Penthouse sale sets new record
Updated on 20 November 2008
A penthouse has defied the credit crunch to become the first flat in a city to sell for £1,000,000.
The 2,788 sq ft three-bedroomed property, set at the apex of the 25-storey Orion Building in Birmingham, offers triple-height floor-to-ceiling views across the West Midlands and was sold to an unnamed businessman in his 30s.
Developer Crosby Lend Lease described the sale - topping the previous record for an apartment in Birmingham by £125,000 - as a "huge coup" for the city.
Colin Dean, the firm's sales and marketing manager, said: "Whilst national news reports have dedicated a lot of coverage to the reduction in the number of new homes that are currently under construction - as well as the drop in property values - the purchaser of this penthouse has had the confidence to break the record books and invest a seven-figure sum in Thursday's market.
"Whilst the rate of sale has slowed across the entire residential market, sales are still being achieved and people are continuing to vote with their feet and become owner-occupiers within the city centre."
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