Crisis? What Crisis? Five-star £500m new-build scheme launched

London’s housing market may be distinctly lacklustre compared to much of the rest of the UK right now but one development wants to buck the trend - by launching a scheme with flats costing up to £60m each. 

Park Modern, facing Hyde Park and Kensington Palace Gardens, has 57 units - two of which are described as mews houses - with the cheapest flat priced at £2m. Combined, their asking prices total half a billion pounds. 

Publicity for Park Modern suggested they offer “5-star hotel style amenities including a concierge, resident’s lounge, signature restaurant and cafe, porte cochère with valet parking, and a wellbeing floor with a 25 metre pool, gym, spa, cinema, and treatment salon.”

Despite Coronavirus, economic uncertainty and Brexit, there have been £100m worth of pre-sales to buyers from Britain, Europe, US, Hong Kong, mainland China and the Middle East at values up to £5,000 per square foot - a record price for homes on the Northern boundary of Hyde Park.

The nine-storey block boasts - in the words of the publicity material - “generous ceiling heights and floor-to-ceiling glazing opening onto private terraces, giving residents a front row view of the park and city skyline … [and] fluid, modern architecture … a wave-like façade designed to maximise the views over the ‘green sea’ created by the adjacent trees and park.”

Three penthouses on the eighth and ninth floors provide 16,500 square feet of living space and 5,600 square feet of private wrap around terraces

“Priced at £60m, the ninth floor penthouse is possibly London’s finest residence, with over 7,000 sqare feet of lateral living space completely surrounded by over 2,400 square feet of terracing. Penthouse views include Kensington Palace, Royal Albert Hall, the Shard and the City of London skylines” according to developer Fenton Whelan.