Tuesday 21 October 2014

London apartment sells for record price of €170m

Published 02/05/2014 | 09:15

One Hyde Park in Knightsbridge, London
One Hyde Park in Knightsbridge, London

A penthouse at London's most exclusive address has reportedly been sold for a record £140 million.

Penthouse D at One Hyde Park, which overlook's London's best-known Royal Park, was sold to an Eastern European buyer, the Times said.

The newspaper reported that the sale by Christian Candy's CPC group could see the flat's value rise to £175 million, or more than £10,000 per square foot.

CPC confirmed that it had sold the penthouse apartment but did not reveal the sale price or buyer.

A spokeswoman said: "CPC Group can confirm that a 16,000 sq ft duplex Penthouse (Penthouse D) at One Hyde Park was recently sold.

"CPC Group is not able to comment on the sale price or the purchaser. However, global professional valuation companies have valued the finished penthouse at circa £160 million-£175 million."

he added that buyers at the development on the south side of Hyde Park in Knightsbridge has "seen significant uplift in the capital value of apartments since the scheme officially launched in 2011".

The development consists of 80 flats in four pavilions in a prime location in the capital with views across the city and Hyde Park.

It was designed by architect Richard Rogers, with management and interior design by Candy & Candy.

Nick and Christian Candy bought the Knightsbridge site of the former 1950s office block Bowater House in 2004 for £150 million.

They developed the site alongside Waterknights, the private company of the former prime minister of Qatar, Sheik Hamad bin Jassim bin Jabr Al-Thani.

House prices leapt by 10.9% year on year in April, marking the first time in four years that annual growth in values has reached double figures, Nationwide reported yesterday.

Property prices across the UK lifted by 1.2% on the previous month to reach £183,577 on average, increasing the risk that people will have to stretch their mortgage borrowing, the building society said.

The last time that the annual house price growth reached the 10% mark was in April 2010.

Some critics of the Government's flagship Help to Buy scheme to give people with small deposits get a helping hand on the property ladder have argued that this has added to the pressure on house prices by fuelling buyer demand further.

In London in particular, strong interest from wealthy overseas investors has been helping to push up demand.

Robert Gardner, Nationwide's chief economist, said yesterday: "Interestingly, price growth in London and the South East appears to be being driven by the top end of the market, with higher priced locations recording stronger price growth.

"This pattern accords with housing transactions data, which shows that higher priced properties in London and the South East have accounted for a higher proportion of transactions."

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