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knight frank, ultra-prime property

A Buyers Window

13.03.20

Amazon Property and sole agent Knight Frank agreed £42.2 million worth of ultra-prime apartment sales at The Park Crescent development, overlooking Regent’s Park, ahead of the 2020 UK budget. In the 12 weeks between the 2019 General Election and the 11th March Budget announcement a flurry of deals were agreed as international buyers sought to complete prior to the anticipated 2%-3% stamp duty surcharge on top of the existing surcharge for non-UK tax residents buying a second property. Coming into effect from 1st April 2020, a 2% stamp duty surcharge for non-UK residences has now been confirmed in the 2020 Budget so a further flurry of deals could now occur.

Many of the deals were to international buyers, seeking to purchase prior to the 11th March 2020 budget; crucially the buyers have also been attracted by the quality new build product and lateral living spaces at The Park Crescent, which is complete with eight acres of private gardens with tennis courts and other amenities, and the exclusive state-of-the-art Park Crescent Club leisure facility located beneath the Grade I inspired listed Nash crescent.

Buyers were also buoyed by the pre-budget news that both the Prime Minister and Chancellor have ruled out the option of introducing a wealth/mansion tax, levied annually on luxury properties. It has now been confirmed in the 2020 Budget that non-UK residents will face an additional 2% Stamp Duty surcharge on residential property purchases in England from 1st April 2020. Therefore one might expect a post-budget flurry of activity in the coming months as purchasers look to make acquisitions before the surcharge comes into effect.

The £42.2 million worth of pre-budget deals at The Park Crescent consist of six luxury apartments, equating to an average sales value of £7 million, with the residences selling for up to £3,600 per sqft. The majority of the deals have taken place recently inside a “buyers opportunity window” created between the decisive result of the 12th December 2019 Election which brought political and economic clarity, and the 11th March 2020 budget. This 12 week “buying window” has seen rising sales enquiries and a wave of deals in London’s ultra-prime residential market.

Two of the five deals marked the successful sale of all 16 apartments in the first phase of The Park Crescent. The other four deals have been forward sales of the second phase of The Park Crescent, known as The Turner, a collection of nine newly built apartments created behind the crescent’s Nash façade which are scheduled to be launched in April 2020.

Chris Lanitis, Director at Amazon Property says: “Between the 12th December 2019 Election and the 11th March 2020 Budget a “12-week buying opportunity window” opened up for purchasers and we have had £42.2 million worth of apartment sales at The Park Crescent ahead of the 2020 UK budget, agreed before the anticipated stamp duty changes. As a result of these deals, prior to their official launch 30% of the apartments at The Turner have been forward sold.”

Chris Lanitis, Director at Amazon Property says: “This sales success reflects the appeal of The Turner, our new apartment collection at The Park Crescent which is newly built behind the retained Nash façade and benefits from a 24 hour concierge and direct lift access to The Park Crescent Club leisure facility beneath the development. The club will include a state-of-the-art cinema room, lounge/dining facilities, bar, gym, treatment rooms and a magnificent spa – a buyer just puts his dressing gown on, goes into his or her lift, and seamlessly travels straight to the Club!”

Moreas Madani, Partner - Prime Central London Development, at Knight Frank says: “The Turner at The Park Crescent is a completely unrivalled offering for London. It is at once a boutique development with history, heritage and beauty, whilst also being a new build scheme that benefits from embassy-grade security, an exceptional amenity offering and one of the highest specification currently available in London. As the only new build development to be awarded listed status, the crescent appeals to our buyers’ desire for exclusivity. The 4 metre ceiling heights and access to eight acres of private gardens are other distinguishing factors that offer that unique point of difference. With some successful pre-sales already secured, including ‘The Nash’ – a true ‘piano nobile’ for our time – Knight Frank is delighted to be launching this highly-anticipated second phase to the market.”

The first phase of apartments at The Park Crescent were refurbished residences, created from the conversion of buildings including the former American and Brazilian Embassies. In contrast, The Turner is entirely new build behind the retained façade. The building was previously the Central London County Court which was sold to Amazon Property for transformation back into a residential address.

The nine apartments at The Turner benefit from a brand new 2020 specification and design, ceiling heights of up to 4 metres (13 ft) and beautifully designed voluminous rooms with conventional layouts. The apartments have direct lift access to both the entrance lobby and the Park Crescent Club located beneath the development.

Scheduled to open in September 2020 the Park Crescent Club is a 2,300 sqft 24-hour owners-only complex offering a wide range of relaxation and leisure facilities. With a ceiling height of over 9.8 ft (3 m) the club will feature the latest leisure technology including a private cinema, gymnasium, boxing facility, yoga/pilates, beauty/treatment room, cocktail bar, dining facilities and games area, together with a steam room and sauna.

The Turner residents will also benefit from a 24 hour concierge service and direct views onto and access to their own eight acres of magnificent private resident’s only gardens, known as the Park Square and Park Crescent Gardens.

The apartments at The Turner will be priced from £6,750,000 to £12,000,000. There will be two dressed show homes, a second floor apartment and the penthouse, dressed by Amazon Property’s own design team. There are also garages and 1-2 bedroom staff flats located in a mews behind the main crescent (available by separate negotiation). For further information contact sole sales agent Knight Frank Tel +44 (0)20 7861 5321 or www.knightfrank.co.uk or visit www.theparkcrescent.com

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