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Real estate fit for a king

Despite our turbulent economy, the statistics show the number of millionaires across the globe is on the rise, which means expectations of luxury housing are growing as the wealthy demand a level of opulence that befits their oftentimes flashy lifestyle.

While some of the wealthy are content to remain in a modest family home after they’ve made their millions, many of those at the top end of the wealth scale are becoming more intent on finding a home that oozes ultra expensive chic.

According to a report in The Australian, a London development is setting new standards when it comes to high end real estate, with the most expensive apartment asking a whopping $215 million.

And who would pay such a price for the three-floor 2300sq m penthouse (two homes knocked into one)?

A cashed up Ukraine man who has plans to spend a further $60 million “doing up” the already impossibly lavish interior.

What about Australia?

Nothing in Australia comes close to London’s One Hyde Park development.

Sydney’s most expensive apartment was reportedly sold off-the-plan for $25m, in The Residence, which is nearing completion overlooking, coincidentally, the city’s own Hyde Park.

In Melbourne, the record for an apartment is $19.35m for a pad in the Salta Group’s Mercy Hospital redevelopment in East Melbourne.

So can our developers keep up? And should we really care about accommodating the super rich?

Colliers International residential director Murray Wood who was quoted in The Australian seems to think so and says, “developers have to realise that people are expecting more”.

Not too long ago, exclusivity in real estate was defined by an apartment boasting the very best in finishes and fittings, with a bathroom for every bedroom, a gym and a pool.

All that has been blown out of the water by London developers Nick and Christian Candy with their One Hyde Park residential building that comes with, wait for it…

  • SAS-trained bodyguards,
  • a panic room,
  • private wine-tasting room
  • its own private tunnel to the Mandarin Oriental, where you’ll find Heston Blumenthal’s new restaurant, Dinner.

And if that’s not enough there’s the private cinema, spa facilities, golf simulator, 24 hour room service, bullet proof windows, iris and fingerprint scanning, custom made chandeliers and artworks that rotate to reveal big screen TV’s.

I can’t see anyone in Australia building a development like this any time soon, but if ever I’m in London I’ll drop past and check it out.

That’s if the SAS trained security let me anywhere near it!



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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