Developer to build exclusive new homes in Chelsea

A collection of luxurious new homes are to be built near King's Road, Chelsea, on a plot which was purchased a few days ago for £85m by a hedge fund.

The new development, called The Glebe, is being tipped to become the most expensive address in London, overtaking One Hyde Park in the process, with experts expecting an individual new home to sell for as much as £35m, if not more.

Planning consent has already been awarded for the new build villas and apartments in The Glebe, which will reportedly each feature their own swimming pool, a games room along with a private lift. Residents will also have access to a communal roof terrace.

The new homes development will obviously be aimed at some of the world's wealthiest people, with strong interest anticipated from the Middle East and Russia.

The idea of buying property in central London is proving increasingly attractive for many wealthy foreigners, as they see the capital as safe place to protect their assets.

A Knight Frank report this week revealed that the median price of a central London home costing an average of £3.7m increased by 9.6% in July compared to the same month last year, fuelled by growing demand from overseas nationals buying properties in London.

With further capital growth in prime London anticipated, the value of the planned new homes in Chelsea could yet appreciate further, before the development is even completed.