Immediately following the main launch of the €221m (£200m) The Park Crescent developer Amazon Property are pleased to announce the 100% sell-out of the entire first phase release of the flagship project generating sales of £60 million. The majority of buyers are affluent UK downsizer buyers exchanging large family houses in North London for spacious lateral apartments in London’s only Royal crescent overlooking 8 acres of private gardens and Regent’s Park.
The Park Crescent is Grade I listed, designed by John Nash (1752-1835) and built by Henry Peto in 1812-1820 as luxurious residences for the family and friends of HRH Prince George, The Prince Regent and Acting Head of State. Many were converted into offices in the late 20th Century until purchased by Amazon Property in 2012 and now restored to residential use providing two to four bedroom duplex, mezzanine and lateral residences.
Amazon Property highlight that the release of the project has been divided into three phases. The first phase of eight residences are all successfully sold generating £60 million worth of sales revenue, at values which average £2,340 per sqft for the ground and lower ground floor duplex residences and £3,550 per sqft for the first floor lateral and mezzanine residences.
Of the phase one sales, 80% of the buyers have been UK purchasers, most affluent families downsizing from large houses in Hampstead, Hampstead Garden Suburbs and St John’s Wood, with the remaining domestic purchasers being households selling across, from other apartments or houses. The balance of buyers (20% of sales) have been overseas purchasers, all from the Gulf region.
Amazon Property reveal that the downsizer and selling-accross buyers have typically been selling homes worth £5 million to £25 million, providing 4,000 sqft to 10,000 sqft of space, and acquiring residences at The Park Crescent priced from £3.95 million to £17.95 million, from 1,429 sqft to 4,127 sqft in size with ceilings up to 3.8 metres high.
Amazon Property highlight that the eight acres of private gardens provided by The Park Crescent have been a key selling point of the project since most of the downsizers have lived in large family houses set in large landscaped grounds. The Park Crescent has appealed to these buyers since all the residences provide the abudance of lateral space and large rooms that they previously had with their houses, and the private gardens provide them with the substantial grounds they are accustomed to, but without the maintenance worries and costs.
All the overseas buyers to date have been from the Gulf Region, from the United Arab Emirates, but there have also been significant buyer interest to date from Qatar, Saudi Arabia, Bahrain, Kuwait and Israel.
For the Phase Two release, Amazon Property have just undertaken a main launch and unveiled eight new previously unseen residences, each dressed by award winning design houses: 1508 London, Oliver Burns, DH Liberty and Taylor Howes. The final Phase three release will unveil the other four residences, which will take place in late 2018.
Recent reports/date from the two joint agents on the project - Knight Frank and Aston Chase - show that residential values for premium homes in and around Regent’s Park have performed well over the last 10 years. Knight Frank data reveals that Regent Park house prices are up 9% between 2014 and 2016 and that over last two years over 75% of buyers in the local area were aged 40-59 with one in ten buyers being affluent purchasers aged under 30.
