Prime Position

And while the UK capital’s serviced apartment market is continuing to grow and perform well, one can only speculate that the recent £25 million sale of a serviced apartment building in Notting Hill was driven by investors with one eye on a post-Brexit bounce back in the property market.
 
The Princes Square property, which sold for £665,000 per key – a new record for London serviced apartments, has sui generis planning and can be easily reconfigured – two very attractive factors for the buyers, an undisclosed UK fund. The building is trading profitably as serviced apartments under BridgeStreet’s management, but its versatility could well see a change of use if the housing market conditions improve. Knight Frank’s Tom Bill says there are “underlying signs that pent-up demand and the conditions for a recovery in the prime London residential market are building”. The new owners of this building could well be looking to have their cake and eat it.