A glimpse of the £10m+ market

We all know that there are sales done for millions but we very rarely know which one and at what level. Knowing the main movers and shakers in the property market makes this a little easier but most are still paranoid about saying anything. “Where and who are doing these deals?” is what we want to know.

In north London where one would expect to see strong sales of super-prime property 2010 has not disappointed so far this year. When pressed, Mark Pollack at Aston Chase confirms four sales including;-

Elsworthy Road (Off Avenue Road and directly backing onto Primrose Hill), London, NW3

Sold by his firm to a Swiss purchaser for the sum of £16M on behalf of a UK property investor who simultaneously purchased a larger home on the same street in an arguably superior position for £20.5M from South African vendors.

Hamilton Terrace, St John’s Wood, NW8

A substantial newly modernised stucco fronted detached freehold residence (approx. 6,000 sq ft) with two adjoining leasehold mews houses (approx. 1,000 sq ft each) at the foot of the garden sold to Middle Eastern purchaser for £16.5M on behalf of UK property developer.

Avenue Road, St John’s Wood, NW8

A magnificent newly constructed detached residence comprising circa 10,000 sq ft sold to Russian purchaser for £29M.

Avenue Road, St John’s Wood, NW8

A distinctive Tudor style family home set back from the road presently comprising approximately 5,500 sq ft but with planning for new build 15,000 sq ft residence on the plot. Sold on behalf of UK property developer (who had purchased on long delayed completion some 18 months earlier) to Chinese purchasers for £10.75M.

In Mayfair Sotherby’s International and Jackson Stops and Staff have sold 14 Charles Street for just short of the £20m asking price on behalf of a mid-European client.

In Belgravia Ayrton Wylie and Knight Frank have sold 80 Chester Square to a far Eastern buyer in excess of £17.1m. and further west in Kensington Mark Redfern at Knight Frank has been involved in two spectacular sales, one for over £20m and the other for more than the £12.5m guide price. His firm has also found the buyer for a flat in Thornwood Lodge at £11.5m. 

Knight Frank have done over 20 sales over £10m in London in the first six months of the year. Noel Flint from the firm says “Whilst the weaker Pound was clearly a factor, the other driving force is the continued appeal of the ‘Cosmopolitan London Lifestyle’, offered by the capital. London remains one of the top cities in the world in which to live and the quality of accommodation on offer is second to none.”

However, the last word goes to the acknowledged ‘master’ of super-prime property Gary Hersham of Beauchamp Estates. “In 2009 there were less than 25 deals done over £10m” says Hersham. That number has been topped in the first quarter of 2010. The understanding we have with both buyers and sellers at this level is that they won’t read about their business in the press – many are extremely sensitive when it comes to the publicity so you rarely read about the deals done at this level.” 

However, in exceptional circumstance and in the right company Mr Hersham allows a glimpse of the rarified market that he and other top end agents deal in. “2010 will be remembered for a number of spectacular deals not least the record sale for a London home – a single house of 20,000sqft in Belgrave Square which we were able to broker.” 

We all know the saying ‘if you have to ask you can’t afford it’ and try as I might I can’t think of a way of finding the answer to the same question you are now asking – at least not without letting myself down. Mr Hersham smiles as I say my goodbyes and thank him for his time. As I turn to go he puts me out of my misery. “The guide price was £80m Henry”.