Design for the High Life
22 June 2010
With London luxury property prices left relatively unscathed by the recession and now starting to rise, one UK-based construction company is extending its manufacturing expertise by launching an influential new brand. Mivan Prime is set to raise the bar in the hyper-quality residential market and offer a fully bespoke service to high net worth individuals and developers building blue chip properties in hot spots such as Mayfair, Knightsbridge and Belgravia.
London has long been the home of the highest property values in the UK. Many affluent areas have resisted the pressure of the housing dip and faltering global economy and are now showing steady growth, including those in the prime and ultra prime building sectors. Recent figures from property consultancy Knight Frank, showed that prime London prices are now 23% higher than their ‘post-crash’ low reached in March 2009, being fuelled by euro zone instability and the steady influx of foreign investment, with buyers from Russia and Greece being particularly active.
This increased activity has meant many quality-conscious clients are seeking to create superbly designed and finished statement homes, built to exacting specifications, with only the finest fixtures and fittings available – whether it is a minimalist living area or a media room kitted-out with the latest technology.
Catering for this elite level of consumer is not easy. Drawing on a solid company background in construction and interior fit-out dating back to 1975, Mivan is now perfectly positioned to apply the knowledge and skills gained in contracting and manufacturing, and extend its expertise into the luxury housing market with Mivan Prime. Stephen Mills, Business Development Director for Mivan Prime, is in no doubt that it is the right time to launch a fresh brand that responds to the buoyant market and offers something slightly different. “We are extending ourselves in a market where we are already very successful,” says Stephen. “The dedicated Mivan Prime brand will apply to the luxury residential sector and build on our knowledge in interiors where we understand how to deliver the kind of luxury and quality finish that the end user demands. Many operating in this sector have come from a structural background to interiors. We already have a long track record in interiors and the move forward into construction is something we can do very easily.”
Refurbishment is an enormous part of the prime sector. The high business rates in Mayfair have altered the market footprint to the extent that office space is being squeezed out of these areas quickly: meaning developers and individuals are finding it easier to get planning application to change offices back into residential use. The grand Georgian and Edwardian town houses that were converted for commercial use in the 1960s and 1970s are now ripe for reconversion. This style of building has become hugely popular for those wanting a sumptuous modern home hidden behind a period facade. This kind of development is a speciality for Mivan Prime. Targeting £2M to £10M contracts on single unit projects, they have a design development team that takes the architectural and interior design concept from the client’s brief and makes that concept a reality. “We make sure the design that we are given fits the space that is available and is built exactly as the client wants it,” says Business Development Manager Corin Hawthorne. “We are driven by what the architect and interior designer gives us. The co-ordination of all the key M&E elements of structural alteration, basement conversion, or even swimming pool installation, interior fittings, and electrics – that installation work is all done by us. That also includes many of the new green building technologies and eco-products – where there is the freedom to use these we will.”
Central to Mivan Prime’s approach is the excellent in-house manufacturing facilities based at its 11,000sq m manufacturing plant in Co. Antrim, N. Ireland – one of the largest in the UK – that is home to a team of highly skilled craftspeople. “We manufacture all our own joinery and Mivan Limited is FSC and PEFC-certified, which helps to ensure that the timber we use, originates from well-managed sources” adds Corin. “We also do all our own architectural metalwork, which means we have fantastic control of the finished product and can manage the whole build process far better. Many of our competitors sub-contract these things out, but with all of our in-house expertise, we are a one stop shop really.”
Alongside a deeply embedded supply chain, Mivan Prime is working in a truly collaborative approach to produce an external structure and internal finish of breathtaking quality. One of the frustrations of dealing with such an exclusive clientele is that they are very limited in what they can publicise. Corin says: “Many private clients don’t want their properties pored over by other people or other designers, so we have a much more diverse portfolio than we can actually show. For instance, at the moment we are working on an extraordinarily contemporary apartment in Belgravia but we can’t say a thing about it.”
Operating from its central London office, Mivan Prime has the capability to work all over the UK and also has many international schemes under its belt. For the moment, they are taking a proactive approach to the burgeoning London market and have ambitious but realistic business projections. According to Stephen Mills, Mivan Prime is confident of securing revenue in excess of £10M in its first year of operation, with a target of an annual turnover of £30M by 2012. “A lot of the projects we approach have a typical value of between £2M and £10M,” says Stephen. “But one project we are tendering at the moment is a £25M scheme and we are currently working on a project in excess of £60M, so in such a niche market with that bracket of project value, what may seem like spectacular growth is achievable. We are confident that we can deliver those figures.”
Given the present financial climate, it is important to understand that Mivan is a large contractor with a £100m turnover with diverse global experience and the strong financial credentials to deliver this calibre of project. “While Prime is a new brand it is not a new experience for us, says Stephen. “ We have already delivered on prime units in central London over the last few years through our interiors business. We are now offering the capability to renovate an existing home, create an extension or complete a full 20,000sq ft newbuild. We can make sure that project delivery is seamless and because we are not a huge plc, we can offer our discerning clients a fully bespoke, personalised service.”
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