HIGH RANKING – PENTHOUSES REMAIN PINNACLE OF LIVING FOR UHNWIs WITH LONDON COMMANDING ONE OF THE HIGHEST GLOBAL PREMIUMS
Belvedere Gardens Reception
Large lateral spaces, often enhanced by spectacular views and exceptional finishes, penthouses are the jewel in the crown of new developments and command a premium from discerning purchasers looking for a unique residence, with attributes that are insurmountable. Research conducted by Knight Frank in 2021, analysed the allure of penthouse living across five of the globe’s prime cities, and revealed that the most exclusive top-floor apartments can command a premium of up to 35% per square foot (psf) relative to their development average.
Comparing property sales and marketing data from the luxury residential markets of Hong Kong, London, New York, Sydney and Singapore, key findings revealed:
Penthouses are on average 129% larger than the average unit in the same development
Penthouses can command a premium of 35% per square foot (psf) relative to their development average.
Various local factors, such as exclusivity and privacy, as well as internal configuration can cause premiums to differ by as much as 50% across each city
London has the second highest penthouse premium at an average uplift of 43%
Hong Kong commands the highest average premium of 59%
Singapore penthouses command the smallest premium, with an average of 7%, yet they are, on average, almost three times the size of their counterparts
Over the past decade, a collection of ultra-prime developments have reshaped the prime central London property market, with largescale luxury projects, such as Southbank Place, creating spectacular new apartments, as well as a selection of prime penthouses.
This has contributed to London’s position as the global city with the second highest penthouse premium, recording an average uplift of 43%.
The price premium is also driven by developers, such as Braeburn Estates (a joint venture between Qatari Diar and Canary Wharf Group) continuously striving for the finest luxury features in penthouse design, from the size of rooms and ceiling heights down to the smallest detail on specification, which allows them to stand out and attract buyers from a small pool of Ultra-High-Net-Worth-Individuals.
Priya Black, Department Head of the West End New Homes team at Knight Frank adds: “
Since launching to market, Southbank Place has been one of the fastest selling schemes in prime central London. We look forward to the release of the final penthouses which will provide a unique offering, with large riverside, lateral homes benefitting from breath-taking views over the city’s most famous landmarks.”
Richard Oakes, Chief Sales & Marketing Officer at Qatari Diar, said:
“Southbank Place has been one of London’s most successful developments in recent history, with close to 700 apartments sold, including some magnificent award-winning sub-penthouses, since the project first launched. All that remains now is an exclusive collection of incredible penthouses that will appeal to those that want a statement address in London.”
Brian De’ath, Managing Director of Residential Sales at Southbank Place, adds:
“Penthouses always command a premium and the buyer pool is smaller than typical apartments, so we are working with some of the world’s best designers to create spaces that will provide a one-of-a-kind opportunity to live at the pinnacle of this spectacular development in the heart of London.”
Set to be released throughout the year, the remaining units available at Southbank Place include three penthouses and a three-bedroom sub-penthouse across Belvedere Gardens, One Casson Square and Thirty Casson Square. The final apartments command the best views across London, from the London Eye, River Thames and Houses of Parliament extending to St. Paul’s Cathedral, the City of London and The Shard.
On the market for £17 million, the first penthouse to be released was a unique river-facing 3,862 sq. ft. residence set atop the entire 10th floor of the second Belvedere Gardens tower. Featuring bespoke interiors and dressed with rare art and handmade furniture, the penthouse comprises two master bedroom suites with walk-in-dressing rooms, two guest bedrooms, two kitchens, an open-plan living/dining area, two guest bathrooms, expansive terrace and a private balcony.
Residents at Southbank Place also enjoy direct access to a 17,000 sq. ft. private health club located in the basement of the wider development. Designed by Goddard Littlefair and operated by specialists Educated Body, the amenities space includes a 25-metre swimming pool, his and hers steam and sauna rooms, expansive gymnasium with specialist workout rooms, relaxation pods, treatment rooms and a hair and beauty studio.
For more information or to enquire about the Penthouse Collection at Southbank Place
call 0207 001 3600 or visit www.southbank-place.com.