Knight Frank’s analysis considered the sale prices for park facing properties, compared to neighbouring properties within 150m of the parks, looking at data for Regent’s Park and Hyde Park in London and Central Park in New York.
The results confirm a significant premium for property facing a park, with London’s Regent’s Park and New York’s Central Park seeing a price premium of 29%, and Hyde Park seeing a premium of 18%.
Liam Bailey, Global Head of Research at Knight Frank explains:
“It’s unsurprising that being within close proximity to a major park delivers a premium in pricing. What is surprising however is that Central Park and Regents Park both see the same uplift yet offer a very different living experience.
“Prime pricing around Central Park is driven not only by proximity to the park but by the views being offered from the newer high-rise buildings, in particular the blocks nearest the park, have maintained their status as one of New York’s most prime locations since the 19th century. The uplift for homes around Regent’s Park, in addition to the proximity to green space, comes from the unique architecture of the buildings, the security and privacy available.”
Hyde Park’s relative underperformance is driven by the availability of garden squares in the immediate vicinity of the Park, which help raise the value of properties in the 150m buffer Knight Frank considered.
Both Regent’s Park and Central Park have seen a significant market repositioning in recent years. In the case of Regent’s Park this has been led by considerable investment in and restoration of the iconic John Nash designed terraces which surround the park – most notably the current redevelopment of Regent’s Crescent which is creating London’s first Grade 1 listed new-build.
In Central Park – it has been the development of park-facing high-rise towers along the southern boundary of the park and especially along 57th Street – which has led to new record-breaking prices being achieved.
Susan de França, President and Chief Executive Officer, Douglas Elliman Development Marketing explains:
“With its unrivalled location, perfect symmetry over Central Park, and sweeping 360-degree views, 111 West 57th Street commands a significant premium within the Manhattan market and along the 57th Street luxury corridor. We are pleased with the recent sales momentum from buyers interested in its proximity to Central Park, the one-of-a-kind interiors by Studio Sofield, and the lifestyle of luxury offered at the building.”