Iceberg basements ahead !
Despite the issues they have been confronted with by not only residents but council members, local business environment agencies and celebrities including the likes of Brian May and Joan Collins, the topic also featured on the BBC "Basement Wars.”
Luxury basements have riled the city’s property market for years now. Developers are attaching millions of pounds worth of extra value onto already pricey property by creating underground lairs with swimming pools, cinemas, saunas, car parks and wine cellars. This multi-level basement that can stretch as far as five floors underground.
It could be said that these so called "iceberg basements" are the exception rather than the rule as most extensions only drop down one level below ground.
I think for any property over £1 million pounds a basement is certainly consideration for the owners, as sometimes moving house is a far more costly process are you are now expected to pay 7% stamp duty on a move over £2 million.
An investment in a basement extension can be a smart one if made in the right location, places in South West London have come up price wise and his now got to the stage where it is cost effective to dig basements.
In any industry there are negative stories just like in this case. Horror stories of skips falling through streets, houses collapsing into open voids, flooding, problems with neighbours the list continues, but it’s important to look for a reputable company with a reputation as a considerate constructor, which does both safeguard the community the local residents and the client.
However as it stands these complaints have done little to halt the attraction or the number of applications for luxury basement digs. There have been rumours regarding a changing of the rules to limit underground extensions but these have yet to be implemented to London Boroughs, with most recently Claridges (Luxury Mayfair Hotel) submitting plans for a five storey Iceberg basement.
Programmes have now been into place with the wider communities as of May 2016 where they bring the contractor and local businesses residents to a committee to discuss not only the negatives but the benefits as well. “The council supports the right kind of growth, the council is not against all basement development, but they must be carried out in a way that is considerate to local residents and the environment." Councillor Robert Davis
Whichever way you look at it the future for super basements is still very much undecided….