London penthouse offered for sale at US$241m

[LONDON] A penthouse at the One Hyde Park project in London's upscale Knightsbridge district is being offered for sale for US$241 million, according to a person with knowledge of the matter.

Entrepreneur Nick Candy confirmed he is seeking a buyer for the home following a "huge surge" in demand for London's best homes. He declined to comment on the price he's seeking.

Split over two levels, the property has five bedrooms and measures about 18,000 square feet (1,670 square meters), the equivalent of almost 18 average English homes. It includes a champagne room, a wine room for 750 bottles, a private spa and gym, a media room, cocktail bar, two wraparound terraces and four car parking spaces. The home's contents can be included in the sale.

The penthouse, which overlooks Hyde Park, was offered for sale after Mr Candy received a number of approaches in recent months from potential purchasers based in the US, Hong Kong and China, the person said, asking not to be named as the information is private.

The approaches may be a signal that the capital's beleaguered market for luxury homes is bottoming out after a series of tax increases over the last five years damped demand. Sales in central London's best districts rose to the highest since March 2016 last month, according to broker Knight Frank, ahead of a new 2 per cent levy on overseas purchasers.

Estate agents Savills and Knight Frank are brokering the sale of the penthouse. It was refinanced with a loan from Credit Suisse Group in 2018 when the bank valued the property at £160 million (S$294.6 million), a filing to the Land Registry shows. Savills and Knight Frank declined to comment.

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The penthouse is "a world-class real estate asset in the heart of London that will continue to perform as a solid investment for years to come," Mr Candy said in an emailed response to questions from Bloomberg News. Offers in Bitcoin and Ethereum will be considered as cryptocurrencies are a "big opportunity," he said.

If Mr Candy's penthouse sells, it could be the second mega deal to take place at One Hyde Park this year. Hedge fund boss Suneil Setiya is nearing a deal to purchase an unfinished penthouse at the project for about £110 million, Bloomberg News reported in March.

One Hyde Park was developed by CPC Group, a company owned by Mr Nick's brother Christian, and a firm controlled by former Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber Al Thani. The project adjoins the Mandarin Oriental hotel and is a five-minute walk from Harrods department store.

BLOOMBERG