Property Focus: Does luxury property find buyers?
Each property developer's portfolio is different. Some work over residential developments, while others focus on commercial or business properties. While each has advantages, each also comes with its own challenges, and these are often closely related to the conditions of the market.
In the current climate, one question many are asking is this: do luxury properties have the same populating pull as they did in the past, or are developers building grand properties which are then left unpopulous or empty?
With this as our start point, in this Property Focus we get down to the bricks and mortar of one such luxury property, and see if we can find the answer to the question.
Hobbs House, as Cambridge News reports, is the latest development from Rheebridge, a property development group which is local to the region and is led by David Rapley.
Drawing from a vision in which the company provides "material improvements in the whole community", Mr Rapley wanted to get the perfect team together to build the luxurious property. He wanted market-leading knowledge, and to get it he brought onboard a number of professionals:
- Heritage and Planning Consultants – Beacon Planning
- Architects – Freeland Rees Roberts
- Construction – Cocksedge
- Interior Design – Eve Waldron
The house takes its name from a conduit discovered beneath its foundations: Hobson's Conduit, a 17th century waterway that would complicate the construction of the property, in part because of the Rheebridge ethos.
Rheebridge states its philosophy is "to provide a bridge between ethical issues and commercial success." With the knowledge of such a historic construction existing beneath the property, the developers would have to bear both the cultural value and capital worth of this discovery in mind.
Expertly managing these concerns, the build was completed without a hitch — even appeasing some of its critics, who were perhaps worried the development would detract from the traditional scenery of the area.
Instead the finished new build is a complex of 11 individually designed apartments and penthouses – each providing a unique and inspirational living space for the occupier – but which also manage to appease the critics, who are delighted that the building "looks like it has always been there."
Did it attract any buyers?
While the property is certainly a great piece of development work, the question which follows is to do with whether or not the building is popular with buyers. A philosophy, a passion and many skilled craftsmen are all very well and good... but does anybody want to live there?
The answer for the team at Rheebridge is a resounding yes. All of the properties had buyers in place within four days of being on the market, a truly remarkable accomplishment.
In this particular case, we have seen a successful development and sale of new build. Perhaps what Hobbs House shows is that when the conditions are right, when you have the right goals and you know what you're doing, then people will be more than ready - even eager - to move in to a property which sits in the upper brackets.
Working on your own project? For a grand self-build, or brand new refurbishment, Affirmative helps property developers, financial intermediaries, and individuals with big dreams to secure funding fast.