The most expensive townhouse in London is for sale

One of London’s most expensive townhouses was listed on Monday for 60 million pounds (about $74 million).

The amenities-packed residence spans six levels, including two underground. There, you’ll find a 39-foot pool, a spa, and a parking lot that connects to a hidden driveway.

The eight-bedroom, eight-bathroom home spans over 14,700 square feet and is located in a new housing development called Chelsea Barracks, located in Belgravia, one of London’s most expensive neighborhoods.

The development is named after the land on which it sits, a 13-acre site that for 150 years has housed regiments of the British Royal Army. The parcel was sold in 2008 by the British Ministry of Defense for $1.3 billion, or the equivalent of $100 million an acre. The sale price made it one of the largest land transfers in British history and one of the largest residential property transactions in the world.

The site was purchased by the sovereign wealth fund of the State of Qatar in partnership with Candy Brothers, British developers who later sold their interest to a sovereign country. Qatari Diar Real Estate Company. The company oversaw the development of 290 luxury and 130 affordable housing units on the site.

The massive development is less than two miles from Buckingham Palace and just over a quarter of a mile from the River Thames.

According to Richard Oakes, chief sales and marketing officer at Qatari Diar, the proximity of the land to the river and the high water level below it requires the developer to build an underground barrier around the perimeter of the construction area to prevent water from penetrating the site.

It’s an expensive engineering feat that took two years to complete. Oakes told CNBC it was worth the time and money because it opened up the ability to build to the downside.

Now the project has an underground world that extends over two levels of each of the 13 houses. It includes parking spaces interconnected by an underground pathway leading to a nearby parking garage, creating a discreet way in and out of the homes by car. According to Oaks, there is no sidewalk parking, so hidden parking areas are a blessing.

Oakes didn’t reveal the total cost of the development, but he did tell CNBC that the project is two-thirds complete and has already surpassed $1.2 billion in residential sales since 2015. The residences command an impressive price per square foot averaging around $5,600.

“We absolutely trade at a premium,” Oakes said. “I think we got a 30% premium over the local area [residences]. “

At about $74 million, the asking price for the townhouse is about $5,000 per square foot. Oakes told CNBC he’s “quite confident” about the prices, adding that a condominium unit in development has already sold for more.

The release of pent-up demand in the wake of Brexit uncertainty and frustration with Covid travel restrictions has boosted activity in London’s 10 million. [pound]Tom Bell, head of residential research at Knight Frank, said that even with mortgage rates rising significantly, he told CNBC, liquidity-rich buyers are in a relatively strong position and their price of 10 million-pound stock has fallen by around 12. % since its last peak – September 2015 – which will also support demand.

For example, in 2022, London’s £10m-plus super-mortgage market saw 162 transactions recorded, up by two from 2021, according to data provided by invoice. The number is likely to rise due to the lag in the data.

Meanwhile, over the past 12 months since February, the London Central Market has seen 560 sales worth £5m, with 60 of those transactions occurring in Belgravia. At the same date and price range, the area saw an average price per square foot of $3,300, compared to more than $3,100 per square foot in central London, according to Bell.

Oakes attributes the great advantage achieved at Chelsea Barracks to two factors, including that the units are brand new construction, which is a rarity in Belgravia.

He said there is also added value from concierge services, security and a residents-only health and wellness center in the community, called the Garrison Club. The club offers 12,700 square feet of luxury amenities, including a 66-foot pool, gym, steam and sauna rooms, and private training studios.

High-net-worth buyers are drawn to the Chelsea barracks, which he calls “lock-and-go”.

“Here you can throw the keys to the concierge, go away for a couple of months and come back to heat your house,” said Oakes. “You know everything can be done for you.”

Here’s a closer look around – and below – London’s latest $74 million listing, which is being sold fully furnished.

On the first floor of the six-storey house, at 3 Whistler Square, is a large reception room, more than 30 feet long. The room has floor-to-ceiling windows with iron balustrades custom designed for each house in the city.

The second floor of the dwelling is reserved for the master suite. The 1,600-square-foot space, which is accessed by a grand staircase or elevator, includes a lounge, a handbag locker, two bathrooms, and two closets/dressing rooms.

One floor above the primary wing is the four en-suite guest bedrooms, and one floor above is the rooftop terrace.

Now for what’s at the bottom. The first floor of the two lower floors includes the family kitchen and dining area with large outside access to the garden to the rear of the house. This can be achieved on an underground level because the rear garden is one level below street level. Also on this level are two further staff bedrooms, and access to a pair of lifts, one for residents and one for service.

One level deeper is the second underground level, which is the most spacious floor in the house, spanning more than 4,700 square feet. This level has a cinema and wine room as well as a separate wine cellar.

There is also a health and wellness area that includes a private 39-foot indoor pool, gymnasium, changing rooms, steam rooms and saunas, as well as spa treatment areas. This level also has a 30ft wide garage with secure access to an underground driveway for entry and exit.

Across the backyard is a structure called The Mews. The name is a historical reference to the stables that were once built behind large town houses to house horses before they were replaced by motor cars in the early 1900s.

This modern version features a one-bedroom duplex guest house. While on the surface this second home is separated from the main residence by about 40 feet, hidden deep under the lawn, the two homes are closely linked. A subterranean pool level, buried two stories directly under the lawn, runs along the courtyard, joining the lowest level of the main house to the lowest level of the guest house.

Oakes told CNBC that the sale will be subject to a 15% stamp duty, which will add another $11.1 million in fees. And the buyer should expect to pay a homeowner’s fee, which is about $164,000 per year.