It is a brave person who takes a traditional Georgian building and transforms it into a modern, classic home, a space that seamlessly merges elegant, 21st-century living with all the character and essence of the original blueprint. But that is precisely what the interior designer Loucas Louca achieved with this three-storey apartment in the heart of London's historic Clerkenwell. After 14 months of hard labour and creative to-ing and fro-ing, this simple, brick building opens up into a colour-packed, unpretentiously stylish home.
The property, a renovated 19th-century building,belongs to Kally Ellis, the managing director of McQueens, the acclaimed florist, and is rented out to a young couple. After a chance meeting more than a decade ago, Ellis and Louca recently joined creative forces, opening ellis+louca interiors, a shop selling carefully sourced furniture, fabric, ceramics, toys and glassware from the ground floor of this same property. The upstairs flat is the first project under the ellis+louca banner.
The first job - and the greatest challenge of the entire project - was to remove the existing roof in order to add a third floor and terrace.
"We needed to dismantle a wall brick by brick, a task that was both nerve-wracking and meticulous. The end result, however, made all that effort wholly worthwhile," Louca says
Thanks to Louca's meticulous design eye and creative input, there is a seamless flow from the first floor living area/kitchen, leading up to the second floor master bedroom and bathroom and up again to the guest bedroom/office on the third floor with its en-suite shower and direct access to a neatly proportioned terrace.
One of the key features of Louca's design ethos was to maintain the original structure of the building and preserve - or reinstate - its modest period elements as far as possible. So inside, you'll find untouched brick walls, reclaimed oak parquet flooring and walls, cornices and staircases painted in monochromatic shades from the Farrow and Ball palette. These subtle historical references are then juxtaposed with fresh playful styling - modern works of art, a vibrant Margo Selby rug or Josef Albers' colour-blocked nesting tables re-issued by Vitra - to create an elegant, warm and cheerful ambience.
"My initial concept for the internal space was to be a series of soothing rooms that were to be sophisticated, and short of clichés," Louca says. "The furniture dressing the apartment would be slim and clean lined, resonating with a 1950s and 1960s design aesthetic. The wood was to be either teak or rosewood and decoration would aim to be elegant and charming."
However, design tactics changed when, during the initial phase, ellis+louca hooked up with Vitra, which agreed to make available a selection of pieces from its current and older ranges, from home-office furniture to modernist clocks and a number of playful, colourful products.
"I needed to bring all these different elements of the collection into one cohesive design, so decided to create spaces that did not end up being straight or totally holistic room designs," he says.
He pulled the look together with fresh and spirited styling, choosing bold colours for signature classic pieces and creating an energetic, multi-hued character which runs throughout every floor.
With a backdrop of neutral colours, earthy wooden floors and crisp white mosaic tiles, the clean-cut architectural bones of the apartment can shine through while the bold hues and quirky pieces inject personality and charm.
Louca loves the different elements of the apartment such as the unadorned, uneven walls, the reclaimed parquet floor, the monochromatic skin of the kitchen, the unpretentious shell of the bathroom and, of course, the black period staircase.
"However, if pushed to choose a space, I would select the top floor, with the guest bedroom and its terrace. They epitomise, I feel, the design goal of the project as a whole. It has elements of escapism, meditation and relaxation, essentials when choosing to live in such a frenetic and busy part of London."
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%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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UAE currency: the story behind the money in your pockets
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
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'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000