Working exclusively with new builds brings its own challenges — it means you have to stay on top of changing tastes among UHNWs. As Rhodium founder Dean Main says, ‘you’re not only putting in the usual media rooms facility, spa or swimming pools — there is a big trend now towards wellness for residents to enjoy the offering of additional wellness facilities.’ Whether this manifests as providing private tuition, an acupuncturist or meeting rooms, understanding which traditions to keep and which to jettison is key. Occupying ‘a very small niche’ in the super-prime London property market in recent years, Rhodium now manages over £5 billion worth of property. Their management holdings are entirely contained to super-prime developments with apartments above £10 million. Main says that ‘effectively our clients are two-tiered. We have the residents that live within the building, and we’ve got developers who appoint us to manage a scheme.’ Main stresses that success in his niche comes from his focus: ‘New build super-prime residential property — we don’t do anything else’. When asked how he’s dealing with uncertain political and economic times, Main states that when ‘one door opens another one closes,’ noting that the recent fall in sterling is prompting a resurgence in international demand — he also believes that ‘there will always be demand for London’.
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