Our regular feature spies the capital’s prime locations as if from the comfort of an aircraft’s first or business class cabin. This issue, our focus is on penthouses offering the finest bird’s eye views over the city skyline.
There are many advantages to owning a penthouse apartment ranging from spectacular views and greater specification right through to boasting rights. So, if the thought of living the high life appeals to you, where can London’s finest examples be found? Ben Babington, director of Jackson-Stops’ London Residential Development branch, advises that, as developers recognise that location is a key factor for ultra-high net worth buyers of London penthouses, the prime examples are in Zone 1. Here residents can look out to spectacular views of the capital’s skyline. “Most, if not all, developers of new apartment buildings will set aside the top floor of their schemes to true penthouse apartments, so quite simply, they can be found wherever developers are building,” he says.
Surprisingly, it appears it is not just high net worth international buyers from the Middle East and Far East and high-flying investment bankers who are purchasing penthouses. “We have seen numerous top floor apartments bought by UK downsizers,” Mr Babington reports, “who have decided to sell their large family homes in the country and return to their roots in the capital. Many of these buyers have sold successful businesses operating outside of London to be able to afford their dream high-rise home.
“Fundamentally, owners of penthouses like to know that they have the biggest and the best property in the building and such apartments are usually found on the top floor. Developers will often increase the specification on penthouse apartments, with various enhancements and a greater sense of individuality, and will more often than not, include large roof terraces. This not only increases the amount of natural light let into the living space but also makes them fairly rare. This means that when a penthouse owner comes to sell it is unlikely they will have any competition from neighbours, and allows for a greater chance of achieving a premium price.”
Jackson-Stops reports that, over the last 12 months, the most sought-after penthouses in Prime Central London have been eclipsing £4,000 per square foot, with a handful achieving over £5,000 per square foot. “Over the next two years,” says Mr Babington, “the wider London market is going to see incremental price increases, with greater gains toward the end of that period and beyond. However, penthouses and the best and rarest apartments could well outperform the rest of the market.”
Adam Tahir of Fine & Country Finsbury Park informs us that, in this particular area, new prime penthouses can be found in N16 and N4. “There are several new key buildings that are being built as we speak and are due to complete in Q2 of 2018,” he says. “They are going to be very popular as they have such gorgeous views of the nature reserve at Woodberry Down, which has recently received an award for nature preservation, presented by David Attenborough. Surprisingly enough, we are now finding more music artists who are choosing to live in these locations as they have great access to the city within a few minutes, as well as the view for inspiration and tight security.
“The apartments are built with so many amenities that residents almost never have to leave the building. The main advantages are on-site gyms, a convenience store and on-site restaurants and coffee houses. Penthouses here are selling for £1.5m – £2m. In pounds per square foot, it is giving residents far more space for their money and yet achieving the same outcome than in Victoria or St Johns Wood.”
Shereen Malik, senior sales negotiator at UK Sotheby’s International Realty, believes that the most prime examples are those overlooking some of London’s most beautiful garden squares, parks and landmarks. “Eaton Square and Lowndes Square are examples of such addresses,” she says. “Wealthy Middle Eastern royals with big families are our core market for penthouses, these buyers are looking for penthouses which span the entire floor plate of an apartment block.
“Penthouses will always be in high demand due to the views and privacy they offer. Some also include a roof terrace or balcony, offering the added benefit of outside space, whilst others boast a personal direct lift to the apartment. Penthouses come at a premium price – for premium addresses!”
They are also hugely popular as rental properties and achieve lucrative rates for their owners. Lucy Morton, Head of Residential Agency at JLL, comments, “Renting a penthouse varies across London, depending on location and amenities available, at JLL we have penthouses available to rent from £2,000 a week. In recent years, we have seen a rise in the number available in London but owing to their exclusivity supply is limited.
“Prime areas such as Knightsbridge, Mayfair and St James are home to the some of the most opulent penthouses in London. However, outside of these traditional areas, there are some incredible penthouses in and around London including, Canary Wharf to the East, Nine Elms to the West, Greenwich to the South and Kings Cross in the North.
“There is a certain kudos, and cost, to living in a penthouse so they are popular with HNWIs and increasingly their background is in the tech sector. They are drawn to these properties because of their panoramic views, high-end concierge service and amenities.”
