feel the same. By comparison only 47% of education workers feel that way though.

Right about resilience If working too hard is part of the answer, maybe the nature of client relationships is preventing employees gaining a level of job satisfaction they aspire to?

Despite what the research shows us about legal professionals working too much for little in return, their hard work IS translating in to job satisfaction. More than three quarters (77%) of Legal workers felt that their overall level of job satisfaction was high, compared with only 58% of all workers.

If we are getting close to an accurate explanation for how Legal workers are

feeling, it’s clear they are a resilient group.

Unexpected expectations So what does this grumpy but satisfied group, think their employers need to offer to mitigate the risk of burnout?

It’s fascinating to discover that they DON’T think improved financial rewards are the answer. 39% of all employees thought organisation should pay employees more, but only 27% of Legal workers thought this.

Instead, Legal employees want more from their line manager (40% compared with 28% for all workers).

What about the increased use of technology making it more difficult to switch off when you’re not in the office? 24% of workers overall were bothered by this, but while it might not surprise us to find that it’s more of a problem to Legal employees (37%). It is also interesting to see that as many as one third of IT & Telecoms workers (33%) are also struggling with this too!

Generation bias With adapting to new technology clearly a factor, it’s fair to ask ourselves whether older and more experienced workers are more at risk of burning out?

Here Talking Talent’s research has a surprise for us. It is astonishing to think that as many as three quarters (75%) of professionals aged 25-34 already feel worn out by the type of work and the environment in which they work in. This compares with 57% of all professionals feel that way. That’s a much lower number but its still more than half of all workers.

So, the threat of burnout is real and immediate. It is not reserved for middle age or later life. In fact, last year in the UK, younger workers took more days off work due to stress than older workers (roughly 65% of 16-24 young workers compared to only 24% of older workers).

Summing up Wellbeing isn’t just a nice to have, by reducing stress levels businesses can make an impact on their bottom line. Maybe there is a discussion to be had around how to engage legal business leaders and clients as to how the legal profession can tackle this issue? The reality is that the cost of replacing a burnt out lawyer will be high.

Inevitably there’s no perfect explanation for these findings. The research found workers in the Legal sector drag themselves to work, where they feel they work too hard for little in return, but despite the fact that they say money isn’t the answer; their job satisfaction remains high. Resilient sounds about right – don’t you think?

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07 | Easter 2018

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The Dubai

coming of age

By Dee King

08 | Easter 2087

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O

nce a regional trading post, in the last decade Dubai has transformed itself into an investment and tourism hub, becoming a sophisticated global city.

This recent evolution is marked by an impressive and rapid growth in population, which rose from 1.3 million to 2.4 million in the last 10 years. According to the Knight Frank Global Cities Report 2018, more than 136 nationalities purchased properties in Dubai in 2016, providing the city with a more diverse purchaser base than any other city in the world. Dubai’s population is set to double over the next 14 years to reach five million by 2030, which was recently confirmed by Hussain Nasser Lootah, Director General of Dubai Municipality.

More and more people are leaving Europe’s major cities such as London, Monaco and Geneva and choosing Dubai as a principal residence, as opposed to a place for a second or third vacation home. The main factors are the favorable taxation and corporate structure, a safe environment, luxury living standards, excellent healthcare and world-class education options, which makes the city a fine choice for UHNWI’s and their families.

Attracted by the lifestyle that Dubai offers, buyers come from all corners of the globe and relocate with their families, having recognised that the city’s geographic positioning and world-class infrastructure makes it an easy place to travel to and from.

In order to cater to a maturing clientele and international audience, Dubai-based developer Xtreme Vision has created Volante, a super-prime residential development that offers, unlike any other schemes in Dubai, an exclusive private residence-only club, ideal for entertaining whilst also being a place to relax, unwind and soak in the spectacular vistas of the city’s skyline.

Located on the fourth floor and occupying the top of the entire podium, The Club is divided into three distinct areas: The Garden Area, The Spa and The Lounge. To be enjoyed by residents and their guests, the garden area has a 25m pool with infinity edge, a picturesque sunken fire pit and seating area with views across the canal and the Burj Khalifa, a shaded terrace and a sunbathing terrace, external spa treatment areas and a BBQ area.

The Spa comprises a reception area, yoga room, treatment rooms, post-treatment rest rooms, a sauna, steam room and a state-ofthe-art gymnasium. The Lounge area includes a club reception, a stylish sitting room, coffee bar, conference room, cinema room, food preparation area – ideal for a catered party - and a lift to the front lobby.

With a total residential area of 302,292 square feet, Volante consists of 45 exceptional half floor and whole floor apartments ranging from two to five bedrooms. Spanning from 5,000 to 10,000 square feet, each apartment is superbly finished with Italian travertine marble flooring, Zebrano wood panelling and Jordanian limestone, giving it an overall contemporary look.

Award-winning Italian designer, Mauro Lipparini and his atelier, Studio Lipparini, created the interior design scheme for Volante.

Inspired by the defining features of Italian minimalism, the beautifully proportioned interiors blend bold colours, organic textures and imaginative visual concepts to create a timeless yet elegant design. Generous living spaces are flooded with natural light through floor-to-ceiling windows, with sophisticated touches and the finest materials adding to the luxurious effect. Italian travertine marble floors flow throughout the living and bedroom spaces, while a combination of East African Zebrano wood panelling and Jordanian limestone wall coverings showcase the natural textures seamlessly integrated within the development.

At Volante residents will benefit from multi-functional properties, apt for both comfortable living and entertaining guests. Each property will boast two kitchens, one beautifully designed space in the central living area - ideal for entertaining guests - while a second secret space provides all the amenities for a functional dayto-day kitchen.

09 | Easter 2018

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Designed to create comfortable living spaces, these innovative apartments feature state-of-the-art smart home systems to control lighting, audio, AC, curtains and security. Many properties offer additional study or dressing room space, and both half and full-floor apartments retrospectively accommodate one to three live-in members of staff.

Residents will also benefit from a number of private car spaces with a secure underground parking complex, four cars for a full property and two for half-floor properties.

the banks of the Dubai Water Canal, a thriving new district that has undergone a major transformation, shifting from financial hub to residential and leisure centre, complete with five-star hotels, restaurants, retail, entertainment and ample space to walk, cycle and enjoy the surrounding areas. Within easy reach of Dubai’s major highway, Sheik Zayed Road, Volante is well positioned to access many of the city’s key destinations such as City Walk, the Burj Khalifa, Dubai International Finance Centre (DIFC) and Dubai International Airport.

Alongside the highest level of craftsmanship and five-star amenities, Volante offers unrivalled panoramic views. The development is located on

The Developer

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Xtreme Vision is a Dubai-based property development company whose aim is

to create remarkable places to live, taking a non-compromising approach in respect of the quality of hand-sourced materials and overall interior finishes.

Their motto, ‘We Engineer Passion’, is evident throughout the planning and construction process, with in-house interior design and architecture teams working side-by-side to design beautiful and exceptional residences. Volante is Xtreme Vision’s second property in their award-winning portfolio, following on from the renowned Le Rêve development in Dubai Marina. www.xtremevision.com

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11 | Easter 2018

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Why now could be the best time to investment in Monaco Property?

By Charlie Matthews

12 | Easter 2087

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O

riginating as an isolated fortress on the edge of France, Monaco has a long history of fighting for its independence and neutrality, dating back to the Grimaldi siege in 1297. Throughout its existence it has long-attracted the rich and famous and today is no different, in fact, Monaco has the highest number of millionaires and billionaires per capita in the world.

Monaco is the second smallest country in the world after Vatican City, with a population of c.40,000, many of whom are high-profile film stars, sportspeople and some of the wealthiest individuals on the planet.

The appeal of the Principality is clear; located on the coast of the Ligurian Sea, nestled between the Nice and Cape Martin, the mercury averages

24° in the summer months and rarely dips below 10°-12° in the winter, averaging 300 days of sunshine each year. This, combined with its world-renowned port, casinos and rich calendar of events make it a hot attraction all year round.

foundations for the major operation will take 40 months to complete and require dredging up and transporting hundreds of thousands of tons of sand from Sicily to create dry land.

The advantageous tax breaks are also a big drawer for those that opt for Monegasque residency. However, space is running out, with a total land mass of 2.02 km2 (0.78 sq mi), which has led the powers-that-be to sanction the largest land reclamation project in the tiny nation’s history.

Approved by the reigning Prince Albert II, the new area, set to complete in 2026, will feature hundreds of new homes, parkland measuring at over one hectare as well a separate landscaped park and Japanese Garden, public facilities, large public car park, seafront promenade, complete with marina and pedestrian wharves, as well as a small port.

In 2016 work started on a €2 billion (£1.8 billion) operation to claim six hectares (15 acres) from the sea, with plans focusing on the construction of luxury housing to attract more of the world’s wealthiest residents. The

Commenting on the new section of land, Rista Backovic, Director of Monaco-based Finlay Brewer International, said “Monaco is not much bigger than Regent’s Park, so it was inevitable that eventually space

13 | Easter 2018

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would run out. This extraordinary project will breathe new life into the Principality, creating a modern district that will attract an entirely new generation of buyer. We’ve seen some incredible projects over the past decade, Odeon Tower being one that stands out, but this land reclamation will give Monaco something completely different, which is great for the market.”

When compared to other cash rich markets, such as London or New York, Monaco stands up as a strong performer. Monaco commands some of the highest average property prices in the world – with the most expensive apartment on the planet currently sitting atop the Odeon Tower. Similar to London, Monaco offers a sense of stability and security to residents.

Rista added: “The Monaco property market is healthy. Demand from wealthy individuals keeps sales prices robust and stable, whilst the copious lifestyle benefits mean that the lettings market is lively and largely driven by overseas demand.”

While average pound per sq. ft. sales values in Monaco continue to outstrip those in London, the lettings market is far more comparable. While the Carré d’Or in Monte Carlo remains Monaco’s most prestigious location to rent exclusive apartments (averaging £61 per sq. ft. per annum), compared to London’s Knightsbridge, a similarly central city hotspot, is more expensive at over (£65/sq. ft. per annum).

Famed as a sporting location, Monaco has been a regular fixture of the Formula One Grand Prix World Championship for almost 90 years,

14 | Easter 2087

with the event, that runs through the winding streets of the Principality, attracting thousands of spectators each year. The region also plays host to the Monte Carlo Tennis Masters, whilst the football team, AS Monaco FC, recently rose to prominence by winning the French Ligue 1 Division Championship in 2017, as well as reaching the Semi Finals of the world-renowned UEFA Champions League in the same year.

Unsurprisingly, a number of leading sports stars are residents of Monaco, including current F1 Champion Lewis Hamilton, Jenson Button, Novak Djokovic and Women’s Tennis number one Caroline Wozniacki.

Not only there for the sport, residents of Monaco are largely internationals that are attracted by the tax haven status enjoyed within the Principality.

In Monaco, taxes are almost completely non-existent (unless you’re a French national residing in Monaco).

Inheritance tax and gift tax are payable, but only with regard to assets situated in Monaco. In other words, these taxes don’t apply to assets situated outside Monaco.

However, to benefit you must be a full resident, which can be achieved in one of three ways: •

You are offered an employment contract by an authorised Monegasque employer

•

You intend to set up a business in Monaco

•

You can demonstrate that you’re wealthy and have sufficient income without engaging in any gainful employment. You will need to open a bank account with

a Monegasque bank, deposit a minimum of €500,000 and acquire a bank reference of that bank stating you have sufficient funds to be self-sustainable There are different kinds of residence permits you can get, and you only have to spend three months in Monaco each year to keep them valid.

One of the world’s most sought-after areas, it is clear to see the attraction form the world’s wealthy elite to Monaco and with a brand new region set to rise from the ocean, now could be the time to buy in Monaco, before the boom.

Properties on the market: If you like to live in the heart of the action and have deep pockets, then a home on Port Hercule, close to Casino Square and a major stretch of the F1 Grand Prix route, could be the ideal.

Formerly a luxury hotel, Le Mirabeau lends its name to a corner within the renowned Circuit de Monaco and now presents a rare opportunity to invest in Monaco’s rich history. A stunning duplex apartment has come onto the market with international agents Finlay Brewer for €45m, boasting vast lateral living spaces, four double bedrooms and a private terrace overlooking the Mediterranean Sea (contact: 020 7371 4166 / www. finlaybrewer.co.uk/international) If you’re in the market for something a little more affordable, €3.8 million would buy you a one-bedroom apartment in the same location, enjoying stunning sea views (Finlay Brewer International).

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Paris

Commercial Property & The Rental Market

By Noreen Payne

P

roperty in Paris has hit a record high, with homes being valued at an average of more than ₏9,000 per sq.m. On top of that, each of the city’s 20 arrondissements saw a price rise last year of at least 8%. It seems the trend is set to continue, with a huge number of buyers looking for their own slice of the French capital.

International buyers are favouring the sixth and seventh arrondissements, with trophy homes around the River Gauche and Latin Quarter, adored by

15 | Easter 2018

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famous writers, philosophers and artists, stretching west to Invalides and the Eiffel Tower. These buyers tend to fall in love with these areas when they visit Paris as tourists – they in fact contain many of the city’s top hotels.

Trophy purchasers generally look for homes with a view of the Eiffel Tower or the Seine and with easy reach of the shopping district.

The British vote to exit the European Union has also benefited the market, as some companies have relocated their European headquarters to the continent from the U.K. And in contrast to the British stamp duty hike in 2016 that crippled activity in prime central London, Macron is promising to reduce taxes. Second-home buyers are keen to take advantage of President Macron’s commitment to reduce taxes for property owners. At the same time, Paris offers a great deal of stability that London no longer can, which is extremely attractive to buyers from overseas.

The most visited city on earth, the French capital attracted approximately 30.9 million tourists in 2016, fuelling the competitive short-let market. With over 400,000 listings, France is also Airbnb’s second-largest market after the United States, with Paris itself the site’s biggest single market, with over 65,000 homes. Now however, the international firm faces a growing crackdown from legislators; triggered in part from the hotel industry, which sees the short-let industry as providing unfair competition.

Following significant moves by the French authorities to curb the shortterm Airbnb market, a new trend has risen in the Parisian market for property types that can be legally rented freely on the short-term rental market. Recent rulings dictate

16 | Easter 2087

homes in the 1st, 2nd, 3rd and 4th arrondissements can only be rented out for up to 120 nights per year, with fines for homeowners exceeding this limit increasing thirteenfold since 2016. International property specialists Athena Advisers are seeing savvy buyers snap up residential properties that are legally registered as commercial, thereby allowing for unlimited short-term rentals.

These new restrictions have driven buyers to seek alternative types of investment. Certain properties that are registered as commercial provide the perfect alternative and allow buyers to navigate the lucrative short-term rental market. Once a property has a commercial status any income generated from this building, be it through selling coffee or renting office space, is then regarded as income generated through a commercial activity. Because of this, such properties are fetching premiums of up to 10% compared to a traditional residential property.

These commercial properties are also easier to manage than traditional commercial activities, as things issues such as public liability insurance would be handled through your rental management company. The key driver for buyers, is that these commercially licensed buildings can be very quickly adapted for use on the short-term rental market, with very little investment in the layout and appearance.

One such example is a one-bedroom apartment on Rue Chambiges, currently being marketed by Athena Advisers. With a guide price of €1,300,000, the property has a private balcony, lift, high ceilings, wooden flooring and elegant communal areas.

The property has the potential to create a second bedroom and generate a 6% rental yield (net after rental management deductions), bringing in approximately €78,000 per year.

The premium paid over a normal residential apartment is €100,000, plus additional refurbishment works of approximately €70,000, totalling around €170,000. However, compared to a traditional residential property, these additional costs are paid off in a relatively short space of time and investors can benefit from unrestricted rental periods.

Camille Letuve from Athena Advisers’ Paris office, comments; “Investors are buying properties like this and after refurbishments renting them aggressively on the open market. An investor will have paid off the premium and refurbishment costs through rental yields by half way through year three, and then after 10 years will have made around €630,000, not accounting for rent increases or capital gain.”

“We have seen a real increase in the number of investors looking for this specific style of property. People are cottoning on to the opportunities they present and hence they never remain on the market for long.”

Rue Chambiges is a prime location for rentals; a quiet street close to the Champs-Élysées, Grand Palais and the Eiffel Tower. This one-bedroom apartment on the second floor of a beautiful Hausmannian building is available for €1,300,000.

For further information contact www. athenaadvisers.com / 0207 4714 500.

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STAND by London

the Indians are coming… and one canny property developer is rolling out the red carpet to greet them.

By Romeo Prince

W

hile many nationalities are baulking at stamp duty rises and changes to non-dom tax rates in the UK, Indian buyers are now pouring in thanks to an adjustment to tax laws in their home country.

Changes to the ‘liberal remittance scheme’ in 2015 mean a family of four can now take $1 million (£716,000) a year out of the country – and three years down the line many have built up nest eggs to splurge on prime central London property (one London buying agency reports the number of its sales to Indian buyers jumped from 2.6 per cent in 2015-16 to 13 per cent last year). But there is one catch…

Most Indian buyers have one requirement many vendors in the UK may be unacquainted with. It’s called Vastu Shastra. Most easily compared to the Chinese philosophical system feng shui, Vastu Shastra is a design principle which dictates the layout of a property. The main focus of this is the location and aspects of the entrance, the bathrooms, the kitchen and the bedrooms.

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the barrister Lifestyle Supplement This £4.75 million threebedroom, third-floor home in Pont Street, Knightsbridge has been reconfigured by developer One Point Six according to Vastu Shastra principles and, unsurprisingly, is attracting attention from Indian buyers.

Caroline Takla, director at One Point Six, says while the company was not singling out Indian buyers with the Vastu Shastra-complaint layout says they ‘we wanted to ensure we appeal to as wide a demographic as possible’.

And Geetanjali Bhalla a Vastu Shastra at specialist London buying consultancy The Collection says this flat ticks all the boxes for Indians.

‘The building itself - 49-51 Pont Street - is north facing, which is one of the most desirable compass directions of properties from a Vastu compliance perspective,’ she says.

‘The specific entrance to the flat being in the east direction – is ideal as it will, according the principles, connect the occupants of the property with higher officials, thus bringing prosperity and strengthening the social connections of the occupants.

‘The kitchen (fire element is in the south-east quadrant of the flat, which is seen as being ideally located for activity and direction.

‘The master bedroom has the bed’s headboard placed in the northwest direction, which according to Vastu Shastra, is desirable as this direction is associated with support, so is believed to promote better understanding between the occupants.

‘In the second bedroom, meanwhile, the headboard is placed in a south westerly direction. This is associated with relationships and skill, while its en-suite, thanks to the colour of its marble and fittings, offers balance.

‘The south-easterly aspect of the third bedroom is said to promote power and confidence.

‘Finally, the compatible colours blue and grey in the living/ dining room will, according to the principles, bring prosperity and clarity.

‘Overall the flat is 75-80 per cent Vastu compliant as with a couple of simple changes can be made 90 per cent compliant, which very rare to find in London. I highly recommend this property from Vastu perspective and the occupants of this property will benefit from many areas of life.’

18 | Easter 2087

Takla says One Point Six targeted the flat with Vastu Shastra in mind.

‘Indians have always had a love affair with London property and that is going through a renaissance now.

‘But you can’t apply the principles of Vastu Shastra with any property – especially with period properties in the capital which may be impossible to reconfigure.

‘This flat is in a rectangular shape – and positioned perfectly for these purposes. But with many London flats there is no scope to reconfigure them. For example, you can’t have a corner missing from a square or rectangle shape and, if you look at the layouts of many flats this is often the case. In India non Vastu Shastra-compliant properties are very undesirable.’

Takla says 36 per cent of her private clients are from India and that her company has added other features to the flat that make it attractive to Indians besides the Vastu Shastra aspect. The reconfiguration also increased the number of bedrooms from two to three and opened up the main living area by incorporating a hallway into this space.

‘We have added air conditioning throughout which might seem unusual to people used to the British climate but people from India are accustomed to it – they are not used to opening windows!’

She says. ‘That is quite a task here – you have to get permission from the freeholder to fit air conditioning units and it is expensive.

‘Indians also expect en-suites in each bathroom and anyway there’s a real demand for an even bedroom to bathroom ratio from all buyers today. We have also built in a steam-room element to one of the bathroom’s showers.’

The flat also features Miele kitchen appliances, a controlled lighting system, and an ethanol fireplace. The building is serviced by a porter. The service charge is approximately £6,000 a year but the buyer will enjoy a one-year free Quintessentially concierge service.

Wherever the buyers hail from they will certainly be purchasing an address with plenty of historical associations. Pont Street was where Oscar Wilde was arrested in 1895 prior to his imprisonment in Reading and Lillie Langtry, the American actress known for her relationships with a number of English nobles, also lived on the street. www.onepointsixlondon.com

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Lisbon & The Golden Visa

By Lettie Sharpe

L

isbon, Portugal’s Capital City, a has seen a shift in demand for the country’s Golden Visa Programme. The Golden Residence Permit, or Investment Based Residence Permit (ARI) enables non-EU nationals to obtain a temporary residence permit; proving free travel across the Schengen area. It also paves the way to a Portuguese passport and consequently, citizenship. Introduced in 2012, the ARI was put in place to encourage foreign investment, which

was essential following the country’s recession in 2008. The most popular route to entry is through property investment, with a minimum purchase property price of €500,000 required.

New data from international property specialists Athena Advisers reveals a huge increase of Brazilians investing in real estate to access the country’s Golden Visa Programme.

In the past 18 months, the number of investors has increased by

222%, making Brazilians the fastest growing nationality of investors using the popular residency programme. In second, were South African buyers with a 161% increase over the same period. The slowest increase was with Chinese investors, with just 44% showing their interest in Portugal has cooled somewhat.

They do however, remain by far the biggest investors in terms of volume, historically dominating four out of five visas.

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Portugal’s obvious cultural synergies and the Golden Visa’s fast-track opportunities to residency make it a frontrunner.

The Portuguese Government reported over €3bn worth of investment has entered the country from real estate investment since October 2012. Golden Visa applications from Brazilian nationals is progressively contributing to this figure, with factors both home and abroad influencing this increase. Firstly, the political and economic tensions in Brazil have increased in recent months, including former President Luiz Inácio Lula da Silva’s sentencing for corruption charges. Crime rates in the country remain at a high, as do levels of unemployment; heightening the appetite for relocation.

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There are also clear financial advantages for Brazilians looking to invest in Portugal. Luiz Felipe, Athena Advisers’ Sales Director (Brazil) who works out of Athena’s Rio de Janeiro office, comments; “Those purchasing with the Brazilian Real, with a budget of R$4m back in February last year, would have a budget of €822,223. Today, they would be looking at a budget of approximately 25% more, where R$4m would stretch to €1,037,075 from currency swings alone. This, combined with an increase in flight routes, political unrest and cultural similarities, is fuelling the influx of Brazilian Golden Visa applications. We expect this trend to continue into 2018”.

David-Moura George, Athena Advisers’ Lisbon Director, comments; “Brazilians used to look only at Chiado or Liberdade in Lisbon and the fishing town of Cascais.

Recently, we have started to see a shift towards more residential areas such as Belém, Estrela and Avenidas Novas”.

Proving an extra incentive, Portuguese airline TAP has also introduced “Portugal Stopovers”; where customers

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on flights with a layover in Lisbon or Porto can stay up to five nights for no extra flight cost. With direct flights from 52 Brazilian locations, Portugal’s cities are increasingly more accessible to the South American nation.

Athena Advisers have also seen an increase in the volume of investors locating to Portugal permanently, rather than settling on a simple city pied-a-terre.

Districts such as Santos and Bica offer strong capital gains; a two-bedroom apartment in the newly renovated Ribeira 11, will cost up to €680,000. With an average price of €5,100 per sq.m., Ribeira proves much less expensive than other luxury properties in the district, which command up to €9,000 per sq.m. Residents at Ribeira will benefit from the rooftop gym, a communal terrace and views of the Tagus River.

As western Europe’s oldest metropolis and one of the oldest in the world, the beautiful city of Lisbon features seven hills peppered across the cityscape, capped by a collection of terraces, known as Miradouros. Stunning beaches are just a 20-minute drive outside of the Capital, whilst the average 300 days of sunshine a year and mild temperatures make Lisbon the perfect location for enjoying life outdoors.

world and has become a hotspot for start-ups with the government offering various incentives for new businesses. Lisbon is also the location of the Web Summit until 2020, the largest technology conference in the world, which is said to generate over €175million in revenue for the city. In 2017, the city received the prestigious World Travel Award as the best city break destination and saw an increase of 22% in tourist numbers. With this increase, the demand for rental properties has grown too, whether on a short or longterm basis. No wonder savvy investors are currently targeting the city.

The government’s efforts with the Golden Visa Programme have paid off. Lisbon has become a trendy European capital, buzzing with designer boutiques, small independent shops, cafes and gourmet restaurants, with locals, expats and foreign residents living in a mix of stunning renovated period properties that will only continue to add character to the fabric of the city.

Properties in Ribeira range from €350,000 for a onebedroom apartment, to €680,000 for a two-bedroom apartment with a terrace. For further information contact www.athenaadvisers.com / 0207 4714 500.

The city is also ranked the second safest capital in the

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Martin Kemp Private Jets and Yachts: The sky really is the limit

By Linda Hart

R

evered as one of the leaders of style and originality in the Interiors industry, Martin Kemp Design creates bespoke solutions for a diverse range of clients. Established in 2012

by Martin Kemp, former creative director of renowned property developers, Candy& Candy, the luxury design company has grown organically over the years, and now stands as a team of 17.

The studio has no fixed design style, rather clients choose Martin Kemp Design for their ability to embrace their brief, whether minimalist or highly decorative, classic or futuristic. What is clear though, is that all clients of Martin Kemp Design expect an extremely high level of sophistication and finish.

It is that consistency, of delivering schemes that are of the highest quality that has led to the team being commissioned to work with some of the most prestigious projects in the world. Most recently, Martin Kemp Design worked to create the show apartment at Artesia, a 45-storey residential tower in Mumbai for which Martin is due to complete the total interiors scheme, the spectacular 77 South Audley Street Mayfair development, a private apartment within One57 in New York, with breath-taking views of Central Park and the Manhattan skyline, as well as leading the design for British Land’s Clarges development. But the team aren’t limited in what they design. In addition to the more traditional interior design of residences, Martin Kemp Design has worked to produce some of the finest interiors schemes for superyachts and private jets.

Briefs come from client’s both new and old. Most recently, following the completion of a client’s primary private residence in London, the team were asked to design the interiors of their private jet, a Challenger 604. Is this unusual? “No”, says Martin Kemp, “We often find that a client likes a scheme we have created for their primary residence so much, that they retain

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us to replicate the look in their other properties, super yachts and private jets. Our clients want to travel and holiday in style. When we design luxury jets, one of the first things our clients ask for is to create an extension of the quality and style found in their homes. We then work to create an interior that transforms a private jet to ensure travelling is always refined, stylish and comfortable.”

But there are restrictions. Superyacht and private jet design is a world away from schemes for the home, not least because of the shape, space, fire safety and weight constraints. If the owner intends to charter their plane then there are only a limited number of materials which are able to be used, as they have to undergo a 12 second vertical ‘burn’ test, whilst boat waterlines become a main topic of conversation during the design concept stages for superyachts, as it must not sit below a certain level whilst stationary—so Grand Pianos and Bronze statues are a rarity. Safety is paramount, so sharp corners are equally scarce, and everything must meet rigorous fire regulations.

Over the years Martin Kemp Design have had some

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unusual requests for facilities and amenities on board boats and yachts. “We had a client wanting a luxury bath on board a plane but had to decline as at that time technology could not yet deal with the risk of substantial water spillage. We were also asked to design a space to keep a supercar on a superyacht, and to engineer a helipad that could transform into a basketball court. We always try and accommodate our clients’ requests, but sometimes things are a little too difficult to incorporate,” says Martin Kemp.

What is interesting though, is the lack of a distinct trend for colours, textures and layout within superyacht and private jet design. Perhaps this is due to the very bespoke nature of aircrafts and yachts or perhaps it’s down to the different visions and requirements of the owners. What is clear though, is that Martin Kemp and his team really do believe in creating a bespoke scheme for each and every client, meaning that the sky really is the limit.

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The Mansion in Marylebone, London’s last remaining village

By Lloyd Forbes

Amid the savvy shoppers, commuters and empty-nesters, located in the heart of what may be coined ‘Central London’s last remaining village’ is The Mansion, the first residential scheme from Mayfair based super-prime developers, Clivedale London.

Central London’s Last Remaining Village

An area where heritage, quality and community blend together to form the ultimate London lifestyle, The Mansion is well placed to offer residents the best that the city has to offer.

With its tranquil, yet friendly atmosphere, Marylebone is one of London’s most sought-after destinations. Its unique mix of

characteristics is what has made Marylebone a hub for a diverse range of dwellers seeking quick and direct links to neighbouring Central London, from young professional commuters who can conveniently reach their workplace, to families attracted to the areas ambience.

The Marylebone Village community is truly vibrant and thriving. For

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natives and enthusiasts alike, it is no secret that this destination offers unparalleled experiences, catering to the tastes and interests of more than just purchasers. Located amongst a collection of Georgian and Victorian homes, lies avenues of independent cafes, all bordered by timeless garden squares and boutique shops, renowned shopping streets which boast some of the biggest names in global fashion, world famous auction houses including Sotheby’s and Christie’s and also those top-draw theatre productions and culinary destinations of the West End. Michelin starred restaurants are also no strangers to the area. The permanent return of double Michelin starred chef, Simon Rogan, and his restaurant, Roganic, are testament to the appeal of the area, which now sits among several other big names to have taken up residence in Marylebone including the renowned Chiltern Firehouse.

The soon to be completed Bond Street Crossrail, similarly contributes to the appeal of the area.

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the barrister Lifestyle Supplement To be located on the southern border of Marylebone, this rail will provide high-speed links to the City as well as Canary Wharf and Heathrow Airport. Proving to have had a positive effect, house prices in Marylebone have already shown to have increased, with the area often achieving prices in the £10-million plus price bracket and 2017 seeing record per square foot prices being reached, according to CBRE. It is this which has led Marylebone to consistently outperform the wider borough of Westminster and the capital itself.

The Mansion Setting a new standard for residential developments in Marylebone, The Mansion by Clivedale London is unlike anything else in this part of the capital. Home to an exclusive selection of 23 luxury apartments, residences will range in size from studio’s to two spectacular penthouses offering residents the ultimate luxury living experience and creating a new benchmark for the Marylebone residential property market.

DSDHA, an award-winning, London based architecture firm, have worked with Clivedale to create this building that is modern and cutting edge in its design yet blends seamlessly with its historic surroundings - a contemporary interpretation of a classic London mansion block. Sat amongst the traditional 19th century red brick design that lines the street of Marylebone, The Mansion pays tribute to the architectural history of the area, with its modern Terracotta façade. Their inspired approach has ensured the external curvature and geometry of The Mansion emulates the arch of Marylebone Lane, establishing a presence for The Mansion that is assertive but not overly dominant.

Award-winning interior designers Arney Fender Katsalidis are leading the design for the apartments and in doing so have united both modern and customary materials to create contemporary elegant

interiors with a creative and timeless sophistication. Floor to ceiling windows flood the open plan apartments with light, which together with the high level of specification, creates a property that is aligned with the super- prime developments of Mayfair.

facilities and the highest standard of services, which when combined, create an incomparable luxurious lifestyle and allows residents to seize every opportunity London has to offer.

Upon arrival, residents are greeted with travertine-lined double height lobby with a private resident’s lounge that overlooks an intimate sunken garden whilst a curved staircase extends down from this reception level and reveals Marylebone’s longest swimming pool at 25-metres.

Upon completion this year, residents at The Mansion will experience exclusive first-class services and 6,500 square feet of amenities which include a spa and state-of-the-art fitness studio complete with steam room and private treatment room and 25-meter pool. Not limited to tangible amenities, Clivedale has actively sourced the finest brand partners in London with occupants each having access to the services of a chauffeur-driven Bently house car, Fortnum & Mason grocery deliveries, housekeeping from “Maid of London” and dry cleaning services from ‘Jeeves of Belgravia’.

Clivedale London is an independent super-prime Mayfair-based developer which specialises in elegant contemporary developments across the residential, commercial and hotel sectors, with an extensive pipeline of projects in London W1.

Clivedale London

The ambitious developer has taken its first commercial development, 73 Brook Street, as its new headquarters, and has an impressive portfolio of projects in the pipeline, all located in London’s W1, and all due to complete over the next 4 years. Currently, the developers have two further residential projects which will follow The Mansion; Mayfair Park Residences, which will see the Dorchester Collection lend their name to a residential project for the first time ever and Hanover Bond, Mayfair’s first fully integrated hotel and residential development with award-winning hotel partner, Mandarin Oriental - due to complete in 2021.

Incorporating the best international design, materials and craftsmanship, The Mansion provides superb

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Mei Ume: Honouring a legacy

By Jane Walker

C

ombining Eastern and Western heritage, Mei Ume - the latest flagship restaurant to join the Four Seasons Hotel London at Ten Trinity Square – is a fusion of cultures designed to honour the colourful history and legacy of 20th Century world trading.

Located within the former Port of London Authority, a 1920’s Grade II listed building in the heart of Tower Hill, Mei Ume is an immersive and luxurious dining experience at one of the City of London’s most iconic landmarks. Once a gateway for Eastern and Western traders to exchange traditional commodities, the restaurant now seamlessly bridges the gap between two distinctive cultures.

A trade of design cultures Designed by Hong Kong-based design studio, AB Concept, duo Ed Ng and Terence Ngan effortlessly translate the trading history between British and the Orient. The creative ‘story-tellers of space’ honour a vibrant and crosscontinental legacy within an intimately scaled space for their first UK-based project.

Taking cultural inspiration from the restaurant’s name, a Chinese-Japanese hybrid translation for ‘plum blossom’ interiors at Mei Ume signify happiness and are a celebration of the Chinese culture through thoughtful and elegant design.

Embellished with red accents, the restaurant is a fusion of Asian design set within the foundations of British architecture. Preserving the building’s history, original mouldings and columns of the former trade building create a subtle division between the bar, lounge and dining areas. Ornate pillars, detailed with elaborate motifs, are entwined with contemporary design details and colour to create a modern, yet, authentic unification of the two distinctive cultures.

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the barrister Lifestyle Supplement Upon entering Mei Ume, guests are first met with an impressive screen created by using an enamel paint technique on glass with colourful plum blossoms. Suspended from two metal columns, the screen encompasses the design of typical portholes that are repeatedly seen throughout the restaurant. Strategically placed at the reception, this piece fuses the two cultures into one.

Honouring Eastern and Oriental heritage, traditional materials, such as embroidered silk lace panels, are represented through various extravagant design details throughout the restaurant. Contributing to the oriental grandeur of the restaurant’s design, three-layer gilded artworks are displayed to depict a traditional Chinese banquet scene. Supported by a red lacquer frame, the panels of this ornate piece, detail a story through a multi-layer painting technique.

Through a multi-layer painting technique with glass overlays, each panel allows the viewer to see the work from a different perspective depending on the angle of viewing.

Additionally, bamboo– a symbol for virtue in the Chinese culture – has been

used to partition a small and intimate space for guests. Creating a poetic dining experience, the panels serve to separate this semi-private dining area from the multipurpose bar, creating a notion of dining within a bamboo forest.

Mei Ume is a collection of oppositions that together form one distinct and unified interior. Alongside Chinoiserie influences, English heritage establishes itself with custom designed table lamps and use of brushed metal details - a nod to the history of the iconic Grade II listed property and its significant representation for international trade.

Large bronze-framed windows overlook the hotel’s traditional garden courtyard, flooding natural light into the restaurant space, conflicting the dark design features of the interiors.

A dining fusion of experiences Serving a modern take on classic Asian dishes, Mei Ume sources the finest gastronomic talents of Eastern cuisine. Headed by chef Tony Truong, formerly of Royal China, Mei Ume offers traditional Chinese and Japanese dishes with a modern approach showcasing two of the greatest Asian

cuisines under one roof. Leading the kitchen team, Truong is supported by sushi chef Mun Seok Choi, from Sake no Hana, and Dim Sum Chef Derrick Chen, from Yauatcha.

With nearly 60 years of combined experience, the trio incorporate authentic recipes from both China and Japan with a contemporary approach and experience. Offering a unique experiential service, Mei Ume illustrates a creative and contemporary twist to traditional cooking methods and dining.

The Mei Ume Bar is a focal point both visually and for dining experiences.

A pavilion-style design, the bar is illuminated with custom lanterns framed in black metal with patterned glass. Chefs will simultaneously interact with guests around the pavilion, with

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Chef Mun Seok Choi taking the helm of the live sushi station. With a passion for customer service and keen interest in the collaboration of Chinese and Japanese cuisine, Chef Mun Seok Choi will offer a personal experience for guests to create innovative dishes each with their own creative touches.

Cocktails have been inspired by the four key elements of Chinese astronomy, incorporating a number of western classics, adapted with a touch of eastern spirit. An extensive selection of sake, shochu and both Taiwanese and Japanese whiskey is available, in addition to a wine list curated by Wine Director Jan Konetzki.

When East meets West Operating across Hong Kong, Bangkok and Taipei, the luxury hospitality and residential design powerhouse is best known for the architectural use of space.

Working with a number of renowned hotel operators in addition to select restaurants and private residences, the studio has accomplished a number of

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projects. Seamlessly illustrating their nexus between two significant cultures, AB Concept has also curated interiors at projects, which include Rosewood Sanya, Su Yan at W Suzhou, Bo Innovation and Conrad Guangzho.

At Mei Ume, Co-Founders and Principals Ed Ng and Terence Ngan, incorporate influences from their own cultural experiences to work harmoniously with the stunning architectural features of Ten Trinity Square.

“We have been honoured to be trusted with a project that is rich with history and heritage. As our first project in the UK, Mei Ume at Four Seasons Hotel London at Ten Trinity Square marks a very important milestone for us and

we have thoroughly enjoyed working on keeping a legacy alive.” said Ed Ng of AB Concept. “As someone who grew up in Hong Kong, a melting pot of Eastern and Western cultures, I found this project particularly interesting as it presented us with the challenge of how to represent this delicately and sensitively.”

The duo continue to challenge, critique and reinforce each other’s work – Ed Ng as the intuitive designer who uses materials, ornament and texture to create a narrative within a space, and Terence Ngan, the architect who boasts an innate understanding of space, order and proportion. As a team, their individual skills together allow the studio to continually drive quality and incorporate a style that is unique to the location of their projects around the world. Mei Ume has provided the pair with an opportunity to honour the legacy of the former London Port of Authority, combined with their own cultural heritage, to deliver a contemporary and unique interior.

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