Home Property Homes in The Shard could fetch up to £50m

Homes in The Shard could fetch up to £50m

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13th Apr 12 8:39 am

Apartments in The Shard skyscraper are expected to fetch between £30m and £50m when they go on sale this summer, as foreign buyers compete to own one of Europe’s highest homes.

The Shard has become one of the most dramatic additions to London’s skyline in years. The most expensive apartments are situated on 13 floors of the 1,017ft glass spire, which has been designed by Renzo Piano.

Buyers from the Middle East, Hong Kong and Russia are expected to be interested in joining the newest exclusive London neighbourhood.

Should the apartments sell for up to £50m, it would be a price comparable to properties in the One Hyde Park complex in the Knightsbridge area of the capital, which features interiors designed by Candy and Candy.

The price of apartments in The Shard is in contrast to its surrounding area. An average property in the SE1 postcode would only fetch around one tenth of the £5,000 to £6,000 per sq ft that living space in the skyscraper is expected to fetch.

Savills director of residential research Yolande Barnes said: “You don’t get this pinnacle of value in relation to the surrounding district in any other city in the developed world.

Barnes added: “It’s the equivalent of building the Shard in Harlem.”

Wealthy property buyers have created something of a two-tier property market in the capital. Overseas buyers have been attracted by the weakness of the pound, or sought to shield their money from the eurozone crisis in the London property market.

Property consultant Knight Frank said the prices for the most elite central London properties had gone up by 44 per cent over the last three years. This represents a rise more than double what London as a whole has seen.

While some concerns have been raised that The Shard could stifle social mobility, others point to the positive impact it has had on the price of other properties in the area.

A local estate agent said it had already increased interest in residential properties in the area, while a spokesman for The Shard said it will act as “a magnet and catalyst for regeneration”.

Irvine Sellar, chairman of Sellar Property Group which is developing the building, said: “The Shard is making a positive impact on London’s skyline and there is discernible excitement among Londoners as the building nears completion.

“It is a ‘vertical town’ that includes a viewing gallery, restaurants, and a five star Shangri-La Hotel, which will all be open to the public, as well as residences and offices.”

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