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Sun 12 Feb 2012 06:14 PM

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Qatar-linked luxury apartment sells for $95m

London's One Hyde Park - part owned by Qatar PM's firm - has so far seen £1.5bn sales

Qatar-linked luxury apartment sells for $95m
One Hyde Park, London, the most expensive real estate project in the world

The world's most expensive real estate development - part owned by Qatar's Prime Minister - has just sold the last of the 11 five bedroom apartments for £60m ($95.4m).

At almost 9,000 sq ft, the five bedroom apartments are the biggest units at One Hyde Park in London after the penthouses, real estate advisor Savills said in a statement.

The exclusive project, owned by Project Grande (Guernsey) Limited - a joint venture consortium which includes Waterknights (owned by Qatar Prime Minister Sheikh Hamad bin Jassim bin Jabr Al-Thani) has so far generated more than £1.5bn worth of sales, Savills added.

It said the final retail unit at One Hyde Park, which is let to Abu Dhabi Islamic Bank, is to be offered for sale.

Offers are invited for the virtual freehold in the luxury retail store for in excess of £21m. The property is let for a further 14 years at a rent of £800,000 per annum.

Savills said it has sold the adjacent stores let to Rolex and McLaren.

Paul Cockburn, director of Savills Central London team, said: "We are expecting strong interest in this asset given the excellent covenant, long occupational lease and reviews geared to indexation. These are the exact characteristics investors are looking for now in uncertain economic times."

The developer has already achieved over £100m of sales at One Hyde Park in 2012, £60m of which has already completed, Savills said.

Edward Lewis, director of residential development sales for Savills, added: "Over £1.5bn of sales have completed already at One Hyde Park making it the most successful residential scheme in London and probably the world."

One Hyde Park is a development of 86 super prime residential apartments and three retail units in Knightsbridge, London.