Breaking Property News – 09/04/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Gravity Co launches 6th property in Notting Hill, London
London, Tuesday 9th April 2024 – Gravity Co, the London based leader in co-living and PRS brands dedicated to fostering community, flexibility, wellbeing and professional growth is thrilled to announce the launch of its 6th property in the vibrant district of Notting Hill, London. Located just a short walk from Notting Hill Gate, this four-story Victorian house boasts 19 freshly renovated, fully furnished studio and one-bedroom apartments, set to open this spring.
Surrounded by Notting Hill’s culture and vibrancy, this latest edition to the Gravity Co portfolio promises to offer a true urban living experience tailored to meet the needs of London professionals with busy schedules. Located close to Paddington, Notting Hill and Royal Oak Stations, residents will find themselves in a prime spot to access the capital’s bustling transport network with ease.
Taking design influences from the local area, the property is filled with character, embracing both the charm of nearby Portobello Road and the laid-back vibes of Little Venice. Just moments from the hustle and bustle of Portobello Road’s famous market, buzzy eating spots and quirky entertainment hangouts, residents can also escape to more peaceful parts of the capital, taking in the calm that’s offered by the canals of Little Venice and green spaces of nearby Hyde and Holland Parks.
Inside the property, each open-plan apartment has been designed with a contemporary finish and comes fully furnished, complete with high-quality furnishings and modern, high-spec appliances including a washer/dryer, microwave, four plate convection hobs and oven. The floors have been meticulously crafted using premium wood and the en-suites, completed with high end, brushed black metallic finishes as standard.
While some studios offer a separate mezzanine level bed space, others have access to their own personal outside area, with terraces located both at the front and rear of the building.
Gravity Co’s Notting Hill property will be the first to launch under their new ‘Gravity Living’ brand. Renowned for their co-living offering, Gravity Living extends the same benefits enjoyed by its existing customer base – including exclusive partner discounts, utilities included in rent, community events, 24/7 support, and flexible contracts-to those seeking a more private living experience.
Gravity Living will be just one of the new sub-brands set to launch in the summer of 2024, as the company continues to cater to the diverse needs of its expanding customer base and prepares for international expansion.
“We’re thrilled to introduce Gravity Living to Notting Hill,” remarked Riccardo Tessaro, Co-Founder & CEO of Gravity Co. “Our vision is to redefine urban living by seamlessly blending contemporary luxury with the unique charm of local neighbourhoods. Notting Hill’s dynamic real estate landscape presents a prime opportunity for us to deliver on this promise, offering residents an unparalleled living experience that encapsulates the essence of this iconic district.”
Susanna Rock, Co-Founder & CIO of Gravity Co, added, “2024 marks an exciting milestone for Gravity Co as we embark on our international expansion journey and unveil our refreshed brand identity later this summer. ‘Gravity Living’ is just the beginning of our new offerings for the year, as we continue to expand our portfolio to provide an even more flexible living experience for our residents.”
Gravity Co was founded by ex-Bricks Capital Riccardo Tessaro and ex-GAM Investment Susanna Rock in 2017. Gravity Co is on a mission to improve the lives of today’s rental generation globally, through a community-centred, effortless and borderless living experience.
Gravity Co is creating a global consumer first renting model as more professionals seek experiences and convenience over ownership, moving towards the sharing economy. It plans to help the industry by servicing the entire renting lifecycle that promotes healthier, happier and more meaningful lifestyles. The co-living company has five properties across London, including two in Camden, one in Finsbury Park, one in Hounslow and its newest in Notting Hill and one property in Reading.
Janine Stone launches ‘CLARITY’ a new, super-prime new pre-purchase due diligence service
Janine Stone & Co (‘Janine Stone’) is pleased to announce the launch of Clarity, its unique, complementary service that provides purchasers of prime and super-prime residential properties with a holistic appraisal of the property’s suitability, pre-offer, for their renovation or redevelopment plans. Currently, potential buyers of prime or super prime properties do not have any one source of consultants or advisers who can advise them on all the various elements of a re-development or renovation project before they commit to a purchase.
Research conducted by Janine Stone, in partnership with a leading market research agency, among estate agents, buying agents and HNWs, revealed 57% believed that the absence of the availability of pre-purchase due diligence has led to transactions not going ahead, 45% affected delays in deals and 36% say there was a higher level of uncertainty among potential buyers. A further 82% of sector professionals said that they thought the introduction of such a service would have a positive impact on the prime and super prime markets and lead to more deals being completed.
“As an established property search and acquisition firm, a service which gives clients the peace of mind and clarity of thought to proceed with a purchase well in advance of signing on the dotted line, is invaluable. This is especially the case given the dramatic increase we have seen in the cost of building works since Covid and Brexit.
Buying a property is an emotional, often frustrating and expensive business and our role as overseers of the process is to make sure there are no nasty surprises. Taking on a project of any scale is not for the faint-hearted and having the guidance of an experienced team like that at Janine Stone would be of undoubted value to buyers. Their defined pre-purchase service helps normalise the process of taking advice on these matters, which is crucial to the success of any purchase,” says Guy Meacock, head of London at Prime Purchase, the independent buying arm of Savills.
‘Clarity’ will address the current missing link between a buyer identifying a premium property and the renovation and refurbishment they wish to undertake. Transactions in this sector often stall because, in the absence of such professional advice, prospective buyers are uncertain about proceeding and then buyers try to re-negotiate or deals fall through.
The service provides potential buyers of prime and super prime properties with comprehensive professional advice on the timeline, alternate floor plans, design concepts, budget forecasts, and feasibility of the property they are thinking of buying being suitable for their design and redevelopment ideas, giving buyers full confidence in their decision making.
It draws on the company’s decades of experience in architecture, construction, project management, and interior design. By incorporating all the design and construction services in-house Janine Stone ensures that each aspect of the process works smoothly and seamlessly. It is an approach they call ‘from concept to completion’, and it remains at the heart of Janine Stone’s vision, which ensures the firm fulfils its promise that every project will be exceptional without exception.
A sweet spot for the service being to help potential buyers in the £5m to £50m and above range with their clients typically spending on average £15m on a property. A number of industry observers and experts have predicted a recovery of the UK prime and super-prime property sectors in 2024. For instance, prime and super prime agents Beachamp Estates forecasts a 10.8% growth rate for the London premium property sector between 2024-27, compared with a national average of just 3.8%.
According to market analysts, the sector has been buoyed by interest from US buyers due to the strong dollar, a small increase in supply spurred by reforms to the planning system, and the recent announcement that Labour’s mansion tax policy will be scrapped. In what promises to be a recovery year for the sector, Clarity will help potential buyers of luxury properties firm up their decision making and help to spur the market’s revival.
Janine Stone, Founder of Janine Stone & Co said: “As the UK’s prime and super prime property markets begin to show the green shoots of recovery, we believe our Clarity service will help give buyers the advice and guidance they need as well as the peace of the mind that the property they are considering matches their refurbishment or redevelopment plans. Overall, at time when the market is primed for recovery, it should help accelerate transactions and help ensure a robust for what will hopefully be a banner year for the sector in 2024.”
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