The Hype For One Hyde Park.

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Last week saw a lavish party to celebrate the launch of One Hyde Park, the new real estate project which has been classed as the most expensive property in the world.  The apartments are nestled between Harvey Nichols and The Serpentine and have been viewed as bringing the super-rich back to London’s property market.

Unbelievably the apartments have an asking price of £6,000 per square foot.  The development is the brainchild of developers Nick and Christian Candy and designed by Lord Rogers so the apartments were never going to be affordable to the masses.  One of the penthouses, which was reported to have been sold for £135million, was snapped up by someone browsing the internet.

The launch party was attended by 350 guests and were fed by chefs Heston Blumthal and Daniel Boulud.  Among the celebrities were also the seriously wealthy of the world, including Middle Eastern sheiks and Chinese entrepreneurs.  The guests were chauffeur driven in limousines from the Mandarin Oriental hotel next door and security was also really tight, which was to be expected in apartment blocks of this calibre.  The lifts have iris-recognition systems and all windows have bullet-proof glass.

According to the developers 60% of the 96 apartments have already been sold at what is believed to be the most desirable address in the world.  The perks of owning one of these apartments are room service from the Mandarin Oriental, a valet service, concierge and a wine cellar.  It is thought that the cheapest apartment is still a cool £6.75million, which would get you a one bedroom apartment.  The majority of the apartments are, according to the developers, between £27million and £33million.

Astonishingly simply to live there would cost you an extra £100,000 a year in service charges if you have one of the larger apartments, the costs are £150 per square metre per year.  However according to one newspaper only two of the apartments have resulted in completed sales, and for much lower than reported prices.  Land Registry records indicate that a triplex penthouse sold in August last year, it was sold to Park One which is a company based in the Cayman Islands.  The owner is thought to be His Excellency Sheik Hamad Bin Jassim Bin Jaber at-Thani.  According to Land Registry the apartment was sold for £40.5 million, which is £100million less than the asking price for the penthouses.  The other sale is for a penthouse in another of the buildings which was bought by Christian Candy Himself for £31million, again around £100million less than the asking price.  Both got a discount though.

Some of the apartments cannot be sold yet due to them not being completed.  Land Registry’s Register of Charges shows that contracts have been exchanged on 26 of them.  A spokesman for the development confirmed that 55% of the development had been sold and was expecting sales to complete soon.  One apartment had been sold for £135million and would be registered with Land Registry very soon and once the apartment was fitted out the price could reach £200million.

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