Directly opposite London’s famed Harrods department store, a Victorian townhouse that is home to newly developed apartments has sold for £21.5 million (US$27.8 million).



Three duplex flats, each with three bedrooms and open-plan living and dining areas, are behind the building’s original red-brick facade. The development, in posh Knightsbridge, had been on the market since January, available both partially or as a whole, with prices ranging from £7.75 million up to £23.95 million for the whole building.



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The sale of the six-story building closed last month, property records show.



Designed by interior design firm Todhunter Earle, the property pays homage to its history with period features, yet it comes with lift access, contemporary interiors and modern technology, according to a news release from listing agents Harrods Estates.



Despite purchasing the entire property, it appears the Switzerland-based new owners are planning on retaining the building’s split configuration. The second-floor duplex is now available to rent at £3,725 per week from Harrods Estates, the release said.



“The sale to a European investor shows that overseas buyers have confidence in the long-term future of prime central London and are prepared to pay premium prices for the best quality properties in the best locations,” Simon Barry, head of New Developments at Harrods Estates, said in the release.



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Since 2014, political uncertainty and increased taxes have tormented London’s real estate market and resulted in falling prices and hesitant buyers and sellers.



But signs of life have been emerging in the city. In October, annual price growth of 1% marked the first positive movement seen in three years, supported by restricted supply and more realistic pricing.



For international buyers especially, the drop in value of the pound paired with London’s falling prices have left the city looking like incredibly good value. An investor buying in Swiss Francs, for example, would be getting a discount of roughly 27% compared to London’s luxury price peak in 2014.

