Ultra-prime estate agent Rokstone has achieved a record GBP25 million residential deal in Knightsbridge, successfully selling two lateral apartments to an ultra-high-net-worth family from Oman in what is the highest value period-property flat sale in the district for over two years.
The two properties are both refurbished and dressed lateral apartments located in grand period buildings. The first is an interior designed and dressed 6,000 sq ft five bedroom lateral apartment located on the corner of Cadogan Square priced at GBP17 million. The second is a dressed 2,400 sq ft four bedroom flat on Parkside, overlooking Hyde Park priced at GBP8 million. Both properties are within 10 minutes walk of each other.
Blended, the deal achieved a value of over GBP3,200 per sq ft, the highest price achieved for second-hand flats in period buildings in the local area for over two years.
Client confidentiality and a Non-Disclosure-Agreement strictly limit the amount of information that Rokstone can provide about the transactions, however the estate agent can reveal that the buyer is an ultra-wealthy family from the Sultanate of Oman who were looking for a large family house, or two family flats close together, in order to provide them with a London base. The family wanted to live within 10 minutes walk of Harrods and Hyde Park and were not interested in any address other than Knightsbridge.
Becky Fatemi, Managing Director of Rokstone, says: “This GBP25 million Knightsbridge deal is a record period-flat sale for the area, the highest sale in over two years. The sales prove that London remains a leading location of choice for the super-rich.
“There were several key selling points for the family. Firstly they were only interested in Knightsbridge and they wanted to live within 10 minutes walk of Harrods. The other key attractions that led to the deal were the fact that both are large ‘family-flats’, recently refurbished and fully dressed, so just like a hotel suite the family could occupy both properties immediately.
“Another attraction for the family regarding the Parkside property is the fact that the immediate locality is undergoing regeneration, with the new mixed use development at 55-91 Knightsbridge being undertaken for the State of Qatar creating a new luxury destination of shops and leisure facilities with apartments above behind a retained period façade. All of this investment will further enhance the cachet of the address.
“For luxury resi-deals for values above GBP10 million in Central London its become a buyer’s market, and purchasers have become extremely discerning and exacting on their requirements. They want a great address and they only want newly built or newly refurbished homes. For a deal to progress smoothly wealthy buyers want hotel-style homes that are interior designed and dressed, so that buyers can move in immediately without any hassle or the need to find furniture or accessories. Undressed, tired or shabby property just won’t sell in the current market.”
Rokstone – which specialises in ultra-prime deals – says that the luxury homes market in Central London for properties priced above GBP5 million and especially above GBP10 million is currently dominated by Asian (Chinese, Hong Kong, Japanese, Singaporean) and Middle Eastern (Omani, Saudi Arabian, UAE, Iranian, Turkish) and African (Nigeria) clients. This ‘Trolika’ of wealthy buyers are currently “the only game in town” said Ms Fatemi.
Fatemi points out that demand for London homes priced above GBP5 million from domestic UK and Continental European buyers is currently extremely weak, with English, French and Italian people choosing to let rather than purchase.