News: London's most expensive home... SOLD

Tue, 28 Jul 15

Londonís most expensive home of 2015 so far has been sold this month for a record-breaking price.

The penthouse, located on Mayfairís South Audley Street, joins a string of extravagant deals in the capitalís real estate market, as the city remains far costlier than the rest of the UKís property markets - and priced out people still struggle to afford to get onto the housing ladder.

At the beginning of July, a private bid was reportedly submitted for 2 to 8a Rutland Gate for £280 million, which would have made the 60,000 square-foot estate the most expensive in Britain ever sold. Another mega-mansion in Mayfair was sold for £90 million, which made it the most expensive house of the year.

The South Audley penthouse, though, is a far smaller affair: the unit is one of six apartments that have been sold off-plan in recent months, with a record average price per square metre of £5,500. The penthouse fetched an even higher £7,000 per square feet, which is the most paid per square foot for any home in 2015, according to The Telegraph.

Luxury developer Luxlo confirmed the deal to the newspaper. The penthouse is spread across two floors, boasting three bedroom suites, a roof terrace and a cinema, as well as servantsí quarters.

The block will be completed next year and sits next to Hyde Park with a view of the Dorchester Hotel.

With the price per square metre eclipsing the mansion sale nearby, the deal is a reminder that sometimes in real estate, size does not matter.

"Due to the proliferation of listed buildings in Mayfair, new build developments are a real rarity," notes Richard Cutt, partner at Knight Frank, who were a joint agent on the sale alongside Wetherell.

See also: House Prices in Mayfair

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