London Luxury-Apartment Slump Triggers 20% Bulk Discounts
- Concessions offered to investors on deals for 100 apartments
- London developers plan record number of high-end homes
epa04189204 A general view of the 13-storey blocks of One Hyde Park property development designed by British architect Richard Rogers in Knightsbridge, London, Britain, 02 May 2014. According to media reports the last penthouse was sold for 140 million pounds becoming London't most valuable apartment of the capital's super-prime residential sector. EPA/ANDY RAIN
Photographer: Andy Rain/EPADevelopers in central London are offering institutional investors discounts of as much as 20 percent on bulk purchases of luxury apartments as demand from international buyers slumps amid higher taxes and low commodity prices.
Concessions of about that magnitude are being offered to investors willing to take 100 homes or more, according to Killian Hurley, chief executive officer of London developer Mount Anvil Group Ltd. Broker CBRE Group Inc. is negotiating discounts of as much as 15 percent for bulk purchases on the fringes of the capital’s best districts, said Chris Lacey, the company’s head of U.K. residential investment.