British Land’s Mayfair penthouse breaks sale record

British Land has sold luxury apartments to be built in London's Mayfair for more than £5,000 (€6,346) a square foot, the most paid for a new home in the district.

More than one of the apartments broke the record by a "big margin," Tim Roberts, head of offices and residential at British Land, said by phone. He declined to be more specific, citing the privacy of the buyers.

The London-based developer sold 18 of the 34 apartments at Clarges Mayfair, a short walk from The Ritz hotel, at an average price of £4,750 a square foot, according to a statement today.

British Land, Land Securities Group Plc and Great Portland Estates Plc, best known for building offices, have been developing homes in London's priciest districts to take advantage of a five-year rally. The previous record price for Mayfair was £5,000 a square foot, paid for a penthouse on Mount Street in 2013, according to broker Knight Frank LLP.

British Land, the UK’s second-largest real estate company, has raised £210 million from the Clarges Mayfair sales, according to the statement.

Apartments, which offer views of Buckingham Palace, will come with wine storage facilities as well as access to a pool and cinema, Roberts said. They will be completed in 2016, the company said.

The project is close to the former In and Out Club at 94 Piccadilly where billionaire property investors David and Simon Reuben won approval to develop what's likely to become the UK's most-expensive home.

The value of London's luxury homes climbed 75 per cent in a little more than five years and are now 38 per cent above their previous peak, broker Savills said on September 10th. Still, the market is cooling, and August's annual price growth of 7.7 per cent was the slowest since April, according to data compiled by Knight Frank.

Bloomberg