The strength of London’s luxury real estate market—fresh from a record-breaking 2022—is continuing into 2023 with the recent sale of a lavish, almost £9 million (US$11.15 million) apartment in posh Mayfair.
The 2,500-square-foot flat, within Greybrook House on Brook Street, was asking £8.95 million, according to Beauchamp Estates, who handled the sale.
Close to famous high-end hotel Claridges, and strides from the shopping mecca that is Bond Street, the white-stone Greybrook House is a Grade II-listed, six-story Art Deco building. Built in 1929 as the London headquarters and showroom for Bechstein, the piano manufacturers,, it’s now home to four lavish apartments.
This three-bedroom unit, which sold for just under its asking price, is fitted with features including oak and marble flooring, bespoke sliding walls, a family kitchen and open plan living and dining spaces.
Mansion Global couldn’t determine the buyer’s identity, but they were a London-based family who were attracted to the location, build quality and interior design, according to Rosy Khalastchy, director at Beauchamp Estates.
“The deal at Greybrook House heralds the start of what we expect to be a busy spring market in central London during 2023,” Ms. Khalastchy said.
Last year, sales of luxury London homes priced above £5 million exceeded 600 for the first time on record, according to a Wednesday report from estate agency Savills, who have been tracking the metric since 2006.
The previous top-performing years were 2013, which logged 533 sales above £5 million, and 2021 with 537 sales.
The total value of last year’s £5 million-plus transactions was a whopping £6.57 billion, 13% higher than in 2021, Savills said, adding that London’s prime market is forecast to be the top-performing high-end residential market in the U.K. over the next five years, bolstered by international demand.