What is described as a mansion-sized flat overlooking London’s Hyde Park has lost £10m in value in just two years, a report suggests.
Analysis by Mansion Global says that the property in a luxury apartment block between Park Street and the ultra-prestigious Park Lane was listed for sale in 2017 for £30m. However, it has now been recently relisted by new agents Knight Frank for just £20m. The report says that this still makes it the most expensive property for sale along Park Lane.
The property is spread
across the seventh and eight floors of the block and offers 11 bedrooms, a 600
sq ft corner master suite, a 40 ft wood-panelled drawing room, two kitchens,
staff accommodation plus several balconies offering views over Hyde Park.
While the luxury London property market
has softened in recent times, with sellers needing to be more realistic about
pricing, a fall in asking price from £30m to £20m is still quite some fall. Many
will wonder whether the £30m price tag was something of a speculative punt – or
whether the £10m discount is a sign of things to come.