Most Expensive Apartments in London £140M - Almost Sold Out!

poppy10_2

Thermidor wrote: »

Anyone got a cool £140M pad in London? Some people have it seems. Most of them have already been snapped up.

There's a development of flats (sorry, luxury executive apartments) near where I live that has a big billboard stating "hurry, last few left!!!" It's been saying that since mid-2007. It's nothing but a classic sales strategy, make you think that (a) other people are buying, so it must be good and (b) I need to get in quick before they run out!

The Candys claim that 60pc of the 83 apartments have already been snapped up, mainly by foreign buyers from the Middle East and Asia.

I guess those are the same mythical rich foreign buyers that were going to snap up the Wilsons' property portfolio - haven't heard any news on that.

poppy10_2

Hmm, here we go, perhaps this is closer to the truth:


Only Two sold (to the owners and developers)... Just 84 to go! Truth about the most hyped luxury flats in the world

Sixty per cent of the 86 apartments have sold, say the developers, and the rest are going fast.

But The Mail on Sunday can reveal that, despite last Wednesday’s lavish ‘opening’, sales of only two of the homes have been completed – and for remarkably low prices.

Land Registry documents show that a hugely desirable triplex penthouse, occupying the entire 11th, 12th and 13th floors of one of the four buildings which make up the development, was sold last August. It went to Park One, a company based in the Cayman Islands, which was almost certainly set up specifically for this purpose. The real owner is His Excellency Sheik Hamad Bin Jassim Bin Jaber at-Thani. Sheik Hamad also happens to be the financial backer of Project Grande (Guernsey) Ltd, the company set up as a joint venture with Candy & Candy to develop One Hyde Park.

So how much was paid for this apartment which, if you believe the hype, is one of the most valuable in the world?
According to the Land Registry, it was bought for a comparatively paltry £40.5 million, almost £100 million less than the reported asking prices for penthouse suites.

The second completed purchase, according to the Land Registry, is a single-storey penthouse in an adjacent building.
It was sold to Christian Candy for £31 million – again, about £100 million less than the asking price of similar apartments in the complex.