On London’s Oxford Street, one of the city’s shopping meccas, an entire floor of penthouse units at an under-construction new development sold this week in an off-plan deal for £21.4 million (US$28.7 million), the developer’s sales team announced Wednesday.
The full penthouse floor at TCRW SOHO, a luxury project from Galliard Homes emerging above Tottenham Court Road’s new Crossrail train station, comprises seven units, which the unidentified international buyer—described as a billionaire—plans to combine into one or two large penthouses, they said in a news release.If combined into a single residence, the home would span more than 7,000 square feet and have over 1,000 square feet of private wraparound terraces, with a number of large reception rooms, up to eight bedroom suites, a home cinema, a library and an exercise studio.
“This landmark penthouse deal, the biggest sale on Oxford Street during 2021, underlines how Soho and Oxford Street are becoming one of Prime Central London’s most sought-after residential addresses,” David Galman, sales director at Galliard Homes, said in a statement. “Pedestrianization, Crossrail and electric vehicles are the three ‘game changers’ which will make the West End a cleaner, much less congested and quieter place to live,” he added.
Designed by the London-based architectural firm Hawkins\Brown, the development, which is scheduled for completion at the start of 2023, will be formed of two buildings. One, an Art Deco-style tower with 69 apartments—and where these penthouses are located—the other a Georgian-inspired building with 23 apartments. Both will have retail space.
The development is inspired by hotel-style living, according to TCRW SOHO’s website, and each block will have its own entrance and reception foyer, plus concierge services.
A record of the deal has yet to be made public, and as such Mansion Global couldn’t identify the buyer. Values are expected to jump 23.9% by 2026, which would see prime central London prices return to their 2014 peak. In 2022 alone, values are expected to rise 8%, the report said.
Article Source: Mansion Global