Taking up residence: The next generation of branded residences
With boundary-pushing locations, innovative design and exclusive access, the next evolution of branded residences is delivering a level of service that’s never been seen before. Cathy Hawker lifts the lid on some of the most luxurious homes on the planet
“Branded residences are now well-established among high-net-worth buyers,” continues Dailey. “They’ve evolved from a singular market into a multi-discipline one as forward-thinking brands push the boundaries for adventurous locations and unique experiences. Just as wealthy travellers want to discover immersive, authentic adventures, so too property buyers look for something that elevates their lifestyle.
The new property trends will follow these travel trends. With technology now enabling more of us to work remotely, why not have a fully serviced home off the beaten path? An African safari lodge or a hidden Alpine chalet to make your own first tracks every day. This, I think, will be the next evolution.”
Travel company Pelorus specialise in creating ultra-high-end experiential itineraries. Their affluent clients spend an average of £100,000 for high-octane, bespoke holidays. Pelorus’s co-founder and CEO, Geordie Mackay-Lewis, a former British Army Captain, says his clients are high-net-worth individuals who want to explore the most ‘unknown, beautiful and diverse parts of the globe.’ From the Komodo National Park in Indonesia, preparing to lead a yacht expedition to Sumba, he explains Pelorus’s ethos: “Our focus is firmly on providing extraordinary experiences. Especially since the Covid lockdowns, our clients want to travel further and for longer periods. We regularly collaborate with like-minded brands to provide the most thrilling experiences for our clients – private jet companies and a space mission management company, for example. For me, the best brands add consistency for clients who know what to expect, from the quality of accommodation to the level of service.”
Even with the potential to emphasise the ‘remote’ in remote working, ready access to major centres is still a critical factor for clients. Mackay-Lewis also says his clients from America and the Middle East place great importance on brands while those from the UK, north and western Europe are often less concerned.
“It is easier to talk to Americans about Aman properties, for example, over unbranded ones, because they recognise and value that brand. Aman is a brand on the rise, as is Belmond, owners of iconic names such as the Splendido in Portofino and the Venice Simplon-Orient Express. Belmond is now owned by LVMH and that’s the direction of the market, I believe, with the more experiential travel brands being snapped up by luxury brands.”
Aman Branded Residences first went on sale in Phuket in 1988 and 35 years on they remain an integral part of the luxury hotel brand’s future plans. Today, there are 16 Aman Branded Residences from Amanyara in Turks and Caicos to Amanyangyun in China. Aman New York opened this year with residential projects in Miami Beach, Mexico and Bangkok scheduled for 2024. The brand’s first standalone residence, Aman Tokyo Residences, is due to open next year and all homes were reserved before the project launched.
Aman’s DNA, says Vanessa Grout, Global Head of Residences at Aman, is focused on “privacy, peace and sanctuary” with homes in “some of the world’s most remote and difficult to reach locations as well as the greatest urban destinations”.
Elsewhere, Four Seasons Private Residences have an even longer pedigree. They launched their first project in Boston, Massachusetts, in 1985 and now have 50 residences open and operating globally with a further 30 in the five-year pipeline.
“The branded residences market now includes a myriad of different brands, with names in fashion and the motor industry such as Porsche, Bentley, Aston Martin and Bulgari,” says James Price, Vice President Residential at Four Seasons. “For purchasers, it’s important to work out what each brand offers and how that drives the value of a project. Homeowners know the Four Seasons brand has a near forty-year history and will deliver a hassle-free lifestyle in beautiful homes with a service-rich environment. We continually add services and experiences to enhance our residents’ lives.”
As well as the traditional branded residences attached to a hotel, Four Seasons has a number of standalone residential properties, still with the brand’s attentive service, facilities and privacy, including Twenty Grosvenor Square in London. In Texas, Four Seasons Private Residences Lake Austin, 179 homes on a verdant 145-acre estate with a PGA golf course and private waterfront, is typical of this growing part of their portfolio. It’s within 30-minutes of the city, easily accessed yet in beautiful grounds, with an extensive collection of amenities curated for Lake Austin residents. “Today, with technological advances, there is a clear appetite for a more balanced split between client’s main homes and their second homes, and that’s the market these Lake Austin properties serve,” says Price.
Back in New York, the city where high-end branded residences were born in the 1920s, change is afoot. The Ritz-Carlton NoMad and Fasano Fifth Avenue are both at “the cutting-edge of new usage models,” says Adam Zucker of Douglas Elliman. “The Ritz-Carlton is unlike any other project in New York,” he adds.
Designed by star-architect Rafael Vinõly, the 16 penthouses are at the top of the 500-foot tower, priced from $4m for a fully-furnished turnkey one-bedroom home and serviced by Ritz-Carlton, with wonderful skyline views. These are magnificent homes, with 10-foot high ceilings, acres of terrazzo, a Michelin-starred chef overseeing two restaurants and curating the in-room dining. However, owners can stay for up to 120 nights each year and thereafter elect to have The Ritz-Carlton place their penthouse in the hotel rental programme (where comparable hotel suites command in excess of $20,000/night). Zucker points out that the scheme broke pricing records and is 50 per cent sold to buyers who want a flexible Manhattan pied-à-terre.
Fasano Fifth Avenue is an even more unusual offer. With just seven hotel-style rooms and four expansive 3,600 sq ft duplexes, these are, in effect, ultra-private rentals, available for a minimum of one month, a “private club of sorts for people who move on a whim,” says Zucker. Prices for one month range from $25,000 up to $140,000 and some guests have booked in for over a year. “If done properly with buyers kept at the forefront of the designers’ mind, branded residences offer a level of trust that removes all the guesswork from a property,” says Erin Boisson Aries of Douglas Elliman. “In a world where there’s so much noise, they offer supreme reassurance in terms of quality, service and amenities. It might seem counter-intuitive to rent for three years at those prices (as one client has), but it’s simply a case of an exceptional service offer. Guests know what they are getting. That’s the defining feature of a branded residence.”