Luxury penthouse snapped up in record property deal

A luxury penthouse on Mayfair’s South Audley Street has broken the price record for any residential property deal in London so far this year, after it was snapped up for an astounding £7,000 per sq ft – according to a report in today’s Telegraph.

The report says: “This is the highest price per square foot achieved for any home in 2015, and previously beaten only by a handful of sales in Knightsbridge in 2013 and 2014.

The penthouse at 77 Mayfair was one of six other apartments which have all sold off plan over the last seven months and totalled £100m in separate deals.

luxlo-front 77

The high-end developer Luxlo confirmed the exchanges to the Telegraph yesterday and said that the average price per square foot for all six apartments was £5,500 – an all-time record for Mayfair.

For the casual observer there are no internal images and few details so far. The penthouse itself is understood to be 5,417 sq ft including the car parking spaces and servants quarters downstairs. This would make the sale price £37.9m. It has two floors, three bedroom suites, roof terrace and a cinema room.

The new block will be completed by 2016 and is next to Hyde Park and overlooks the Dorchester Hotel. It has underground parking and a luxury spa which is operated by the Harrods 24 hour concierge service.

The last luxury apartment complex to spark a debate over the price of property in central London was Clarges Mayfair – built by the leading UK property group, British Land.

The average price per square foot achieved for the condominium, which overlooks Green Park, exceeded the £5,000 mark and the penthouse was understood to have sold for close to £7,000 per square foot. However, it was was beaten by the equivalent home in 77 Mayfair by a whisker.

Only last week an office-to-residential conversion on Mayfair’s Upper Brook Street sold for £90m or around £4,285 per sq foot. It was proclaimed to be the “deal of the year”, but was blown away by the price per square foot of the penthouse at 77 Mayfair. Apartments go for a premium over houses.

“Due to the proliferation of listed buildings in Mayfair, new build developments are a real rarity,” said Richard Cutt, partner at Knight Frank.”

Source: The Telegraph

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