One Hyde Park flat on sale again with £5m mark-up

One of the first buyers of an apartment at the Candy brothers' One Hyde Park development is seeking to make a £5 million profit by selling it on.

The empty three-bedroom property is on the market for £16.65 million - a 44 per cent increase on the £11.5 million paid for it in 2007 by an Arab businessman who never lived there. It is the first resale at London's most expensive residential block, where many flats have been bought as investments.

The owner of flat D03.2 when contracts were exchanged four years ago was Mohammed Saud Sultan Al Qasimi, who also owns another One Hyde Park apartment, according to Land Registry documents. He is chairman of the Government of Sharjah finance department and proprietor of Continental Foods Est, owner of the Dunkin' Donuts franchise in the UAE.

The current owner is listed as Parkside One Ltd, a company registered in the British Virgin Islands. The flat could now be sold not as a leasehold but as a company which owns the lease. In this case no sale, or price, will be recorded by the Land Registry.