Making the house the real star for high-net-worth clients in Jersey
If you are a high-net-worth multi-millionaire looking for a new home on the Channel Island of Jersey, you could be in for a big disappointment. Having around £10 to £15 million to spare is not the problem. It will certainly buy you a big enough property and, because it’s Jersey, you are guaranteed to have a decent view, but for the discerning rich – used to a luxury London life style – it is simply not enough.
According to Phil Wood, of Catterson Wood, one of Jersey’s leading property developers, most of the Island’s dated properties are not living up to the expectations of demanding high-net-worth clients. What worked 10 or 20 years ago is no longer acceptable, which means that finding the right new home on the island is getting more difficult by the day.
Every year, the Government of Jersey grant between 15-25 licences for high-net-worth individuals to buy homes on Jersey, in keeping with the special tax status offered to new residents. However, with limited land available for new build, getting the right kind of property is becoming more of a challenge – but that could all be about to change.
Developers such as Catterson Wood have seen how the market is moving and are now working with Lees Associates, an architectural practice with an enviable track record of delivering premium projects to very discerning clients.
Their first project is a stunning new development in the exclusive St Brelades Bay area of Jersey, offering up to 15,000 sq. ft of luxury, where, to use the words of the developer, “We make the house the star.” That means looking after every little detail and providing nothing but the best for the top-end buyer who will eventually own the home when it is completed in 2024.
There will of course be the usual must-haves such as a spa, cinema room, sauna and maybe even a purpose-built digital golf range, but it is the smaller touches that make the real difference. These include special lighting should you wish to use the washroom in the night without disturbing your partner.
Good architectural design means that the house responds to its own individual heartbeat, allowing the occupants to seamlessly move around the home to make the optimum use of space. Every development also ensures that the finest materials are used in every part of the building to deliver the ultimate wow factor.
The new home in St Brelades Bay, famed for having its own micro-climate, is one of three new properties currently being delivered by Catterson Wood. Each is expected to sell quickly due to the unprecedented demand by the super-rich for new homes in Jersey.
But where does this leave the queue of new potential residents with money to spend but a severe lack of suitable stock. Most it seems are opting to rent in the hope that eventually the right home will come onto the market, but more and more are forced into building new, or undertaking a heavy refurbishment to get their dream home.
In real terms, that will mean at least two-year wait according to Lees Associates, who are highly experienced in managing client expectations. Delivering luxury takes time to ensure that every little detail is taken care of before taking over the property. And, of course, clients always want to extract as much from their site as possible, which invariably leads to a more complex and longer planning process.
But, once their new home is completed, Jersey does then offer high-net-worth individuals everything they need, including their own private airfield, capable of handling medium-sized jets with rapid access to all parts of Europe, as well as excellent tax advantages.
In the meantime, there is of course the view – as long as you are prepared to wait.
External link: Catterson Wood