Christian and Nick Candy started Candy & Candy when they were 26 and 27; Finchatton’s Andrew Dunn and Alex Michelin did their first deal when they were 25 and 26. Now there’s a new pair of young developers being tipped for super-prime stardom – and they already have the financial backing to pull it off.
Tom Grogan and Kouros Golestaneh started LUTTI 12 months ago, aged 25 and 24, and have just partnered up with Mayfair based financial advisory firm Halkin Investments, which is run up by the former MD and Head of UK Private Banking of ING (later OCBC), and former Head of Private Clients at ABN AMRO Bank, Bashir Ahmad.
With Ahmad’s backing, Grogan and Golestaneh plan to plough £50m into prime resi projects in London’s Golden Postcodes over the next 12 months. They’ve already had some decent results: LUTTI’s latest project, a turnkey apartment on Rutland Gate in Knightsbridge, sold off market for what they claim was “a record breaking sale price”, while current projects include three lateral apartments in Mayfair and a 25,000 sq ft scheme on Marbella’s Golden Mile.
The firm’s principal principle is to “provide a cradle to grave service for investors and private clients creating fully bespoke turn-key design and development solutions internationally”.
Grogan has spent the last four years as an Investment Manager at James Caan’s Hamilton Bradshaw private equity group, working with co-founder and partner Faisal Butt on high-end property schemes, including leading the project team on the development of the former Panamanian Embassy and home of Dame Margot Fonteyn, Amberwood House on Thurloe Place in South Kensington. Golestaneh’s family, meanwhile, is “deep rooted in real estate,” having developed over five million square feet of resi and commercial property over the last 30 years.
Tom Grogan, Co Founder of LUTTI: “The market at present for both investors and developers is extremely competitive, however great opportunities still exist – the demand for the right product in the right location will always be prevalent. Our partnership with both Bashir and Halkin is a long- term play and will provide us with access to the capital we need to scale our business.”
Kouros Golestaneh, Co Founder of LUTTI: “Our brand, bespoke market-leading interior design, and quality of finish are instrumental factors in unlocking premium values for our clients in the ultra-prime segment of the market. It has been seen that many top-tier global cities are stretching their value capacity to the point that new developments must tick all the boxes to accommodate UHNW investor demands. The capital injection provided by Halkin allows us to take the business forward and generate higher-yielding returns for our investors.”
Some of LUTTI’s works: