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March 15, 2013
Prime Central London Development: 3-10 Grosvenor Crescent and Comparables
3-10 Grosvenor Crescent, Belgravia, is a terrace of 8 early 19th century homes located next to Hyde Park Corner. It connects Belgrave Square to the Southwest with Duke of Wellington Place. Launched in 2012, these newly refurbished homes consist of 15 apartments, which include five grand apartments ranging from 4,567 to 11,181 square feet, seven lateral and duplex apartments ranging from 2,378 to 4,602 square feet, and three additional apartments ranging from 829 to 1,100 square feet. Developed by Grosvenor, this project marks their first residential development on their London estate since their nearby development of Montrose Place in 2007.
While most of the apartments at 3-10 Grosvenor Crescent have been sold, including the three duplex penthouse apartments, some remain available. Three of the grand apartments and one of the lateral apartments were sold throughout 2012, with selling prices ranging from £2,600 per square foot to approximately £3,800 per square foot. One of the 3 bedroom grand apartments is currently being marketed for £17,950,000, which prices the property at approximately £4,000 per square foot.
Recent nearby property sales include a 10,500 square foot home located at the neighboring 28 Wilton Crescent, which sold in August 2011 for £42,000,000, valuing it at £4,000 per square foot as well. A 9,104 square foot home, located at 19 Wilton Crescent, sold in February 2013 for £32,000,000, valuing it at £3,515 per square foot as well as a 3 bedroom, 3,450 square foot flat, sold at 26 Belgrave Square in November of 2010 for £12,500,000, valuing it at £3,623 per square foot.
Services include a 24 hour concierge staff as well as secure underground parking. 3-10 Grosvenor Crescent is fairly unique in that it offers the opportunity to live in a historic period building with a modern, high specification finish, complete with additional services. Number 3 Grosvenor Crescent, boasting 11,181 square feet, is the largest apartment available at 3-10 Grosvenor Crescent , the unit includes private access to a swimming pool and gym on the lower ground floor. The Lancasters development, located on the North end of Hyde Park, presents a similar period facade with a high specification luxury finish. While its location is not traditionally regarded as prestigious, as it lies North of Hyde Park, it does offer more communal amenities including a gym, spa, swimming pool, steam room, and treatment room available to all residents. Apartments in The Lancasters range from about £1,700 per square foot to about £3,100 per square foot for the laterals.