Spink Property is a multi-disciplinary property development company that acquires, designs, builds and project manages some of the UK's most expensive residential properties in prime locations in central London and estates between Wentworth and Oxford. Founder of the company Mike Spink discusses the "new super-prime country market", seemingly limitless budgets, and where the sector is heading. 

What changes have you witnessed in the country house market? 

The demand for country property has begun to change as people's aspirations and expectations have evolved. As different business sectors and countries thrive, new sources of extreme wealth are created and new owners emerge from around the globe. It might be argued that changes of this nature have always taken place - a number of estates have, in the past, been virtually rebuilt to suit the latest fashion each time they changed hands. But what we are experiencing now appears to be a new super-prime country market. 

What sub-sectors have you identified in the super-prime country market? 

First there is the 'edge of London' market, where owners benefit from proximity to the M25. Good examples can be found in places like Virginia Water and Ascot. These properties are likely to be similar to those found on Bishops Avenue or in Kensington, but with more land and a secluded location. Then there is the group featuring Scottish hunting lodges, Irish equestrian estates, and traditional West Country landed estates. Only in exceptional cases would we consider these to be super-prime. The classical English country house is still in strong demand. This will typically be a fine Georgian mansion set in a farmed estate, and enhanced for field sports over generations. These tend to be purchased as second homes. Part of the charm might be the faded grandeur, understated architecture and the long history. The price could be £20m to £30m, or even more, but this is not part of the new super-prime country market. 

What are the characteristics of the "new super-prime country market" you refer to? 

Estates will have the style and finish of a £100m+ London house - newly created, immaculate, and offering the peace and security impossible to achieve in a city. For accessibility reasons they are most likely to be found west of London. Buyers will typically own other super-prime properties, perhaps in the South of France, in a ski resort and in a major city such as London, but they yearn for the privacy and amenities offered by a country estate. The budget might appear to be almost limitless, but there will always be an eye on value, even in the search for perfection. 

How much demand is there for these properties? 

Demand for the perfect modern estate is there, but they are rare commodities. Many former estates have either had their land sold off, or are blighted by road noise, public rights of way, or flight paths, and all will be dated at best. I would estimate that there are around 10 buyers at any one time with almost unlimited funds looking to buy in the countryside. They are looking for a primary residence rather than a country retreat. Some are looking to spend in the region of £50m, others up to £200m, but there is rarely anything available for them. 

What does it take to create properties at this level? 

Refurbishment of a listed country house, ancillary buildings and a landed estate is a time-consuming and difficult thing to do well. Even if you find a suitable property to work with, it will more often than not require a virtual rebuild to achieve the ideal accommodation arrangement, and planning permission is certainly not guaranteed. Many years could be lost in fruitless negotiations. 

How long does it typically take? 

Based on our experience near Henley-on-Thames, the planning and construction of an immaculate, modern country estate can easily take six or seven years and will cost many tens of millions of pounds, even when doing nearly all of the work in-house. Years could be added and costs could sky-rocket if elements such as design, planning, construction and interiors were outsourced. It would also present too many opportunities for disaster in terms of the quality of workmanship and the restricted ability to revise designs to keep pace with changes in demand, fashion and the quirks of old buildings. 

What level of finish do buyers normally expect? 

Some expect the property to have been created to an exacting standard, carefully and skilfully furnished down to the last Hermes cup and saucer. Many appreciate having maintenance agreements available, leaving the option for a turnkey move in, a true 'lock-up-and-go' on a grand scale. 

Do you use your central London model for your country projects? 

I don't see it as a model, we just do whatever is right for that project - we create a completely different specification for each property to ensure it is appropriate for its market. That said, we do tend to attract a type of buyer who is looking for a subtle, restrained architectural design, and who puts great emphasis on meticulous detailing and workmanship. We are creating homes for exacting buyers who are often the leading experts in their own field but have neither the time, nor usually the experience and expertise, to carry out the projects themselves. 

Do you receive much interest from Russians? What do they look for? 

Although there are clearly more Russians in the market now than before, it seems to us that their market dominance is exaggerated. In our experience, of well over 100 projects, we have only sold a few to Russians. Our buyers come from all over the world and increasingly there is more interest from the Middle East and China. I can only generalise, and Russians - like any other nationality - are individuals who place emphasis on different factors. But based on my meetings with Russian and CIS buyers, they typically put more emphasis on slick and well-engineered building services specifications, including cooling, and on immaculate interiors, as opposed to faded charm. They would also probably seek better country views and greater privacy, but accept smaller acreage than the traditional buyer. They and, say, Middle Eastern buyers, would probably prefer to be located just five minutes from a good A-road or motorway, rather than a 15-minute drive away. 

Are there any other countries that offer more at this level than the UK? 

In the knowledge that my clients will be looking at what's on offer elsewhere, I do monitor this, and although you can find some excellent examples outside the UK, there is no one location that stands out. 

Where do you see the sector heading? 

We are increasingly encouraged by the number of people who can't find what they are looking for. If it could be created, the perfect product would command a significant price. The new challenge is this: to create a piece of future heritage that incorporates the best modern technologies and offers excellent accommodation, entertaining and leisure facilities, all set in the perfect landscape, with no public footpaths, and offering total privacy. As a result of recent success we are undertaking two more  country developments, including another luxury family estate in 250 acres with over 80,000 sq ft including the main house and guest houses, along with a gallery, spa and ancillary buildings. 

This interview features in our first Super-Prime Country House Market report