Yahoo Finance Reuben Brothers inject life into London luxury homes market
The billionaire Reuben brothers showed there’s still life in the central London luxury flats market after selling 45 upmarket Paddington flats in less than two months, the Evening Standard has learned.
Developer European Land — a joint venture between Simon and David Reuben and property investors the Jarvis family — launched 79 one to three-bedroom homes at 3 Canalside Walk on August 23.
They cost between £650,000 and £1.6 million, and construction will finish in 2020.
Selling agent JLL said that more than half have already been sold to buyers from the UK, Middle East and Far East.
JLL’s residential director Jeremy Wharmby said: “I believe it demonstrates that many investors are still confident that London remains an attractive property market, particularly where there is good quality product in well-connected locations."
He added: "Canalside Walk’s connectivity with Heathrow via the Heathrow Express and the impending arrival of Crossrail makes Paddington a strong medium and long term investment."
Separately, Trevor Abrahmsohn — managing director of north London agency Glentree International, which has notched up £150 million of sales in the past 10 weeks — said the top of the market is still attracting foreign buyers enticed by weak sterling.
“I had one prospective buyer saying ‘I missed out on the currency gyration in 2008 and I’m not going to lose out again’,” he said.
