Apartment Sale at One Hyde Park in London Sets New Real Estate Record

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If it appeared London’s property market was off the charts before, now it’s all but certain. The city set a new record recently with the sale of a $237 million apartment. The over-the-top exchange even has the developer of the luxury building admitting that some real estate prices in Britain have become “unrealistic and not sustainable.”

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The unfurnished penthouse apartment, located at One Hyde Park, spans a palatial 16,000 square feet. Sources say an Eastern European buyer purchased the apartment, which could be worth up to an estimated $300 million once furnished.

The previous record for an apartment sale in London was set three years ago by Ukrainian billionaire Rinat Akhemtov, who dropped around $230 million for two units at the same address, eventually combining them into one property.

One Hyde Park, whose developer is a joint venture between CPC Group and Waterknights, has seen more than $2 billion in sales so far.

Nick Candy, whose firm, Candy & Candy, was tasked with interior design and development management on the One Hyde Park project, said London’s real estate market is currently “in boom-time prices, more expensive than we’ve ever been in the history of mankind.”

Photo courtesy of Laing O’Rourke.

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