London's Luxury Real Estate Developers Up The Ante With Botox, Wegovy
From Botox on demand to town cars that do school runs, here are the amenities developers are offering to attract high-net-worth buyers.
(Bloomberg) -- Amenities at London’s most expensive new luxury housing developments are getting increasingly competitive. Just having a hotel-size pool, a spacious gym and 24-hour concierge service is no longer enough to attract ultrahigh-net-worth buyers. So developers are offering such amenities as access to new private members clubs, doctor services with Botox available via an app, and town cars to drive children to private schools.
Such amenities come as additional incentives while luxury sales slow in the UK capital. A recent report from LonRes said that in May, sales of properties exceeding £5 million were down by more than 20% on an annual basis. That was the slowest May since 2017 for sales (excluding the 2020 pandemic year), according to the data service. Meanwhile, London mansions are being discounted by as much as 30%.
While the new amenities from developers are meant to attract buyers, consumers in this price bracket have come to expect them in newly constructed homes.
“Buyers of these sort of very expensive new-build homes are looking for more than just the apartment itself,” explains Camilla Dell, founder of buying agency Black Brick. “Now, I’m seeing developments that—as well as having great amenities within them—are also offering a lifestyle through being able to organize child care, walk your pets, and offering things like what Chelsea Barracks are doing.”
Chelsea Barracks, a newly built development that sells two-bedroom apartments for £6.7 million ($8.4 million), just launched a partnership with Effect Doctors, a concierge medical service; homeowners can get general-practitioner doctor visits, vitamin IV drips, or such services as Botox and weight-loss drugs in their homes via the residents’ services app. The project also has a new, 32,749-square-foot wellness space with a 25-meter swimming pool, a business suite with private offices, a children’s playroom and an underground sports hall that can be used as a championship tennis court.
“The focus on health and lifestyle has evolved significantly, especially post-pandemic,” says Jessica Bishop, real estate adviser at DDRE Global. “It’s something developments need to cater for now to remain relevant and desirable among the competition.”
In making a play for the very wealthy—especially international buyers—developers have to challenge hotels. “Some of the developments now absolutely do provide hotel-grade service,” says Jo Eccles, founder and managing director of buying agency Eccord. “They’re great for marketing but also for persuading buyers to pick your development versus someone else’s,” she says, adding that developers are trying to outmaneuver each other in offering amenities.
Hotels have gotten into the residence game, too. Take the Peninsula, which opened last year in London to much fanfare. The hotel offers its five-star service to residents, which may be one reason why it sold a one-bedroom apartment for £10 million. Still, developers are now offering hotel-like services in new projects that have no connection with hospitality brands.
All this commands a premium. The service charge at Chelsea Barracks can be £14.5 per square foot for an apartment, which can add over £22,900 to the annual cost of a two-bedroom apartment in the luxury complex.
“I think there is an expectation now that these super prime developments offer these services to the buyers. But if you’re paying these sort of service charges, you expect something for it,” says Dell.
Holland Park Gate
This property is a conversion from an art deco cinema on Kensington High Street, long considered to be one of London’s most prestigious neighborhoods. In addition to offering a wellness suite with a pool, steam room and sauna, developer Lodha is centering many amenities on families, reflecting a location near some of London’s top prep schools. There’s a house car to take kids to school each morning, a dedicated music room so children can practice playing instruments without disturbing neighbors, a play area near the gym and a partnership with educational consultancy Keystone Tutors.
One Carrington
This new development of 28 luxury apartments is modeled to look like a modern Mayfair townhouse. Directly opposite the homes will be the Carrington, a new, business-focused members club from Robin Birley, known for exclusive clubs 5 Hertford Street and Oswald’s. This club’s Carrington Wellness area will boast a large gym, treatment room and 25-meter pool. Residents will receive an initial membership to Carrington Wellness, subject to approval by a membership committee. And residents will be eligible to apply for club membership—a very easy commute from home to a Mayfair members club.
Chelsea Barracks
This Belgravia development has just opened a new, 32,749-square-foot, health-and-wellness area called the Garrison Club. Residents have access to more than 30 complimentary fitness classes weekly, including strength, high-intensity interval training, yoga and pilates. Skin-care brand Wildsmith, from luxury hotel Heckfield Place, will bring facials and massages to residents. There’s also a first-of-its-kind partnership with medical specialists Effect Doctors, founded by fellows of the Royal College of Anaesthetists; with the tap of a button on the residents’ app, trained professionals will visit apartments for such things as private GP appointments or nonsurgical aesthetic treatments like Botox or Profhilo (from £350). Medical weight-loss drugs such as Wegovy can be made available following consultations (from £300).
Allen House
This red-brick development that resembles an Edwardian mansion is located just off of Kensington High Street. It will feature a gym with Pelotons and one of the biggest private gardens in the Kensington area. It’s also offering an amenity for well-heeled guests who are fans of the famous department store Harrods. With access to a concierge service connected to the Knightsbridge store, residents can easily make reservations at Harrods’ lauded restaurants.
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