An Ultra-Wealthy Family Paid Nearly $33 Million Just to Live Next to Harrods in London
London's Knightsbridge has long been the property location of choice among the super rich, but one recent purchase has just broken a record in the area.
An ultra-high-net-worth sheikh from Oman has paid £25 million, which is roughly P1.7 billion, to buy two adjoining homes in what is the highest value period-property flat sale in the district for over two years.
According to Rokstone, the estate agent which achieved the deal, Knightsbridge was the only address the sheikh and his family would consider as they wanted to live within a 10-minute walk of one of the world's most famous department stores: Harrods.
Harrods in Knightsbridge
"There were several key selling points for the family," Becky Fatemi, Managing Director of Rokstone, said. "Firstly they were only interested in Knightsbridge and they wanted to live within 10 minutes walk of Harrods. The other key attractions that led to the deal were the fact that both are large "family-flats", recently refurbished and fully dressed, so just like a hotel suite the family could occupy both properties immediately."
The living area inside the flat on Parkside
One of the four bedrooms at the Parkside apartment
The two properties are both located in grand period buildings and have recently been refurbished. The family's main base will be the £17 million property located on the corner of Cadogan Square. The 6,000 sq.ft apartment has five bedrooms and is just a short walk away from the sheikh's second purchase on Parkside. This £8 million flat overlooks Hyde Park and was bought for extended family, overnight guests and staff quarters, the estate agents said.
With a new luxury shopping and leisure development coming to the area, where the average apartment price is over £4 million, Knightsbridge offers plenty of selling points, Fatemi added.
The sheikh also bought a £17 million property at Cadogan Square
"Another attraction for the family regarding the Parkside property is the fact that the immediate locality is undergoing regeneration, with the new mixed-use development at 55-91 Knightsbridge being undertaken for the State of Qatar creating a new luxury destination of shops and leisure facilities with apartments above behind a retained period façade," she explained. "All of this investment will further enhance the cachet of the address."
Despite the sky-high price tag of these properties, it doesn't quite beat this Admiralty Arch home. The 12-bedroom apartment near Buckingham Palace went on the market for a cool £150 million last year. It's believed to be the most expensive ever put on the market in London after One Hyde Park, at £140million.
This story originally appeared on Townandcountrymag.com.
* Minor edits have been made by the Townandcountry.ph editors.