Buyer pays £27 million for One Hyde Park apartment

The Candy Brothers Development One Hyde Park Is Launched

Would you pay nearly £27 million for a flat above a car showroom? One buyer has done just that, forking out the equivalent of £6,400 per square foot for the apartment in London's swanky One Hyde Park development.

After a bidding war, agents John Taylor told the Daily Mail, the five-bedroom, 4,200-square-foot apartment was sold last week to an unnamed buyer. It's one of 86 residential apartments in the block, which has been billed as 'the world's best address', with luxury stores including a McLaren showroom on the ground floor.

This particular apartment was the first to sell on the park side of the building, and stretches across the eighth floor. It has three reception rooms, and all five bedrooms are en-suite.

"We had two people bidding for it including a local client and it has achieved a very reasonable price," David Adams, managing director of John Taylor told the paper. "It is one of the highest priced apartments sold publicly this year."

However, there are signs that the astronomical rise in prime London house prices may be coming to an end. In Hyde Park, according to figures from estate agent Knight Frank, prime property values actually fell by 0.3 percent in October.

"In spite of new record prices we are seeing a moderation in price growth across prime central London following very strong performance over recent years," says the company's global head of residential research Liam Bailey. "There are signs that buyers in certain prime central London markets are becoming more resistant to ongoing price growth."

London property prices are currently double those for the rest of the country, according to figures from the Nationwide Building Society - the biggest price differential in more than 40 years.

A large proportion of prime London properties are bought by overseas purchasers, who see the capital as a safe investment. However, they may become less popular with such buyers following chancellor George Osborne's announcement last week that such overseas investors will from next April be liable for capital gains tax on any profits they make.

Meanwhile, not everybody buying a pad in One Hyde park can afford it when push comes to shove. The block recently saw its first repossession, with a one-bedroom flat going for £5 million after property developer owner Ray Grehan was made bankrupt. It has apparently been sold to a Middle Eastern buyer as a buy-to-let investment.

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Buyer pays £27 million for One Hyde Park apartment

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