The rise of luxury apartments in London’s high end residential market
While we’ve worked on some fantastic houses in prime central London over the last few years, we’re now seeing more of a move towards luxury apartments in many of the super-prime areas. A large number of the projects we’ve recently undertaken have been conversions from commercial use to residential, particularly in Mayfair and Belgravia.
Demand seems to be telling us that the prime central London property market is now predominantly concentrated on high end units of between 1,500 and 2,500 sq ft found within small serviced ‘blocks’, such as converted townhouses containing 5-9 units. The increase in demand for luxury apartments, as opposed to single housing, has been driven by two key factors: planning restrictions and bank funding. It’s certainly getting tougher to build or extend large single houses and it’s becoming increasingly difficult to build downwards as the construction of basements is no longer permitted under Listed Buildings and is limited to a single additional storey beneath other properties.
The luxury apartments developed for London’s high end residential market tend to be fully serviced with lavish communal facilities including swimming pools, gyms, spas and home cinemas. We’ve worked on projects of this nature across the city, including the 9 new luxury residential units at Finchley Road, near Temple Fortune and a block of 5 new apartments in Chesterfield Hill, Mayfair.
Indeed, the Mayfair project is a perfect example of the trend we are seeing. We originally obtained consent for the existing commercial building to be converted into a single house 5 years ago and have recently, at the owner’s request, obtained consent for the same property to be converted into 5 apartments instead.
Having worked on developments such as these from start to finish, it seems that there is a growing demand for luxury apartments in prime central London’s property market.