A Qatari sheikh, whose son is leading a bid for Manchester United Football Club, is reportedly contemplating the sale of two luxury properties in London's most exclusive
districts with a combined asking price of £370 million ($470 million).
Sheikh Hamad bin Jassim bin Jaber Al Thani is said to be considering the sale of a triplex penthouse at the One Hyde Park project in London's upscale Knightsbridge district, with an approximate value of £220 million, as well as a nearby property at Belgrave Square that he owns, estimated at around £150 million, according to sources familiar with the matter.
The decision to sell will depend on whether the offers meet the asking price, as indicated by insiders. Attempts to contact the sheikh for comment through his private investment firm Al Mirqab Capital and various family members were unsuccessful.
The former head of the Qatar Investment Authority and a former prime minister of the emirate is renowned as one of the most prominent investors in the Middle East. He is also a significant shareholder in German bank Deutsche Bank AG. During his tenure at QIA, the sovereign wealth fund acquired stakes in some of Europe's most esteemed companies, including Glencore Plc, Barclays Plc, and luxury department store Harrods.
A confidant of King Charles, Sheikh Hamad earned the moniker "man who bought London" from the British media after overseeing a substantial expansion of Qatari interests in the UK capital since the early 2000s.
The potential sale of some of Sheikh Hamad's opulent London properties comes after the billionaire purchased and renovated the six-story Forbes House, located a short walk from Buckingham Palace.
Given the discreet nature of London's ultra-premium housing market, agents typically gauge potential buyers through their private networks, often utilizing WhatsApp. This approach allows sellers to test pricing without leaving digital footprints, ensuring they won't be disadvantaged if they decide to re-market at a later date.
London's luxury property market has faced challenges this year, as high borrowing costs compel the city's affluent sellers to accept price reductions or risk deals falling through. Between January and July, the number of deals exceeding £5 million that fell apart rose by 15% compared to the same period the previous year, according to a LonRes report.
Nevertheless, the luxury housing market in London, which relies less on debt, has fared better in the face of these challenges. A separate report by broker Knight Frank revealed that 17% of ultra-high-net-worth individuals purchased at least one home last year. Wealthy homeowners are still able to secure deals.
Indian billionaire Ravi Ruia recently acquired a £113 million London mansion overlooking Regent's Park, marking one of the city's most significant residential deals in recent times. Not far from the city, business magnate Mike Jatania is seeking to sell a 12-bedroom mansion, formerly rented by American banker J.P. Morgan. This could become one of the nation's largest-ever country house sales.
Sheikh Hamad is reportedly working with high-end luxury estate agent Savills Plc on the potential sale of both properties. The penthouse overlooking Hyde Park was developed by the billionaire in partnership with CPC Group, owned by Christian Candy. It adjoins the Mandarin Oriental hotel and is just a five-minute walk from Harrods. Savills declined to comment.
Becky Fatemi, the founder of super-prime brokerage Rokstone, is also collaborating with the sheikh on the sale of the Belgrave Square property, designed by architect George Basevi in the 19th century. Photo by Rob Deutscher Follow, Wikimedia commons.