Clifton Property Partners | Rob Windsor

After leaving university, you began your career as a trainee money broker. What was it about the property market that attracted you? 

As a young man fresh out of university, first and foremost I wanted to go into the music industry as an A&R scout as I had enjoyed a misspent youth following my favourite bands around! However, I quickly realised times were changing and this might not bean immediately lucrative career path. Similarly with property, I sought advice from a family friend and industry stalwart, who advised either the estate agency or surveyor route. However, a job offer in the city came through and I worked there for 18 months or so before realising that property was perhaps where my interest lay. I then began what has been a 22-year career working exclusively in PCL.‍

You spent 14 years as a Mayfair specialist, are you enjoying casting the net further and working across all that Prime Central London has to offer? 

Working in Mayfair for all this time has, of course, been immensely beneficial, allowing me to meet some lifelong clients, contacts and friends throughout that time. Whilst we maintain our focus in and immediately around Mayfair, we are also exploring markets further afield, including select international centres. Watch this space!

You have extensive agency experience in both private residence sales and super-prime residential development sales. What do you enjoy most about each discipline? 

We often say we are not in the property business but in the people business. Working in private residential sales can be incredibly rewarding, whereas advising on super-prime developments allows us the freedom to impart our creativity and experience. Working on a development from inception to delivery, and then ultimately selling the apartments can take years to achieve and in that time great bonds and friendships are formed, which is obviously extremely satisfying.

How do you spend your time away from the office to recharge? 

I have a four-and-a-half-year-old son, so it’s less about re-charging, more about charging around after him! In those rare moments of ‘me time’, I do enjoy playing tennis and have just completed my 9^th European marathon. Other than that, spending time with my family and friends.

There is no doubt that the PCL market is a major driver of the UK economy and therefore vital that London continues to appeal on the global stage. Despite a recent change of government, London continues to have much to offer those seeking the finest properties in the world.  

Following the Autumn Statement and the changes to CGT, IHT and Non-Dom status, what do you think the impact will be on the PCL market? 

There is no question that the Autumn Statement has made many domestic and international buyers rethink their positions on where they choose to live. However, London still has plenty to offer that other ‘prime’ cities cannot compete with, and I think that will continue to appeal to a wide audience. Demand will forever continue to outweigh supply, which should hold prices firm but as the saying goes, prediction is very hard, particularly if it’s about the future!

There are a growing number of jurisdictions with more favourable tax programmes designed to attract international investors. What do you see as London’s USP’s and why do you think London will always be an attractive option for property investment? 

The prime addresses in London offer the opportunity to acquire something entirely unique, which sits in direct contrast to the identikit new-build offerings in emerging markets. Yields may be lower and tax structures less favourable, but I think many international investors will favour the security, culture, heritage and all that London has to offer.

How important is the role of the big landowners such as Grosvenor and Cadogan, in bringing buyer confidence? 

Incredibly important. I am a firm believer that if you get the retail strategy right, strong residential demand follows. We only have to look at how the regenerations of Regent Street (The Crown), Mount Street (Grosvenor), Sloane Street (Cadogan)and Marylebone High Street (Howard De Walden) have positively impacted residential values in the immediate locale. This can only happen with autonomous landlords or a highly controlled and collaborative retail strategy. A clear example can be seen in the failings of Oxford Street, which should be a world-renowned retail environment but has instead become a mediocre high street filled with candy stores. 

There has been much change in landlord regulation, how are you finding the PCL rental market? 

Strong as ever, with demand outweighing supply. As transaction costs increase for buyers, we have seen an increase in some tenants looking to rent for longer durations, particularly with larger properties.

You have completed sales of some of the most prestigious homes in London. Are there particular types and styles of property that drive demand, regardless of market conditions?

Having spent so long in Mayfair, apartments with high ceilings and outside space tend to be the most requested in terms of requirements. We saw this recently in a development we have just launched on Charles Street, where the first floor apartment with 4.6m ceilings was the subject to a highly competitive ‘best-bids’ process. This was at odds with the somewhat lacklustre market conditions we have seen this year. Similarly, a first-floor apartment on Mount Street with direct access to the adjacent Connaught Hotel set a new price record for the street.

‍We know that Mayfair has long been one of the most exclusive postcodes in London, but what are your predictions for emerging hotspots in PCL? 

We consistently see a flow of ‘luxury’ new developments popping up all over London, but I think what defines luxury are the unique, defining qualities of the property as well as the location. Be it proximity to green space, a view of the river, the surrounding community and the retail and F&B offerings. Mayfair stands apart in this regard due to strict planning laws, hard geographical borders on all sides, an autonomous landlord controlling the retail environment and proximity to acres of green space. It really is a hard to beat address, not just in London, but globally.

We have noticed an increasing importance on designing spaces that foster wellness and sustainable living. Is this becoming more of a consideration for buyers and in turn does it demonstrate a return on investment at the point of sale? 

Yes absolutely, health and wellness facilities are definitely higher up the list of requirements than they used to be and are considered a necessary ‘box-check’ when delivering anew development. That said, with lavish self-contained amenities comes higher service charges, which can put some buyers off, irrespective of price point.

Are you still seeing a demand for turnkey projects, or are buyers increasingly interested in properties with potential for them to add their own personal touch? 

More so than ever, there is a real disparity between turnkey and those properties requiring full or even moderate refurbishment. We proved this recently with the sale of two apartments in a prominent portered block just off Park Lane. One was delivered ‘turnkey’, set a new price record for the building and sold before coming to market after one viewing. The second was larger, had higher ceilings, but hadn’t been touched in over 40 years. With build costs uncertain and a delivery time scale of more than two years, it took us 18 months to find a buyer willing to take on the work, who in this instance happened to be an architect looking for a home on which to make his mark.

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ROB WINDSOR

Director and Co-Founder at Clifton Property Partners

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