The super-rich in Africa are pouring money into prime property, eyeing up Premier League clubs and splashing the cash on designer wares. Maryanne Maina reports on the new global elite.
Wrothams Windsor is a property investment and advisory firm, headquartered in London, with offices in Lagos and Abuja, Nigeria. Part of its businesses include real estate investments in the United Kingdom, Dubai, Nigeria, USA, Brazil and the French Riviera. It is a growing list of countries. In their current markets of operations, their properties are located in the areas that are desired by the wealthy, from Ikoyi to Knightsbridge all the way to South beach, Miami.
Richard Vedelago (who grew up in Nigeria and Togo), the Managing Director of the company shared insights on the luxury properties as his business. For those who frequent Claridges in London for a drink or a cuppa, you are likely to find him there with his clients. And….if you are familiar with the Tatler magazine edition titled: “The Nigerians have arrived,” then Richard is not new to you, the lover of the finest luxuries. Tasteful.
Here is his universe of luxury properties and how it operates:
Your company Wrothams Windsor, has excelled in the luxury property market. Why do you get in to this business?
I started the company with Paul Little a few years back after we noticed a gap in the market. There was a need for clients to receive advisory on where to and how to purchase international property.
What is the most expensive property you have sold and what was the cost?
We have dealt with One Hyde Park where one of the flats sold was £52,000,000 situated in London.
Your properties vary in pricing. What are the price ranges of the apartments under your portfolio?
We deal with properties starting from £20,000 – £100,000 in our investment portfolio and £300,000 – £50,000,000 in our residential offerings. We try to ensure that we can cater to all our clients’ requests by having a provision for all our clients.
We are not an estate agent we are property advisors therefore we work hard on getting access to the best possible opportunities for clients to continuously see an upside from their selections.
Who are the buyers of the property in the French Riviera?
We have access to properties worldwide and we have some beautiful properties in the South of France, we see a diverse clientele that includes: Lebanese, U.A.E. and Nigerians.
You have expanded into Ghana, why Ghana and what was the objective for you to set up there?
Our investment and expansion in Ghana follows our global expansion project where we hope to give numerous markets the same standard of property advice. With offices in London, Dubai, Lagos and Abuja we are striving to be the leading property advisory firm on the continent and then take that approach globally.
What is the value of the luxury property market in Nigeria in 2015 and are there challenges that are crippling it temporarily?
The Nigerian luxury property market is a multi-billion dollar sector. We are seeing clients want to have a diversified portfolio as the main reason for this investment. With the many uncertainties we have seen since 2014 with elections and the devaluation of the local Nigerian currency, the Naira, people have wanted to keep some of their portfolio in a less volatile environment.
The Trump, in Dubai. Image: Wrothams Windsor
What are the most expensive and exclusive streets in Lagos, Abuja and Accra for property?
Lagos – Banana Island leads the pack in being the most expensive, followed by Victoria Island and Ikoyi are your most expensive areas, Abuja – Maitama and Asokoro.
What is the price on a basis of average price per square meter of property on that street in Nigeria (Lagos and Abuja) and in Accra, Ghana?
The prices vary from one property to another property since the markets in these two countries are very different, therefore I am unable to give a concise answer.
City Road, London property. Image: Wrothams Windsor
What styles do your clients prefer for their property? Modern, country style, French designs? Do your properties have concierge services?
Most clients like modern and contemporary. We also ensure that our clients enjoy a luxury lifestyle.
Our properties have various facilities. For example the property in 250 City Road, London include spa, swimming pool, hydrotherapy pool, fully equipped gym and a 24-hour concierge service to provide assistance to the clients.
We have another property in Miami: The Residences at W South Beach which offers the owners a combination of a stylish one, two, and three bedroom condominiums with all the signature W comforts, services and amenities available to hotel guests. 7,000-plus square foot Bliss® Spa, Sweat® fitness center, Swing tennis court, and basketball court 300 feet of wide, white sand Atlantic beachfront, sleek, rich, contemporary public spaces to mention a few pleasures.
Have you had any partnerships with the Candy & Candy brothers who are known to be the superstars in London in the luxury property business?
Candy & Candy are one of the top interior and property developers in the world. We had the privilege of working on One Hyde Park and there you saw properties range between £12,000,000 – £100,000,000 plus.
You have achieved a lot at an early age in business and enjoyed luxury life. What are your philanthropic interests for Nigeria? How do you intend on uplifting your country?
We have recently setup our own charity called the Invincible foundation which focus on helping orphans and orphanages structure a better life for themselves. We really believe that anyone can achieve greatness through God and self-belief. We want to see more children have a better chance at life being the best they can be.
(Header Image Credit: Evening Standard)
Maryanne Maina is A Kenyan luxury consultant in Africa. MBA participant in Luxury Brand. Management in Paris, France. This story originally appeared on her blog on August 21, 2015. To read more of her stories, follow her blog: maryannenjeri.wordpress.com
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