‘Product has overtaken location as the driver for PCL buyers’: Northacre’s Niccolò Barattieri di San Pietro on London’s shifting luxury property market
“With little to no large sites left in the Capital many PCL developers will shift to boutique development,” writes the CEO of leading luxury property developer, Northacre. “For Northacre this is going to be interesting”.
I believe that 2022 is going to be a strong year for the PCL market with the momentum built in Q4 2021 continuing, writes Niccolò Barattieri di San Pietro, CEO of Northacre.
There is huge pent-up demand across the luxury sector with Rolls-Royce waiting times growing; Lamborghinis in short supply; and new-build boats few and far between. In property terms this means that the fundamentals are in place, Covid or no Covid, for London developers with the right product to have an excellent year.
Product has overtaken location as the driver for PCL buyers. Previously buyers were quite postcode-led i.e “I want to live in Chelsea” and would try to the best on offer in their desired postcode. Today, people are looking for the best product in their price range which has widened the PCL market. We are very bullish on Westminster in general – which will come as no surprise given our two projects, The Broadway and No.1 Palace Street, are located there and simultaneously completing this year. At a different price point, Battersea Power Station opens up this year and the vision for this landmark will finally come alive allowing people to see everything in place, I am a huge fan of this development and expect the whole regeneration of the area to be hugely successful and ultimately become a destination and an area that will draw a lot of focus.