A buyer from the Middle East has spent more than £100 million on two penthouses in a new development in Mayfair.
The unnamed buyer is understood to have bought two flats in British Land’s Clarges Mayfair scheme on Piccadilly, which offers views over Green Park and Buckingham Palace.
According to the Times, the investor bought one penthouse from British Land and the other from Lawrence Stroll, the Canadian billionaire and father of the Formula One driver Lance Stroll. It is understood the buyer plans to knock the two apartments together.
The purchase defies reports that the appetite of overseas investors for luxury London property is waning following increases in stamp duty and the uncertainty over Brexit.
Knight Frank’s Prime Central London Sales Index recorded a dip of 1% for the year to last month, although this was far less dramatic than the 7.9% slump between the last peak in August 2015 and February 2017.
British Land set a record price for a Mayfair penthouse when 34 units at Clarges went on sale in 2014. It is thought one of the apartments sold for almost £7,000 per sq ft.
This record was beaten the following year when a luxury penthouse on Mayfair’s South Audley Street was bought for £7,000 per sq ft, or approximately £26 million. The penthouse at 77 Mayfair was one of six other apartments which had all sold off plan over the prior seven months and totalled £100 million in separate deals.
At Clarges, the average capital value for the 18 apartments sold in 2014 was £4,750 per sq ft, with total proceeds reaching £210 million, equivalent to just over £11.6 million each. Four of the flats sold for more than the previous Mayfair record price of £5,000 per sq ft.
Last year, it was reported that a further 11 homes at Clarges would come on to market following completion of the residential part of the scheme at the end of 2017.
Clarges Mayfair also has an office element which completed in 2016.
Designed by Squire & Partners, the development has 63,000 sq ft of luxury private residential units fronting Piccadilly with 7,900 sq ft of retail below, 91,000 sq ft of high quality offices in a separate block, and a new Kennel Club building.
The 34 apartments are arranged over 10 floors, ranging in size from one to five bedrooms.
Residents have access to a private wellness spa including a 25m swimming pool and fully equipped gymnasium, sauna, steam room and treatment rooms.
There is also a private cinema room and lifestyle services. The walls of the flats have been reinforced to take the weight of heavy art.
The Clarges site was bought by British Land in 2012 for £129.6 million.
DealMakerz thinks the latest deal shows how overseas investors are keeping London’s super-prime property market afloat.
The vast majority of luxury apartment purchases in the capital are still dominated by buyers from abroad.
Last year, it was reported that of the 170 homes bought in the Versace-branded skyscraper, only 11 Brits were among the buyers.