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November 2, 2010
What Could Apple Buy With Its Profits In Property?
Today’s City AM posed the question of what Apple, shining from its phenomenal earnings report, may do with the $51 billion in profits. At current exchange rates this would come to £31.74 billion. Much can be made of what companies (or countries) that would buy, but what would it yield in property.
- The average price of a property in the Royal Borough of Kensington and Chelsea is £857,662. That means if Apple were to buy an average portfolio of properties in the Royal Borough, it would hold 37,000 homes, which is roughly 46% of the entire Royal Borough.
- If Apple chose to invest in Westminster instead it would be able to pick up 56% of homes.
- If Apple chose to invest in only luxury property, restricting the values to an average of £1763 per sq ft then it would be able to purchase 18 million square feet of prime luxury property, which is roughly 413 acres of residence.
- For a more balanced mix, Apple could purchase every home in the borough of Hammersmith and Fulham which is not currently owned by the local council.
- Apple would be able to buy the £150m penthouse at One Hyde Park 211 times and still have £90m left over to spend of service charges.
- Currently, there is roughly £14 billion marketed on the Prime London property database LonRes. If Apple so wished, it could purchase every property on the site 2.25 times.
- With the construction costs of the Shard running roughly £435m, the Cheesegrater at £340m and the Walkie Talkie at £500m, Apple could build all three development 25 times, creating 75 skyscrapers, more than currently exist in the city.