A LUXURIOUS OUTLOOK
From historic penthouses to converted railway stations, and even an entire island, the sky really is the limit with Sotheby’s International Realty.
It has been a landmark year for Sotheby’s International Realty, with a number of high-profile developments and trophy homes catching the eyes of prospective buyers. In the first quarter of 2024, Sotheby’s International Realty achieved notable milestones, setting new benchmarks in various regions. Despite market shifts as the company moved out of a post-pandemic economic downturn, its impressive first quarter illustrated that luxury listings continue to outperform the general market and the demand for luxury properties remains steady.
Those looking for the inside track should check out the 2024 Mid-Year Luxury Outlook report by Sotheby’s International Realty, which examines the forward- looking factors shaping global luxury residential markets. It also reveals whether economic developments this year have played out as expected, how the shift to remote working has affected home-buying, and which international markets are growing in appeal.
Despite elections taking place in over 80 countries, and subsequent market adjustments, the demand for luxury properties has remained steady. In Europe, Italy and France continued to hold appeal for buyers, with Italy selling one property for €26m. Several significant sales were also made in the UK, and in the Caribbean the Bahamas and Turks and Caicos continue to be the hot markets.
In the following pages are several standout listings that are either on the market currently or have made record-breaking sales.
Embrace the roaring Twenties at The Astor
Situated north of the River Thames in a historic 1920s building, The Astor is listed with United Kingdom Sotheby’s International Realty for £29.5m.
This exclusive duplex penthouse, a short walk away from the Houses of Commons, offers unrivalled luxury living across 9,582 sqft (890 sqm). Named after Viscountess Nancy Astor, the Grade II residence features a 360-degree roof terrace with stunning views of London, including Big Ben, Westminster Abbey and The London Eye. Meticulously renovated, it seamlessly blends historic charm with modern amenities. Accessible by lift and overlooking the Palace of Westminster, it boasts palatial reception rooms connected by a bespoke spiral staircase, a library, study space, bar, games room and cinema.
It comprises three tastefully designed, en-suite bedrooms, with a master suite including a walk-in wardrobe and two ensuite bathrooms, while a separate annexe offers two more bedrooms, one ensuite, and open-plan living space. Residents can also enjoy access to a pool, spa, gym, cinema, and concierge service. Situated in Westminster, it’s a stone’s throw from renowned restaurants, shopping, and excellent transport links.
Steeped in history, the property was once known as Imperial Chemical House, the headquarters of Imperial Chemical Industries, which was the largest chemical manufacturer in Britain. Designed by Sir Frank Baines and constructed between 1927 and 1927, the neoclassical stone structure matches the neighbouring MI5 building, by the same architect and has now been meticulously redesigned to offer the exquisite penthouse. To find out more please visit: sothebysrealty.co.uk
A new life for a historic railway station
Italy Sotheby’s International Realty has launched an ambitious urban regeneration project, SEAFRONT in Bonassola – the Gateway to Cinque Terre. An old railway station, which has lain derelict for over 53 years has now been transformed into 10 energy-efficient apartments, offering luxury living amidst the jewel of Ligurian architecture in this popular coastal town.
The location is rich in history, while its Blue Flag beach is testament to the crystal-clear waters. Further adding to the appeal, the town is surrounded by breathtaking views and numerous hiking trails. The restoration project by Milanese company, Franciscus Co S.r.l, took a few years to develop and is now making way for new buyers to set up home. The apartments have been designed with discreet luxury in mind, respecting the environment and blending with the simplicity of the landscape.
The residences, ranging from 80 to 200 sqm, offer one to three bedrooms tailored to meet different buyers’ needs, equipped with home automation and the most advanced technologies. The apartments offer private outdoor spaces and large windows, providing spectacular views of the sea and main square of Bonassola. High- quality materials and A2 energy class certification also ensure significant energy cost reductions, thanks to thermal insulation and energy-efficient windows. The development also includes shops and restaurants on the ground floor, transforming the area into a vibrant social hub, promoting local economic development.
Diletta Giorgolo, Head of Residential at Italy Sotheby’s International Realty, comments: “We have seen a growing trend of buyers in Bonassola, seeking a unique, beachfront property in the vibrant Ligurian village. This development will appeal to various buyers including families, professionals and retirees. Owning one of these apartments can also be a lucrative investment opportunity, as they are easy to rent out for those seeking something a little more hidden than nearby Cinque Terre.”
Bonassola enchants with its picturesque squares, characteristic alleys, and cozy restaurants, offering an unforgettable experience. It is easily reachable by train and seamlessly connected to Genoa, Milan and Pisa – homeowners can reach Pisa or Genoa airport in just over an hour, and Milan in less than three hours.
One of the main attractions is the Levanto-Bonassola- Framura, a 5.5 kilometre cycle-pedestrian path along the Ligurian coast. This route is ideal for walks and bike rides, passing through the village of Bonassola and offering exceptional views. The path, built on the old coastal railway line, connects various tourist locations and allows for stops to enjoy the local cuisine. The flat and easily accessible route can be completed in one hour on foot or 20 minutes by bike. To find out more please visit: italy-sothebysrealty.com
Whale Cay: Own your very own island
Whale Cay in the Bahamas’ Berry Islands presents itself as a 565-acre paradise just waiting to be discovered. This private island is on the market for $19.9m with Bahamas Sotheby’s International Realty. An untouched gem, Whale Cay offers an exceptional opportunity for exclusive residential development, with vast expanses still open for acquisition.
Nestled between the Bahama Banks and the tongue of the ocean, Whale Cay is a dream destination for fishing and boating enthusiasts. Its strategic location, just 30 miles (48.2km) north of Nassau and within easy reach of Florida, makes it easily accessible by boat, seaplane, or via its own 4,000ft (1,219m) airstrip. The nearby Chub Cay serves as a convenient port of entry, complete with customs, immigration, marina facilities, and more.
Whale Cay is not just a blank canvas for luxury living, but also a treasure trove of history. Structures built by English writer Marion Carstairs between the 1930s and 1970s, including The Great House, Guest Cottage, and Music Room, offer unique restoration opportunities.
The northern side of the island features a 2.5 mile (4km) long natural waterway, ripe for dredging and perfect for creating a marina. The constant water movement from the open ends adds to the maritime allure.
The island is equipped with private generators, rainwater catchment cisterns, and efficient sewerage disposal. The potential for combining natural beauty, historic charm, and modern luxury on Whale Cay is immense. Whale Cay extends an invitation to visionaries and discerning investors to shape this tropical paradise into an unparalleled residential resort and marina enclave, perfect for the entrepreneurial developer. To find out more visit: sothebysrealty.com/Bahamas/eng/
Eaton House and Hurlingham House: Record-breaking sales
This year has seen United Kingdom Sotheby’s International Realty make some really big sales, despite the uncertainty of the general election. Take Eaton House, a spectacular penthouse in Mayfair, London, for example: it sold for £6m within an impressive one-month time frame. Situated in a striking Art Deco building, Eaton House spans 2,226 sq-ft (206 sqm) and boasts spectacular south-facing views over the rooftops of Mayfair, defining it by its exceptional space and light.
This remarkable achievement follows the apartment’s extended listing period of two years with three other agencies, highlighting the unparalleled capabilities and reach of the United Kingdom Sotheby’s International Realty network. The coordinated efforts between affiliate offices in India, Dubai and the UK were fundamental, demonstrating the exceptional collaboration that defines the real estate business.
Claire Reynolds, Managing Partner, at United Kingdom Sotheby’s International Realty comments: “This transaction underscores the value of our unrivalled global network, sourcing buyers from all corners of the globe to achieve the best possible results and prices. The sale of the penthouse at Eaton House, is symbolic of the cohesion between affiliate offices globally, with the seller referred to us by India Sotheby’s International Realty and the buyer by Dubai Sotheby’s International Realty. With 74% of buyers in London being international, the need for a truly global agency is clear.”
Hurlingham House, based in the prestigious Crown estate on ancient hunting land, completed in May for £6.5m, setting a record for the most expensive sale year to date in Oxshott, Surrey. Built by the prolific, super- prime developer, Royalton, the house dates back eight years and is spread across 11,600 sqft (1,077 sqm). It boasts key amenities such as an indoor swimming pool and cinema room, and offers the utmost security and privacy. The house also offers an ideal suburban location, close to some excellent schools and within easy access to the capital.
The sale was handled by Alex Collins and Nat Bracegirdle, both Directors – Country Sales at United Kingdom Sotheby’s International Realty. The buyers, who were moving from America and wanted to have a UK base in the countryside rather than in central London, needed an agent with a large, international network, along with a strong London presence and local network. United Kingdom Sotheby’s International Realty was just the solution.
Further information – Head to sothebysrealty.com to read the 2024 Mid-Year Luxury Outlook report