On The Market: London’s Most Expensive Apartment

May 1, 2024

London’s super-prime property market may soon have a new contender for the top spot, as a luxury flat at One Hyde Park is rumoured to be on sale for a staggering £175 million. This opulent residence boasts five bedrooms spread across the tenth and eleventh floors, along with an array of lavish amenities including a cocktail bar, pool table, home cinema, private spa, wine cellar, glass fireplaces, and a Japanese-style kitchen featuring ‘black forest granite’ worktops.

Past residents of One Hyde Park include notable figures such as Kylie Minogue, Tom Cruise, and Rinat Akhmetov, the wealthiest individual in Ukraine. The building itself, constructed for £1 billion during the 2008 financial crisis by the Candy brothers, represents one of the most expensive developments in the UK at the time.

One Hyde Park offers an array of exclusive amenities, including a 22-meter swimming pool, golf simulator, and direct access to the Mandarin Hotel via an underground tunnel, allowing residents to conveniently receive food deliveries.

If sold at its listed price, this penthouse would surpass all previous records to become the most expensive residential property ever sold in the UK. By comparison, the average home price in the UK last year stood at £350,396.

Interestingly, the highest reported residential sale in the UK occurred in London as well, with 42 Old Church Street fetching £72.3 million in March of last year. However, the true cost of luxury properties is often shrouded in secrecy, with many transactions occurring through offshore companies to maintain anonymity and potentially reap tax benefits.

Despite these astronomical prices, the luxury property market in London continues to thrive, with sales of super-luxury new-build apartments experiencing a remarkable 137 per cent increase in 2023, averaging £4,306 per square foot according to Beauchamp Estates.