{"id":56278,"date":"2017-05-29T22:14:11","date_gmt":"2017-05-29T15:14:11","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=56278"},"modified":"2017-05-29T20:31:58","modified_gmt":"2017-05-29T13:31:58","slug":"northacre-bullish-on-high-end-property-in-london","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/northacre-bullish-on-high-end-property-in-london\/","title":{"rendered":"Northacre bullish on high-end property in London"},"content":{"rendered":"


\nAmid political upheaval in the United Kingdom, the luxury property developer Northacre remains bullish on its outlook for the year as investors take a long-term approach to the high-end market in London. After a difficult 2016 dominated by the Brexit vote, triggering a dramatic drop in property prices and the volume of transactions, 2017 is forecast to be much better for the firm, majority-owned by Abu Dhabi Financial Group.
\nIn the first three months of this year, according to JLL, prime London property prices posted their first quarter-on-quarter rise since the third quarter of 2014, when oil prices began to fall from their summer peaks of about US$110 per barrel. “In general, prices stopped rising in the middle of 2014 after 20 years of continual growth. Despite Brexit, and stamp duty increases, many international buyers have used this as an opportunity to continue to purchase property in London. In light of this, we will not be changing our forecasts,” said Niccol\u00f2 Barattieri di San Pietro, Northacre’s chief executive.
\nThe London developer’s residential project No 1 Palace Street, opposite Buckingham Palace – bought by ADFG for \u00c2\u00a3310 million (Dh1.46 billion) in 2013 – is scheduled to be completed in 2019, by which time the UK is expected to have finalised the terms of its exit from the European Union. While many observers expect markets including Paris, Frankfurt and New York to benefit from the UK’s period of uncertainty, Mr Barattieri believes London will remain the top draw for property investors.
\n“We strongly believe that London will continue to hold its dominant and stable position as the No 1 city for investors. Other European cities will still struggle to compete due to London’s strong investment opportunities and its unrivalled international connectivity,” said Mr Barattieri. Financial institutions have started to move staff to other fin\u00adancial centres, such as Frankfurt, Dublin and Luxembourg, in anticipation of Brexit but Mr Barattieri does not expect this to affect the luxury end-user market in London.
\n“The type of employees that are moving to other financial industries are not our target market. They don’t generally buy super high-end apartments, especially within the types of departments that are being moved. As a result, this hasn’t affected Northacre,” he said.Agent Savills is marketing the 72 units at the 300,000 square feet No 1 Palace Street, which are reportedly being priced at up to \u00c2\u00a330m each.
\nLast year, Northacre reported a 7 per cent rise in revenue to \u00c2\u00a34.5m but made a pre-tax loss of \u00c2\u00a31.6m on a drop in development fee income as a result of the completion of its Vicarage Gate projects. It was also un\u00adable to sell its own \u00c2\u00a36.55m development at 22 Prince Edwards Mansion. Northacre is developing a \u00c2\u00a31 billion mixed-use project on the site of the former police HQ New Scotland Yard and plans to begin marketing it this summer, after the June 8 UK election. The political climate could work in its favour, according to Mr Barattieri.
\n“The current favourable climate for buyers from US dollar-dominated markets has obvi\u00adously provided international buyers with an opportunity to seek investment and our clients are recognising this period of uncertainty as the ideal mom\u00adent to show confidence in the UK housing market as a weather-able and dominant force,” he said. However, overall house prices in London are predicted to fall in real terms across 2017 – marking the first time this has happened since 2011 – according to an index by Hometrack, the Press Association reported on Friday. Hometrack’s latest report shows annual house price growth in London is already running at less than a third of the levels of a year ago.
\nIn April, house prices there were increasing by 3.5 per cent annually – compared with a 13 per cent surge a year earlier.London house prices are now rising at their lowest rate in five years, Hometrack said.malrawi@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
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Amid political upheaval in the United Kingdom, the luxury property developer Northacre remains bullish on...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-56278","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-eDI","jetpack-related-posts":[{"id":56282,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/northacre-says-investors-are-in-for-the-long-haul-on-luxury-london-property\/","url_meta":{"origin":56278,"position":0},"title":"Northacre says investors are in for the long haul on luxury London property","date":"May 29, 2017","format":false,"excerpt":"\r Amid political upheaval in the United Kingdom, the luxury property developer Northacre remains bullish on its outlook for the year as investors take a long-term approach to the high-end market in London. After a difficult 2016 dominated by the Brexit vote, triggering a dramatic drop in property prices and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":88634,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/central-london-property-is-attracting-new-buyers-from-asia-northacre\/","url_meta":{"origin":56278,"position":1},"title":"Central London property is attracting new buyers from Asia: Northacre","date":"May 18, 2018","format":false,"excerpt":"\r Asian demand for high-end central London property is coming from second-tier cities in China and countries such as Thailand too, says Niccolo Barattieri di San Pietro of Northacre.\r \r Source : cnbc.com\r Read more...Central London property is attracting new buyers from Asia: Northacre","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/adfgs-scotland-yard-deal-sweetened-by-brexit-votes-effect-on-pound\/","url_meta":{"origin":56278,"position":2},"title":"ADFG's Scotland Yard deal sweetened by Brexit vote's effect on pound","date":"November 2, 2016","format":false,"excerpt":"\r Abu Dhabi Financial Group (ADFG) has saved more than US$100 million on its purchase of the Metropolitan Police headquarters in London thanks to the fall in value of the British pound since Brexit.ADFG said that it completed a \u00a3370 million deal to buy the New Scotland Yard office block\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67970,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/northacre-appoints-jll-as-mideast-agent-for-london-development\/","url_meta":{"origin":56278,"position":3},"title":"Northacre appoints JLL as MidEast agent for London development","date":"September 29, 2017","format":false,"excerpt":"\r Abu Dhabi Financial Group's London development arm set to complete Westminster project in 2021\r \r Source : arabianbusiness.com\r Read more...Northacre appoints JLL as MidEast agent for London development","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":130990,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shuaas-northacre-completes-london-luxury-project-six-years-after-446-million-land-deal\/","url_meta":{"origin":56278,"position":4},"title":"Shuaa\u2019s Northacre completes London luxury project six years after $446 million land deal","date":"August 18, 2022","format":false,"excerpt":"\r Shuaa Capital earlier bought the plot, which was the previous location of the Metropolitan Police Headquarters, for $446 million\r \r Source : arabianbusiness.com\r Read more...Shuaa\u2019s Northacre completes London luxury project six years after 6 million land deal","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/08\/Broadwayreviewd-80-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6218,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/taxing-reality-for-londons-prime-housing-investors\/","url_meta":{"origin":56278,"position":5},"title":"Taxing reality for London's prime housing investors","date":"February 28, 2016","format":false,"excerpt":"\r \r Although there is no such thing as a surefire winner when it comes to investments, owning a house in prime central London has been about as close to it as it gets over the past five years.According to Knight Frank, property prices rose by an average of 8.5\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/56278"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=56278"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/56278\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=56278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=56278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=56278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}