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A £60 million penthouse with a stunning view of Hyde Park has been listed for sale, marking one of London’s most significant property offerings in 2024. The apartment, which boasts an expansive 6,800 sq ft of space and one of the largest private terraces in central London, is part of a £530 million luxury development designed by architect Lee Polisano of PLP Architecture. The development includes 55 apartments, three of which are penthouses, and features amenities such as a gym, cinema, and restaurant.
This listing comes at a time when the size of super-prime homes sold this year has notably decreased, with average sizes dropping by 4,000 sq ft to 6,500 sq ft. Most transactions in 2024 have occurred in the £15 million to £25 million range, reflecting a shift in the market.
Despite this, London’s super-prime property market is showing signs of recovery, bolstered by the recent interest rate cut by the Bank of England, which has sparked renewed demand. However, the market remains sensitive to tax policy changes affecting the UK’s wealthiest individuals, including potential adjustments to VAT on private schools, non-dom rules, pension tax relief, inheritance tax, and capital gains tax.
The sale of this penthouse could serve as a key indicator of London’s continued appeal to the global elite, potentially signaling a revival in the city’s luxury property sector.
