Posted 12.18.15 @ 0:0
Who wouldn’t want to live next door to the Queen of the United Kingdom? A very well-to-do buyer snaps a luxury apartment at Palace Street for a whopping £20M!
The wealthy buyer of the luxury flat has not been named yet but seems to be thrilled to be the Queen’s new neighbour. London’s real estate market is abuzz with the news, and sees it as a sign that the high-end real estate market in London is as robust as it has been in the past. The purchase made such a buzz because the buyer paid in cash even before the flat’s developers has picked up a spade.
1 Palace Street – London’s New Prime Address
The firm behind the project, Northacre, shares that they hope to attract people who are interested in the very best of what London has to offer right at the very heart of the city. They also expect that the larger flats they will have at 1 Palace Street will command more attention and higher price tags.
Northacre is largely owned by the Abu Dhabi Financial Group (70%). The firm bought the 1 Palace Street site in 2013 for £310M with plans of developing it and giving rise to a luxury flat complex that’s scheduled to be finished in 2018. So far, the firm has been given planning consent for a 72 apartment development (including an existing Grade II listed building) that will cover about 302,377 sq. ft. of property. The group expects to make about £1B from sales when they sell all the flats.
Purchasing one of luxury flats does not only mean having the prestige of being neighbours with Queen Elizabeth II, it also comes with all the trappings that’s usually associated with owning high end real estate. Those who will be residing at 1 Palace Street will have access to an underground parking area plus a communal courtyard garden that may have a full concierge service plus a restaurant. Leisure facilities at the development will include a cinema, a library, a gym, a spa, and one of the largest pools to be built in London
Exclusive Luxury Living
Within half a year, Northacre has already sold 29 of the 72 luxury flats that’s going to make up 1 Palace Street, as disclosed by Niccolo barattieri di San Pietro, the chief executive officer for the complex’s developer. The CEO shared that they have not even done any marketing yet and that buyers are finding them by word of mouth. The buyers are compromised of both old and new money from Russia, Africa, the U.S., and the Middle East he shares.
The development will not have any affordable housing, but the developers have agreed to make a financial contribution in support of local affordable housing. They did not disclose the scale of that contribution though.
The upscale apartment complex is owned by the investors who bought the New Scotland Yard and are planning to build 300 to 350 new apartments at that location.
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