In the latest edition of The London Magazine, Ruth Bloomfield takes a look at the capital’s super-prime market
London’s super-prime market consists of properties that occupy the £10m and above price mark. Homes in this price bracket could range from a two-bedroom luxury apartment to a 10-bedroom family townhouse, and everything in between. These homes are found on some of London’s best streets, in the likes of Notting Hill, Belgravia, Knightsbridge, Chelsea and more, fitting their title as ‘super prime’.
In spite of negative commentary and political uncertainty, this segment of the property market has seen a spark in its popularity, both from the usual crop of overseas billionaires and from wealthy British buyers. The outlook for the super prime market remains positive for years ahead too, with sources stating that central London has seen a 31 per cent increase in house-hunters year on year. Industry professionals state that buyers have been spurred into action thanks to a weakened pound, which gives them an opportunity to acquire a £10m+ property for a relative bargain.
One such purchase was at Chelsea Waterfront, our client’s meticulous redevelopment of the Lots Road Power Station and the site that surrounds it. The property in question was bought by businessman and Chelsea Football Club owner Roman Abramovich. His 6000 sq ft multi-storey penthouse tops the latest phase of the development to launch, Tower West. The 37-storey building is the only one of its kind on the north bank of the Thames, and the tallest residential building in SW10.
Other super prime developments feature in The London Magazine’s full article, as well as market commentary from Knight Frank, Strutt & Parker, Wetherell, Best Gapp and more. The coverage can be read in full here.