In the heart of London’s prestigious Knightsbridge lies Amberwood House, a property that encapsulates the allure of super-prime real estate in one of the world’s most dynamic cities. With a current valuation of £75 million, Amberwood House stands as a testament to London’s robust property market, which, according to Knight Frank’s latest data, has seen sales above £10 million reach an eight-year high.
The Rise of Super-Prime Sales in London
The London property market has witnessed a remarkable resurgence in super-prime sales, a segment that comprises properties priced over £10 million. In the 12 months leading up to November, the city recorded 175 such transactions, a peak not seen since the pre-stamp duty hike era of 2013/2014. This resurgence indicates a renewed confidence in the capital’s real estate, buoyed by a combination of factors, including the relative value offered in prime central London, the weakening of the pound, and London’s enduring status as a global ‘super city’.
“International demand has remained resilient above £30 million,” said Paddy Dring, global head of prime sales at Knight Frank. “This has been helped by the weakness of the pound, the fact average prices above £10 million are still 13% below their last peak in mid-2015 as well as the emergence of more super-prime developments in London.”
The Super-Prime Hotspots of London
The last year has seen particular areas in London dominate the super-prime market. Mayfair led the charge with 29 sales, followed closely by Kensington with 24, and Belgravia with 23 as per Knight Frank. This trend underscores the enduring popularity of these areas among the affluent, with each neighbourhood offering its unique blend of luxury, history, and exclusivity. Knightsbridge, home to Amberwood House, continues to be one of these highly sought-after locations, known for its prestigious properties and upscale lifestyle.
Amberwood House: A Blend of History and Luxury
Amberwood House, located at 17A Thurloe Place in Knightsbridge, is a property rich in history and grandeur. Formerly the London home of legendary ballerina Margot Fonteyn and her husband, diplomat Roberto Emilio Arias, this magnificent private mansion is being transformed by the K10 Group into a 15,300 sqft masterpiece.
Historical Significance
Originally built in 1928, Amberwood House served as the Panamanian Embassy from the 1930s to the 1990s. During World War II, it was the centre of significant historical events, including thwarted espionage attempts. The house became the official London residence of Margot Fonteyn and Ambassador Roberto after their marriage in 1955, hosting illustrious guests from royalty, politics, and the arts. Its walls have witnessed significant events, including political intrigues and high-profile social gatherings.
Architectural Elegance
Close to Harrods, Sloane Street, and opposite the Victoria and Albert Museum, Amberwood House stands out with its elegant three-story brick structure. It features tall French and sash windows, ornamental balconies, and a bay overlooking the garden façade, reflecting the architectural charm of the era.
Luxurious Refurbishment
K10 Group’s refurbishment plans include luxurious accommodations spanning several floors. The mansion will feature a double-height entrance hall with a grand chandelier, a main reception room with bay windows, a large family kitchen, and a club room with a cinema and cocktail bar. A walk-in wine cellar with bespoke cabinetry adds to the property’s opulence.
Health Spa and Wellness Features
The basement will house a health spa complex, including a grand swimming pool room with Travertine marble, a 12-meter pool with feature waterfalls, a comprehensively equipped gymnasium, a treatment room, a games room, and a steam room, offering a sanctuary of wellness and relaxation.
Master and VIP Suites
The entire first floor is dedicated to the master bedroom suite, featuring ornamental balconies, a morning room, study, and His and Her dressing rooms and marble bathrooms. The top floor houses four VIP bedroom suites, each with bespoke wardrobes and ensuite marble bathrooms, offering a luxurious living experience.
The Market Dynamics Post-Pandemic
The London property market, particularly in the super-prime segment, has rebounded strongly post-pandemic. While prime central London prices saw a marginal decline, the demand for luxury properties remained resilient, especially in popular areas like Mayfair, Kensington, and Belgravia. This resilience is attributed to international demand, which has remained strong for properties above £30 million. The attractiveness of London’s super-prime market is partly due to the average prices still being below their peak levels of mid-2015, making it an opportune time for investments in trophy homes.
Political and Economic Factors
The London property market’s resilience is not without its challenges. The economic uncertainties brought about by high inflation and rising interest rates have caused periods of subdued activity. However, recent improvements in the UK’s economic outlook have led to a noticeable uptick in transactions. Political risks, such as potential changes to non-dom rules and stamp duty rates for overseas buyers, loom on the horizon, especially with the approaching general election. Despite these uncertainties, the market has somewhat priced in these risks, adapting to the global trend of governments seeking to regulate the flow of wealth.
Changing Demographics and Preferences
The demographics of buyers in London’s super-prime market have evolved, with an increase in younger buyers from regions like the West Coast of the US and mainland China. These buyers often prefer luxury flats, a trend that has seen a resurgence post-pandemic. The popularity of apartments and a shift in buyer preferences reflect the changing landscape of London’s property market.
