PCL Property Group (PCL) has announced its official launch as it looks to raise £100m of equity in order to acquire assets within Prime Central London.
Founded by property developer Tristan Parker, PCL acquires, reconfigures and renovates houses and apartments to meet the demand of primarily international buyers.
The company is specifically targeting properties in need of refurbishment in London’s most prestigious streets and garden squares in Knightsbridge, Belgravia, Mayfair, Kensington and Chelsea and looks to enhance them through reconfiguration and extremely high-quality renovation.
Tristan Parker, founder and chief executive of PCL, said: “90% of buyers above £10 million don’t want to even put a paint brush on the wall so there will always be strong demand for the high-end, turn-key properties that we specialise in.
“Now is the perfect time to acquire quality assets in the heart of central London – the market has been stagnant for nearly five years driven by a combination of Stamp Duty rises, Brexit and a General Election.
“This has caused a long period of uncertainty which resulted in less transactions and an increase to asking price discounts. In addition, many developers simply stopped business, which in turn led to a severe lack of truly turn-key stock, specifically at the top-end of the market.”
Parker has 20 years experience in the industry, and has previously been involved in over £230m of residential property developments in London.
This launch comes as Knight Frank reported a 109% increase on registrations above £10m in the year to January, the highest rise in over 10 years.
Overall there were 12% more sales of properties above £5m in 2020 compared to 2019. The UK’s successful vaccination programme and rapidly improving Covid situation has led to many of the world’s ultra-high net worth individuals targeting London as a place to invest.
This post has originally been featured in Property Wire.