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HNW buyers are becoming increasingly product-led, reports Tavistock Bow, as resale unit sets new Covent Garden price benchmark.

Published by Primeresi.com 05/12/24

London’s Covent Garden district has seen a flurry of high-end activity in recent weeks, and PrimeResi hears an apartment at a recently-built scheme in the area has just set a new price record.

A US buyer shelled out £4.275mn for the property at Floral Court, at a rate of £3,256 psf – the highest level ever achieved by a resale unit in the neighbourhood.

Originally developed by Capco – now Shaftesbury Capital – the award-winning 31-unit scheme launched in 2019, selling out in record time and commanding significant premiums. Resales in the building are very few and far between.

Records show only ten properties in WC2 have ever transacted at above £3,000 psf, the majority of which were new development sales (Lodha’s Lincoln Square project, completed in 2020, sold particularly well).

Reporting the deal, boutique agency Tavistock Bow said HNW buyers are increasingly led by product – rather than specific locations. The locally-based firm was also involved in the recent £8m deal at  The Beecham, the largest sale recorded in the area so far this year.

Craig Simpson, Partner, added: “Since winning the coveted Evening Standard ‘Best London Home’ award in 2019, Floral Court has become arguably Covent Garden’s most sought after building. This really is the jewel in the crown of the neighbourhood’s residential offering.”

“The US based purchaser understood this was a unique opportunity, having viewed exhaustively with us throughout the West End, but was willing to pay a justifiable premium given the apartment’s rarity, prime position, level of finish and presentation, not to mention the extensive resident’s amenities.

“We’ve seen an increasing demand for exceptional apartments throughout the West End during 2024, with a number of notable transactions completing this year. This is a clear sign that wealthy buyers, whether domestic or international, are no longer just attracted to the cachet of a specific postcode, but drawn as much by the character and lifestyle opportunities offered by some of the less traditional and more esoteric central-London neighbourhoods, so long as the product is right.”

Intrigued by life in Covent Garden? Then discover more with our helpful neighbourhood guide.

Tavistock Bow offer the full suite of property services in Covent Garden including residential property for sale, apartments & flats to let, property management, property search & acquisition along with professional services including block management, asset management and development consultancy.