Rokstone has achieved a record €28.4m (£25m) residential deal in Knightsbridge, successfully selling two lateral apartments to an high-net-worth family from Oman in 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 557.4 ? (6,000 ft²) five bedroom lateral apartment located on the corner of Cadogan Square priced at €19.3m (£17m). The second is a dressed 222.9? (2,400 ft²) four bedroom flat on Parkside, overlooking Hyde Park priced at €9.1m (£8m). Blended, the deal achieved a value of over €3,640 (£3,200) per ft², the highest price achieved for second-hand flats in period buildings in the local area for over two years.
Becky Fatemi, Managing Director of Rokstone said: “This €28.4m 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.”
Rokstone – which specialises in ultra-prime deals – highlighted that the luxury homes market in Central London for properties priced above €5.6m and especially above €11.3 m 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.
Ms Fatemi observed that demand for London homes priced above €5.6m from domestic UK and Continental European buyers is currently extremely weak, with English, French and Italian people choosing to let rather than purchase.