Wealthy set trend for lateral living in new 'super flats'

Flats with as much space as a substantial house but which are on just one level - apparently multi-millionaires don't do stairs - are all the rage on the London property market, say experts.

Some of the "super-flats" are purpose-built, while others have been created by knocking two or three properties into one.

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The trend began at the old Chelsea School of Art, which was acquired by former City trader Julian Simmonds and converted into 16 enormous flats with the help of developers Nick and Christopher Candy.

One apartment there sold for £27million - and other developers began to follow suit.

The Candy brothers have since developed six massive lateral flats in Chesham Place, Belgravia, while all the apartments and penthouses at their new development at One Hyde Park will also be on a single level.

The most expensive is reported to have already been sold for £100million.

Nick Candy said: "We are addressing the problem faced by purchasers who want large properties in key areas without living over several floors.

"The super-rich don't want to go up and down stairs all day."

Rupert des Forges of estate agent Knight Frank said: "Lateral conversions on the famous Knightsbridge squares are in very limited numbers.

"When they do come on the market they can command 30 to 40 per cent more than their vertical neighbours in places such as Eaton Square and Lowndes Square. I could sell 10 times more than I have to offer."

Justin Sumner of Savills said: "The one thing international and national buyers have in common is their desire to live on as few floors as possible.

"Lateral conversions are such a rare commodity in Kensington that when such a flat comes on the market there is huge interest.

"We recently sold an apartment in Thornwood Gardens for £11million, which is almost £2,500 per sq ft and a record for the area. Lateral flats just seem to attract that extra."

Peter Mackie, director of buying agents Property Vision, said: "We expect lateral accommodation to cost 15 to 20 per cent more than the vertical equivalent.

"One only needs to look at Trevor Square, where prices were around £2,300 per square foot, compared with less than £2,000 in traditional vertical conversions of comparable quality."

Knight Frank is selling a topfloor flat in Cadogan Gardens, Chelsea, that was converted from three apartments.

With two en suite bedrooms, two reception rooms, a roof terrace and a lift, it costs £2.75 million.