A penthouse one of London’s landmark property developments is set to become the capital’s most valuable apartment after changing hands for a reported £140m.
The price tag for the penthouse at One Hyde Park in central London equals that for another of the complex’s properties, penthouse A, which sold four years ago, but work to complete penthouse D is expected to push up its value to a record level of more than £10,000 per square foot.
The 16,000 sq ft duplex apartment at the top of one of the four blocks that make up One Hyde Park has, according to the Times, been bought by an eastern European buyer, in another example of overseas money coming into the top end of the UK property market.
Christian Candy’s CPC Group, the developer behind the sale, would not confirm the price the penthouse changed hands for, but said it had been valued at between £160m and £175m once finished to the buyer’s taste.
“CPC Group is not able to comment on the sale price or the purchaser,” the developer said in a statement.
“One Hyde Park injected new vitality into the London super-prime residential market and helped to re-establish London as a global destination for property investment.”
The 13-storey blocks of One Hyde Park were designed by the architect Richard Rogers for the developer Project Grande, a joint venture partnership between Christian Candy’s CPC Group and Waterknights, the private company of the former prime minister of Qatar, Sheik Hamad bin Jassim bin Jabr Al-Thani.
Penthouse D is the last of the four to sell and has been empty until now. A smaller five-bedroom apartment in the development is still on the market at £68m.
“We’re in boom-time prices, more expensive than we’ve ever been in the history of mankind,” Nick Candy, Christian Candy’s brother and business partner, told Reuters.
“There is a concern over the market overheating. Everyone thinks the main central London is doing so well, (so) the ripple effect is going throughout the UK, and some of the prices being achieved are probably unrealistic and not sustainable.”
The glitzy project was launched in 2011, by which point one of the penthouses had already been bought for £140m.
If the buyer chooses to hold it in his or her own name, the stamp duty bill on a purchase price of £140m will be £9.8m, but if, as is common among wealthy property purchasers, they opt to hold it through a company, the bill will be £21m.
The purchase of luxury London real estate by overseas buyers has become a cause for concern in recent months as house prices in the rest of London have spiralled upwards, and politicians across the spectrum have promised action to prevent homes being snapped up and left unused for much of the time.
Developers have been urged to market properties in London before looking overseas, the government has promised to begin taxing overseas investors when they sell up, and one council is considering a one-off charge on so-called buy-to-leave purchasers.
However, political unrest in some parts of the world is still driving interest in London as an investment destination.
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