Property News · November 27, 2011

Revealed: One Hyde Park's super-rich. But will they pay their tax?


Knightsbridge’s temple to wealth has finally come good with 62 apartments sold. But only nine flats are registered for council taxSix years ago, when Nick and Christian Candy started to build One Hyde Park, they had confidence that it would become the most expensive, exclusive apartment block in the world. The subsequent global economic crisis turned the project into a huge gamble.Project Grande (Guernsey), their joint venture with a company owned by the prime minister of Qatar, needed to take out a £1.15bn loan from the German bank Eurohypo AG to pay for the land in London’s wealthy Knightsbridge area and meet construction costs to deliver the promised “ultimate perfection”. Continue reading…

Source : theguardian.com
Read more…Revealed: One Hyde Park’s super-rich. But will they pay their tax?