New Development Launches Steps From The Ritz
The Park Place Residences, a six-storey Art Deco-inspired building comprising five apartments and one penthouse, is set to launch this month adjacent to the Ritz. Prices start at £1.15M for a ground-floor studio flat and rise to £6.6M for a three-bed lateral apartment.
The highlight of the development is the 3,400 SF penthouse. Priced at £13.95M, and sprawling over the fourth and fifth floors, the apartment has a library and an express elevator from the lobby. A rooftop terrace offering 360-degree views spanning Big Ben to Mayfair tops it off.
JLL director of residential development Oliver Gibson tells Bisnow the response has been very positive so far, with particularly high interest in the three lateral apartments and penthouse, which impress visitors with the amount of natural light they offer.
Oliver tells us the development is proving popular with a broad spectrum of buyers. He’s fielded enquiries from international investors and private buyers, many of whom work in the professional services and the City. Oliver also notes that while investors have become more cautious post-Brexit, they are still very much on the hunt. If a high-end property has a wow factor and offers value for money, it will very likely prove popular. There’s still very much an appetite for luxury developments, provided the pitch is correct, he says.