This turnkey rental in London could be yours for $31,500 per month – Rob Report
Black and milk
London’s booming luxury property market continues to attract affluent locals and high-net-worth individuals from the US, India, Dubai and beyond.
In addition to multi-million dollar home sales, the world’s wealthy are turning to luxury rental properties. A new report from Beauchamp Estates’ Ultra-Prime Barometer Wealth shows that more billionaires are choosing to rent due to rising interest rates, higher stamp duty and potential tax rises next year in the event of a change in government from the Conservatives to Labour. . The report also reveals that the wealthy spend between £5,000 and £30,000 (or $6,320 and $37,900) a month to rent luxury homes across central London.
“The luxury rental market has boomed in 2023,” Eric Holmgren, director of leasing at Beauchamp Estates, said in a press release. “Over the past six months, Beauchamp Estates has secured luxury rental deals generating combined annual rental income in excess of £5.5 million (or US$6.95 million), with tenants from America, China and the Middle East particularly present in the area. Central London Market main over the past six months.
This demand for luxurious, beautifully appointed rental properties encourages many owners to generate some additional rental income from their secondary and tertiary homes while they are not there. In particular, Battersea Power Station, one of the most sought-after new developments in central London, is experiencing this exact demand.
The historic Battersea Power Station on the south bank of the River Thames was once the largest power station in the United Kingdom. The Grade II listed building has since been repurposed into a mixed-use development featuring high-end shopping, dining and entertainment, as well as luxury homes. It is also home to Apple’s newest headquarters, along with other office space.
Renowned American architect Frank Gehry recently completed his first residential project within the Battersea Power Station development, called Prospect Place, featuring 308 residences with stunning views of the historic power station.
The owners of one of the apartments at Prospect Place, a family from India who use the property as a place to stay, recently tapped London-based interior design studio Black and Milk to revamp the interiors and add personal touches. They have now put their part-time residence in London up for rent for $31,500 (or £25,000 a month).
Built to complement Gehry’s exquisite architecture, Black and Milk redesigned the apartment to suit the owners’ precise tastes. Called the Pico House, the 1,052-square-foot residence has three bedrooms, three bathrooms, a formal entryway, a large living room and an airy kitchen.
“The spatial configuration of the apartment was one of the most challenging aspects of this project,” says Olga Alexeev, creative director of Black and Milk. “Everything is at an angle, and we had to redefine the living room and kitchen area while working with the unique shapes of the building.”
Alexeev explains that each apartment is sold as a white box, and that the company wanted to create warm and cozy interiors with a cutting-edge design that also pays homage to the site’s history. The apartment features bold colours, curved lines and oversized windows with direct views of Battersea Power Station.
A formal entrance gallery lined with wood-paneled walls and ceilings and wood floors provides a grand sense of arrival. “It creates a kind of moody passage to the main living area,” Alexeev says. “We specifically designed this entry gallery to highlight the art on the walls, which is white. The owner’s wife owns an art gallery in India, so she wanted to have a large area of clean walls to display her artwork that she got from there. It’s her signature vibe to the apartment , but it seems universal for a variety of tastes.
Each bedroom also has a different look and feel, but the colors and materials are simplified. The living space feels open and airy and is anchored by a large green sofa, desk and media cabinet with The Frame art TV from Samsung displaying artwork of your choice. One of the most notable parts of the apartment is the bar area, which features a curved bar island with seating and alcohol storage on custom shelves surrounding the bar.
“There’s a leaning structural column in the living area, and we worked with them to add custom floating shelves with backlighting,” she says. “In India, it is very prestigious to keep alcohol at home. We researched a lot about their culture and aspects of their life that are very important. The bar overlooks the windows, so you can sit and enjoy a drink with the views.”
Alexiev says another challenge was making small bedrooms feel larger, which they achieved by incorporating side tables and a headboard, a curved wardrobe area, and floating sinks that allowed for more open space. For the bathrooms, they left the original finishes but added items like extra storage and mirrored cabinets.
Finally, the kitchen provides a feeling of brightness. In lighter colors than the rest of the house, it features a long central marble dining island overlooking the power plant with cabinets and shelves in various shades of grey. Each room also features vibrant artwork sourced from the family gallery in India, adding a pop of bright color to the home.
“Initially, the clients wanted it to be very neutral, but once we discovered that the apartment had a very moody vibe at night, we suggested some really cool deep colors,” she says. “We wanted to create relaxed luxury, where it’s very luxurious but you don’t feel like you need to compromise on comfort. You can watch a movie with popcorn and wine and not worry about staining your white sofa.”
Click here to see more photos of Pico House.