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Hong Kong Millionaire Snaps Up $13 Million London Penthouse

Property Markets / Transactions

United Kingdom

Sep 30 2019

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By Emanuele Midolo 

An unnamed Hong Kong multi-millionaire has bought a penthouse at the lavish 5-star Corinthia Hotel in London for £10.7 million ($13.3 million).

The deal for the four-bedroom top floor flat within the ultra-luxury hotel next to Downing Street–one of the largest acquisitions in the area in years–has been signed in less than 72 hours.

The 3,703-sq-ft penthouse comes with 24/7 room service and direct internal access to the hotel’s spa, restaurants, cocktail bars and lounges.

It has a private lift lobby, a dedicated service entrance and service lift from the hotel, which allows staff to deliver room service orders or to collect and deliver laundry.Other features include Italian marble walls and floors, a stone fireplace and ebony veneer wall paneling.                                                             

Aston Chase, the agent that co-brokered the deal with Knight Frank, refused to disclose the buyer’s identity but said that the foreign businessman and his wife are regular London visitors and that the Corinthia is their favorite hotel in the British capital. “The couple had initially looked with Aston Chase at other ultra-prime residences in Mayfair, Chelsea, St John’s Wood and Regent’s Park but when they learnt that the top floor home at the Corinthia’s private residences was for sale a deal was swiftly agreed, within under 72 hours,” an Aston Chase spokersperson said.   The millionaire asked for the bedrooms in the residence to be fitted with the hotel’s mattresses, bed linen and throws.

“The Corinthia Hotel Private Residences purchase is the biggest deal in Whitehall in the last five years,” said Aston Chase’s director and partner, Simon Deen.

“Despite its prime location in the heart of London’s government district, by No.10 Downing Street, residential properties in Whitehall are more price competitive than neighboring Mayfair, St James’s and Belgravia.

“The deal equates to a price of just under £3,000 per sq ft, compared to other high-end developments in Mayfair the couple looked at which were priced at around £7,000 per sq ft.”  Deen added that Hong Kong buyers want “homes with pristine, brand new interiors” but that they also “love British history.”  

The Corinthia Hotel, which last year hosted President Donald Trump and his family for the American leader’s first official visit to the U.K., was originally built as a hotel in 1885 and was favored by King Edward VII. It served as the U.K.'s Air Ministry and Ministry of Defence between 1936 and 2007 and was fully refurbished and re-converted into a hotel in 2011.

The hotel has now British and Italian restaurants with Michelin-starred chefs, multiple cocktail bars, a terraced lounge, hair and beauty salon and a spa and wellness center.

The adjoining Corinthia Hotel London: Private Residences, also a former government building, was converted into an aparthotel in 2011.

 

About writer Emanuele MidoloI: I am a business reporter focusing on real estate, retail and technology. I am currently Chief Investigative Reporter at Property Week, where I lead the magazine's investigations unit. I have been nominated as Best Print Writer at the BSME Awards in 2019 and 2018 and as Best Journalist - Infrastructure, Development and Construction at the British Journalism Awards in 2017. Prior to that, I worked as a freelance for a number of publications across the U.K., France and Italy including The Bureau of Investigative Journalism and La Repubblica. I hold an MA in Investigative Journalism from City University of London and an MA in French literature from Ca' Foscari University of Venice

 

SOURCE: Forbes

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