A London apartment that will overlook Buckingham Palace
was bought for 20 million pounds ($30 million) before construction of the
building has started, the project’s developer said.
Northacre Plc, the luxury-apartment developer 70 percent
owned by Abu Dhabi Financial Group LLC, has sold 29 of the 72 luxury residences
at No. 1 Palace St. in six months, Chief Executive Officer Niccolo Barattieri
di San Pietro said in a conference on Wednesday. He didn’t identify the buyers.
“We haven’t done any marketing, it’s been word of mouth,”
the CEO said. The buyers are from the Middle East, Africa, Russia and the U.S.,
including some from Silicon Valley, he said. “It’s a mixture of old and new
money.”
The Palace Street apartments near Queen Elizabeth II’s
London residence fetched 2,950 pounds to 5,000 pounds a square foot, the
Northacre CEO said.
“The actual craftsmanship and standards are uniform
across the whole building,” he said. But a residence that “has 12 windows
overlooking the gardens of Buckingham Palace with 4.5-meter ceilings? You have
to pay a premium for that.”
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