London’s most exclusive apartment complex One Hyde Park is only 22% occupied by individuals living there permanently, a freedom of information request has revealed.
The FOI filed by Inside Housing magazine has shown that out of the 86-apartment development, marketed as “the most exclusive address in the world”, has only 19 flats registered as “occupied by individuals”.
According to Westminster Council 26 apartments are classified as second homes, while 16 of the properties are empty of which only three have not been sold.
The remaining homes are all owned by offshore companies.
Twenty-three are registered as occupied by companies. Of the 16 empty properties, 13 have been sold, according to the developer.
Commenting on the vacancy rates at the £1.2bn development Karen Buck, Labour MP for Westminster North said:
“Although One Hyde Park is an extreme example, it is nonetheless telling us something about ghost town central London.
“Coupled with the fact that they are not providing affordable housing onsite, this is having the effect of transforming central London – squeezing out affordable housing to make way for empty luxury developments.”
The development is a joint venture between Christian Candy’s CPC Group and the former Qatari prime minister’s private company Waterknights. The company insists that all its tenants pay the adequate rate of tax and that their social housing obligations have been fulfilled.
- Follow us @LondonlovesBiz
- Try our free newsletter
You need to read:
One Hyde Park: failure or fortune-maker?
One Hyde Park’s multimillionaire residents revealed
Leave a Comment