Friday, July 27, 2007

Circus act perfect for all the family

Roddy Dyce of The Edinburgh Flat Company spends his working life looking at properties, whether developing them to sell or project managing for clients, so it's fair to say that when he's looking for himself the bar is set pretty high. "I don't have a recollection of seeing anything else quite like this in the last five years," he says, referring to the four-bedroom flat he shares with his wife, actress Fiona Francis, and sons Sam, 13, and Robbie, 11, in Royal Circus in Edinburgh's New Town.

The graceful pair of crescents that form Royal Circus were designed by William Playfair in 1820, and this purpose-built Georgian Pavilion corner flat at number 30 offers a surprisingly substantial 2,400 sq ft of living space. Because it was designed and built as it is, the property doesn't suffer from the imbalance of space that can blight conversions. Here every room is an impressive size, while the corner location gives a leafy double aspect in the drawing room, which overlooks the private gardens of Royal Circus. "This flat just had everything: the space, the light, the views, the location," says Dyce, recalling the impetus behind buying this property in the summer of 2002.

It also has some lovely period detailing, with a black marble fireplace in the drawing room and a second marble surround, in white this time, in the master bedroom, which is the only room situated to the rear of the flat with open views north over Edinburgh to the Forth.

There are working shutters and detailed cornicing throughout, while the dining-hallway - which is a stunning 10.59 metres long, so it's a proper room, not an afterthought - has plaster archways and ornate fanlights.

While all this period detailing was in place when Dyce and Francis moved in, the place did need an overhaul with new wiring and plumbing, and the installation of a new kitchen and bathroom as well as the creation of an en suite off the master bedroom. "As it was, there was a very challenging layout," says Dyce. The old kitchen was where bedroom four is now - which Dyce also uses as a study - and felt too small for the scale of the flat, while the bathroom was oddly compartmented with a utility area taking up a third of the space.

Moving the kitchen was an obvious response, and it now sits more centrally - and logically - within the floor plan, between the three main bedrooms positioned at one side of the flat and the drawing room at the other. After years of being involved in developing properties, Francis agrees that the couple's tastes have evolved as they're constantly seeing new fittings and picking up ideas.

"The more properties you've worked on, the more you know what it is you like," she says. "We've become much more eclectic and contemporary." Quality is paramount, she agrees. "In a kitchen, I like using granite and wood and stainless steel; I like materials that will last."

This is reflected here in the crisp white units partnered with stainless steel splashbacks and Baltic brown granite worktops, with a stainless steel range cooker. Wide-plank solid oak flooring creates a warm and organic feel underfoot both here and in the bathroom and en-suite. (And talking of flooring, the original flagstones are still below the carpet in the hallway so these could easily be exposed again.)

The bathroom is a fantastic space as it features a giant - really giant - freestanding bath, which is positioned centrally so you can lie gazing out the window to the trees. The en suite, meanwhile, was created from a cupboard that was originally accessed off bedroom two in a clever spatial rejig. Dyce also installed an integrated multi-room sound system throughout the flat, which can be operated either by remote control or via discreet wall panels, which increases the sense of flow as you wander from room to room.

The family are only moving because after five years here Dyce is suffering from itchy feet. Still, "If it was possible to hold on to anything, then this is the property I'd hold on to," he says. One of the things the couple have appreciated most about it is the way in which the layout has worked with a family. Sam and Robbie can be in their rooms playing music, for example, and yet they're far enough away from the drawing room for their parents to enjoy some peace and quiet.

"I remember Billy Connelly was questioned about what it was like growing up in a council high rise and he said it was just like a street on its side, and I feel this is a house on its side," says Dyce.

"You have the public areas at one end, the sleeping areas at the other, and the dining-kitchen in the middle where we can all gather together. It just works."

Wednesday, July 18, 2007

The Water Tower, North Esk Road, Montrose

IF YOU are a buyer who appreciates having the most interesting property in the street, then this former water tower could catch your eye. Converted 30 years ago into a residential building, it is a beautiful Victorian edifice which could now do with upgrading.
Julia Treharne, of Strutt and Parker, who is marketing the property, says that it is very much habitable now - with three bedrooms, a kitchen, sitting room, dining area, office and living room squeezed on to the first and second floor, leaving the top and ground floors as storage space. She says: "None of the rooms are big although they are useable, but there is work needed to be done - new kitchen and bathroom, new carpets, certainly."
Treharne says that the obvious route to go with any upgrading of the property, however, is to split it into two. "By creating another kitchen on one of the floors, you would have plenty of room for two flats" and estimates the amount needed to achieve this at about £40,000.
It would take some imagination, but not all the tower has been developed already, so some parts at least would be a blank canvas. At present the top floor is one large room, measuring 30ft by 30ft, but with the obvious challenges that an octagonal room presents - as is the case with the rest of the building. As you would expect, the views from the tower get better as you go up and there is access to a safe room which could make an interesting feature too.
Outside there is a garden with lawn and trees and plenty of parking; the street is quiet and residential. The tower was built in 1841 and is B-listed and so there may be planning restrictions but with a little foresight this could make a great home, or two.

Thursday, July 12, 2007

Real estate reforms do not go far enough, says Institute

Everyone engaged in real estate should be covered by measures reforming the industry, the Real Estate Institute says.
That included property managers, letting and leasing agents and companies which charged a marketing fee rather than a commission for the sale of property, it said.
In May the Government announced proposals to shake up the industry, including setting up an independent body with investigative powers to better protect consumers. The shake-up came after criticism of the industry for failing to take a tough lines on complaints.
Real Estate Institute president Murray Cleland yesterday released the institute's submission on the proposed reforms, saying it supported most of the Government's proposals including the establishment of a Real Estate Agents Authority.
It also backed:
* The transfer to the authority of responsibility for disciplinary and complaints procedures;
* Extension of the range of remedies and sanctions available;
* Increasing the maximum fine - it recommended raising it to $30,000 in line with that for lawyers and conveyancers;

* Raising entry standards to the industry and ensuring standards remained high with a requirement for compulsory continuing professional development;
* Extending the rules relating to disclosure of conflicts of interest.
But Mr Cleland said that if regulation was to be effective it needed to cover everyone involved in real estate "who posed a potential risk to consumers including property managers, letting and leasing agents and companies which charge a marketing fee rather than a commission for the sale of property".
The Government was not proposing to bring these groups into the regulatory regime on the same basis as real estate agents and sales people, he said.
"Yet one in five complaints to the institute concerns letting, leasing and property management and there is no difference in principle between charging marketing fees and charging commissions."
Mr Cleland also said the institute was concerned additional costs incurred in establishing the new authority were kept in check and said the industry should be consulted on any levies or fees imposed.
Members felt the industry should continue to be responsible for setting educational and industry standards and for the provision of consumer information.

property


The third-largest property project in Hanoi has finally re-started after three-years on ice.The Northbridge Development joint-venture was set up between Thai Northbridge Communities and Vietnam's Construction Corp No.9 in 1997 with total pledged investment of US$236 million over 45 years, 60% of that coming from Thailand.Nguyen Van Huong, general director of the joint-venture, told Vietnam Investment Review that Hanoi Mayor Nguyen Quoc Trieu recently issued an order to municipal agencies to resurrect the project and develop new plans."This assignment is very crucial for our joint venture, permitting us to continue the project, which has been delayed for too long," Huong said.The project made sporadic progress until 2003 but since then it has been held up, awaiting an official letter from the Hanoi People's Committee to continue. City officials cite several unspecified reasons for the delay."We also have studied the project site and finished the initial plan for land clearance and compensation already. The company will need a land use right certificate before implementing the compensation," Huong said.The project is located in Dong Anh district on the outskirts of Hanoi, beside Kim Chung commune's Van Tri Pond, north of the Thang Long Bridge. It was first delayed in 1998 during the Asian financial crisis and was then resumed in 2002 when Northbridge reaffirmed its commitment.Based on Huong's research, in 1998 the joint venture would have had to pay about 40 billion dong (US$2.5 million) for land compensation, and now it must pay 200 billion dong. However, he said that the two partners strongly believe in the potential of the current property market."We were permitted to recover expenses through other commercial constructions, such as residencies, offices and trading sites," he added. The project is now expected to be complete in three-years.With US$236 million in investment capital, the joint venture will develop an area of 86 hectares involving construction of residential units, medical facilities and a commercial centre. Based on a feasibility study, it plans to offer 220,000 square metres of villas, 13,000 square metres of semi-detached houses and 52,000 square metres of apartments.Northbridge Communities operates international schools and other property developments in Thailand and Cambodia. Other large real estate projects in Hanoi are Ciputra International, International Exchange City and the West Lake City. Of those, only the Indonesian-backed Ciputra is underway

The south Liverpool suburb of Aigburth has one of the best locations in the city

Situated between the picturesque bookends of Sefton Park to the north and the River Mersey to the south, the self-contained suburb of Aigburth is a firm favourite with Liverpool residents who want to be close to the city without actually living in the centre.Proximity to two of the city’s greatest assets is a huge plus point, but so too is the fact that if you don’t want to face the crowds and queues of Liverpool city there are enough local facilities to save you the bother. Lark Lane in the Sefton Park district is an all-in-one entertainment street with a choice of unique bars, restaurants and curiosity shops, and a great atmosphere to top it off.Aigburth Road, which runs the entire length of the suburb, is more traditional and has small, basic-needs shops including newsagents, cafes, off-licences, and a small branch of Tesco.The suburb splits into several sections: Aigburth; Aigburth Vale; Sefton Park; and Riverside Drive. St Michael’s Hamlet is often considered part of Aigburth although it is actually a separate area.
A lake and urban centre covering a total area of 45.3 hectares will be built in Phan Dinh Phung ward, northern Thai Nguyen province, at a cost of US$100 million by the Intra Group from Japan, the People's Committee of Thai Nguyen city announced on November 17.The Xuong Rong Urban Area will areas for villas, high-rise apartments and offices and a commercial centre and a green park, an entertainment area, a sports club and a lakeside hotel.

property

What are the specifics of the e-town2 project?E-town2 is a large commercial building under development on the well-established e-town business campus in Tan Binh district, near Tan Son Nhat international airport. The new building is comprised of 11 floors and two basement parking levels, with total net office space of 27,000 square metres. Construction of the building has been proceeding according to plan, and the target date for the grand opening is Christmas Day (December 25), 2006. Since the building is currently 58% pre-leased, we expect it be 70% pre-leased by the opening date.How will the services and marketing programmes to be tailored to promote this project and attract tenants?The marketing has been targeted at two main segments of the office space market. The first group consists of foreign multinational companies, both those which already have established businesses here in Vietnam and are seeking to expand and those who are currently entering the Vietnamese market in anticipation of Vietnam accession to the WTO. These companies are restricted either by the lack of available space in the CBD and/or the price of this space at the current time, and have decided that they do not necessarily need to be located in the CBD in order to succeed in this market.For these companies, etown2 is an excellent option, a large floor plan to accommodate ever-increasing space requirements, reasonable rental rates, professional management by Colliers International to ensure a headache free safe and secure work environment; and extensive international-grade business facilities and services available on-site.The second group consists of Vietnamese companies who are doing increasing amounts of business with foreign companies and are in need of a professional office environment in which to grow. For these companies, etown2 is an ideal location.The professional office environment will help them make the best possible impression when dealing with foreign and local clients alike, and reasonable rental rates ensure that the price of this improved impression is much more affordable than it would be in the CBD. Since we are targeting two separate groups of businesses, we have had to tailor our marketing efforts to reach each of them. Colliers marketing campaign for etown2 has consisted of building awareness, communicating the potential benefits of locating an office here at e-town; and reinforcing the professional image of e-town which has been established since the original building opened in 2002 and is fully leased.Do you find it difficult to persuade businesses to move to e-town2, which is not located in a CBD?In most cases, we do not need to persuade businesses to locate their operations at e-town2. The e-town business campus has a well established reputation for quality, value, and professional management.As a result, in response to our marketing efforts, we are often contacted by companies who are excited to move to etown2 because they understand the importance of quality, value, and professional management by Colliers International over simply a CBD location.As per your experiences, marketing efforts and market situation, how long do you expect until the building will be fully occupied?Given the lack of comparable office space in the current market and the huge amount of awareness and interest being generated by our marketing campaign, we expect the II-storey e-town2 building, with total net office space of 27,000 square metres, to be fully occupied by mid-2007.REE is also planning to develop more e-towns such as e-town3 and e-town, along with e-town2. Do you feel that REE executives are over optimistic about the future of Vietnam's property market? Did they ask for Colliers' advice on their plans?We do advise REE on the future developments. The property market in HCM City is driven by pure demand and supply fundamentals. Currently, [it has] little supply and very high demand. REE management is on right track on investing in commercial space to cater a high demand market.