UK House Price Record Reaches £250m
Located next to the Queen, a London home has gone on sale for £250 million, looking set to smash the price record for Britain. With the average London property costing approximately £370,000, this home is worth a whopping 700 times more but boasts views of St James’s park and the biggest living space in all of central London.
This hefty price tag comes in the same week it has been revealed that last year over 5,000 properties in London were million pound sales for the first time in history. Currently owned by a Middle Eastern royal family, this Grade 1 listed Regency property on Carlton House Terrace is not to be missed.
Described in a ‘strictly confidential’ brochure as “probably the finest residence in London” this sensational property retains much of its original features including a ballroom and double staircase.
The property is 30 times bigger than the average family home in the capital, with 50,000 square foot of space. Sources have revealed that the building has been lovingly restored with very traditional features, with the owner spending millions of pounds to bring it back to how it would have been in its heyday. Should the new owner wish to modernise it they would need to add modern touches such as a swimming pool.
For security reasons only black and white pictures of the inside of the property are shown, showing the property in all its magnificence in the 1890s.
£136 million is the current record for a London house sale, which was paid for a One Hyde Park apartment located on London’s Knightsbridge. It has also been reported that a house near Hyde Park on Rutland Gate was put on the market for £300 million but is still awaiting a buyer.
Despite the continuing economic struggle, a recent study by Savills shows that there is an increasing demand for London homes that are worth multi-million pounds. In London last year, property sales over £1 million reached a record 5,115 high, which is a 12% increase on 2007 and 8% more than 2011.
This property is situated between Lower Regent Street and the Mall, on Carlton House Terrace which was once London’s most fashionable address. Other families who live on this terrace are the Hinduja family, who have spent £50 million restoring their £60 million home they bought in 2006.
The Institute of Contemporary Art, the Royal Society and the Mall Galleries are other building occupiers. Additionally, the owners are currently believed to be in negotiations to extend a 78-year lease that the house is under from the Crown Estate.
Despite the high asking price it is thought that the owner is willing to wait for the right buyer to approach him. Even though the owner has had the property since the 1970’s it has rarely been in use since then. A source who spoke to the Standard said that “many of the rooms are completely empty and after so many rooms, one fades into the next.”
Made up of four storeys, two of which are below ground and two above, the bottom two currently house strong rooms and the large boiler, but could be converted into basement rooms with a cinema, spa or swimming pool.
The house was originally a political salon, being an incredibly important building in London. It was built from 1827 to 1832 by John Nash. Then, the First World War saw the property being utilised as an Enquiry Department for the British Red Cross, Order of St John where families would come to find out what had happened to their loved ones and the Enquiry Department for the Wounded and Missing.
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