Knightsbridge is back and its bringing the super wealthy

1024 576 Middleton Advisors

Known for being the luxury shopping district of London, Knightsbridge is back on the map and, with the average sq ft hitting £7,000, its resurgence is being led by the super wealthy.

In past years, the area has been cast into the shadows but home buyers are again taking advantage of the lifestyle and world-famous brands peppered on every corner by typically spending their money on pied-à-terre properties.

Apartment prices in Knightsbridge start from a relatively affordable £1 million for a period home, according to Rightmove. Large lateral apartments “command the biggest premiums. They start from £15 million and reach up to £50 million-plus,” said Ashley Wilsdon, Head of London Buying. The 2009-built One Hyde Park, by the Candy brothers, offers 86 residences, room service by the Mandarin Oriental hotel, bulletproof windows, and arguably the best park views in London. One Hyde Park prices are between £5,000 and £6,000 per square foot, Wilsdon said.

Knightsbridge is also known to be a cosmopolitan area with around 80% of its buyers flying in from overseas. Ashley comments on its diversity; “All or nearly all of the world’s nationalities are represented here. There is a mix of people: young, old and families. But most have bought for lifestyle purposes and do not live here year-round.”

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