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April 12, 2010
Apartments At One Hyde Park Back On The Market
After a 12 month long pause, the Candy Brothers along with their Qatari partners in Project Grande, the company that owns One Hyde Park, announced that the remaining 43, of the original 86 properties, are back on the market. Despite all the exclusive and one of a kind amenities they had to offer, such as panic rooms, bullet proof windows and the services of the neighboring Mandarin Oriental, the properties were withdrawn from the market almost a year ago, in an attempt to battle the current economic downturn.
A schedule viewing of a show flat on 20th April, will give the opportunity to a selected few- wealthy individuals and agents- to see up close and personal what a seven figure flat in One Hyde Park has to offer. So far, the Candy Brothers have been very secretive in regards to any information relating to the flats but do confirm that prices start “approximately around £5m”.
However, the question on everyone’s minds is whether there are people out there who would still be willing to pay this kind of money for an apartment, regardless of their financial situation. The harsh economic conditions of the previous year have reflected on a number of the Candy Brothers ambitious developments, from the termination of the Middlesex Hospital redevelopment and the £240m loan default on the eight-acre site in Beverly Hills to the fall out between the brothers and their Qatari former partners on the £3 billion Chelsea Barracks scheme.
But the Candy Brothers do not seem to lose their excitement about One Hyde Park and claim that, despite the £5,000-£6,000 per sq ft, they have noticed a considerable interest from wealthy individuals coming from Russia, Hong Kong, China, Singapore and Malaysia.
Property experts however say that putting all the luxury features aside; the truth is that the asking price is almost four times higher than the Central London average and is not at all realistic, especially at times where the market is trying to recover from massive 25% fall. Moreover people have to show patience as it is expected that the upcoming elections may have a huge effect on the London property market.