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December 22, 2016
London Property Market Highlights 2016
Highest Residential Gross Price
9 Holland Park, W11 3TH
£53,489,500 || 12,500sqft || £4279psf
The highest gross price of the year was set in January, when Richard Branson’s old house at 9 Holland Park was sold for £53,489,500. The Grade II listed building underwent substantial renovations during the tenure of the previous owners, which was overseen by Casson Conder Partnership Architects. The new owner has received planning for further internal alterations of the house and re-landscaping of the rear garden. It is thought to be around 12,500sqft and to include 7-bedrooms, a wine cellar, swimming pool, gym, spa and rear mews house.
Highest Residential Price Per Square Foot
4th Floor Flat, 95 Eaton Square, SW1W 9AQ
£32,500,000 || 5,532sqft || £5,875psf
The highest price per square foot for the year was achieved in November at £5,875 per square foot, with the sale of a newly rebuilt penthouse on the North side of Eaton Square. The 5,532sqft apartment, designed and developed by Xenia, sold for £32.5m. Features include 4-bedrooms, a media room, numerous balconies and a bespoke staircase leading up to one of Belgravia’s largest roof terraces. The new resident will also be able to enjoy the recently renovated entrance hall and common parts, as well as having access to the private gardens and tennis court.
Largest Investment Sale
Citypoint, Ropemaker Street, EC2Y 9AW
£560,000,000 || 647,936sqft || 4.5% Yield
The largest office sale of 2016, both by size and price paid, was of Citypoint at 1 Ropemaker Street. The sale of the 35-storey commercial tower in the City of London to a Brookfield-sponsored real estate fund completed on 1th December for £560m, equivalent to a net initial yield of approximately 4.5%. Brookfield had already bought a junior loan on the property in November 2014. The previous owner, Beacon Capital Partners, defaulted on interest payments in 2012 – and the sale was completed by receivers from KPMG, together with Mount Street.
Highest Office Rent Per Square Foot
8 St James’s Square, SW1Y 4JU
£150psf || 10,141sqft
Société Générale paid the highest office rent of 2016 in July, when they expanded their presence at 8 St James’s Square to 18,029sqft by leasing 10,141sqft of fourth floor office space. The development, which is owned by Green Property, broke records for London office rents when Helly Nahmad Gallery signed a 15-year lease for 2,959sqft of 6th floor office space at £185psf in April last year. The 65,534sqft building is spread across eight floors, and the redesign was led by Eric Parry Architects.
Highest Retail Rent Per Square Foot
14 New Bond Street, W1S 3SX
£2,000psf Zone A || 1,800sqft
The highest Zone A rent of the year was achieved along New Bond Street in June. Hublot, a Swiss luxury watchmaker owned by the LVMH Group, signed a 20-year lease on 1,800sqft arranged over the basement, ground and first floors. The Zone A rent achieved at number 14, of £2,000psf, could push Bond Street rents ahead of Paris’s Avenue des Champs-Élysées to make it the most expensive retail street in Europe. New York’s Fifth Avenue is the most expensive in the world, followed by Causeway Bay in Hong Kong.