Cynthia Barker writes…Wow, London is really booming. An Eastern European buyer is said to have paid £140 million for a penthouse apartment in Knightsbridge – walking distance to my favourite store, Harrods!
The huge 16,000 sq ft apartment, around 10 times the size of a typical London three-bedroom home, is part of the exclusive One Hyde Park scheme backing onto the famous park and right opposite Harvey Nichols.
Christian Candy one of the brothers who own CPC Group said it had used “global professional valuation companies” to value the property at £160 million to £175 million when it is fully furnished.
This values the apartment at £10,000 per square foot, setting a new benchmark for London! The Candy brothers have certainly changed the London property market, although some commentators are predicting that the boom in trophy homes in London could be coming to an end.
Obviously, the vast majority of Londoners could not dream of living in such a home or living in glamorous addresses in Knightsbridge, Mayfair or Chelsea. However, the billionaire owners of such properties do create thousands of well paid UK jobs, especially for migrant workers. The hospitality sector is one of the UK's biggest employers and attracts billions of pounds to the British economy.
Live-in Nannys, carers, chauffeurs, cooks and domestic workers in central London can expect to earn in excess of £400 per week after tax, often with free food and accommodation in the best parts of the greatest city in the world. It is not unusual for domestic workers to become wealthy while working for the rich and famous. Even Prime Minister David Cameron employs a foreign Nanny!