London’s luxury real estate market has been given a well-timed boost with the news that a super-prime penthouse has sold for a reported $72million. The sale represents one of the biggest in the United Kingdom in the last year.
The property is the largest in the new Clarges Mayfair development on Piccadilly, which has proved popular with the global elite since its completion last year. The purchase was completed by Quintessentially Estates working on behalf of an international client.
While uncertainty over Brexit is causing many investors to think twice about a move to London, this significant sale will be seen as proof of the continued confidence in London’s future economy regardless of its future relationship with the European Union.
Penny Mosgrove, CEO of Quintessentially Estates said: “We are thrilled to have been involved in this transaction of such a stunning project and securing an excellent deal for our client. But really, the story here is that it is a purchase that represents confidence in the prime central London market, and assurance in the UK’s economy despite Brexit and other global pressures.”
The penthouse enjoys sweeping views over London with Green Park immediately below and Buckingham Palace, The Ritz and Piccadilly Circus close by. Amenities within the development go beyond what many five-star hotels offer with wellness facilities including a gym, a spa, and a 25-metre indoor pool.
Interior design for all 34 residences was undertaken by the world-renowned Martin Kemp, who aimed to transfer the Art Deco traditions of Mayfair into each residence in its own unique way.
This latest sale is likely to alert other buyers of London’s potential with the exchange rate on the dollar being so favorable. Indeed, Quintessentially Estates are currently working with a number of high net worth individuals keen to invest in London.
Simon Garcia, director of Quintessentially Estates, added: “Our clients are confident about the market long-term, many of whom are entrepreneurs and business owners who have or are experiencing rapid growth, with continued positive forecasts.”