For those in the world’s upper echelons of wealth, penthouses represent the zenith of luxurious living. These lavish top-floor apartments offer breathtaking views, and unrivaled amenities and are notably larger than average units, commanding significant premiums in the global property market. According to a 2021 research conducted by Knight Frank, penthouses can demand up to 35% higher prices per square foot than other apartments in the same development.
London, renowned for its elegance, history, and high-end lifestyle, stands out among the globe’s prime cities, boasting the second-highest penthouse premium at an average uplift of 43%. Hong Kong commands the highest average premium of 59%, while Singapore penthouses command the smallest premium at an average of 7%. These significant premiums reflect local factors such as exclusivity, privacy, and internal configuration, which can cause premiums to vary by as much as 50% across each city.
Southbank Place Belvedere Road
Over the past decade, ultra-prime developments have reshaped the prime central London property market. Major projects like Southbank Place have generated a multitude of stunning new apartments, including a selection of high-end penthouses. The push for luxury has contributed to London’s high penthouse premium.
Braeburn Estates, a joint venture between Qatari Diar and Canary Wharf Group, is one developer leading the trend. The company has placed emphasis on the finest luxury features in penthouse design, from room sizes and ceiling heights to minute specification details, thereby attracting the world’s Ultra-High-Net-Worth Individuals (UHNWIs).
“Since launching to market, Southbank Place has been one of the fastest selling schemes in prime central London,” said Priya Black, Department Head of the West End New Homes team at Knight Frank. “We look forward to the release of the final penthouses which will provide a unique offering, with large riverside, lateral homes benefitting from breath-taking views over the city’s most famous landmarks.”
The remaining units at Southbank Place set to be released throughout the year comprise three penthouses and a three-bedroom sub-penthouse across Belvedere Gardens, One Casson Square and Thirty Casson Square. These units offer stunning views across London’s most iconic landmarks, including the London Eye, River Thames, Houses of Parliament, St. Paul’s Cathedral, the City of London and The Shard.
The first penthouse to be released commands a price of £17 million and offers a unique river-facing 3,862 sq. ft. residence set atop the entire 10th floor of the second Belvedere Gardens tower. It boasts bespoke interiors, rare art, and handmade furniture. The layout includes two master bedroom suites with walk-in-dressing rooms, two guest bedrooms, two kitchens, an open-plan living/dining area, two guest bathrooms, an expansive terrace, and a private balcony.
Southbank Place residents also enjoy direct access to a 17,000 sq. ft. private health club. Operated by specialists Educated Body and designed by Goddard Littlefair, the amenity space features a 25-metre swimming pool, separate steam and sauna rooms, expansive gymnasium, relaxation pods, treatment rooms, and a hair and beauty studio.
As London continues to command one of the highest global premiums, the demand for luxurious penthouses from UHNWIs is expected to remain strong. These exclusive residences are not just homes, but statements of opulence and distinction in the heart of one of the world’s most prestigious cities.
