Record Breaking Penthouse Sets New Standard in Prime Central London

The allure of London has never failed to attract tourists and residents from around the globe. As more affluent people call the capital home, the demand for luxury lifestyles also increases. Property developers are under pressure to reach new standards each time they design residential units and the influx of elite interior design, state of the art features, and unique architectural structures are not failing to impress potential home buyers.

The UK economic climate has led to decreased stock levels and transaction levels in many areas around the nation, especially neighbourhoods in prime central London, where prices are increasing. Luckily, proposals for new developments in many areas are beyond approval stage and are now in the pipeline for construction, which should bring some exciting new luxury additions to the real estate market in some of the most exclusive neighbourhoods in London.

Famous property developments unrivalled until now

Mayfair has been the number one neighbourhood in London for many years, yet restrictions on new developments while Knightsbridge welcomed multiple new residences meant that they lost the crown for first place. During this time, The Knightsbridge was built which became one of the most famous constructions in the area.

The Knightsbridge consists of two blocks of luxury residential units, with rare features such as the lavish reception area leading out onto a semi-circle bay for resident drop offs and pick ups – a characteristic often found in the most extravagant residences in the Far East and Dubai. The towers have a beautiful view of Hyde Park and can expect to achieve sales prices from £3,000 per sq ft, up to £5,500psf for the best units. These values may be unexpected after the debate over the original asking prices for these apartments – when critics said that £2,000 per sq ft was overpriced in 2002.

Moving North East slightly, to Mayfair, one of the most talked about developments to have been built was Clarges Mayfair. Developed by British Land, this addition to the property market broke records for the most expensive property sold in Mayfair. Selling for around £5,000 per square foot, 18 of the 34 units sold for an average £11.6 million each, totalling over £210 million. Ideally situated on Piccadilly, the building overlooks Green Park and comprises retail space, leisure facilities, parking, library, and private members’ club, in addition to the residential units.

Mayfair reclaimed the crown for number one neighbourhood in prime central London this year, and now restrictions have been lifted, and multiple residential developments are underway and going to be completed over the next five years, they hope to hold on to it this time.

77 Mayfair reaches record numbers and sets new benchmark

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”.

Although Clarges seemed like a tough act to follow, 77 Mayfair has broken through even more records, reaching a £5,500 per square foot average. The penthouse of the block has achieved an incredible £7,000 per sq ft, which is phenomenal for a boutique development. The seven luxury apartments are all sold even though construction is yet to complete. The building is located next to Hyde Park with a view of the iconic Dorchester Hotel. It is within close distance of some of the most prestigious locations in the city, such as international art exhibitions and auction houses, various famous hotels, and the world-famous luxury district. Two-thirds of the top retail labels around the globe can be enjoyed when shopping along Bond Street and Albermarle Street making 77 Mayfair arguably one of the best-placed residences in the capital, today.

77 Mayfair is the first residential block to be added to the Mayfair real estate market in over 15 years. Developed by Luxlo, the architecture was designed by the award winning Squire & Partners, and interior design was led by top British designers Martin Kemp. The new homes offer some of the best features available in London, some of which are typically only seen in developments of over 20 units. The record breaking sales are a clear representation of the exceptional quality and luxury available in these properties, and the address is now the new benchmark for other properties built in the area.