As we manage all types of investment properties in Barnet and throughout the rest of London, we have seen a huge variety of properties, some of which are worth many millions of pounds – but now a new development promises to eclipse all other London properties in terms of cost.
A 41,000 square foot property at 13-14 Princes Gate, Knightsbridge, has been sold for around £70 million. The luxurious property boasts an exclusive location overlooking Hyde Park, and a rich history which made it an appealing choice for many wealthy investors. The Grade II listed Georgian building has been home to various prominent figures in the past, including the JP Morgan banking family and John F Kennedy, who would go onto become the president of the USA. It is also the former headquarters of the Royal College of General Practitioners.
It is thought that the buyers are planning to convert it into a single mansion which could be worth up to £287 million, and will include such features as a basement swimming pool, an underground car park and seven bedrooms. Previously, the highest price ever paid for a London property was £140 million, for an apartment in the One Hyde Park development.
This property demonstrates just how sought after many London locations have become, and how wealthy investors from around the world are looking to invest their money in property here. With such high end properties becoming available, it looks like interest from overseas investors is only going to increase.