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The Bryanston, Hyde Park

The Bryanston, Hyde Park

20.05.20

The Bryanston, Hyde Park is a new landmark residential project in London by Almacantar in partnership with freeholder The Portman Estate. Directly overlooking Hyde Park, the building has been thoughtfully designed by world-renowned architect Rafael Vinoly of 432 Park Avenue NYC fame in a curved style so as to maximise the views over the park.

London and New York lead with the highest premiums that park-adjacent properties can command, on average, a third more – 33% for living next to one of London’s Royal Parks and 29% for New York’s Central Park. Some of the most desirable properties sit around the Royal Parks of London, yet the fact the city also offers a number of garden squares, according to English Heritage there are over 600 in the UK capital, may play a factor and influence the premium.

It is not only living next to a park but the views that make a difference, with London parks commanding up to double the average price for a green view. However, it is not any view that can create this uplift, it depends on the location, James Simpson, Knight Frank’s Head of North & East London, notes that “the premium is nuanced by where in the park the property is, for example, overlooking the lakes in Regent’s Park may command a higher price,’ he also notes that ‘depth of the view is important, the view premium can vary between 50% and 75%.”

In the case of Hyde Park, Rupert des Forges, Knight Frank’s Head of prime central London notes that “some of the price points that park-facing properties command, compared to those further away or street facing, can be around double.”

In New York, residences adjacent to Central Park can achieve average premiums of 29% over residences farther from the park. However, New York is a market unlike any other. Some of the tallest residential buildings have homes with unobstructed park views, but do not sit on the park’s edge. The data shows that in Manhattan prices can be, on average, 63% higher for residences with unobstructed views of Central Park compared to those without said views. Andrew Wachtfogel, Executive Vice President and Head of Research at Douglas Elliman, notes that “the views in premium park-view new construction high rises encompass the entirety of Central Park, plus much of the famous skyline, something not available in the rest of the city.”

If you’re not perched along Sydney Harbour, being adjacent to one of Sydney’s parks is next best thing when it comes to apartment living in the city. Buying an apartment park-side attracts an average uplift of 21% compared to buying in a project situated a few streets back. Michelle Ciesielski, Head of Residential Research at Knight Frank Australia, notes that “Sydney, famed for its lifestyle, enjoys three major parks in the city, with the heritage-listed Royal Botanic Gardens and Hyde Park, with Barangaroo Reserve being our newest urban park, at the foot of the Sydney Harbour Bridge.”

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