Luxury developer Fenton Whelan has completed on over £75m worth of apartment sales over the last 16 weeks, driven by young buyers from the Middle East, purchasing residences at Park Modern, a scheme overlooking Hyde Park, and at Greybrook House opposite Claridges Hotel in Mayfair.
Fenton Whelan and Beauchamp Estates, selling agent for Greybrook House, say that the largest group of buyers have been UHNW purchasers from the Gulf states, couples and families in their 30s and 40s, who are choosing to buy turn key, newly built and completed properties to serve as their London homes. Other significant buyers by country of origin have been from the USA, UK and Asia.
Park Modern comprises 57 one to six bedroom residences, with a majority already sold off plan, Fenton Whelan is currently marketing the final phase which includes a number of lateral apartments and penthouses, available for immediate occupation and benefitting from 30,000 square feet of five-star hotel style amenities.
Greybrook House is a Grade II Listed, six-storey Art Deco building originally designed by architects Sir John Burnett & Partners and built in 1929 as the London headquarters of world renowned piano manufacturers Bechstein. Fenton Whelan refurbished and modernised the building, taking design inspiration from Claridge’s façade and interiors opposite.
Beauchamp Estates say that over the last four months buyers from the Middle East, in particular the United Arab Emirates, Saudi Arabia and Qatar have been the biggest overseas buyer group purchasing luxury homes priced above £5 million across Prime Central London, comprising almost 30% of all sales.
The agency highlights that London real estate is seen buy Gulf purchasers as offering good value at present and a new younger generation are buying homes in the UK since there are good asking prices in the capital at present which is generating a steady flow of Gulf purchaser transactions. In recent months there has also been an eagerness from Gulf buyers to get deals over the line and finalised before yesterday’s Budget, hence the most recent flurry of sales.
The agency also saysmost of the Gulf buyers are purchasing newly built or newly refurbished homes and want fully dressed turn-key units which they can use when they come to London for holidays, shopping or business trips. A few buyers are purchasing off plan or under construction units, but this is where they have very specific requirements for tailoring the property to their family requirements, or it is a future purchase for student offspring planning to study in London.
Prices for the current release at Park Modern start from £2,150,000 for a one bedroom apartment up to £60,000,000 for the penthouse.
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