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A view of London’s prime property market

by internationalbanker

Shirley Humphrey (author) (3)By Shirley Humphrey,Director at Harrods Estates



At Harrods Estates we specialise in the sale, let and acquisition of London’s most prestigious properties and developments in prime Central London. Mayfair, Knightsbridge, Chelsea, Kensington and Belgravia are the key prime areas we operate in, all of which have remained buoyant during the recession. 

The last 12 months have proven to be the most successful at Harrods Estates, with a 23% increase across the business, a record figure for us. We are delighted to have achieved record sales in excess of £5000 per sq. ft. at developments such as 199 The Knightsbridge, Lancelot Place and Trevor Square for three bedroom properties on the lower floors, a sign that the Prime London property market is not set to slow down yet. 

We anticipate demand to remain high throughout 2014 and, with a continued lack of stock in prime London, property prices are likely to continue to increase. By the end of 2014, figures could rise by upwards of 10%, which will be due to Ultra High Net Worth Individuals purchasing trophy properties in prime London areas. We opened an office in Chelsea last year, following increasing demand from our clients for property in the area, and predict that the area will flourish in 2014. A great deal of redevelopment is planned in Mayfair where many properties will return back to their residential roots. 

Riverside developments will continue to be popular, attracting both UK and overseas buyers and areas such as Pimlico and Marylebone are becoming trendy hot spots for property purchases. Fulham, Barnes, Wandsworth and Clapham have seen a massive increase in investment as buyers, families in particular, are looking to get more for their money by moving slightly further out of central London to benefit from more internal and external space. 

Investors from Asia, particularly India and China, Middle East and Russia, will continue to be the top buyers in London. Since the taxation changes in France, we have had a rise in French buyers coming into the capital. Kensington and Chelsea are their first choice, but Clapham and Wandsworth are also proving popular as there are a range of French schools in the area. Africans and in particular Nigerians are also expected to become key players in the London property market. 

International buyers have always seen London as a global hub and a safe and wise investment location. When changes to tax law came into force in 2013, we did experience a slow-down from purchasers, but it has now settled and London remains a top choice for overseas buyers. Last year people from across the globe invested £7 billion in London property, and at Harrods Estates, 89% of our sales were from overseas buyers. 

High Net Worth Individuals are spending multi millions on a London property and some are even prepared to pay above the asking price. We recently had a family from overseas pay 6% over the asking price of a property just so the people living there would move out immediately so that they could move straight in, instead of waiting just two extra days! 

At Harrods Estates we offer a bespoke discreet service, and being part of Harrods, the globally famous department store, we can offer much more than other larger estate agents. We can offer recommendations to the Harrods Studio Interior Design Service, Concierge Service which includes personal shopping, bespoke events such as weddings and tickets to the latest West End show, a hamper upon arrival or a fully stocked fridge when a client arrives home after being away. In addition, we also offer Harrods Rewards points when a property is purchased through Harrods Estates, which enables the buyer to use their points in-store. 

Harrods Estates currently have offices in Mayfair, Chelsea and Knightsbridge and have a range of luxurious houses and apartments available for sale and let for the discerning buyer. 

Park Lane Place – £5.95 million 

4 Park Lane Place (3)Situated just off Park Lane and next door to the luxurious 5-star Marriott Park Lane Hotel, Park Lane Place is located on the top floor of a modern, prestigious building and has been recently renovated to offer luxury living with beautiful Hyde Park views.

Shirley Humphrey, Director at Harrods Estates, commented: “This beautifully presented apartment is perfect for those who want a private residence but benefit from hotel style living with 24-hour access to the leisure facilities at the Marriott Park Lane Hotel including the fully equipped gym, steam and 12.5 metre swimming pool. Residents can even order room service to their home, making it a perfect choice for those with busy lives who need some luxury and comfort after a hard day’s work.” 

The property has undergone extensive regeneration by M J Cronin Ltd together with Aedium Architects and interior designers, to offer luxurious modern interiors combined with the original Listed floor-to-ceiling windows, offering exceptional views of London. 

Inside 4 Park Lane PlaceComprising of three bedrooms and three bathrooms, the apartment features stunning living spaces including a relaxing living area, bespoke kitchen with marble flooring, designer cupboards and worktops and Villeroy and Boch sanitaryware to the bathrooms with marble flooring and Porcelanosa tiling. The building includes lift access and 24-hour porter service, and the apartment includes one parking space, which is located securely underground. 

Kensington Gate – £13.5 million 

EXTERIOR LANDSCAPE - KENSINGTON GATE, KENSINGTONProviding the perfect family home, Kensington Gate offers the rare opportunity to purchase a Grade II* listed townhouse in this prime garden square complete with mews house to the rear, the two connected under the south-facing garden via a lower ground floor entertaining/leisure complex.

Ideal for a large family, the main house and mews can be arranged to provide up to nine bedrooms complete with an abundance of entertaining space, south-facing patio garden, garage, basement leisure facility and staff quarters. 

Providing 6,006 sq. ft. of living space over four floors, the main house has been recently refurbished and provides air conditioning from the ground floor upwards. The ground and first floors provide an abundance of entertaining space including a bespoke David Linley kitchen with Miele integrated appliances, dining room and breakfast room overlooking the rear garden. Opening onto a delightful terrace overlooking the garden square, the dual-aspect first floor reception room spans the entire depth of the house and has two feature fireplaces and a high ceiling with ornate cornicing. 

WALKING WARDROBE - KENSINGTON GATE, KENSINGTON W8There is a master suite with a large bathroom and walk-in wardrobe on the second floor and a further three bedrooms on the fourth floor. On deep half-landings off the main staircase are a study and a walk-in dressing room. 

The lower ground floor features a games room, cinema room with a unique skylight (situated below the mews front door), study, bar area, gymnasium and wine store, and connects the main house with the adjoining mews house.                         

Benefiting from its own separate entrance, the mews house has a reception room, garage, three further bedrooms and two bathrooms. Being two properties, the new owner qualifies for four Royal Borough of Kensington and Chelsea parking permits. 

Doulton House, Chelsea – £975,000 

Doulton House reception & kitchenThis luxurious new two bedroom apartment is situated on the River Thames and features open plan reception room and kitchen, balcony, family bathroom and walk-in wardrobe and en-suite bathroom to the master bedroom. 

Residents benefit from 24-hour concierge, private spa, swimming pool, gym and landscaped gardens. 

Located in the popular area of Chelsea Harbour, Doulton House is ideally located on the riverfront, close to Kings Road, Knightsbridge, Mayfair and Kensington. Imperial Wharf train station provides direct links to Clapham Junction, with connections to Victoria and Waterloo into central London, or south to Gatwick airport and Brighton. 

For more information please contact Harrods Estates on 0207 225 6506 or visit www.harrodsestates.com

For further information please contact Lawrie Cornish:

Chanel Patterson | Tel: 0207 9354084 |Email: Chanel@lawriecornish.com

Alex Lawrie | Tel: 0207 9354084 | Email: Alex@lawriecornish.com

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