£15m for Hyde Park penthouse

A penthouse is going on the market this week with the astonishing price tag of £15 million.

London's costliest apartment, the size of six average family houses, is included in plans for the capital's most expensive residential complex.

Located on a site sold by Prudential for £110million, the luxurious block will incorporate 208 flats and six accompanying mews houses at 199 Knightsbridge, a short walk from Harrods. It will be finished in two years.

The creme de la creme of the accommodation on offer will be eight penthouses with views of Hyde Park and, to reflect their exclusivity, each penthouse will be named after a diamond.

The biggest - measuring 8,000 sq ft inside with a 6,500 sq ft terrace outside - will be named Cullinan after the world's biggest diamond and the next largest will be called Excelsior.

The project is the brainchild of the Cheng family from Hong Kong who are renowned for their luxurious developments. They are currently working with Donald Trump in Manhattan and are big investors in China.

Sammy Lee, who manages the family's business interests outside the Pacific area, said: "The average price for an apartment will be in the region of £2million. The cheapest apartment will be a studio flat for £500,000."

Each of the 700 bedrooms in the block will have en suite bathrooms.

The development will have the sort of 24-hour service associated with five star hotels and will have two floors of underground parking to cater for up to 300 cars. The £130million construction contract has been awarded to Australia's Multiplex.

The previous record for London's most expensive flat was set by an empty shell of an apartment which went on the market for £14 million in 1999. At 13,000 sq ft, the property in Chesham Place, Belgravia, opposite the German embassy, could accommodate 12 suburban semis.

It was owned by Sir Evelyn de Rothschild, chairman of the family bank N M Rothschild and Sons, and was created when two houses were knocked together. Sir Evelyn, who bought it in 1997, spent thousands on building work but never lived there. It had no gas, electricity or place to park a car and needed a further £1.5 million spent to make it habitable.

First time buyers: single and older
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