A £60m penthouse has gone on sale in Hyde Park in a tentative sign that the super-prime market may be turning towards bigger, more expensive homes again.
The apartment, which is one of London’s biggest listings in 2024, includes “one of the largest private terraces in central London”, according to James Van Den Heule, co-founding director of Fenton Whelan.
The “magnificent” space, which is 6,800 sq ft, is part of a £530m luxury development designed by architect Lee Polisano of PLP Architecture comprised of 55 apartments, including three penthouses.
The complex has been kitted out with what seem to have become necessities for super-prime developments: gym, cinema and a restaurant.
This year, the size of super-prime homes that changed hands this year has shrunk dramatically, down 4,000 sq ft to just 6,500.
The highest demand and majority of sales in 2024 have been in the £15m to £25m price range, down significantly from the year before.
Has the market turned a corner?
It’s a good time for the penthouse to go on sale: London’s super-prime property market has picked up as of late – along with the general market – after a cut to the Bank of England interest rate released pent-up demand in the sector.
However, the market has been singularly affected by changes to tax policies affecting Britain’s super rich.
The prime London property market will be affected by VAT taxes on private schools and tightening non-dom rules in the UK.
Buyers could also “be squeezed further” if changes are made to pension tax relief, inheritance tax or capital gains tax, Tom Bill, head of UK residential research at Knight Frank, said.
Whether the penthouse sells quickly might give a better impression of the attractiveness of London for the world’s wealthy.