A £300 million (about $490 million) housing development in London’s upscale Chelsea neighbourhood is on track to become the capital’s most expensive place to live upon its completion in the next two years.The new luxury complex, known as The Glebe, will be built on a one-acre plot of land that was recently purchased by European hedge fund Orion Capital Managers for £85 million (about $140 million), according to The London Evening Standard.
It’s expected to exceed the extravagance of One Hyde Park, which is currently considered the priciest address in London and where a flat once sold for £135 million.
The block of apartments will include six units, in addition to a penthouse with a giant roof terrace and two detached villas, one with its own gatehouse. The villas are expected to sell for around £35 million, according to The Daily Mail.
Each flat will have its own swimming pool, games room, private lift, and garage. A wall will also surround the entire development for security and privacy. Construction on the property will begin within the next six months.
“It’s a top location in the prime residential market in London,” said Orion Managing Director Aref Lahham in The Wall Street Journal.
Prices of luxury properties in London have climbed steadily over the last few years — a trend driven by foreign buyers who view the London housing market as a stable investment.
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