World's Most Expensive Property Sold Off Plan in the UK

It looks like there is no real estate downturn in the UK after all … well at least in the St. James district of London, England anyways. A flat at 8 St James’s Square, located near both Buckingham Palace and 10 Downing Street recently sold off plan, reportedly for the amazing price of over 115 million pounds! The asking price for the next most expensive flat, located at One Hyde Park in London, is considerably less - at 100 million pounds.

The most expensive flat in the world

A former office building, originally constructed in the 1930s, will be home to this remarkably expensive flat and another five luxury apartments. Achilleas Kallakis’s Pacific Group is responsible for converting this building into the flats, which will vary in size from 3,600 sq feet to 9,150 square feet. Besides apartments, the building will also house a restaurant and bar on the ground floor.

Why did the St. James flat sell for so much?

Well, it appears that the main reason why this flat sold for such a high price is a simple case of supply and demand. Many people - those who can afford it that is - wish to own property in this prestigious area of London. Since it has been eight long years since a comparable St. James flat went on the market, this luxury apartment managed to sell for between 115 and 120 million pounds. In other words, luxury accommodations in ultra-exclusive areas will continue to sell for generous amounts - in spite of less than favourable real estate and economic conditions.

Ever popular St. James

St. James is bordered by Piccadilly, the Mall, and Green Park. Ever since Henry VIII built St James’s Palace in the 1530s, this area of London has been a popular locale. St. James Square, itself, was one of London’s very first squares and as such, this area was laid out in the 1670s. Famous landmarks in the general St. James neighbourhood include Spencer House, Bridgewater House, Marlborough House, Christie’s Auctions House, BP Corporate Headquarters and more.