Urban living is all about taking advantage of the many opportunities being in the centre of the action affords. But, every party, dinner date or trip to the theatre requires a different outfit.
So, how do you avoid nothing-to-wear syndrome? Well, an increasingly popular trend in urban living may just hold the answer.
While living above a shop may once have been seen as the preserve of students and those with limited budgets, that perception has definitely changed. After all, it’s not hard to see the attraction when the shop in question is Gucci, Oscar de la Renta or Celine.
The flat over the shop has traditionally been for store owners themselves. It was seen as a good option because it is at the centre of the community and near public transport, two key attractions for any urban dweller.
Until very recently, it was also a cheap option, with prices up to 10 per cent less to buy an apartment above a shop or restaurant.
But now, a new generation of savvy, urban buyers is snapping up beautiful properties above high-end designer boutiques. New build complexes where residents, top-end brands and shoppers all reside side by side are also proving increasingly popular.
Apartments in London’s covetable West End fetch average selling prices of £2.5m. But wealthy London professionals are more than willing to pay premiums of up to 20 per cent to live above a famous restaurant such as Scott’s of Mayfair, or a fashion house like Lanvin.
Research, carried out by top London estate agent Peter Wetherell, based in Mayfair, shows potential buyers are falling over themselves to purchase apartments above the capital’s most prestigious designers.
Followers of fashion value being above their favourite designer brand. Fashionistas are prepared to pay as much as double average values elsewhere in an area just to buy a home above their favourite boutiques such as Gucci, Prada or Chanel, Wetherell reveals in its report.
“A new generation of boutique developments is being built across Mayfair and the wider West End, which offer homes located above luxury brands,” says Wetherell. “Buyers no longer see these homes as being above retail. Instead, they are desirable and chic, hence the transformation in values in the above-shop sector.”
Of nearly 500 new homes scheduled to be built in Mayfair, nearly half will be sited above retail outlets, luxury brands and high-end restaurants.
It’s not hard to see the appeal. For those with money to spend, who are living above the likes of Alexander McQueen, Dolce & Gabbana or Emporio Armani, there’s no danger of any wardrobe malfunction.
If you need a cocktail dress for that black-tie ball, a little black dress for that important dinner date or a showstopper for an opening night, all you have to do is pop downstairs.
You’re also sure to see the new season stock first, given how easy it will be to get to know stop staff and to find out when that must-have dress or bag comes into store. Boutique assistants are also likely to get to know your personal style, so can let you know about new buys which you might like.
Dressing up, or down, as befits the occasion is one of the fun parts of urban life. The only problem could be the hefty dent living in such close proximity to some of the world’s most luxurious brands puts in your wallet..