Martin Lent is the chief executive of London-based South Central Management, a property development management company that works on brand new buildings, handling acquisition and site sourcing, financial planning, legal due diligence, design and planning management, branding, marketing and more.
The company is currently working on 10 SoHo Square, located right near the Tottenham Court Road transportation hub (homes will range from £3 million to £5 million, or US$3.9 million to US$6.5 million), and it recently finished a project called the Fitzbourne, in Fitzrovia, which comprises eight apartments in the £3 million to £6 million range.
Mr. Lent’s company is also working on a 41-story tower in Elephant and Castle, which will have live/work spaces, and is expected to be completed in 2017.
He told us his company is now specifically looking to move into the private rental sector with the help of an American partner. "Funds and institutions are putting a lot of money into people looking to rent; that’s a new thing for London."
We spoke with Mr. Lent about what’s going on in London’s high-end market, the opportunities created by Brexit and more.
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Mansion Global: Describe your dream property.
Martin Lent: I’d want outdoor space, views, lots of natural living, and four or five bedrooms. Probably in the West End of London, near Regent’s Park. I’d want to be in town, but with space.
MG: What does "luxury" mean to you?
ML: It’s about finishes, which are getting a huge amount of attention. Today, we’re putting in the finest materials available—from the door handles and hinges on the entry doors to the flooring to the visualization that greets you: the way the concierge looks and approaches you. It’s about the detail.
MG: What area do you think is the next hub for luxury properties?
ML: Anywhere inside Zone 1 on the tube map in London is going to evolve into the more luxury end. Neighborhoods like Elephant and Castle and Southwark are already seeing growth in the luxury market.
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MG: What’s the most valuable amenity to have in a home right now?
ML: At the very top end, it’s staff quarters. We’re also seeing air con and concierge services. We designed a building recently with eight units that had special facilities for private nail and hair salon rooms. People are starting to think about those things more in London.
MG: What’s your favorite part of your home?
ML: There’s a little corner where I watch TV and hide away from the rest of the noise. It looks out onto the garden.
MG: Best piece of real estate advice?
ML: Buy well. For everybody — private owners, developers, anyone. If you buy well, you can’t go wrong. Make sure you’re paying a price that is low for what you’re getting, that it’s in a good location, that it’s a solid piece of estate, and it’s well built. It’s always about buying well rather than selling high.
MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?
ML: No one really knows what the European exit means. There’s a lot of uncertainty for the English market. But it creates a great buying opportunity for others to buy in London. They can buy more effectively, with a 10% to 15% discount just on the cost of money.
Presumably it will all settle itself out, as things do. But for now there’s uncertainty.
MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
ML: If I was buying in the middle of town, a piece with real historical value would be a great purchase. Slightly outside of the center, it depends more on facilities.
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MG: What best describes the theme to your home and why?
ML: Contemporary. It was revamped by myself and my wife when we acquired it. We opened up a lot of space, and most look onto the garden.
MG: What area that you work in currently has the best resale value?
ML: The entry-level product. That part of the market is still vibrant. The more expensive properties, on the other hand, have been hammered with the stamp duty taxes. That market is having a difficult time.