Apartment properties in the tallest residential skyscraper on the planet, World One Tower, have gone on sale in London at a starting price of £1.4m.Over 300 flats are up for sale, spread over 117 floors of the Mumbai property. The project has been orchestrated by the Mumbai-based Lodha Group.The architects on the property are Pei Cobb Freed and Partners, who have previously been responsible for the design of the Holocaust Museum in Washington.
Penthouse apartments come with an interior designed by Giorgio Armani and a personal cricket pitch. World One Tower is the tallest of three buildings currently being built by Lodha, and all three are expected to be finished in 2016. Lodha made a major impression on the London real estate industry in 2013 by spending £306m on a Mayfair building that had previously served as the High Commission for Canada. Since then they have added a second London property to its portfolio for £90m.
Lodha are believed to be targeting overseas buyers for its properties. Wetherell Estates, a London-based estate agency, have been tasked with selling the properties. They have identified the Indian ex-pat community living in Mayfair as a potential customer base. The company’s managing director, Peter Wetherell, has said he intends to “tap into” Mayfair’s Indian community and redirect wealth back into Mumbai.
Indians are by far the most active overseas buyers in Mayfair, accounting for some 25% of all property sales. This dwarfs figures for Middle Eastern, Russian or Far Eastern property owners.In the past 18 months, over £1bn has been spent by Indian individuals on luxury homes in London, with properties being snapped up by figures such as Shashi Ruia and Lakshmi Mittal.Before the recession took hold, it was traditional for the sale of luxury overseas development schemes to take place in London. This is a trend that has started again in recent times, with the Meier Tower in Tel Aviv, overseen by Beauchamp Estates, having its sales launched in London.