Leading London developer Galliard Homes and ultra-prime estate agent Merchants Row have sold the entire penthouse floor at Galliard’s flagship TCRW SOHO, a £140 million (GDV) residential-led development on Oxford Street, the deal comprised of seven penthouses with a combined list value of £21.4 million which have sold off-plan to an international buyer from Asia.
The TCRW SOHO penthouse deal is the biggest single residential property sale by value to be done on London’s Oxford Street during 2021 and is one of the largest residential sales to be achieved in London’s West End this year.
It is understood that the buyer intends to combine the purchased units to create either one or two large penthouses. If combined into a single residence, it would create one of the West End’s most outstanding penthouses, providing almost 7,220 sqft of luxurious living space complete with over 1,000 sqft of private wrap around terraces, with the combined mega-penthouse offering several large reception rooms, up to 8 VIP bedroom suites, home cinema, library and exercise studio.
Designed by architectural practice Hawkins\Brown, with specification and interior design by Argent Design, TCRW SOHO is scheduled for build completion in Q1 2023 and will comprise two new apartment buildings. One is Art Deco in style providing 69 apartments and a 7,989 sqft Oxford Street retail unit; the other Georgian-inspired in style, providing 23 apartments and 1,950 sqft of new retail accommodation and kiosks. The penthouses in the mega-deal are located in the six storey Art Deco building.
TCRW SOHO is one of the most commercially successful developments to be launched in London’s West End with the Art Deco building now over 80% forward sold and the Georgian building over 50% sold, with off-plan sales to a wide range of buyers including owner occupiers, investors and parents buying ‘study-pads’ for their student children.
David Galman, Sales Director at Galliard Homes says: “This landmark penthouse deal, the biggest sale on Oxford Street during 2021, underlines how Soho and Oxford Street are becoming one of Prime Central London’s most sought after residential addresses. Pedestrianisation, Crossrail and Electric vehicles are the three ‘game changers’ which will make the West End a cleaner, much less congested and quieter place to live.”
Waleed Mohammed, Founder & Director of Merchants Row says: “Merchants Row are delighted to have introduced the buyer for this major penthouse deal at TCRW SOHO. Our client liked the Prime Central London location of TCRW SOHO and was drawn to the development by the unique opportunity to buy off-plan and reconfigure the units into a bespoke residence or residences. The high quality of this flagship Galliard development and the specification by Argent Design make this one of the best residential opportunities in the West End.”
With a headoffice in Knightsbridge Merchants Row operates in Prime Central London and specialises in high-profile UK and international clientele and transactions valued at over 9 figures. Services include introducing buyers, valuations and handling homes for sale and letting. The ultra-prime estate agency has connections worldwide which allows Merchants Row to strategically market the most sought after and unique luxury properties in London to discerning high-net-worth buyers.
In February 2020 Galliard Homes collaborated on a detailed survey which showed that Oxford Street is being transformed into a residential address with the famous thoroughfare undergoing a £1.06 billion building boom delivering 437 new homes and 84,939 sqft of new format retail outlets on or adjacent to Oxford Street.
The survey outlined that Oxford Street is 1.2 miles (1.9km) long, running from Tottenham Court Road to Marble Arch via Oxford with 248 shops. The survey forecast that between 2020-2025 Oxford Street would become one of Prime Central London’s most sought-after residential addresses with nine new luxury schemes transforming Oxford Street and its surrounding lanes into a residential destination alongside new retail outlets designed as entertainment venues rather than traditional retail sales spaces.