LONDON'S LEAD IN STYLISH TOP PROPERTY

There may be grander houses in London, and even higher priced places, but there can be none to match the beauty and elegance of the Nash colonnades overlooking Regents Park.

These classically designed terraces were part of a grand plan by architect John Nash in the 1800s, commissioned by the Prince Regent, which starts in Regents Street at Piccadilly, and leads up through Portland Place to the Park. It was destined to culminate in a sumptuous palace but along the way, the palace was dropped – perhaps then, as now, economic strictures were in place.

But the beautiful terraces flanking the park were built, along with a number of fine villas. This is all Crown estate land and as such means these houses are maintained to a high standard. And none more so than those just on the market, after major interior renovation, in Cornwall Terrance, bordering the Baker Street side of the park.

To launch them onto the market, a lavish house-party took place in October with a quite stunning art exhibition presented throughout the terrace. Hosted partly by The Saatchi Gallery, this was a dazzling collection of works by some of the most famous artists in the world, as well as new young talents.

Piccasso, Rodin, Cezanne, Francis Bacon, Manet, Poussin and Bourdon were among the grand masters, with modern works from Damien Hirst, Any Wharhol and Grayson Perry, and a host of others. To be seen in completely refurbished and furnished rooms, while enjoying a glass of fine champagne, and with vistas of Regents Park from the windows, this was the high spot in a London autumn season dominated by art shows.

In truth, the furnishings seemed a touch Hollywood for the classical quality of the buildings – but doubtless the executors know their market. And there appeared to be a labrynth of smaller rooms as well as the star chambers, both a result of two residences being combined into one. But no expense has been spared in creating these de luxe homes, and at this level, demand remains high among international buyers, with London a particularly hot centre

Findings from two of the international players concerned with this event, Christie’s and Knight Frank, indicate that London attracts the top league in both art and property, a happy hunting ground for super-duper homes and top-of-the-market art.

Christies report that it is second only to New York in their art sales during 2010, generating £500.1 million sales, against £666.4m in New York; and second only to Monaco in property, according to Knight Frank, with top real estate here averaging up to $4,400 per sq ft, against $5,990 in Monaco. Much of the former ends up on the walls of the latter.

“Each new super-prime property (sold) in central London will help to drive a demand for high-end pieces of artwork,” states Knight Frank, “since the new home will need to be dressed with paintings, sculptures, chandeliers, luxurious carpets and other objects d’art.”

Of course, it doesn’t end there, with the requirements of these splendid homes rippling out in all directions. Dressing rooms need to be filled, kitchens equipped, the place furnished, all benefitting craftsmen and women in the London and throughout the UK.

And significantly, research shows that the recession has pushed out  speculators, with the market now dominated by committed investors. For them, craftsmanship is an important factor in decision-making, along with history, former ownership and origin or location.

At all levels, a reappreciation of quality and value is underway, which is one good result to emerge from the economic climate.

The eight refurbished residences in Cornwall Terrace are priced from £29million, each offering reception rooms, up to seven principal bedrooms, gymnasium, spa and home cinema, with a separate mews house to the rear.
www.knightfrank.co.uk www.christies.com

From the top: Cornwall Terrance; painting by Poisson; interior reception room; Zang Feng work; dining room; Picasso's Bust de Femme, priced at £3.5 million.