McLaren join race to Formula 1 Hyde Park

Formula 1 racing giant McLaren is to open its flagship showroom in the most expensive residential development ever built in London.

The Woking-based company will sell its sports cars, which are driven by Lewis Hamilton and current world champion Jenson Button, on the ground floor of One Hyde Park.

Residents will move into the block of flats when they are completed in October and McLaren Automotive will move into the showroom in early 2011 in preparation for the spring 2011 launch of the McLaren MP4-12C, the first in their new range of high-performance sports cars.

Two other luxury brands will fill the remaining street-facing showrooms below the flats next door to the Mandarin Oriental hotel in Knightsbridge.

The development's managers Candy & Candy said apartments worth more than £870 million have so far been sold, to Chinese, Middle Eastern and European buyers.

At least £100 million worth have been bought since the second phase of sales was launched in April.

The deals were revealed as estate agent Knight Frank said prime property prices in central London have risen by 24 per cent since their low in March last year, with home values hitting a peak in Knightsbridge, Chelsea and Belgravia.

Richard Williams, of behalf of Project Grande (Guernsey) Ltd, which owns the development, said: "Progress is exceeding our expectations. The McLaren brand is an exciting and befitting addition. McLaren will be the exclusive motor brand available there."

Christian Marti, McLaren Automotive's European regional director, said: "One Hyde Park has already established itself as a landmark location in London and we are both proud and excited to be part of its future success."

Liam Bailey, head of residential research at Knight Frank, said: "The prime London market has seen an incredible turnaround over the past 18 months.

"With the pound set to remain low over the next 12 months there seems to be no reason for the current demand from overseas buyers to grind to a halt."