Gap Between Elite and Prime London Property Widens

The price of truly elite property in London can increase by as much as £3,000 a square foot merely due to the presence of a doorman.

Luxury property or prime property in Britain’s capital can cost anything from £1,000 to £4,000, but according to Knight Frank LLP it is the little touches that elevate a property from prime to elite.

Real estate prices for luxury property in London have recovered at a much faster rate than other property sectors, with prices reaching record highs last month as overseas buyers scramble to take advantage of the weak pound.

Estimates by Knight Frank put the average price of prime property in London at around £2 million, although luxurious extras such as wine cellars, squash courts and staff accommodation will probably cost more. Apparently a luxury property should have at the very least, a 24-hour concierge service, secure parking and a balcony or terrace.

The apartments at One Hyde Park sold for an average of £6,000 per square foot in 2010, and have attractions such as service from the Mandarin Oriental Hotel, hand painted silk wallpaper and a view of the park. The building was designed by Rogers Stirk Harbour and Partners who also worked on the Pompidu Center in Paris.

An iconic building which is affiliated with a top hotel and spa definitely qualifies as elite luxury property, and the Shard skyscraper in London meets all these criteria. The apartments in the 72 storey Shard are still under construction, but will include 12 apartments on floors 53 to 65, as well as restaurants and offices. There will be hotel rooms operated by Shangri-La Asia Ltd, which is the biggest luxury hotelier in the Far East.

Visit the original news source, Chris Spillane at Bloomberg