Foreign Property News | Posted by Aye Myat Thu
An opportunity to buy a bonafide megamansion in central London has arisen after a colossal building in the capital—once 18 individual homes—designed by one of London’s most famed architects, hit the market Sunday for a whopping nine-figure sum.
The complete terraced row, on the edge of the capital’s leafy Regent’s Park, is asking £185 million (US$242 million). If the property sells for its ask, the transaction will be one of the most expensive in U.K. history, second only to the more than £200 million sale of a 20-bedroom Knightsbridge mansion earlier this year.
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Built in the 1820s, the Grade I-listed building spans 117,000 square feet and has planning permission for the development of two houses, 26 apartments and 42 underground parking spaces, according to a news release from Savills, who are joint selling agents along with Aylesford International.
But the agencies expect the property to be bought by an individual looking to create a private residence.
“Nothing on this scale in such a prime London location has ever come up for sale,” Stephen Lindsay, head of Savills St John’s Wood, said in the release. “It is an opportunity to create a special and extensive private estate within the tranquil surrounds of Regent’s Park, moments away from Marylebone High Street and the West End.”
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The listing is believed to be the first time that an entire John Nash-designed terrace has come to the open market. The famed British architect, whose work spanned the Regency and Georgian eras, is responsible for some of the U.K.’s grandest designs, such as Buckingham Palace, Marble Arch and Brighton’s Royal Pavilion.
The seller of the property is real estate investment group Zenprop, who acquired the building in 2016, at which time it was being used as student accommodation.
Working to reinstate the building to prime residential use “has been a very rewarding experience,” Derrick Beare, CEO of Zenprop, said in the release. “It is a unique property which is now fully assembled and we look forward to seeing its magnificent restoration.”
Ref: barrons
