With Selfridges, The Dorchester, and Hyde Park just a stroll away, the apartments at 43–45 Cumberland Place couldn’t get more central.
This niche development by Galliard Homes has all the latest mod cons while retaining some original features from the 1870s: residents get contemporary 21st century living with a taste of 19th century English character.
From the ground level upwards, each residence spans one floor, providing spacious two or three bedroom apartments where residents benefit from the privacy of their own floor and have the luxury of their own personal lift lobby. The lower ground level is home to the two elegant one-bedroom apartments; one has a private storage cellar, while the other opens directly onto the historic cobbled Wythburn Place Mews.
This combination of location and luxury is attracting buyers from Europe and Asia, says David Galman, group sales director at Galliard Homes.
“People want to live centrally – be it a main residence or a second residence, or be it an overseas or an expat purchaser – they want to be as central as possible. There is definitely a demand for that,” says Galman.
The West End has seen an increase in the number of residential properties as offices and older buildings are redeveloped into apartments. Galliard’s 7 Portland Place, for example, was once an office building, and will be converted into residential apartments that are set to be finished by spring 2014.
Overseas buyers have also shown a greater interest in the London property market because of the recent devaluation of the pound, says Galman.
As well as financial incentives, the eclectic mix of people in the city itself can prove attractive, explains Galman. Many people from overseas feel at home in London, and become Londoners.
“The cosmopolitan racial mix of London is probably better than anywhere in the world,” he says.
Galman believes that the majority of buyers for the Cumberland Place apartments will be owner-occupiers. This is unlike Paris, he says, which is mostly a rental market.Prices start from just under £1 million for a one-bedroom Mews apartment.
Whether buyers want to invest in London property or have a pied-a-terre in the city, the future still looks promising. A recent report by David Spittles predicts that house prices in Central London will rise by another 25.6 per cent by the end of 2017.
