One-on-one interview: Mani Khiroya of Fruition Properties
Where in the country is your firm developing new homes?
North, West and Central London. We have sites in Hammersmith, Fulham, Notting Hill and Bayswater, but we also build quality homes in more suburban areas like Barnet, Harrow and Wembley under our ‘Flow by Fruition' brand. We've expanded offices and nearly doubled the staff over the last year so things are really on the up at Fruition!
What projects are Fruition Properties working on and what's in the development pipeline? We have 120 residential units in the pipeline, all to be delivered over the next 12 to 18 months, including a development of 36 new-build apartments in Friern Barnet, just north of Muswell Hill, with some spectacular views over Alexandra Palace! We are also working on eight new-build townhouses in Hammersmith, four luxury apartments on Linden Gardens, just off Notting Hill Gate, a 16 apartment conversion on Wyfold Road in Fulham and nine luxury apartments on the corner of Porchester Road and Westbourne Gardens in Bayswater.
What types of new homes are proving popular with buyers at the moment?
We are seeing particularly large demand for one- and two-bedroom apartments, amongst first-time buyers and buy-to-let investors. Our 36 unit site in Friern Barnet has seen over half the units reserved with five months to go until the development is complete and it's the one- and two-bedroom properties that have really flown off the shelves. Outdoor space is popular too - a lot of buyers have been particularly interested in the units with terraces or balconies - and have been willing to pay a premium for that too.
With housing market conditions improving, is now a good time to consider buying new home?
A new home is always a good investment, regardless of market conditions or government schemes. Energy efficiency, security, in-built technologies and clean, modern design is always worth paying for. This is all the more true for Fruition as a London housebuilder. London is a consistently secure environment in which to invest or buy a new home as well as being a fantastic place to live. The London market right now is delivering fantastic capital growth and this is really attracting people to new homes and Fruition is reaping the rewards of that.
Buying off-plan can be especially advantageous for buyers in this respect as by the time a buyer's house is built, the market rise has already seen its value increase significantly. In suburban areas of London, the Help to Buy scheme is also an added encouragement and if you can make use of the scheme you're a great deal better off financially than renting for years on end.
Why should buyers consider buying a property by Fruition Properties?
We are still a relatively small developer but this means we can deliver high quality homes that are genuinely interesting and really carefully thought out. We have an incredibly dedicated team who are constantly looking to improve the product and get the most out of each space. I genuinely believe there is an attention to both function and detail in a Fruition home which you just don't get with a lot of other developers, especially with the big housebuilders.
Where we pride ourselves is that our high quality specification and design is driven by the same values across all the price points we cover, be it suburban housing in north London or a luxury apartment in Notting Hill. We really believe in the after-care service tooand we offer a two year Fruition guarantee on top of the usual 10 year external warranty policies. I can honestly say that a lot of love and attention goes into each of our developments and we have received really positive feedback over the years.