Newspaper article The Evening Standard (London, England)

The Ascent Oligarchitecture; DESIGN; Flats in the Shard Will Go on Sale for [Pounds Sterling]30-[Pounds Sterling]50m as the London Property Market Reaches New Heights. Joshi Herrmann Looks at the New Homes for the Capital's Super-Rich

Newspaper article The Evening Standard (London, England)

The Ascent Oligarchitecture; DESIGN; Flats in the Shard Will Go on Sale for [Pounds Sterling]30-[Pounds Sterling]50m as the London Property Market Reaches New Heights. Joshi Herrmann Looks at the New Homes for the Capital's Super-Rich

Article excerpt

Byline: Joshi Herrmann

LATER this summer, when the Sellar Property Group advertises 10 apartments in the Shard on the market, the final act in an incredible phase in the London property market will be under way.

The apartments are predicted to go on sale for between [pounds sterling]30 million and [pounds sterling]50 million a couple of months after the Shard's inauguration next week, offering its residents views of the sea on a clear day.

If they sell as expected -- and there are those who believe they might struggle to reach the reported price tags -- they will round off a few years of extraordinary sales, during which three London developments (One Hyde Park and the Bulgari Residences at 171 Knightsbridge are the others) have sold some of the most expensive residential properties in the world.

And experts say planning work is already proceeding to deliver the next round of what has been dubbed "oligarchitecture" -- properties built with only a few hundred very wealthy global buyers in mind -- which might be ready in two or three years' time.

The best example of the phenomenon in London -- and arguably the world -- is One Hyde Park in Knightsbridge. Opened with great ceremony in January last year, the four-building development was brought to the market by the flamboyant Candy brothers and backed, like the Shard, by Qatari money.

It has been called London's "Black Elephant" by critics who say it represents the flashy excess of pre-crash London. Nick Candy says it is "the most exclusive address in the world", which had "changed perceptions of what defines true luxury".

Despite slow sales, it has been reported that Ukrainian mining tycoon Rinat Akhmetov bought two apartments in One Hyde Park for a combined [pounds sterling]136 million last year. Across the development, the Candys have pushed for [pounds sterling]6,000 to [pounds sterling]7,000 per sq ft, almost double the maximum paid in Eaton Square, London's most sought-after address.

For that money -- and service charges that can be as much as [pounds sterling]350,000 for the triplex penthouse -- residents get a view of Hyde Park, pools, gyms, 24-hour security, including x-rayed mail, and food from Heston Blumenthal's restaurant in the adjacent

Continued from Page 31 Mandarin Hotel. …

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