hen you consider a ‘luxurious property’, what springs to thoughts? It’s most likely in Mayfair, Knightsbridge, Kensington – or someplace of that ilk – the place neighbours are celebrities, socialites and moguls. Interiors-wise, we’d guess chandeliers, veined marble and parquet flooring, with gilded designer furnishings in addition.
Now, what would you say if we instructed you that we’d discovered this fantastical property? It’s on Kensington Palace Gardens and out there to lease for a mere £11,000 per week.
The penthouse is located inside one of many capital’s most unique postcodes: Palace Inexperienced is a fully-gated growth on Kensington Palace Gardens, the heavily-guarded avenue managed by the Crown Property. Embassy buildings meet £100 million mansions on this tree-lined promenade and neighbours, except for the Duke and Duchess of Cambridge, comprise world billionaires.
The condominium itself is a three-bedroom duplex sprawled throughout 3,569 sq ft, providing a reception room, lounge, eating room and kitchen on the bottom ground, and three bedrooms with en suites on the second. For the fortunate tenant, the master bedroom has a full-size walk-in wardrobe and its personal personal balcony. The Palace Gardens penthouse additionally boasts an unlimited terrace with views over Kensington Palace, a separate ground-floor flat that can be utilized as workers quarters or an workplace, two underground automotive parking areas, and facilities together with a 24-hour concierge.
Inside, the condominium has been fully designed by trend home Fendi in the home’s signature opulent Italian fashion, with highlights together with golden tables and footstools and backlit onyx bogs. You enter the property through a sweeping staircase that ascends to the dwelling areas the place the satan is within the particulars with designer equipment and monogrammed cushions.
The emergence of properties like that is indicative of a wider pattern on the earth of super-prime property. Firstly, high-end renting is turning into an more and more viable choice for HNWs, with the variety of build-to-rent properties coming to market rising by 26 per cent between Q3 2020 and Q3 2021.
And this isn’t solely all the way down to more and more unmanageable on the market costs. HNWs are actually opting to lease as a way of life selection: long-lets (lasting three to 4 years), the place residents can safe a protected haven whereas not committing in immediately’s local weather of uncertainty, are coming to the fore. ‘Attempt before you purchase’, which gives the choice to buy the property on the finish of the tenancy, now accounts for a big share of rental inventory.
However these mega-luxe areas additionally mirror a rising want amongst HNWs for one thing ‘extra’. That is additionally noticed within the rising reputation of branded residences: developments managed by high-end lodges (such because the hotly-anticipated OWO, run by Raffles, and The Whiteley, a renovated division retailer becoming a member of forces with Six Senses) imply which you could now expertise all of the trimmings of a five-star expertise in your personal dwelling. Whereas the Fendi penthouse isn’t a branded residence, it does present the distinctive mixture of facilities, safety and escapism through ‘next-level’ luxurious that’s fuelling the pattern.
Alternatives to reside at this deal with (and amongst such luxurious environment) don’t come round usually, and the perfect half is when the traits transfer on, so are you able to.
Learn extra: All the pieces it is advisable to know in regards to the London property market in 2022