Prime central London penthouse has sold for £7,000 per square foot - and it's not even built yet


Prime central London penthouse has sold for £7,000 per square foot - and it's not even built yet 24/08/17

An attraction to tourists and residents alike, prime central London has always been a global hotspot. As pressure rises for designers and developers to offer the utmost excellence, create something unique, and provide a solution to cater to every possible situation one could experience, as do the number of exquisite properties entering the real estate market offering every feature a property could possibly have and one of a kind luxury designs.

Prime central London has seen its fair share of luxury properties and developments in the past, and they remain timeless to this date, yet shortage of stock in exclusive neighbourhoods has led to some upcoming exciting changes to real estate in the capital.

From knightsbridge to clarges

One of the most popular residential developments to have been built in prime central London is The Knightsbridge. There was a time when Knightsbridge benefitted from a number of residential developments and restrictions on new developments in Mayfair meant they took the crown for the number one neighbourhood in prime central London. However, Mayfair recently reclaimed this crown and now intend to hold on to it as they have several residential developments approved and in the pipeline ready to be constructed over the next five years.

Ideally located overlooking Hyde Park, the original average asking price per unit across the two blocks of The Knightsbridge was £2,000 per sq ft back in 2002, which was thought to be overpriced by market analysts. However, today, the best units can expect up to an average £5,500 per sq ft, with the lower valued units going for around £3,000 psf. What sets The Knightsbridge apart from other prime central London developments is the rare addition of a feature reception area and circular bay outside of the building for cars to pick up and drop off residents - a characteristic typical of luxury developments in Dubai and the Far East.

Moving across to Mayfair, a development by British Land, Clarges Mayfair, broke sales records when units sold for almost £5,000 per sq ft, making it the most expensive properties ever sold in Mayfair. Located on Piccadilly and overlooking Green Park, the building provides 34 luxury residences, along with retail space, library, leisure facilities, parking, and private members' club. Just 18 of the units sold for over £210 million, with an average £11.6 million per unit. For the longest time, this designer development was unrivalled - that was until 77 Mayfair came along.

Welcome to 77 Mayfair

Clarges may have hit a record for most expensive property sold in Mayfair, but 77 Mayfair has just made new records in Mayfair reaching an average £5,500psf with top prices raking in an impressive £7,000 per sq ft - both breaking numbers for a boutique development. The building comprising seven luxury apartments is 100% sold, and construction is not even complete yet. Developed by Luxlo, it is the first residential apartment building to be added to the Mayfair residential scene in over 15 years with features usually only found in developments of 20 units or more.

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Situated next to Hyde Park overlooking the famous Dorchester Hotel, 77 Mayfair has set a new benchmark for residential property in one of the most exclusive neighbourhoods in the world. Designed by the award winning architectural designers, Squire & Partners, and leading British interior designers Martin Kemp Design, the building offers some of the finest residential properties currently available in London.

Peter Wetherell, CEO at Wetherell, said “The Mayfair market has witnessed significant changes throughout the last century and it is only since the 1990s that this world-famous location has seen an influx of residential provision returning its status as the best address in London and everything this world-class city has to offer.

These truly outstanding numbers are a clear reflection of Luxlo’s experience, visionary planning and formation of a world class professional team, who have collectively contributed to creating this rare and exceptional opportunity.

Within a short walk of 77 Mayfair, residents will be able to enjoy some of London’s most prestigious international art exhibitions and auction houses including Sotheby’s Philips and Christies, numerous iconic hotels including The Dorchester, The Connaught and Claridge’s, luxury retail which can be found on nearby Mount Street and Bond Street, and an array of private members Clubs such as Harry’s Bar and Annabel’s, making 77 Mayfair arguably one of the best placed residences in the capital, today.”