Rental property: London 'trophy flat' boom

Can’t afford to buy a trophy apartment in the world's most expensive apartment block, One Hyde Park?
Then there is another route to living there: rent.

picture of One Hyde Park development in LondonPrimeLocation.com can exclusively reveal that not one but three apartments within Knightsbridge's newest landmark have come on to the lettings market - and prospective tenants will need predictably deep pockets. A three-bed is now available to rent through Knight Frank agency for £17,500 a week, and a four-bed is on the market for £25,000 a week.

Knight Frank is also in talks about letting out a 10,000 sq ft five-bed property, and if this happens the rental price is likely to be a staggering £45,000 a week, by far the most expensive rental property it has listed (its current record-holder is a house in Belgravia, which is being rented out for £35,000 a week).

The agency has also this week let out a one-bed apartment in One Hyde Park for £4,250 a week. Its website describes a third-floor flat with spacious living area and bespoke furniture, which comes with a wine cellar and an underground parking space. There is also 24/7access to the concierge desk courtesy of the Mandarin Oriental hotel next door.

Trophy flats

The agent handling the rental, Mark Tunstall, who works in the Knightsbridge office, reports a 50% increase in the last year in clients looking for 'trophy' flats to rent, and who are willing to pay £20,000 a week and above for the privilege.

Picture of developers the Candy brothersResearch carried out by PrimeLocation.com backs this up: the number of homes on its site being rented out for more than £5,000 a month has increased by 67% year-on-year. And the areas in the capital achieving these huge rentals are diverse: Camden is up 51% and Barnet - home to Wagtastic mansions - is up 57%. Meanwhile the Hammersmith and Fulham area has seen an increase of 107% and Kensington and Chelsea of 79% in homes fetching these record rents compared with 12 months ago.

Footballer Sol Campbell is one of the many landlords hoping to profit from this surge in demand for ultra top-end rental property. He has just put his four-bed riverside house on Cheyne Walk, Chelsea, on the market for £20,000 a week, again through Knight Frank. The property comes with swimming pool and tunnel linking it to a separate mews house around the corner. The former Arsenal and England defender, who is married to Fiona Barratt (of Barratt Homes fame) is leaving Cheyne Walk to spend more time in his stately pile in Northumberland.

 

The areas in the capital achieving these huge rentals are diverse