London’s most expensive townhouse is for sale

One of the most expensive terraced houses in London was listed on Monday for 60 million pounds (about 74 million dollars).

The amenity-filled residence spans six levels, including two that are underground. There you will find a pool that spans 39 feet, a spa and parking that connects to a hidden road.

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

The development is named after the land it sits on, a 13-acre site which for 150 years housed regiments from the British Royal Army. The parcel was sold in 2008 by the British Ministry of Defense for 1.3 billion dollars, or as much as 100 million dollars per 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 stake to the sovereign state’s Qatari Diar Real Estate Company. The company oversaw the development of 290 luxury homes and 130 units of affordable housing on the site.

The mega 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, Qatari Diar’s head of sales and marketing, the country’s proximity to the river and high water levels below required the developer to construct an underground barrier around the construction zone’s perimeter to prevent water from breaching the site.

It’s a costly engineering feat that took two years to complete. Oakes told CNBC it was worth the time and money because it unlocked the ability to build downward.

Now the development contains an underground world spanning two levels of each of the 13 townhouses. It includes parking spaces connected by an underground road leading to a nearby parking garage, creating a stealthy way to enter and exit the residences by car. There is no curb parking, according to Oakes, so the undercover parking areas are a blessing.

Oakes would not disclose the total cost of the development, but he told CNBC that the project is two-thirds complete and has already topped $1.2 billion in home sales since 2015. And the homes command an impressive price per square foot that averages nearly $5,600. .

“We’re certainly trading at a premium,” Oakes said. “I reckon we have increased the premium by 30% in the local area [residences].”

At around $74 million, the asking price for the townhouse is around $5,000 per square foot. Oakes told CNBC he is “absolutely confident” in the prices, adding that one apartment in the development has already sold for more.

“The release of pent-up demand following Brexit uncertainty and the frustration of Covid travel restrictions has boosted activity in London’s 10 million [pound]-plus the property market over the past year,” said Tom Bill, head of UK housing research at Knight Frank. And even with mortgage rates notably higher, he told CNBC, cash-rich buyers are in a relatively strong position and the price of 10 million sterling plus inventories have fallen around 12% since the last peak – September 2015 – which will also support demand.

For context, 2022 saw 162 transactions in London’s £10m-plus superprime market, two more than in 2021, according to data provided by Bill. The number is likely to rise, but due to data lag.

Meanwhile, in the past 12 months since February, the prime London market saw 560 £5m-plus sales, with 60 of those transactions in Belgravia. In the same date and price range, the district saw an average price per square meter top $3,300, compared to just over $3,100 per square foot for central London, according to Bill.

Oakes attributes the significant premium achieved at Chelsea Barracks to a couple of factors, including the fact that the units are brand new, which is rare in Belgravia.

He said there is also the added value of concierge services, security and the community’s health and wellness center for residents only, called the Garrison Club. The club provides 12,700 square meters of luxury facilities, including a 66-foot swimming pool, gym, steam and sauna rooms and private gyms.

And high-net-worth buyers are drawn to a Chelsea Barracks convenience he calls “lock up and go.”

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

Here’s a closer look around — and under — London’s newest $74 million listing, which is being sold fully furnished.

On the ground floor of the six-story home, at 3 Whistler Square, is an over 30-foot-long reception room. The room has floor-to-ceiling windows with bespoke iron railings, which are intricately designed for each townhouse.

The entire second floor of the home is devoted to the primary suite. The 1,600 square meter area, which can be accessed via a grand staircase or lift, includes a lobby, bag closet, two bathrooms and two walk-in closets/wardrobes.

One floor above the master suite are four en-suite guest rooms, and one floor higher is a roof terrace.

Now to what is below. The first of two lower levels includes a family kitchen and dining room with access to the garden at the rear of the home. This can be achieved at an underground level because the rear garden is one level below the street grade. Also on this level are two further bedrooms, for staff, and access to a pair of lifts, one for residents, the other for service.

One level deeper is the second underground level, which is the home’s most expansive floor, spanning 4,700 square feet. This level has a movie theater and a wine room plus a separate wine vault.

There is also a health and wellness area which includes a private 39ft indoor pool, gym, changing rooms, steam and sauna rooms, plus spa treatment areas. This level also has a 30 foot wide garage with secured access to an underground driveway for ingress and egress.

Across the backyard is a structure called The Mews. The name is a historical reference to stables that were once built behind large townhouses to house horses before they were replaced by cars in the early 20th century.

This modern version houses a guest house over 2 levels with one bedroom. While on the surface this second house is separated from the main residence by about 40 feet, hidden deep under the lawn the two homes are very much connected. Buried two stories below the lawn, the underground pool level spans the length of the yard, connecting 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 amounts to about $164,000 per year.