James Caan has teamed up with Kam Babaee of K10 Developments, a high-end property developer based in central London, to launch Hamilton Bradshaw Real Estate (HBRE).
"The market for luxury flats is indeed saturated but we are focusing on bespoke homes, targeting individual homebuyers and offering them quality," said Caan. "High end London property has been extremely resilient in the downturn and while supply is scarce demand is still plentiful for luxury homes. This is a great opportunity for us."
Caan must be getting his figures from a private source. According to the Knight Frank Prime Central London Index, prices of luxury property in central London actually fell by 0.1 per cent in August, following the previous 0.5 per cent fall in July, with the biggest drops in the £1m to £2.5m sector. While the decline is slowing, there is no sign of a huge upsurge in demand for luxury homes.
But HBRE is already off to a flying start. The Hamilton Bradshaw founder will unveil the first HBRE development at a press briefing today. The luxury build on Trevor Street, Knightsbridge indicates a trend for the venture, which aims to target properties" within a five minute taxi ride from Knightsbridge". The maiden development is backed by short-and-medium term lender Drawbridge Finance and is valued at over £20m.
The Dragon has also secured an undisclosed sum for future HBRE investments. He and Babaee are looking to raise and invest over £100m over the next two years.