The UK’s first completely online property development launch has paid off, according to developers Fenton Whelan, with global buyers investing more than £100 million in three weeks.
Travel restrictions meant they and agents Knight Frank and Savills couldn’t visit overseas clients or invite them to a swanky property launch for Park Modern in Hyde Park, so instead 500 guests from around the world attended a virtual event on a cutting-edge viewing platform to watch a documentary and take part in 1-2-1 virtual briefings.
Fenton Whelan co-founding director, James Van Den Heule (pictured), says before Covid the conventional way to launch a super-prime development in Central London was with a lavish marketing suite, combined with 1-2-1 briefings, both UK and overseas, with principals, supported by marketing and advertising.
He tells The Negotiator: “Over the last 16 months the world has changed. This is why we decided to launch Park Modern via London’s first virtual super prime marketing platform.
“The results speak for themselves – we have had over £100 million worth of pre-sales at values up to £5,000 per sq ft. It was essential for Fenton Whelan to think outside of the box and be truly innovative in our sales and marketing.”
The £500 million Park Modern – set to be completed next year – has 57 one to six-bedroom apartments and penthouses priced up to £60 million, with two levels of luxury 5-star hotel-style facilities.
Fenton Whelan has already achieved forward property sales for all the first phase release at a record price for homes on the northern boundary of Hyde Park, attracting buyers from mainland China, Hong Kong, Singapore, USA, Qatar, Saudi Arabia and Abu Dhabi, making it the most commercially successful prime London apartment building launch since One Hyde Park a decade ago.