Haute Couture in the Capital

It is a brand synonymous with glamour, luxury and international wealth: Versace seems a natural fit as the interior designer for a new ultra high-spec tower to open in London in 2020. It was announced this week that the first “haute couture” skyscraper in the British capital will be 50 stories high and feature 360 apartments, priced from £690,000 to £4 million (about US$1 million to US$6.2 million). Details of the penthouses, which will be more expensive, have yet to be released. More: The Fine Living Future of Canary Wharf The Italian fashion house will design the lobby, the amenities and the interiors for each apartment, including the lighting, wallpaper and even the cutlery. Amenities include a state-of-the-art gym, an indoor swimming pool and spa, a children’s play area, a roof garden and a cinema.

The skyscraper, often referred to as the “Jenga tower” for its resemblance to the game of stacked wooden blocks, is located in the heart of London’s Nine Elms regeneration area, adjacent to Battersea and its iconic, soon to be revamped power station, overlooking the river Thames. Officially known as AYKON Nine Elms, the tower is being developed by DICO UK Property Holding Limited, a subsidiary of Dubai-based residential developer DAMAC International Limited. This is DAMAC's first foray outside of the Middle East. The company has previously collaborated with Versace Home on the Al Jawharah Tower in Jeddah, Saudi Arabia and a new luxury tower in Beirut, Lebanon.

DAMAC chose London because they believe the capital continues to be one of the most sustainable real estate markets in the world, with a year-on-year price growth of 6%, according to real estate advisory firm JLL. “There is a huge appetite from our current global customer base for luxury property investments in London,” says Hussain Sajwani, Chairman of DAMAC. “AYKON Nine Elms presents an unrivaled opportunity for them to access the stable and established London market. AYKON Nine Elms, with Versace-branded living, is a truly unique concept and a fantastic addition to the residential market in this amazing cultural and vibrant city’’.

Nine Elms is the single largest regeneration site in central London, and includes the last remaining industrial stretch of the South Bank of the River Thames. It is the capital’s up-and-coming diplomatic quarter, with the US and Dutch embassies relocating to the area, and spans more than 195 hectares of central London, within walking distance of the Houses of Parliament, Sloane Square, Tate Britain, Battersea Park and Oval Cricket Ground. The AYKON development is one of three towers to be built here, next to Vauxhall, leading to the new nickname “Vanhattan”. More: Demand on the Rise in London After Months of Decline The finished development will be less than five minutes walk from Vauxhall railway and underground station, and a similar distance from the new Nine Elms underground station, also due for completion in 2020. This, says Sajwani, presents prospective buyers “with an unrivaled opportunity to own a luxurious central London home, in close proximity to the luxury shopping destinations of Knightsbridge and Mayfair, Chelsea and the planned Linear Park”.