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Most Expensive Property This Year Has Sold
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
A luxury penthouse in South Audley Street, Mayfair, has sold for the highest price achieved so far this year in London, after it was bought for £7,000 per square foot.
This price has only been beaten by a few sales in Knightsbridge between 2013 and 2014. It is believed that the penthouse sold for around £26m.
The home, at 77 Mayfair, is one of six other apartments that have all sold off-plan in the last seven months, totalling £100m in separate deals.
High-end developer Luxlo confirmed the exchanges, saying the average price per square foot for all six apartments was £5,500. This is a record for Mayfair.
To anyone hoping for a look inside the property, there are no internal images available. It is known that the penthouse comes with parking spaces and servant quarters downstairs. It has two floors, three bedroom suites, a roof terrace and cinema room.
The new block will be completed in 2016 and is located alongside Hyde Park, overlooking the Dorchester Hotel. It has underground parking and a luxury spa operated by the 24-hour concierge service of Harrods.
Clarges Mayfair was the last luxury apartment building to trigger a debate over the price of housing in central London. The complex was built by leading property group, British Land.
The average price per square foot achieved by this development was over £5,000. The penthouse allegedly sold for close to £7,000 per square foot.
Just last week, an office-to-residential conversion on Upper Brook Street, Mayfair, sold for £90m, around £4,285 square foot. It was said to be the deal of the year, until it was beaten by 77 Mayfair.
Apartments in the area often achieve a higher price than houses.
A partner at Knight Frank, Richard Cutt, comments: “Due to the proliferation of listed buildings in Mayfair, new build developments are a real rarity.”1
Knight Frank and Wetherell were joint agents on the sale.
