Martin Bikhit tells us about the appeal of rejuvenated Kings Cross to young tech professionals and about Gasholders London, their Grade II listed luxury apartments in the area.
Please tell us about your role and day to day responsibilities as Berkshire Hathaway HomeServices Kay & Co’s Managing Director.
As Managing Director at Berkshire Hathaway HomeServices Kay & Co, I oversee the day-to-day running of the business, as well as advising high-profile companies on their residential property interests and acting as the main point of contact between our London offices and our global affiliate network.
The company has recently launched a collection of luxury apartments at Gasholders London in Kings Cross, can you tell us a bit about them?
Gasholders London incorporates new luxury apartments within three original Grade II listed, cast-iron gasholder guide frames and is situated in one of London’s most desirable new hot spots. Gasholders holds 145 contemporary studio, one- two- and three-bedroom apartments and penthouses, measuring between 425 sq. ft. to 3,050 sq. ft., with prices starting from £825,000 for a luxury apartment. Residents who live here enjoy the benefits of the thriving Kings Cross area as well as the sense of community it brings with everything you could need on the doorstep. From cinemas to independent shops and restaurants, the canal and Regent’s Park, to the recently opened Coal Drops Yard shopping centre.
The apartments offer some incredible amenities, what do these include?
Residents benefit from a 24-hour concierge service and stunning communal spaces including a striking entrance lobby leading to a gorgeous courtyard, which provides views of the gasholder frames to the sky above, as well as a reflective pool and viewing platform.
Amenities for residents include an entertainment suite with a fourteen-seat screening room, private dining rooms with catering facilities, residents’ gym with a spa featuring a hydro pool, steam room and sauna. In addition, the scheme has a business suite and conference rooms, car parking and storage.
The landscaped rooftop garden provides superb views of London, as well as the neighbouring canal. Each building is linked by a circular walkway and was designed by winning landscape architecture practice, Dan Pearson Studio.
Can you tell us a bit about the recent transformation of Kings Cross?
Land Registry data shows that the average asking price for a new home in Kings Cross is £1,226,000, an increase of 18% over the last 12 months and 58% over the last five years. By contrast, Greater London has only increased by 0.6% over the past 12 months. In the last 12 months, over 126 sales transactions have been completed in Kings Cross, which has been contributed to by an extremely limited supply, with transactions totalling £132,855,311; however, when comparing the data with the previous 12 months, it is still a 24% increase.
BHHS Kay & Co have also seen a surge in lettings instructions in the area, which in turn has enhanced transactions with investors who are benefitting from the influx of the professionals who work for these tech and media companies. Most tenants are young - over 50% are aged between 18 and 29 and the average tenant’s age is 34.
With Kings Cross being such an international hub for tech giants such as Google, Facebook and Sony, who has been interested in buying the apartments?
Back in February 2019 BHHS Kay & Co recognised a surge in tech professionals looking to both buy and rent in Kings Cross, and we expect this to continue with the move of Sony Music to the area.
Berkshire Hathaway HomeServices Kay & Co. has seen a surge in tenants looking to rent in the Kings Cross area recently, why do you think this is?
As previously mentioned, a large demographic of tenants moving to the area are tech professionals, as they want to live and work in the growing tech hub of London that is Kings Cross.
Generally, the area is thriving and growing, and with most tenants being young (50% aged between 18 and 29) it’s clear to see the trend here - young professionals want to live in an upcoming area of the city.
What are the main things that your buyers and renters are looking for when considering a property?
Depending on the type of buyer, the main things our buyers look for will differ, and we cater our services for the individual. Families may favour properties in close proximity to good schools, whereas business professionals may decide on somewhere with convenient transportation links.
Generally, everyone will want a good quality of build for their money, along with amenities and services, which is a popular element in buying at the moment, particularly with luxury apartment schemes such as the Gasholders.
Clients are also looking for an all-round service from us including our expert knowledge on the areas of London where our properties are located.
What is the best piece of advice you could give to somebody looking to buy a new build property?
There are lots of new build developments on the market but my advice would be to always ensure that you are buying the best in class. These developments are likely to retain and increase in value over time to a greater extent than the market in general. Buyers these days are embarking upon a ‘flight to quality’.
And finally, which schemes will you be working on next?
Gasholders is one of our main schemes currently, and we think with its popular location and unique selling points it will do really well. We also have a great penthouse on The Bishops Avenue, as part of the Eliot House development, which is currently on the lettings market. We are continuously acquiring and looking for new instructions for our clients.