It was with a lot of hype and hoopla that various media agencies (including us) reported on the construction and opening of One Hyde Park. The luxury apartment complex in Knightsbridge (inside photos here) , London is the world’s most expensive residential block. However, the block which was once expected to do wonders for the local economy (or at least that is what the citizens who were affected by the construction works were promised) is lying empty more then a year after completion.
The apartment complex has only three permanent residents. Almost all of the rest (which are sold) are second homes and remain unoccupied. A further twenty seven apartments remain unsold. The highest price paid for one of the apartments was £136 million for a penthouse. While a spokesperson for the project claimed that celebrities and other billionaires who owned the apartments were international jet setters and never in one place all the year due to work commitments, as of now the apartment complex is more like a ghost block – a Miss Havisham’s cake. One that was readied at great expenditure but never consumed.
“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” —