A three-bedroom prefab flat in the prestigious Clarges building has achieved a sale price surpassing £15 million after fierce global competition, highlighting the rising appeal and luxury status of modular homes in central London despite recent market uncertainties.
A rare prefab flat in Mayfair has recently sold for more than £15 million after an intense bidding war involving buyers from across the globe. This three-bedroom apartment, located in the esteemed Clarges building on Piccadilly, commanded a price well above its original asking figure, marking it as one of the most expensive prefabricated homes ever sold in the UK. The property’s prime location offers exceptional views over Green Park toward Buckingham Palace, adding to its allure.
The Clarges development is notable for its innovative construction methods. Built between 2015 and 2017 by British Land, it employed advanced modular building techniques with components manufactured at a specialist factory operated by Laing O’Rourke in the Midlands. These prefabricated elements were later assembled on-site, an approach chosen to minimise local disruption and streamline the construction process. The meticulous attention to detail is evident throughout the development, including the design of balcony railings that echo the historic lace patterns from which Piccadilly derives its name.
Prefab buildings in the UK have often been associated with lower quality and temporary structures, but the Clarges development challenges this stereotype. It combines luxury living with cutting-edge construction technology, a feat underlined by the fact that a penthouse in the same block sold for an extraordinary £55 million in 2019, possibly setting the upper limit on values for prefabricated homes. The building offers a wealth of five-star amenities, including concierge services, a swimming pool, a cinema, and treatment rooms, all catering to ultra-high-net-worth buyers seeking both comfort and exclusivity.
This particular sale has attracted attention partly because it occurred despite recent challenges in the central London property market, which has been subdued by various tax changes. Of particular note are measures impacting non-UK domiciled residents, who could face substantial stamp duty charges; in this case, the tax bill might have exceeded £2.7 million if the buyer owns other properties overseas. This reflects the ongoing influence of government policy on luxury real estate transactions in prime central London locations.
The Clarges site itself marks a significant transformation in Mayfair’s urban landscape. Previously occupied by offices and a car park, the £160 million project involved demolishing a 1960s block to make way for four new buildings encompassing luxury apartments, commercial offices, retail spaces, and affordable housing. The development stands as a milestone in urban renewal and luxury residential construction, benefitting from its proximity to notable landmarks and parkland.
In a broader market context, British Land’s decision to sell Clarges Mayfair to German investment firm Deka for £177 million in 2022, above its prior valuation, signals robust demand and investor confidence in high-end London real estate. The complex includes over 50,000 square feet of office space alongside 34 luxury residential units, combining home and work environments in a prestigious setting. These transactions underline the continuing appeal of well-located, amenity-rich developments constructed with both innovation and quality in mind.
This recent £15 million prefab flat sale exemplifies how modular construction can deliver on both luxury and exclusivity, defying traditional preconceptions about prefabricated homes. As London’s real estate market evolves, developments like Clarges offer a glimpse into the future of high-end urban living, where architectural innovation meets the demands of the most discerning buyers.
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Source: Noah Wire Services
Verification / Sources
- https://www.dailymail.co.uk/money/mortgageshome/article-14867447/Prefab-flat-Mayfair-sells-15m-ferocious-bidding-war.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 – Please view link – unable to able to access data
- https://www.building.co.uk/news/clarges-mayfair-hits-a-high-point/5084287.article – This article discusses the Clarges Mayfair development, highlighting its use of Laing O’Rourke’s Midlands prefabrication factory. The luxury development has utilised Laing O’Rourke’s Midlands prefabrication factory, marking a significant achievement in the construction industry. The article provides insights into the project’s innovative approach and its impact on the luxury real estate market.
- https://www.itv.com/news/london/2014-09-22/london-penthouse-breaks-record-for-most-expensive-home-ever-sold-in-the-uk – This ITV News article reports on a penthouse flat in Mayfair breaking the record for the most expensive home ever sold in the UK. The property developer, British Land, sold the penthouse for a substantial amount, surpassing the previous record. The article provides details about the sale and its significance in the luxury property market.
- https://www.theguardian.com/business/2014/sep/22/mayfair-flat-sales-break-record – The Guardian article reports on the sale of 18 flats at Clarges Mayfair on Piccadilly, totalling £210 million, with an average price of just over £11.6 million each. The sale broke the previous Mayfair record price of £5,000 per square foot. The development includes luxury apartments with views of Buckingham Palace and offers amenities such as a private wellness spa, swimming pool, gymnasium, and sauna.
- https://www.laingorourke.com/company/news/2017/clarges-estate-reaches-completion/ – Laing O’Rourke’s news release announces the completion of the £160 million Clarges Mayfair development in London. The project involved demolishing a 1960s block and constructing four new buildings, including luxury apartments, a bespoke headquarters for the Kennel Club, affordable housing, commercial offices, and retail spaces. The development overlooks Green Park and Buckingham Palace.
- https://www.savills.co.uk/insight-and-opinion/savills-news/308059-0/british-land-agrees-sale-of-clarges–mayfair-to-deka-for-%C2%A3177m – Savills’ news article reports that British Land has agreed to sell Clarges Mayfair to Deka for £177 million, 7.6% above the September 2020 valuation. The development includes over 50,000 sq ft of office space, 34 super-prime residential apartments, and nearly 15,000 sq ft of retail space. The sale reflects British Land’s strategy of active capital management and focuses on its London development pipeline.
- https://www.primelocation.com/for-sale/details/60123456 – This property listing on PrimeLocation provides details about a luxury apartment in Clarges Mayfair, including its features, amenities, and pricing. The listing highlights the apartment’s prime location, high-end finishes, and the exclusive nature of the development, catering to high-net-worth individuals seeking luxury residences in central London.
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Notes: The article appears to be original with recent data, referencing a sale at £15 million and a previous £55 million sale in 2019. However, the narrative contains repetitive and redundant information, which may impact clarity but not the factual freshness.
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