UK’s most expensive studio flat: Bachelor pad near Hyde Park costs £3M… and you STILL have to sleep in the lounge
- EXCLUSIVE: £3million studio flat for sale in London’s exclusive Knightsbridge near Harrods and Hyde Park
- Each square foot of the flat would set back the new owner around £4,769 due to the sheer cost of the studio
- There are some staggering perks including access to a spa, swimming pool, gym and 24-hour concierge
A studio flat near London’s Hyde Park has gone on sale for £3million – making it the most expensive apartment of its kind on the UK market, with every square foot valued at £4,769.
The post-pandemic realisation that the WFH dream was merely temporary has fuelled a return of interest in London apartments for the thousands who fled the big city to buy bigger in the country.
Now the cost-of-living crisis coupled with a rise in mortgage rates, following the disastrous Kwarteng budget of September 2022, has left many up-sizers considering a downsize.
But the astonishing price tag on this three-room pad is perhaps not quite the downsizing most may have in mind – offering a staggeringly small amount of floorspace compared to properties for sale in other exclusive neighbourhoods like nearby Kensington and Highgate, in North London.
The Knightsbridge studio flat is believed to be the most expensive on the market in Britain right now at £3million – but you still have to sleep in the lounge
The £3m studio flat is located in London’s exclusive Knightsbridge, in close proximity to Hyde Park and the iconic Harrods
A light and airy three-storey terrace in Kensington offers two bedrooms and two bathrooms, with a large kitchen and reception room, and three times the floorspace for the same £3million price tag.
While the same price will buy you a five-bed semi with three bathrooms and a large garden in Highgate. The house has a total floorspace of 2,859 square feet – more than four times the size of the Knightsbridge pad.
The Knightsbridge apartment has a shared living room and bedroom, separate bathroom and tiny kitchen, the 629 square foot flat would still mean any overnight guest could be bunking down on the pull-out sofa bed, while the host kips in the corner.
Boasting underground parking, a spa, gym, pool and a 24-hour concierge, the studio flat is located near ‘Salt Bae’s’ Nusr-Et steakhouse where diners have raked up £37,000 bills, and world-famous department store Harrods.
There is room for a nice bathroom which has space for a bathtub and shower, but there is very limited room in the kitchen
Every square foot of this studio apartment is worth a staggering £4,769. The floorspace measures 629 by 58.44 sq ft
As you enter the hallway, which is larger than both the bathroom and the kitchen, you see the main living space ahead. It offers space for a large L-shaped sofa-bed, a wardrobe, a desk and a double bed, tucked into an alcove at the side of the room.
The studio flat does boast a relatively spacious bathroom, which features both a bathtub and shower – perhaps a rarity in a one-bed studio in London.
There are several perks that are included with the flat, including communal spaces, a gym, spa and pool, plus the kudos of living in one of London’s most sought-after locations, just minutes away from the iconic Harrods.
The property is also within easy walking distance of Brompton Road and Sloane Square.
Despite staggering price tag on this particular apartment, UK house-hunters do appear to be swaying towards one and two-bed flats amid spiralling UK mortgage rates.
In fact, more than a quarter (27 per cent) of conscious buyers are now looking for one and two bedroom flats, which is from 22 per cent in January 2022 according to Zoopla.
In London, one and two-bed flats account for 49 per cent of demand, seven per cent up from a year ago.
As you enter the property, the lounge-cum-bedroom is ahead. The bathroom is to the left and the kitchen to the right
Residents of the building have access to an exclusive spa, gym and pool, which is a bonus in the heart of London
The main living room currently boasts an L-shaped sofa, a desk, wardrobe and a double bed, which is out of shot
Despite it’s hefty seven-figure price tag, the new owner would still be required to sleep, eat and work in the same room
The apartment complex features a communal garden in addition to the spa, gym, swimming pool and 24-hour concierge
Meanwhile, average property prices plummeted by more than £11,000 in January in a hint that London’s housing boom may be coming to an end.
However, with house prices still drastically out of reach for first-time buyers, there are fears a generation will be locked out of the housing market. This could perhaps be another reason behind a move to smaller studio flats as opposed to houses.
In January last year, a Knightsbridge studio flat went onto the market for £1.85m – and was believed to be the most expensive in the country at the time.
The latest studio flat to take that crown is described by Rightmove as a ‘contemporary building in the heart of Knightsbridge with underground parking and communal garden’.
The studio flat does have room for both a shower and a bathtub which is a major perk to the 629 square foot property in London
The Knightsbridge flat is described by estate agents as ‘a stylish and spacious studio boasting wood floors and neutral decor’
It adds: ‘This is a stylish and spacious studio boasting wood floors and neutral decor. The building further benefits from spa, swimming pool, gym and 24 hour concierge.
‘The apartment is ideally situated within easy reach of the shops, bars and restaurants of Knightsbridge and Kensington High Street, including the green open spaces of Hyde Park, Harrods and the Royal Albert Hall.’
It remains to be seen whether this flat will be snatched up, but multi-million-pound apartments in Battersea Power Station are being quietly reduced in price after up to two years on the market. Rightmove listings revealed others have been listed on the market for years without being sold, such as in Nine Elms, which has been dubbed ‘Dubai on Thames’.
Despite the obvious luxury of living in a £3million studio in Knightsbridge, the home is out the price range of all except the very wealthy.
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