Advertisement

Omani sheikh buys £17 million flat in Knightsbridge... and another £8m flat for his staff

The interior of one of the sheikhs' new flats: Rokstone
The interior of one of the sheikhs' new flats: Rokstone

An Omani sheikh has spent £25 million on two Knightsbridge flats in a vote of confidence in London’s beleaguered super-prime market.

He snapped up a £17 million, 6,000sq ft apartment in Cadogan Square as his family’s residence and an £8 million four-bedroom flat overlooking Hyde Park for guests and staff.

Together the deal achieved more than £3,200 per square foot, the highest price secured in the area since the EU referendum triggered a slump at the top end of the market.

The buyer, whose name has not been disclosed, is understood to be one of Oman’s wealthiest retail magnates, presiding over an empire that incorporates shopping malls and super-car dealerships.

Becky Fatemi, boss of Marylebone-based estate agent Rokstone, said: “The sales prove that London remains a leading location of choice for the super-rich.” Both flats were advertised as being refurbished and dressed to the highest standard.

Ms Fatemi added: “For a deal to progress smoothly wealthy buyers want hotel-style homes that are interior-designed and dressed, so that buyers can move in immediately without any hassle or the need to find furniture or accessories.

“Undressed, tired or shabby property just won’t sell in the current market.”

The sale will raise hopes that the dramatic slowdown at the top end of the London property market over recent years could be coming to an end. Prices of multi-million properties in central London have slumped by about 15 per cent since they peaked in 2014, largely because of stamp duty hikes and uncertainty over the outcome of Brexit.

Last month the Standard revealed that one mansion in Clerkenwell has had its price tag halved because of a lack of demand.