One Hyde Park asking $9m for 1BR flat
A 5.25-MILLION-POUND ($9 million), one bedroom flat, in London's One Hyde Park building has been the first to be repossessed.
A 5.25-MILLION-POUND ($9 million), one bedroom flat, in London's One Hyde Park building has been the first to be repossessed.
It is London's most expensive apartment block and is owned by brothers Christian and Nick Candy.
However the development has been criticised for having shell companies as tenants registered in tax havens. (Christian Candy and his socialite wife Emily even went as far as naming their twins Caymen Charles and Isabella Monoco in a pretty obvious message to the taxman.)
The flats fetch between 5000 pounds to 7500 pounds ($8500 and $12,759) per square foot, nearly double the surrounding area, however its value has been pretty stagnant.
Tracy Kellett of home finders BDI told the Evening Standard “It has now been categorically proven that One Hyde Park was the worst property investment in London.
"Many prime London properties have gained a good 50 per cent since 2007, One Hyde Park has seen no uplift from its launch at 6000 pounds (10,200) per square foot - it's rather sour-tasting Candy."
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