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Tankus

3 Beds ..£15M

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The Candy brothers' One Hyde Park opens this week... with £1bn worth of flats already sold, proving there are still some squillionaires out there. Entry-level buyers need not apply...

Read more: http://www.dailymail.co.uk/home/moslive/article-1347170/The-Candy-brothers-One-Hyde-Park--15m-3-bed-flat-sale-London.html#ixzz1BAr7rYvs

So... inbreeding shows immediate results! Happy defrauding!

Any investors in UK commercial or residential property in the past/future 6 months deserve what they get... Natural selection and all.

BTW... Enough of these Daily Mail reports... Really... I thought this place was for intelligent discussion only...

...hic...

Meh....

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from what I know about this development and those that have already bought I dont think there is that much downside risk in this joint.

For the developers or for the buyers? Wouldn't one downside risk for buyers would be values falling a lot from the prices the purchasers have agreed to pay? Those who signed up ages ago, met the staged payments, exchanged, with most the of money due this month apparently. 1/3rd of the apartments still unsold?

The downside risk is if fewer multi millionaires in the future are prepared or able to buy these London glass boxes at the sorts of prices sold at from 2006. So those who own can't sell at the prices they'd like to get. There seems to be a spin that there are endless billionaires out there wanting glass box apartments, with money no concern to them, but that is not true. If financing has dried up for these sorts of developments, that suggests lenders don't think there is much of a return to be had from the supposed "billionaire" world.

PropertyWeek 14/01/2011, if you can find a way around to access it from the link, have a full story on this development, covering the Candy's purchase of it from Land Securities.

  • "People like to speculate," says Williams. As construction got under way, Project Grande says it exchanged on £757m of sales during a 15-month period up to the end of 2006. Buyers were subject to a rigorous vetting process, asked to stump up a 15% deposit, rather than the 10% norm, and agree to further payments up to 40% of the sale price at various stages during construction. The policy ensured the successful buyers did not "flip" the apartments, and it created financial stability for One Hyde Park during the downturn.
  • The sales are due to be paid in full following practical completion this month, which will allow the group to repay its £1bn development loan to Eurohypo imminently.
  • Covering the entire development cost, the loan itself was something of a landmark deal. As Project Grande director Richard Williams says: "A speculative development of this size will not occur again for a long time because of a lack of financing."

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This is proper Mayfair seating distance

PHOTO_08.JPG

That "One" development looks like a travel lodge, no room for staff even.

http://www.primelocation.com/uk-property-for-sale/details/id/WESA7429810/

Flat for sale in Grosvenor Square, Mayfair, London, W1K - 5 bedrooms

Asking price of £15,000,000

Edited by northwestsmith2

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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