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Luxury Mayfair Penthouse achieves 2015 record price

A penthouse apartment in the exclusive London area Mayfair has already been sold despite the fact it has not been built yet and costs £7,000 a square foot.

The luxury penthouse, which is located on South Audley Street in Mayfair, has broken the record for any residential property sale in the city so far in 2015.

At £7,000 per sq ft., this is the highest price per square foot obtained for any home this year. It has only been surpassed by a few sales in Knightsbridge in 2013 and 2014. The entire penthouse itself has been sold for approximately £26m.

The 77 Mayfair luxury penthouse was one of six other flats which have all been purchased off plan throughout the last seven months. All of the transactions cumulatively totalled £100m.

Developer for the site, Luxlo, said that the average price per square foot for all of the units was £5,500, which is a record-breaking amount for Mayfair.

Designed by Squire and Partners, each of the apartments, which average nearly 4,000 square feet, will have an original Edwardian stone exterior dating back to 1904. Within a brief walking distance are some of London’s most iconic hotels, such as Claridge’s and The Dorchester, as well as luxury shopping on Mount Street and Bond Street, and several private members clubs such as Annabel’s and Harry’s Bar. International art exhibitions and auction houses such as Sotheby’s and Christies are also close at hand.

For those not involved in the building or sale of the property, there are no internal photos and very few confirmed details. The penthouse itself is said to have two floors with a roof terrace, three bedrooms, and a cinema room. Downstairs there is said to be servants’ quarters and car parking spaces.

The completion date of the new block is scheduled for 2016. In addition to underground parking, there is a luxury spa operated by the Harrods concierge service, a gymnasium, swimming pool, sauna, jacuzzi, and hair salon.

 

Structural Defects Insurance

The sale prices achieved at the complex has sparked some debate over the property market and if the figures achieved indicate a positive outlook. The last building to ignite conversation about central London’s property prices was the development at Clarges Mayfair, which overlooks Green Park. The site was built by British Land and sold for £5,000 per square foot, with the penthouse achieving just under £7,000 per square foot.

An office-to-residential conversion on Upper Brook Street in Mayfair was recently sold for £90m, which averages around £4,285 per square foot. Although proclaimed as the deal of the year at the time, it was upstaged by the 77 Mayfair penthouse’s price per square foot.

Part of the high sales figures could be explained by the fact that the prevalence of listed buildings in Mayfair makes new build developments a genuine rarity.

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