UK Property Price Record has Been Smashed with Sale of £160 Million
Property One Hyde Park has been sold at an amazing price of £160 million, by property tycoon Nick Candy, who owned the two storey B.10.01 penthouse property since developing the luxury Knightsbridge development in 2009.
The famous penthouse included two wine cellars, two underground parking spaces and balconies overlooking the park. Nick Candy lived in the luxury apartment with his wife, actress and singer Holly Valance, prior to selling the property to PHB London Holdings Ltd. in Guernsey.
Although this sale price is the largest sale that has been recorded by the Land Registry, a spokesman on behalf on Nick Candy has actually confirmed that this was in fact a refinancing deal rather than a sale, as PHB London Holdings Ltd, an offshore company which Nick Candy owns and controls himself, for the purposes of a remortgage.
Although London property prices have fallen in 2017, with the stamp duty increase in April and with Brexit uncertainty, albeit this has created property purchase opportunities for international investors and the super-rich interested in £10 million plus properties, who are not fazed by Brexit, and this business has actually picked up, with the number of prospective buyers showing interest, increasing by 7% in the first three months of this year, in comparison to 2017.
Knight Franks Ian Bailey, Head of Research confirmed, that with sterling being weak against various other currencies international buyers could see advantaged savings, with 60% of the prime property buyers’ market being made by foreign investors from India, Middle East, Russia and Europe.
According to Molior London; property research specialists, property developers are selling at property discounts of 10-15% being deemed as normal, with discounts of up to 30% to corporate buy-to-rent investors who buy in bulk, which accounted for 39% of bulk deals in June 2018, which indeed sees the UK market as one of great opportunity for the super-rich.
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