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London Market Starting to Wake Thanks to More Realistic Pricing

New developments springing up throughout the city

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A penthouse apartment at the former headquarters of luxury watch company Pall Mall.

thepallmallcollection.com
A penthouse apartment at the former headquarters of luxury watch company Pall Mall.
thepallmallcollection.com

London’s luxury housing market has struggled in recent months after being hit by a double dose of higher sales taxes, known as stamp duty, which has weighed heavily on demand.

This has only been further exacerbated by the uncertainty created as a result of the Brexit vote in June to leave the European Union.

More:London is Favorite Destination of Ultra Wealthy Home Buyers

As both these factors continue to dampen demand, sellers have been forced to cut prices. Annual prices fell almost 7% in prime central London in the year to January, according to global real estate consultancy Knight Frank’s recent health check of the market.

Nevertheless, the weakened demand apparently hasn’t stifled the development sector, with a large number of new apartment set to hit the market this year.

"It feels like an overwhelming number of new developments coming up at the moment‚" Roarie Scarisbrick, a partner at buying agent Property Vision, told Mansion Global. "It’s a constant round of launches and presentations from developers."


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There are signs, however, that this more realistic pricing is slowly waking up the market, while there are also opportunistic foreign buyers at play, taking advantage of the weak pound.

"The good developments are selling though," Mr. Scarisbrick said. "It's not boom time but there are buyers out there and transactions all the way through the budget range."

Here’s a look at some new developments coming onto the market this spring:

One Crown Place at 17-29 Sun St., 1-17 Crown Place and 8-16 Earl St., City of London

onecrownplace.com

Perched at the edge of the historic City of London, where many banks and other businesses are located, One Crown Place is a perfect area for workers who want shorter commutes.

Designed by architectural firm Kohn Pedersen Fox Associates, the development consists of apartments across several buildings, including two terracotta clad towers (the tallest of which is 33-stories high), offices, a clubhouse for the residents and a boutique hotel. The latter will be housed in a renovated Georgian terrace.

The first residents will be able to move in summer 2020.

Number of units: 246 Price range: Prices start at £725,000 (US$904,000) for a one-bedroom and £2.64 million (US$3.29 million) for a three-bedroom apartment. Prices for the three-bedroom duplexes and penthouses will be released at a later date. Developer/architect: AlloyMtd Group/Kohn Pedersen Fox Associates Apartment sizes: One, two and three bedrooms Amenities: Clubhouse for the residents, gym, a private dining room, cinema room, treatment room, studio and a terrace Website: onecrownplace.com

Oceanic House at 1 Cockspur St., near Trafalgar Square

beauchamp.com

Attention history buffs! The 30,000-square-foot building that originally served as the headquarters and ticket office of the Titanic and Olympic liners in central London has been transformed into six luxury apartments and one two-story penthouse.

Located close to historic Trafalgar Square, the Grade II-listed exterior of Oceanic House has been carefully restored, including a pedimented arch and balustrade crowning the building’s main entrance.

According to Beauchamp Estates, which is marketing the properties, this is an opportunity to buy in a previously overlooked location, which is now increasingly becoming a luxury residential address.

Number of units: Six Price range: Prices range from at £5.265 million (US$6.57 million) to more than £25 million (US$31.2 million) Developer/architect: Oceanic Development/BDLA architects Apartment sizes: Four two-bedroom apartments, two three-bedroom apartments, and a four-bedroom duplex penthouse Amenities: 24-hour security Website: beauchamp.com

Admiralty Arch at The Mall, St. James's

JTB Photo / Getty Images

Developers of Admiralty Arch, a landmark London building once used by Prime Minister Sir Winston Churchill and known as the gateway to Buckingham Palace, are transforming it into luxury residences, as well as offering potential buyers the option to turn it into a mega 15,000-square-foot penthouse, which local brokers estimate could be worth £150 million (US$187 million).

It once belonged to the British government and was used as workspace for some officials, but the property was sold in 2012 to Spanish developer Rafael Serrano on a 250-year lease for £60 million as part of a means to reduce the country’s debt. Mr. Serrano plans to transform most of the rest of the building into a luxury hotel.

Number of units: Up to four Price range: Available on request Developer/architect: Rafael Serrano/Blair Associates Architecture Apartment sizes: Four apartments or the option of one giant penthouse Amenities: Residents will have access to the luxury amenities offered by the hotel inside Admiralty Arch, including 24-hour concierge service and security, valet parking service and a lifetime membership to the private members’ club Website: admiraltyarch.co.uk

Spire London at 2 Hertsmere Road, Docklands

spirelondon.com

At 771-feet high, Chinese developer Greenland Group is building what will become the tallest residential tower in Western Europe in London’s once run-down Docklands neighborhood in east London, which has been undergoing a dramatic transformation.

Residents of the 67-story Spire London, due for completion in 2020, will have views of the River Thames, the Canary Wharf financial district and the City of London.

The £800 million (US$998 million) skyscraper will also provide a hotel-style concierge, shops, a residents’ garden and other five-star lifestyle amenities, including a 35th floor spa.

Number of units: 861 Price range: £595,000 (US$742,000) to £3 million (US$3.74 million) Developer/architect: Greenland Group/HOK Apartment sizes: One-, two- and three-bedroom apartments and penthouses Amenities: Hotel-style concierge, a residents’ garden and a 35th-floor spa and club Website: spirelondon.com

The Pall Mall Collection at 42 Pall Mall, St James’s

thepallmallcollection.com

Located close to St James’s Park and and Clarence House (home to Charles, Prince of Wales), the former headquarters of luxury watch company Pall Mall, used by the Royals, has been transformed into three lateral 1,762 square-foot apartments, topped by a 2,575-square-foot duplex penthouse.

"Historically, St James’s was an overlooked area in the heart of London’s West End," said Chris Lanitis, director at Amazon Property. "Because of its proximity to the various Royal palaces, it was occupied by luxury brand wine merchants and antique premises that serviced the Royal household."

Now, however, a multi-million investment project from the Queen’s property company is turning it into a luxury retail, five-star hotel and residential address.

Number of units: Four Price range: £5.25 million (US$6.55 million ) to £8.95 million (US$11.16 million) Developer/architect: Amazon Property Apartment sizes: Three-bedroom lateral apartments and a 2,575-square-foot duplex penthouse Amenities: A 2,840-square-foot art gallery Website: thepallmallcollection.com

The Compton at 30 Lodge Road, St John’s Wood

regal-homes.co.uk

This new development could be perfect for any London-based cricket fan. Its location, in sought-after St. John’s Wood in north London, is just two minutes’ walk from both Lord’s Cricket Ground and Regent’s Park.

The Compton’s interiors have been designed by well-known interior designer Kelly Hoppen, who has appeared on a number of British TV shows.

Some apartments have private balconies, while the three-bedroom penthouses have their own roof terrace. In addition, there is also a communal roof garden with views over London.

The scheme will include 15 one-bedroom apartments, 28 two-bedroom apartments and six three-bedroom apartments, three of which are penthouses with private roof terraces.

Number of units: 49 Price range: Prices at The Compton start from £1.1 million (US$1.38 million) Developer/architect: Regal Homes/Simon Bowden Architects Apartment sizes: One-, two- and three-bedroom apartments and three-bedroom penthouses Amenities: Concierge, gym and communal roof garden Website: regal-homes.co.uk

Royalty Mews at 22-25 Dean St., Soho

royaltymews.com

This cobbled mews yard behind the bustle of Dean Street is a legacy of Soho’s manufacturing and industrial heritage before it became filled with bars, restaurants, galleries and theaters.

Hidden behind a piece of sculptural artwork by British artist Adam Dant, the Royalty Mews gate is a sculpted piece of imposing and dramatic heavy gold metal, which resonates with the arts and cultural scene of surrounding Soho. Inside the black brick building, there are four unique loft apartments designed by March & White.

Number of units: Four Price range: Prices starting from £1.995 million (US$2.49 million) for a two-bedroom loft apartment Developer/architect: MET Group/March & White Apartment sizes: Three two-bedroom apartments and one three-bedroom apartment Amenities: None Website: royaltymews.com

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