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London's $160M apartments smash world property price record

By CNN's Jim Boulden
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UK apartments smash record prices
STORY HIGHLIGHTS
  • Apartments in new London apartment block are sold quickly despite $160 million prices
  • More than 50% of apartments sold with exchange sales totaling £1 billion, developers say
  • Owners will enjoy shared cinema, pool, gym and 60 full-time staff from nearby hotel

London (CNN) -- "We were lucky," laughed Nick Candy as we talked in the "Winter Room" of a five-bedroom show apartment at One Hyde Park in central London.

I suggested to Nick and his brother Christian that timing worked in their favor when it comes to the timeline of this brand new 86-unit luxury complex built between Hyde Park and Knightsbridge.

Candy & Candy is the design team behind the luxury furnishings inside everything from helicopters and ski chalets to this complex, their most ambitious and high-profile project to date, for brothers still just in their 30s.

Nick Candy admitted the timing was very good. It's rare for a large plot of land to open up a stone's throw from Harvey Nichols and Harrods. Then the developer of the project was able to secure a £1 billion ($1.6 billion) loan from one German bank before the credit crunch.

Some of the super-rich then fell in love with the property. The brothers told me all four of the penthouses, which were on sale for a cool £100 million ($160 million), are sold as are more than 50% of all apartments. Nick Candy said some investors have bought more than one flat as a long-term investment. So rental is possible here.

A news release states that more than 50% of the apartments have been sold "with exchange sales totaling £1 billion." So, that loan is already covered.

Architects on One Hyde Park
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Not that it all went smoothly. The Candys said a number of suppliers did go into administration during the worse of the recession so they were forced to find new suppliers, for products like marble for the floors and bathrooms.

For the architect, Richard Rogers, the challenge was the location. Any site has limitations or unique aspects and in this case he said it was designing apartments to take advantage of the bustling, but noisy front of the complex with the quiet back overlooking Hyde Park. For the big apartments they decided to put bedrooms at the front since you're unlikely to be there during the day and the living space in the back where it's very peaceful.

The Candy brothers said the super-rich will want for nothing here; beyond the luxury apartments there is a shared cinema, pool, gym (nothing surprising there). There are also 60 full-time staff shared with the Mandarin Oriental Hotel next door to do everything from deliver food from the hotel if desired to washing the car (there are two auto lifts to the underground parking and a tunnel linking the hotel for staff to use).

If you are interested, the one-bedroom apartments start at £6 million. But the news release says the development holds the world record for price achieved, with at least one sale hitting "over £6,000 per square foot."

Though I only spent two hours on site, it's obvious that security is a big part of the allure. Not having to leave a complex, despite being in the heart of London is something I haven't seen before. It includes massive Perspex-type walls fronting Knightsbridge where owners can enjoy the gardens, without having to worry about any risk.

After all, the development is part owned by the Qatari prime minister.