Super-prime Shard apartments ‘appear to remain unsold’

The ten luxury apartments are still in shell condition, reports The Guardian

Nearly five years after London’s tallest tower was launched by the late Irvine Sellar, it sounds as though the ten hyper-luxury apartments near the top have not found buyers…

The Guardian recently trawled through the Land Registry – but failed to find any mention of end-user transactions involving the residences at 32 London Bridge Street, which would have a likely price tag of £30m-£50m a-piece. “All ten of the flats on the 53rd to 65th floors of the 72-storey building appear to remain unsold,” reports Rupert Neate, although “Levels 53 to 65 and the apartments’ exclusive entrance on the ground floor were in December 2015 leased to LBQ Four, a Jersey-registered firm believed to be part of the London Bridge Quarter, the holding company that owns the Shard. The 250-year lease valued the ten apartments at a total of £199,250,000.”

It’s a tough time for top-end penthouse sales in London: the market’s cooled since the pomp and laser shows of July 2012 (when the Shard developer’s spokesperson remarked that “about 20 phone calls should do it” for a resi sales push), as stamp duty reforms have escalated acquisition costs and domestic and international political and economic uncertainties have rattled confidence.

Marketing brochures for the building’s Shangri-La Hotel-serviced apartments – which include three magnificent duplexes and cover more than 62,000 square feet – are hard to come by these day, and spokespeople have not as yet been forthcoming on resi sales performance… It’s understood that the units are still in shell condition.

Commercial occupancy has, however, been highly successful: the developer reported in January that 97% of the available space had been spoken for by an array of 29 international companies.

Read the full story here