Yesterday, LUXUO reported on the immense growth of high net worth individuals based on information provided in Capgemini’s world wealth report. Meanwhile, it was reported 25 September 2017 that London luxury real estate agent Rokstone recently just sealed an eye-watering £25 million property deal in Knightsbridge. The buyer of two lateral apartments within a stone’s throw to Harrods? A Gulf Sheikh from Oman in what is reported to be the highest transacted price for London real estate in the Knightsbridge district in over two years.
The Gulf Sheikh from Oman paid for two refurbished apartments located in grand period buildings on Knightsbridge for a few reasons, among them, easy access to Harrods in the vicinity. The first of the Sheikh’s London real estate purchases is a fully furnished 6,000 sq.ft five bedroom lateral apartment located on the corner of Cadogan Square priced at £17 million. The other, is a well appointed 2,400 sq.ft four bedroom flat on Parkside, overlooking Hyde Park priced at £8 million. Both luxury properties are within 10 minutes walk of each other and of Harrods on Knightsbridge.
Collectively, the luxury real estate deals achieved a record £25 million, valued on average, of over £3,200 per sq.ft, the highest price achieved for resale flats in period buildings in Knightsbridge for over two years.
“This £25 million Knightsbridge deal is a record period-flat sale for the area, the highest sale in over two years. The sales prove that London remains a leading location of choice for the super-rich. There were several key selling points for the family. Firstly they were only interested in Knightsbridge and they wanted to live within 10 minutes walk of Harrods. The other key attractions that led to the deal were the fact that both are large ‘family-flats’, recently refurbished and fully dressed, so just like a hotel suite the family could occupy both properties immediately.” – Becky Fatemi, Managing Director of Rokstone
According to Rokstone, the head of the ultra-wealthy family from the Sultanate of Oman was looking for a large family house, or two family flats close together, in order to provide them with a London base while within 10 minutes walk of Harrods and Hyde Park and were not interested in any address other than Knightsbridge.
A Primer: London Luxury Real Estate Market
London luxury real estate in Central London have been transacting for over £5 million and at the upper segments of the London property market, that is to say, above £10 million, property purchases have been dominated by Asian (Chinese, Hong Kong, Japanese, Singaporean) and Middle Eastern (Omani, Saudi Arabian, UAE, Iranian, Turkish) and African (Nigeria) clients.
For luxury residences above £10 million, Central London has become a buyer’s market, and purchasers have become extremely discerning and exacting on their requirements: It’s no longer about just great address but also well decorated interiors and amenities. If new luxury developments aren’t available, the resale property should ideally be newly refurbished as high net worth consumers are either looking for personal/family home-stays or for immediate rental to accrue maximum return on investment, the hassle to find furniture and furnishings just runs contrary to those ideals.
Parkside, Knightsbridge: Qatari regeneration equals Return on Investment
Another attraction for the family regarding the Parkside property is the fact that Knightsbridge is undergoing regeneration thanks to a new mixed use development at 55-91 Knightsbridge being undertaken for the State of Qatar, birthing a new luxury destination of shops and leisure facilities with apartments above behind a heritage period façade. Urban redevelopment investments of this nature further enhance the appeal and investment value of such an exclusive address.
Explore potential London Real Estate Investment at Singapore Rendezvous 2017
The thriving beat of London’s vibrant city life with Berkeley Group’s collection of luxurious apartments boasting iconic river views: One Blackfriars and Emery Wharf at London Dock will both have previews available at Singapore Rendezvous 2017, happening this October 5-8 at Raffles Marina