Despite the recent uncertainty, due principally to the combination of key legislation implementation and market consolidation, Harrods Estates have seen a marked increase in the prime central London rentals sector.
Sarah McIntyre, Lettings Director at Harrods Estatestalks to us about the political changes afoot and how it’s forced the rental market to adapt and evolve successfully.
“We have seen a marked increase in the demand for lettings in Prime Central London in the last 12 months with the majority of tenants coming from the Middle East (approx. 85%) and the remaining 15% coming from the Far East, Asia, Russia and Europe. In particular, our Knightsbridge office has seen a 47% rise in transactions and an increase in the number of high value short term lettings, particularly over the summer months being the most popular time of year.
Several of the short lets (between 5 weeks and 3 months) have attracted rents of £17,000 pw, £12,500 pw and £10,000 pw. From a long lets perspective, our clients have paid on average £2,400 per week. With many other long term lets in the immediate vicinity of Harrods, our clients are paying £3,500 per week. We have also had a client pay 10% over asking price for a duplex apartment, further demonstrating the demand to rent in prime central London at the moment, particularly for newly refurbished, best in class properties.”
An example of this would be two of Harrods Estates most recently listed rental properties perfectly positioned in parallel to the Harrods department store. The two-of-a-kind, upmarket apartments in Trevor Square are not only set in a building steeped in history, a stones’ throw from the world-renowed department store, but the notability surrounded with residing in an area such as this is significant.
Although Harrods market the crème de la crème of central London rental properties, these particular apartments are penultimate when it comes to property rentals with premium postcodes.
Both located in the prestigious Trevor Square building, the first apartment being a 2,180 sq. ft., three-double-bedroom apartment, refurbished to a very high standard with state-of-the-art fixtures and fittings, including comfort cooling and a Sonus sound system. Benefitting from a large reception room, perfect for entertaining and a beautiful terrace with captivating views of Knightsbridge, the apartment is on the market for £4,900 per week.
The second apartment, a 1,604sq.ft, two-bedroom apartment on the fourth floor. Comprising of a large entrance hall, reception come dining room with French balcony doors, a fully-fitted kitchen, master bedroom with en-suite bathroom. In addition, the apartment, on the market for £2500 per week, has a guest bedroom with an en-suite bathroom and guest cloakroom.
Other notable listings with Harrods include Court House:
61 Hartington Road:
In conclusion, Harrods Estates are predicting that the prime central London luxury lettings market will remain sturdy throughout the course of 2019.
Click here to view other properties for rent in prime central London with Harods Estates
For rental enquiries please contact the Harrods Estates on Tel: 020 7225 6506 or visit: www.harrodsestates.com