London’s One Hyde Park will soon have competition. The luxury address is often considered as the costliest neighborhood in London. But the Glebe is set to overtake this posh London address. A leading European hedge fund is planning a residential complex that will persuade wealthy individuals to invest in London’s luxury property market. Last weekend, hedge fund Orion Capital Managers purchased an acre in a prime residential area of Chelsea. Orion has big plans of transforming this area into a £300 million ($493 million) housing complex. The property is located near the posh King’s Road and is close to the river Thames. According to reports, Orion purchased the one-acre property for £85 million via the deal that was finalized this weekend.
According to initial plans for the Glebe, it is evident that this is luxury living at its best. Each resident at the Glebe has a private lift, in addition to a separate swimming pool and a games room. Each flat will include a car park. A penthouse with a spacious rooftop terrace will top this ultra-luxurious block of flats. But even this grand penthouse is not the star attraction at the Glebe. This luxury residential complex will also feature two luxury villas, each with an attached gatehouse. The prices for these luxury villas are expected to be in the £25 million to £35 million range. In all, the plans include six apartments, a penthouse and two villas. Norman Forster will be designing the complex.
Gary Hersham of Beauchamp Estates, the firm that will be handling sales for the Glebe, revealed that they expect to attract wealthy buyers from the Middle East and Russia. Wealthy individuals will also be interested to know that this luxury residential complex will be a walled community, ensuring greater privacy and security. This gated factor could present a possibility where a single super-rich family purchases the entire property.
Only time will tell whether the Glebe is able to surpass One Hyde Park’s record high of £40 million. According to Hersham, the Chelsea property will be at par with One Hyde Park. Orion’s acquisition of the Chelsea property offers a great profit potential. Property in London is in high demand nowadays. Despite the surging prices, real estate developers, investors and wealthy individuals are all keen to get a piece of the London property pie. Even foreign buyers have begun to show interest in Britain’s capital city, which is why the Glebe’s developers are expecting to attract interest from Russia and the Middle Eastern countries.
In other parts of the world, property prices may still be low. But in London, the prices have equaled their pre-recession highs. In June 2011, average rents crossed the £1,000-per-month mark. The booming London property market is good news for investors. Orion director Aref Lahham even said, “Residential in London is trading like gold at the moment.” He suggested that London real estate is a safe investment.
Meanwhile, Hersham added that the Glebe will offer the “most luxurious apartments in terms of grandeur and size” in London. So can the Glebe become London’s priciest address in the near future? We will just have to wait and watch.
Via: Daily Mail
