One Hyde Park: £60m apartment sold and luxury retail on the market

One Hyde Park: £60m apartment sold and luxury retail on the market

6 February 2012 | By David Doyle.

One Hyde Park's last five bedroom apartment has been sold, bringing the
total volume of sales in the London luxury residential scheme to more than
£1.5bn.


The five bedroom apartment, the largest size beneath penthouse, sold to an
unnamed buyer at the end of last week. Another £40m of apartments are also
said to be under offer.


It is the last of eleven five-bedroom apartments, which are almost 9,000 sq
ft in size, to be sold in the scheme.

At the same time Project Grande, the joint venture between the Prime
Minister of Qatar's Waterknight's and Christian Candy's CPC, has bought the
last retail unit in the development to the market.

The unit, which is the first UK premises for Abu Dhabi Islamic Bank, is
being marketed by Savills for in excess of £21m, a net initial yield of
3.6%.

Project Grande said the yield is predicted to rise to 4.35% and 4.99% with
indexed rent reviews. The property is let for 14 years off an annual rent of
£800,000.

One Hyde Park's other retail units, let to Rolex and McLaren, were sold for
more than £13m and £11.5m respectively, reflecting yields of 2.91% and 3.3%.