New UK Property Record - a £140 Million flat!
"Who says the property market is flat?" asks Solicitor in Sutton Coldfield
In a sale that eclipses the previous most expensive property in the UK a flagship penthouse apartment at the "One Hyde Park" development has been sold for £140,000,000.
So what can the new owners expect for their massive investment? Naturally you'd expect a huge apartment for this money - and the flat doesn't disappoint as it comes with six bedrooms and has views across the Serpentine over two floors. It is also bullet proofed, and has 24 hour protection from security trained by the SAS. Peckish inhabitants can order room service snacks around the clock from the world-renowned Mandarin Oriental Hotel which is adjacent to the development.
And the identity of the buyer? Well, it is routine, in the rarefied market for £140 million properties, that the buyers tend to want strict anonymity. However, experts in the high end London market note recent enquiries from China and the Middle East in particular feeding a surge in prices at the highest level.
The stamp duty bill on the record-breaking apartment alone would set the buyer back a cool £5,600,000! However, Harvinder McKibbin, owner of Harvey McKibbin Solicitors in Sutton Coldfield says: "It is not unusual for such rich buyers to actually avoid paying tax both on income and on property transactions."
She goes to say "Depending on the particular buyer's needs at our firm we have a scheme that is unique in the Midlands which "mitigates" the liability for stamp duty to zero so if we had acted for this buyer they could have saved a few million, even if it might be small change to them!" Harvinder says the scheme works for any property over £500,000 so you don't have to be a multi-millionaire to benefit.
The One Hyde Park development comprises 86 properties starting from a mere £20 million and culminating with the penthouse apartments. The concept has been created by the Candy brothers, Nick and Christian, and is being marketed by Savills and several subagents.
And while the property market continues to be in the doldrums due to the squeeze on finance, it seems the super-rich have no such troubles. In fact in the last six months activity has become somewhat frantic in some quarters according the Trevor Abrahamson of Glentree Estates who are one of the subagents for One Hyde Park.
"London is the capital of capitals", said Mr Abrahamson. "Even international businessmen with no interests in London want to have a home here."
And it seems that if they really want it, then money is no object!
ENDS
Journalists can contact Harvinder McKibbin at Harvey McKibbin Solicitors
