This week we’re talking to Tim Banks, Octagon’s Chief Executive, about creating bespoke homes - and why ‘wine walls’ have become the latest must-have in luxury homes...
Tim, please give us a brief potted history of your career, which has culminated in being CEO of Octagon?
Following a business degree and professional accountancy qualification, with a wide variety of business ventures along the way, in my 20s I did several housing refurbishments of my own, before founding a plant hire firm, all while working in property related companies. My own endeavors resulted in joining David James and Roger Wyatt, who had founded Octagon Developments – following the sale of their original business. Octagon was supposed to be more of a hobby, building around eight homes a year… but it grew rapidly!
I joined Octagon Developments in 1998 and found out quickly that it really is like a big family. It is a lovely company with a wonderful output - I got very involved with the whole business, where the byword was excellence. When I was offered the role of Group Finance Director in 2007, with it came the opportunity to take a very tough Harvard Business School course, which was part of an EMBA programme – and I enjoyed every challenging week of it.
Almost 20 years after I first joined the business, I was made CEO in 2017. Now the company is owned by seven people, and we employ around 70 in total, many of whom, like me, have worked here for several years.
What values are synonymous with the Octagon brand?
We have a very strong reputation that has been built up over our 40 years in the housebuilding industry, and it’s a reputation we work hard to maintain.
Our clients have trust in the design and build service we offer, and that’s something that’s always at the forefront of any project we undertake. When you walk into an Octagon home, whether that be an apartment, restoration or superhome, you know it’s an Octagon – the care and attention we put into each and every one of our homes shows through, and we will continue to build to the very highest standards, as we have done for the last four decades.
We are an independent, privately owned business, which is something that really sets us apart, and while we work with some of the best suppliers in the business, the majority of our skill is inhouse – from architecture and surveying to land buying, site management and aftersales care.
You build luxurious homes in London and the Home Countries; is there a 'typical' buyer of an Octagon Home?
I wouldn’t say there was a ‘typical’ buyer, as we offer such varied products that appeal to very different types of people, also influenced by the property market and political climate.
Our Bespoke division, which offers a full turn-key service for those looking to design and build their own home, from planning through to handover, trebled when the stamp duty revisions were brought in – many people stopped moving, instead demolishing and rebuilding, remodeling or building large extensions.
Our ‘average’ price point for an Octagon home over the past 40 years has been around £5m, but we’ve recently introduced a collection of apartments at our flagship scheme in West Byfleet, with prices from £625,000, to great success. We hope this will open Octagon up to new buyers – aspirational purchasers, as well as downsizers looking for a high quality, low maintenance home.
What are the schemes you're working on at the moment?
We have just launched the first phase of homes at Broadoaks Park, in the commuter-friendly Surrey village of West Byfleet. Set in 25 acres of landscaped grounds, this development will offer 125 homes, from high specification apartments to new build family homes including the restoration of a Grade II listed manor house, coach house and lodges.
We have completed works on Eagle House, a Grade II* listed Jacobean building in Wimbledon Village, which was converted into eight unique apartments over a period of 4 years. Many original features have been carefully restored by our dedicated team, including stained glass windows, decorative ceilings and original fireplaces – there are just 5 apartments still remaining.
Also in London is Bishops Row, nine luxury townhouses just off the banks of the River Thames in Fulham, where eight homes remain available. Deceptively spacious, the homes enjoy river views from roof terraces and balconies and offer flexible accommodation across five floors.
How much scope is there for buyers to put their own stamp on their home at the design and build stage?
The Bespoke division was created in 2014 for this reason – we found a lot of potential clients dreamt about building their own home, to their own tastes and specification, so we began offering the service. We can help with every single aspect of the process, from finding a plot of land, to submitting planning permissions, all the way through to the build, interior design and landscaping.
The day to day of the Octagon Bespoke team is really varied - we could be designing a beautiful eight bedroom family home in Surrey, renovating a Victorian townhouse in Mayfair, or extending a penthouse apartment on the banks of the Thames. Every client and every home is different, hence why we call it Bespoke.
A Bespoke home should always be a ‘dream home’ – it is a highly personal process, and we work very closely with clients from day one, so it’s a real pleasure when clients return to us for a remodel, renovation or extension, or recommend us to their friends and family.
We once had a Bespoke client return to build an Octagon home for his parents, just around the corner from his own! He had a suitcase full of samples, cuttings and ideas based on his parent’s hobbies and tastes, and it resulted in one of the most artistically fascinating finished projects we’ve ever worked on.
What's the next big thing in luxury interior design?
Many clients are looking for an alternative to traditional wine cellars – rather than hiding away their best vintages, the latest trend in wine storage puts prized collections front and centre, displayed in a sleek glass cabinet, complementing a modern luxury interior look.
The ‘wine wall’ is a fully insulated, temperature and humidity controlled bespoke fitted cabinet, that is as practical as it is attention-grabbing. Our clients are increasingly requesting for these handcrafted wine galleries to be installed alongside bespoke bars and seating areas, establishing an elegant, eye-catching entertaining space to enjoy an evening of fine wine. The only catch is that to look its best, a wine wall requires constant re-stocking - however that hasn’t led to any complaints from clients just yet!
How do you pick the locations for your builds?
We’re known for building on the very best plots in the very best locations, which is down to our fantastic inhouse land buying team. Our main focus has always been South West London and the Home Counties, but with the Bespoke division continually growing, we’re doing more and more work across Essex, Kent and North London as well, and are always open to working in new regions.
And finally, what does 2020 look like for Octagon?
Broadoaks Park will be a key focus for 2020, as we open our onsite marketing suite and begin welcoming our first residents next spring.
We have a number of exciting new projects in the pipeline, which I look forward to revealing in the next few months – watch this space!
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