LONdON LETTINGS
LETTING A
LIFESTYLE
With London’s super-prime rental market now
offering standards of luxury living that would
have been unheard of just a few years ago,
buying is not the only option for the capital’s
growing number of wealthy residents
hen the Ghayour* family moved “This was almost unheard of at the time
W into their new home on The Vale,
an exclusive street in Chelsea,
they didn’t have to contend with
and some people thought they were taking
quite a risk,” explains David. “But the risk
paid off, as these properties regularly achieve
the usual trials and tribulations associated record-breaking prices and are rarely vacant
with moving into a rental property. The house between tenancies.”
was already just as they wanted it, so much so Only five years ago the majority of prime
that they held a dinner party the evening they rental properties were offered unfurnished
moved in. and, despite being presented to a good
The Ghayours are part of a growing standard, were hardly ever redecorated for
group of wealthy families and individuals new tenants. “I rarely advised landlords to
who are choosing to rent long term in London fully furnish and decorate a rental property
due to the incredibly high turnkey standards back then,” David says. “Now I make it
offered by some properties at the very top abundantly clear that this is precisely what
of the market. The house on The Vale, for will achieve them the best outcome and
example, was completely refurbished over a maximum return.”
period of 18 months and dressed by top-end The emergence of rental properties of
interior designer Melissa Wyndham, down this calibre has triggered the appetite of
to the artwork, pots, pans, knives and forks. prospective tenants and their expectations are
Many pieces of furniture were commissioned much greater than they were. The property has
for the property. even become more important than the location
The client was so taken with the property for many, although a property of this kind will
they agreed to pay £11,000 a week – one of always be situated in a desirable area.
the highest rental prices achieved per sq ft in The luxury turnkey lifestyle is often the
Chelsea – which explains why investors are priority, particularly for tenants not based
spending huge amounts on creating these in London on a full-time basis – a large a Michelin-star restaurant, and services provided
increasingly bespoke rental propositions. proportion of those renting in this sub-section by the adjoining Mandarin Oriental hotel.
According to David Mumby, Head of of the market, around 75%, according to David. As well as attracting premium prices –
Knight Frank’s Chelsea and South Kensington Perhaps the ultimate turnkey rentals the asking price for one of the three bedroom
lettings offices, the trend began a few years are apartments in branded and serviced apartments currently available at One Hyde
ago when an investment fund that David was new developments such as One Hyde Park Park is £20,000 per week – those who rent
working with purchased a number of prime in Knightsbridge. Not only are the properties properties such as these tend to stay longer
properties with the aim of renovating and decorated, dressed and equipped with the than they might otherwise do, knowing they
furnishing them to an impeccable standard highest possible specifications and latest might not find another home like it.
in the belief that they would command a gadgets, residents also have access to a
significant rental premium. cocktail lounge, private cinema, *Not the real name of the family.
46 PRIVATE VIEW KnightFrank.com