29th March 2008-The super rich and super prime real estate in London seems to be immune to the effects of the credit crunch. This was clearly demonstrated by two property developers’ brothers Christian and Nicholas Candy who both just made 250 million pounds on property bought just 18 months ago.
Candy and Candy sold two hotels located in fashionable Kensington London, both hotels overlook Kensington Gardens and were sold for a cool 320 million pounds. The Kensington Palace and Kensington Park Hotels site were sold to a Middle East consortium. The brothers had barely started work on the project and had planned to transform the hotel into super prime real estate. The hotels would have housed 97 apartments with price tags of 10 million pounds each.
The trend by developers to employ celebrity designer architects
appears to have added value to the project. Stirling prize winning architect David Chiperfield was appointed to design the building.
Christian Candy” We are actively bidding on projects in London, the US and the Gulf. We firmly believe in the London residential market and are confident it will remain the capital city of the world”
Recently The Sunday Times reported that that despite a GBP100 million price tag the super rich have been snapping up luxury designer property at London’s One Hyde Park. The luxury apartments which were designed by architect Richard Rogers are due for completion in 2010. Knight Frank one of the estate agents promoting the development said sales had totalled more than GBP 500million with the average price of an apartment at GBP 20 million. The apartments represent real estate priced at GBP 6000 per square foot which is up from the peak prices in 2006 which were GBP 4000 per squire foot.