Prime, nearly-prime, neo-prime, super-prime and now even interstellar-prime, well one day perhaps. Matt O’Halloran considers the value of brand in London’s ever-growing luxury residential property scene.
It used to be all about ‘prime central London’ but preconceptions of what prime truly means are shifting, and faster than you might think. While overseas sovereign wealth continues to snap-up traditional super-prime at absurd prices, for others the old rules no longer apply. Are we now seeing the young super-rich and other overseas buyers driving the trend to redefine prime in London? They buy in the periphery and as long as it is brand new, astonishingly luxurious and close to solid transport links, then the exact location will continue to matter not, almost. As traditional prime central London continues to outgrow itself, developers have become ever bolder in response. The unprecedented investment levels and demand over recent years saw a £5m apartment in EC3 come to market in 2015. Astounding, and it is these types of developments where we are seeing the most competition to attract the super-rich.
This is where brand and brand positioning are crucial to maximising a developments success in the luxury residential market. A strong brand story that effectively conveys London’s unique high-end offering, but simultaneously taps into the city’s new-found vibrancy, is vital. This is precisely what Underscore sought to achieve with our brand story of ‘Positively Better Living’ for luxury residential developer Nuhu+. To read more about this project, click here.
The brand also needs to ensure the idea or essence of ‘prime’ is sufficiently transferable to allow a purchaser to enjoy the intoxicating feeling of owning in London before, during and after completion. The brand story for these new developments still needs to be shared and shared quickly to capture the forward investment that a successful sales and marketing strategy should achieve off-plan. For the developer, those rules never change.
In addition to creating their own brand stories, developers are also partnering with luxury brands to exemplify their brand value. For example, Ten Trinity Square by Chinese conglomerate Reignwood Group is made up of a private members club, residencies and a Four Seasons hotel.
As developers explore further afield, Underscore’s core services are positioned in 2016 to reflect the need for powerful high-end brand stories and strategic, premium branded partnerships. Please feel free to get in touch and find out how we can help you make a connection.