Knightsbridge has long been an established residential area for the rich and wealthy and with easy access to the West End and the fact that much of the area lies along the southern perimeter of Hyde Park and Kensington Gardens, it is a sector that is still very much sought after today. Knightsbridge property consists predominantly of elegant red brick Victorian and Edwardian mansion blocks such as those found on Hans Crescent, however, as well as a good mix of period town houses and large period apartments, there are a number of chic and contemporary new builds on the market.
In June 2007, a newly converted flat stretching across the first and second stories of two Regency houses in Lowndes Square sold for more than £4,250 per square foot. This was considered to be a record price at the time. However, whereas £2,500 per sq ft represented the peak of the market in Knightsbridge in 2006, today, over £4,000 per sq ft is not only achievable, it is now expected for refurbished and newly developed properties in this particularly elite and up-market area.
Knightsbridge is witnessing a sudden surge of development with so many commercial buildings of the 60′s and 70′s having become vacant. Not only will it be financially viable for these to be developed for the residential sector, but should also help to bolster up prices of period properties up for re-sale, especially around Trevor Square. Here, the Grade II listed former Harrods Depository building has been converted by developers Crown Dilmun, into 39 large flats and four houses, thereby transforming the location.
Other developments in the pipeline include an area of Lancelot Place where 70 apartments are expected to be built, and the 1950′s Bowater House which has since been demolished and acquired by developers Candy & Candy who are planning to build around 140 luxury penthouse flats on the site. The Cadogan Estate is selling off £25,425 million of freehold property, most of which is up for refurbishment and in some of the most desirable streets in the area.
Knightsbridge is home to a number of exceptionally highly specified developments. The penthouse at One Hyde Park is the most expensive flat in the world and on completion in 2010 is expected to realise £100 million. It will feature bullet proof windows, purified air systems and ‘panic rooms’ and everyone on site will have access to an underground passage leading to the nearby Mandarin Oriental hotel. Half of the units at this prestigious address have already been sold at an average of more than £20 million each fetching record prices of £6,000 per square foot.
A brand new development is The Knightsbridge, where architects have made every effort to ensure the new building takes maximum advantage of its location with floor-to-ceiling windows affording the majority of apartments’ splendid views of Hyde Park, private landscaped gardens or stylish Knightsbridge itself. The site covers 1.7 acres with the development comprising of 191 unusually spacious apartments, seven extra special penthouse apartments known as The Crown Jewels and seven mews houses. Modern in design, and built to the highest possible specification, the main feature of the building is the elegant glass and limestone façade complemented inside by polished limestone flooring and selected hardwood panelling. Sculptures and tapestries and carefully controlled lighting provide a tone of understated elegance. Over 340 car parking spaces are located on two underground levels with lift access to all floors.
