This week’s exclusive interview is with Caroline Takla, co-founder of design-led lluxury property developer One Point Six, who tells us about the company’s latest developments and how they stand out from the crowd in the new homes market in some of London’s prime residential areas.
Hi Caroline, please tell us a little about yourself and One Point Six.
I began my career in property 17 years ago, working for an estate agency in West London called Townends, I then moved into town working for and holding senior positions in Hamptons International and then Chesterton Global. I was asked by my then friends and family to source properties on their behalf as I was good at spotting a good deal, but of course at the time I could only sell them properties that were listed through the agent that I worked at at the time. So when the opportunity came to work for a buying consultancy in 2008, I jumped at it. A year later I set up The Collection which is a buying agency that advises highly successful business leaders, global investors, actors, footballers and royalty on their London homes, investments and developments. The Collection is now ranked among the UK’s top buying agencies.
More recently, I co-founded One Point Six: a property development business that I set up with two former clients, Bhavnish Chandaria and Yadav Jani, who are now my business partners. The name is inspired by the ‘golden ratio’, the divine proportion that creates perfect harmony in nature, art and architecture. It symbolises our commitment to deliver meticulously considered, design-led developments. Our vision is to create the most prized residences for the most discerning buyers, by creating thoughtfully planned spaces that are as functionally efficient as they are effortlessly glamourous.
Our expertise and experience lie in identifying outstanding opportunities in the finest locations, and manipulating the space and catering the interior in a way that is appropriate for the end target buyer.
What developments is the company working on at present?
We are currently working on two projects – one in Cadogan Gardens, which is one of Chelsea’s best addresses, and another on Eaton Square, which is arguably London’s best address.
Cadogan Gardens is going to be completing by the end of the year and is going to be a really elegant apartment, ideal for family living in the heart of Chelsea.
Arranged laterally over 2,000 sq ft, Eaton Square will be our flagship development, created by combining two separate apartments into one, spectacular home. That’s all we can say about these projects for now but watch this space for when they both launch – Eaton Square will be launching in early 2019.
Having sold Pont Street and Observatory Gardens for record prices, we are also looking ahead to 2019 and are actively looking to acquire more sites as the year draws on.
Do you have 'themes' for these developments and can you take us through them and how they affect design/specification?
We don’t have themes as such, but we do utilise our experience on the acquisition side to try and foresee the end user. Our experience really lies on the design and space-planning side of things – we really take the time to appreciate the space and assess ways we can maximise the layout long before we start the work. Internal walls shouldn’t be seen as a disadvantage!
We also don’t have a certain look or feel like most developers do, which means each of our projects is unique. Each property is very market-appropriate and has been designed spatially and aesthetically to our target end buyer. Take our Eaton Square project for example; the address itself will immediately draw in a whole host of different buyers, but it will likely attract an overseas buyer, potentially European or Middle Eastern. Our strength is in our ability to introduce a bedroom-to-bathroom ratio of one-to-one, which is incredibly popular with overseas buyers, and have made sure there is a separate kitchen and WC, which is becoming increasingly essential for many buyers.
We also always try to retain the heritage and features of the space, by marrying the architectural features with what’s going on inside. There has to be continuity between the setting and the design to really bring a home to life.
What particular aspects of these properties are you most passionate about, and why?
I think the space planning – with that I believe we are ahead of the curve. By manipulating the space, optimising the layout and boosting storage we can create a flawless layout.
The combination of our fantastic in-house development team, the experience of private client work and the ability to fine tune a space to really make it sing have proved a great formula for us so far. There may be compromises for time – as a developer you are of course conscious of time; but the more time spent in the planning and “back-end” stages mean the sales period is inherently shorter.
Is ‘location, location, location' still the priority for the potential purchasers you meet, and how do these developments fare on this?
Absolutely! All of our developments bar-none are in great locations. We only choose very specific addresses – that is paramount and a key factor for us as developers. The development must always have a lift, ideally with a porter or concierge and the building must be beautiful from the outside; these fundamentals we cannot ignore. Since the 2014 Stamp Duty increases, many developers have shied away from central London, which means buyers looking for turnkey properties in great locations have had very little choice. This has contributed to our success and we will continue to look for projects in London’s best addresses but we are also widening our horizons to other zones in London and are excited about offering a central London finish to affluent pockets of London.
How is the luxury property market in London right now?
London still has the pull and is really seen as a bastion of stability, fair rule and will continue to retain that. These buyers fundamentally want somewhere safe and this appeal, coupled with a luxury property that is reminiscent of having been at home, is a compelling purchase. There has been a considerable amount of pent up demand since 2015 and as the Brexit negotiations unfold injecting much needed certainty in the market, no doubt more buyers will have the confidence to return.
Are there elements of the luxury sector that housebuilders in the mainstream could affordably bring into their market?
Yes! Certainly, customer service doesn’t cost a thing and is something everyone can benefit from. One thing that our buyers have been so appreciative of is the ability to move in with their toothbrush, and I think some housebuilders could benefit from introducing an easier route to furnishing. Reducing hassle, great design, thoughtful space planning and good storage are easy wins that very few mainstream housebuilders get completely right. It isn’t necessarily about how much you spend on materials, but how much time you spend appreciating the space and getting inventive with the layout.
What's in the pipeline for One Point Six over the next year?
There are so many exciting things on the books for One Point Six. We will be launching Cadogan Gardens and Eaton Square within the next year and are looking at potentially expanding our horizons internationally in East Africa – so stay tuned for that!
Our past private client projects have been a huge success, so we are proactively looking to develop that side of the business, as well as continually looking for more one-off sites for acquisition.