Our client required a one or two-bedroom investment apartment within the London SW1 area. The apartment was to be in a low maintenance, purpose built and in a portered block with a secure parking space. Good capital appreciation and rental yield from the property were also important requirements, with a budget of £1,000,000 being set for the purchase. Alongside the investment criteria, it was also crucial that the property encompassed and fulfilled our clients’ Feng Shui requirements.
RESEARCH AND REPORT
Garrington previewed twenty-two properties throughout SW1, encompassing and including Westminster, Victoria, Pimlico and Grosvenor Waterside locations. With each property preview, Garrington emailed an overview report noting the positives and negatives of each property to the client, building a picture of values whilst gaining valuable feedback of preferred locations and preferences of building styles. Once a particular development was identified to meet with our client’s preferences, as well as offering a substantial rental yield and the potential for capital appreciation, two apartments were shortlisted. Also, to ensure each property met the specific Feng Shui requirements, photographic and video reports were sent to our clients alongside comparable evidence on the sales and rental markets. Once the right property was identified, an independent Feng Shui survey was commissioned for the client.
KNOWLEDGE AND NEGOTIATION
Due to the competitive nature of property market conditions, coupled with the seller being an investment vendor, there was very little room for negotiation. At the time of purchase, properties were selling for asking prices and above. However, Garrington were able to negotiate £5,000 off the asking price and secured the property whilst fighting off a higher cash offer from another interested party. Garrington liaised with solicitors and met the surveyors at the property throughout the legal process, to ensure that the property proceeded to exchange of contracts and completion.
As the clients are based in Hong Kong it was known from the outset that it would prove difficult for them to physically view any properties. There were many significant factors to take in to consideration; the priority was for the property to be a sound rental investment in an area whereby there was still growth for capital appreciation, alongside meeting Feng Shui requirements. Saving our clients an exceptional amount of time researching and sourcing the right property, Garrington negotiated a discount and secured the client’s ideal investment property in a highly competitive market.