We catch up with Alumni James Stoll, Asset Management Director at Cadogan
"The firm’s ethos of promoting growth and leadership at a younger age is refreshing and nurtures independent thinking"
Please can you provide a brief overview of time at Savills – year start, year left, duration, your team, your general work / speciality etc.
I joined Savills in June 2014, leaving in December 2017. I worked within the Prime Estates team, as it was then called, within the Property Management division. I undertook the commercial asset management consultancy role for The Crown Estate’s Regent Park and the Wellcome Trust’s South Kensington Estate portfolios.
As the commercial surveyor within the department my role centred around providing strategic asset management advice, following close engagement with multiple disciplines within Savills, that facilitated the execution of my clients’ business plans. Day to day work included provide leasing, L&T and valuation advice, development viability and disposal analysis.
What do you think are some significant future retail trends?
The retail sector remains focussed on store profitability with margins under greater scrutiny over 2022 following the rise in inflation. As positive sentiment has grown through Q1 2023 we have seen a resurgence of brands re-entering the market seeking prime locations with loyal customer bases and a strong diversity of offering. The cookie cutter high street is no longer attractive enough to draw out the customer, so retailers and property owners alike are working harder than ever to create a bespoke and engaging experiences for all visitors. A great example of this is the new flagship Rixo on the King’s Road that in addition to retailing its collections, which includes rental and pre-loved has a beautifully designed store, offering repair and rental service, bridal boutique, a fresh barista coffee kiosk as well as prominent circular bar in the centre of the store.
The relationship between F&B and retail has also never been more important as customers are as likely to visit a location for an amazing dining experience as they are to shop. Our strategy at Cadogan is to introduce a diverse range of restaurants and bars, with over 1,000 additional covers coming to the Estate over 2023, including Cantinetta Antinori on Harriet Street, the Hotel Costes basement bar and top floor restaurant off Sloane Sq and our Summer in Sloane Square popup, opening on 28th April and running through to the end of September.
What does your new role entail and what are you enjoying most about it?
Director of Asset Management, Cadogan. Chelsea is an amazing location with a diverse retail, leisure and F&B offering. The property ownership is unparalleled, benefiting from the strongest luxury fashion line-up of any single landowner. This has not happened by chance but through considered curation and strong partnerships with the brands we work so closely with. There is also a huge amount of future development and realm creation to be unlocked within Chelsea which I am excited to explore over the coming years. This will benefit our loyal customer as well as local residents and links closely to Cadogan’s stewardship within the borough. Cadogan pride themselves on making the right long term decision, with the most recent example of this being our £46m capital investment to improve the Sloane Street public realm that commenced in January 2023 and is forecast to achieve practical completion in December 2024.
What tempted you to go client side?
I had been agency side for over 10 years and thoroughly enjoyed it. An opportunity arose to join Capco, now Shaftesbury Capital, to work on their Covent Garden estate. In order to become a more rounded asset manager I felt it necessary to experience a client-side position and this was a relatively organic step for me having spent my years at Savills concentrated on Central London property. Leaving such a great firm was a tough decision and I look back fondly at my time with Savills.
Having joined Cadogan where do you see the luxury retail market heading (value in the bricks and mortar luxury retail experience/ where is the market expanding etc)?
The luxury market is booming, as evidenced by the market caps of the luxury brands and is further supported by Bain and Co’s forecast increase in the luxury consumer customer base from 400 million to 500 million by 2030, increasing the luxury goods market value from €353 billion (2023) to €560 billion (2030). This was reported prior to LVMH achieving a record cap rate of €450 billion at the end of April. Growth was seen across all luxury sectors in 2022 and with the relaxation of the Chinese borders, 2023 is positioned well to outperform previous years. Sloane Street continues to perform exceptionally well with multiple brands seeking to upsize to capture the best locations and market share. Dior have just agreed to double the size of their presence and Valentino have taken an entire townhouse on the street. This will all have a positive impact on total returns of prime property let to the luxury market.
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