The Croisette in Cannes
The Palais des Festivals, undoubtedly the place attracting the most media coverage on the Côte d’Azur, the Majestic-Barrière, Carlton and Martinez, some of the world’s most renowned palatial hotels… It’s hard to imagine that the famous shoreline prom in Cannes was not yet fit for carriages just a century and a half ago…
The tale begins in 1853 when Marius Barbe, Mayor of Cannes, obtained a concession from the State for the stretch of land along the coast, with the firm intention of creating a promenade. Some three years later, the owners had a path five metres wide built. The starting point for what was to become the famous Croisette with its villas, hotels and nautical centre. 150 years of urban transformation later, in a survey conducted by Citi Private Bank and Knight Frank in 2007, Cannes was ranked 6th worldwide for its property prices, after London, New York, Tokyo, Hong Kong and Monaco.
“The Croisette always draws steady demand, especially for luxury apartments, high floors and penthouses, in the central stretch between the Martinez and Le 77 Croisette, a so-called “label” address, rather like a brand,” explains Laurence Chaleil of Côte d’Azur Sotheby’s International Realty. To the taste of Middle Eastern clients, prestige properties offer living space of over 130 m2, priced here from 20,000 to 35,000 € per sq. metre depending on their condition. More ready to listen than in the past, sellers are now open to discussion and more prepared to trim their asking prices. The immediate surroundings of the Palais des Festivals are particularly targetted by investors wanting to benefit from rental income generated by well-publicized events in Cannes, but also to ensure the long-term value of their assets. The Palm Beach end of the Croisette appeals to a different clientele, mostly comprised of French buyers looking for permanent or semi-main homes. The price bracket here is extremely wide, from 12,000 to 30,000 € per sqm, the top end applying to magnificent residences, admittedly further from the centre, but offering high-quality construction, breathtaking views and a quiet, peaceful world still within easy reach of the hubbub on the better-known part of the Croisette.
“The Croisette is undeniably the market which has best succeeded in nurturing its prestigious image,” says Jean-Christophe Hym of the Agence Europa. “It keeps its promise of being within walking distance of luxury boutiques and centres of entertainment, offering panoramic, azure-blue views of the Bay of Cannes and the Lérins Islands. It is one of the five most select avenues in the world, sharing top ratings with the Champ Elysées in Paris and Fifth Avenue in New York. The recent sale of commercial premises of 80 m2 with a basement of the same size for over 15 M € certainly provides food for thought.” The view is, of course, one of the top criteria. A real dichotomy exists between apartments above and below the 4th floor : views from the lower levels may well be obstructed by the palm-trees. Facing full south, the centre of the Croisette plays host to very luxurious apartments with generous surface areas, roof-terraces or small gardens above the boutiques. Facing west, the Palm Beach area also boasts some highly-prized residences, such as Le Marly. It is also here that one finds the Villa A, a building currently undergoing conversion and renovation. Proposing ultra contemporary decor and exclusive appointments, its four floors could be ready to move in by the end of 2016. Among his most recent transactions, Jean-Christophe Hym mentions two apartments in the Grand Hôtel, the only residence to be set back from the Croisette, enabling it to benefit from a garden : one of 112 m2 in perfect condition, priced at 2.6 M €, and the second of 100 m2, on a higher floor, which sold for 2.8 M €. Finally, an apartment of 70 m2 in need of modernization, just above the Dior boutique, found a taker at 1.7 M €.
Sylvain Boichut announces the up-coming release of a unique development on the Croisette, commercialized by John Taylor. The Compagnie des Immeubles Parisiens, a real-estate company which has set its name to magnificent residences in Paris such as Le 58-60 Av. Foch and Le 51 Av. d’Iena, is overseeing the current renovation of one of the three “stairwells” (or parts) of Le Relais de la Reine, a former hotel, then a project for a tourist residence before it became a residential property in 1994. At the time, John Taylor, which was handling its marketing, persuaded an English investor to treat himself to the entire “stairwell” – ie. eight floors with two apartments each, plus three boutiques, now occupied by Céline, Giorgio Armani and Armani Caffè. The 16 apartments were then dedicated to the seasonal rental market. The Compagnie des Immeubles Parisiens recently acquired them all and has entrusted the renovation project to the Studio Guilhem & Guilhem.
The potential can leave no-one in any doubt when one recalls that, in the summer of 2015, a Saudi Arabian client acquired about 200 m2 in Le Relais de la Reine in exchange for over 9 M €, and that, during the last Lions event, Google rented all 16 apartments. The communal premises are being treated to a makeover, and each apartment will be personalized to meet the requirements of buyers ready to spend from 2.5 M €, the price of a first-floor apartment of 95 m2 prior to rehabilitation. Two units can also be joined together to obtain highly desirable living space of 210 m2.
