Buying a Penthouse


Hannah Shanks - Editor

Buying a Penthouse

A penthouse apartment is perhaps the essence of modern high class living. City centre location, panoramic views of the skyline, and every luxurious convenience imaginable – it is the property every young professional dreams of. But with prices as high as the high rise residential developments, most people never get the opportunity to make the dream a reality.

If you are in the enviable position to seriously consider buying your own slice of the skyline, read on for the low-down on this epitome of high living.

What is a penthouse?

A penthouse is a luxury apartment on the top floor of a block, and often takes up the space of two or more apartments on floors below. For instance, a typical floor may have four properties on it, whereas the top level may house two very spacious penthouse suites. A common feature of penthouse apartments is a roof terrace, roof garden or an expansive balcony.

Duplex apartments are similar to penthouses – often very spacious, and offering enviable views – but they are located on the upper levels of a high rise block as opposed to being situated on the top.

The penthouse is a property which is found uniquely in cities. In fact, most are situated right in the heart of busy cities. High above the hustle and bustle of city life, a penthouse property offers a unique bubble of peace and quiet and a chance to look down on rushing city life. It is not just the views, but also the central city position which keeps the price of penthouses sky high.

The cost of a penthouse

The price of penthouse properties varies considerably, depending on which city it is in and its position in that city. Penthouses tend to follow the general market trend, in that properties in the south of England, and in particular London and the south east, tend to fetch more money than elsewhere in the country. For an interesting look at the ups and downs of penthouses on the property market, have a look at this article from The Daily Telegraph.

As this article points out, you get what you pay for. A warehouse style flat in north London may seem a relative snip at £435,000, but closer inspection reveals this is the price of the "shell" only, and you would have to fork out more cash to turn the apartment into your luxurious home. Contact Currell Residential for similar residential properties (telephone: 020 7226 4200)

On the other hand, a newly developed penthouse on London's exclusive Park Lane, with views across Hyde Park, is expected to fetch over £10m. For more information, contact Morpheus Developments (telephone: 0207 610 7170).

Paying a serious amount of money for a completed and inhabitable penthouse does come with its perks – you should expect, and receive, the absolute best. Fittings, décor, flooring and windows of the highest quality go without saying. It is the extras which set penthouses apart from other expensive flats. A private lift or entrance, a split level property, under floor heating, inbuilt speakers in each room, ensuite bathrooms, inbuilt plasma screen televisions, motion sensor lights… It is luxuries like these that you are paying for.

What is the attraction of a penthouse?

  • The inhabitants of penthouse apartments towering above a city are spoilt by breathtaking views, often 360 degree panoramas. The property will be designed to enhance and take advantage of every feature of its enviable position. Floor to ceiling windows are a common feature, so natural light and those stunning views are there to be enjoyed every day of the year.
  • Being able to offer such incredible views means that the block the penthouse is in is likely to be a prominent feature on the city's skyline itself. Owning the most luxurious property in such a high profile landmark comes with a great deal of prestige.
  • There should be no expense spared on your new property, and this should encompass the entire living area, not just your penthouse. For instance, many apartment blocks offer a 24 hour concierge service, boasting services ranging from dry cleaning to arranging car washing.
  • Some also have on site shops, so that running out of milk needn't mean a walk to the corner shop, because you can find shop facilities just a few paces out of your front door, in the apartment complex.
  • After a manic day in the office, return to your five star property via the onsite gym and beauty clinic. More and more penthouse developments have onsite fitness suites and offer saunas and massage rooms to help residents unwind.
  • Opulent high rise blocks being built today often incorporate a dining experience into the development. A restaurant or lounge bar boasting similar breath taking views as the duplex and penthouse apartments is a very convenient facility. Have a look at this lavish eatery in the Pan Peninsula development, overlooking London's docklands.

Where do I go for advice on buying a penthouse?

It is easy to find estate agents who deal with penthouses on the internet, but make sure you do your research. Personal recommendations are the best route to high quality customer service, but if that fails, then keep your options open and view properties from a variety of agents. Often it is not necessary to find an agent who deals solely with luxurious properties, because with more purpose built property being constructed, many estate agents deal with the high end of the market as well as other properties.

Here are a few to start with…

Morpheus Developments Mulberry House 583 Fulham Road London SW6 5UA Telephone: 0207 610 7170

Jordan Fishwick 172 Ashley Road, Hale, Cheshire WA15 9SF Telephone: 0161 929 9797 hale@jordanfishwick.co.uk

David Baker & Co
2-3 Station Approach, Penarth, South Glamorgan, CF64 3EE Telephone: 0870 246 1542

If you are struggling to find advice in the city you want a penthouse, have a look at the Knight Frank office directory. The global property consultancy has offices throughout the United Kingdom as well as all over the world, so you should be able to find an office convenient for you, offering high end city centre property.

Another very useful website is Nestoria. This site searches various others to find a property of your specification in any area of the United Kingdom.

 
 


Property pros