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July 1, 2014
Top Ten Most Expensive Properties on the Market in London
1st: 2-8a Rutland Gate – £300,000,000 (≈£5000/ft2)
This Knightsbridge property is currently the most expensive property “on the market” in London and is believed to be on the market for £300 million. Although this property is not officially marketed as being for sale, a 2012 article in the Financial Times revealed that it is being discretely offered to able buyers – and as such its availability is fairly well known within the property sector. At just over 60,000 square feet, it is probably the biggest house in Prime Central London and comes complete with 45 bedrooms spread over 7 storeys. The location of the property is not revealed online, and viewings are only available to a wealthy few on an invitation only basis. The house was formerly the residence of Sultan bin Abdulaziz, the crown prince of Saudi Arabia, and has been placed on the market following his death. It was reportedly given to him as a gift by the former prime minister of Lebanon, Rafiq Hariri, upon his death in 2005.
2nd: Cambridge House – 94 Piccadilly – £250,000,000 (≈£4700/ft2)
Many have been predicting that this will become the most expensive property ever sold in London since David and Simon Reuben achieved planning permission to develop the property into a single home in April last year, especially if 2-8a Rutland Gate fails to find a bidder. While it is not officially on the market yet, it is expected that it will be placed on the market for around £250 million in the near future. The grade 1 listed building is currently named after its former owner, Prince Adolphus Duke of Cambridge, but has a steep history and has previously been known as Egremont House, Cholmondeley House & most famously the In and Out Club. Entrepeneur Simon Halabi bought the premises off the Naval and Military Club in 1996 for a reported £50m, but it was sold to the Reuben brothers in 2011 for £130m from his administrators after his companies went into Bankruptcy. Once completed, the project will include 48 rooms – including an underground swimming complex. The Piccadilly residence may once again take the crown it once held 250 years ago of London’s most expensive residential property.
3rd: 18-19 Kensington Palace Gardens – £110,000,000 (2000≈ft2)
While this residence was once the holder of the title for the most expensive house on the world, Lakshmi Mittal now appears to be ready to take a £7 million pound loss on the property. However, as with every other property on the street known as billionaire’s row, this house comes fully equipped with a wide range of facilities: including a Turkish bath, a spa pool, swimming pool and hairdressing salon – as well as parking for 20 cars. After the Iranian art collector Professor Nasser David Khalili renovated the property, the walls were inlaid with precious metals and it was decorated with priceless Islamic art. It was at one stage owned by Bernie Ecclestone, who thought that the 15 bedrooms and pillars carved from the same marble as the Taj Mahal would make it a perfect home for himself and his then wife, although she was reportedly underwhelmed and they never moved in. It has been placed on the market for £110 million.
4th: Park House – Between Onslow Square and Pelham Street, South Kensington – £105,000,000
A hidden gem in the heart of London, Park House has six bedrooms, five bathrooms and seven reception rooms. With an asking price of £105m, It also comes complete with planning permission for a 50 foot swimming pool, gym, cinema and three extra bedrooms on the ½ acre plot. While the original “Pelham Cottage” was renovated by the current owner Professor Gert-Rudolph Flick, the land is steeped in history – and has recently been the home to the likes of Lady Annabel Goldsmith and Sir Maxwell Joseph. Perhaps the best way to sum up this property, from which no roads are visible despite its prime London location, is a quote from a book by Lady Goldsmith (an occupant from 1959), “I could not believe such an oasis could exist only a few yards from South Kensington Tube station. In my daze of delight I knew that I had stumbled upon something magical here”.
5th: 5 Palace Green – Kensington Palace Gardens – £100,000,000
Another billionaire member of the Saudi royal family, Prince Abdul Aziz bin Fahd, has reportedly been trying to discretely offload his residence on Billionaire’s Row for the past year or so – with reports indicating he would sell for £100 million. This marks part of an interesting trend, as the very wealthy Saudi Arabians appear to be attempting to sell off many of their trophy assets – especially fascinating at a point where the demand for trophy-houses on this street, where residents include the Sultan of Brunei, Len Blavatnik and Lakshmi Mittal, is so great that the total value of the 29 homes on the street has been estimated at £3.5 billion in recent years. Would-be buyers have to sign strict confidentiality agreements before being given more information about the building, which was designed by Edward Prioleau Warren in 1905. The houses back onto Kensington Palace, which is currently the resident of Prince William and the Duchess of Cambridge.
6th: Eighth Floor Flat (C.08.1), One Hyde Park – 100 Knightsbridge – £68,000,000 (≈£7500/ft2)
There are more expensive properties, but the renowned Candy & Candy development at One Hyde Park (also known as 100 Knightsbridge) has the most expensive residential spaces per square foot on the planet, having twice broken world records in that category. The 8th Floor Flat, or C.08.1 as it is more officially known, has 5 bedrooms, 6 bathrooms, 3 reception rooms and 2 kitchens – and it can be yours for sixty-eight million pounds. For that sum you can also expect to be able to take advantage of other features of the Qatari funded project: including a swimming pool, two saunas, two steam rooms, gym, squash court, spa and private cinema as well as room service from the neighbouring Mandarin Oriental. Add to that other features of the building including a “panic room” and SAS-trained security and you simply have the most extraordinary development there is in London – or quite possibly for that matter; the world.
=7th Heath Hall – 59 The Bishops Avenue – £65,000,000 (≈£2400/ft2)
The most expensive mansion to have its brochure in the public domain, with a team of 120 builders and master craftsmen having been commissioned to bring this historic property “back to life”. Originally built in 1910 for William Park Lyle, it was designed by architects F. Winton Newman and Henry Victor Ashley while an extended rear has recently allowed the living space to be increased to 27,000 sq ft – from 19,000. Located on the famous Bishop’s Avenue, the plans were displayed at the 1910 and 1911 Royal Academy exhibitions and it was bought by the Bank of China in the 1950s to house employees. A mixture of classical and contemporary design, the 14-bedroom residence has an in house cinema equipped with 7.1 surround sound and a leisure complex including a gym, sauna, steam room, Jacuzzi and swimming pool. Outside, the land comes complete with a second pool outdoors, a tennis court, formal reception lawn and a 5-car garage.
=7th: 1 Campden Hill – £65,000,000 (≈5000/ft2)
This 9 bedroom property comes in at £5000/square foot for the current Gross Internal Area, but comes complete with planning permission to extend it to approximately 30,000 square feet (it is currently around 12,500). The one acre walled garden has space for a pavillion, and the mansion is located between Kensington Palace and Holland Park. The planning permission includes a separate staff cottage with three bedrooms, as well as multiples entertainment areas such as a swimming pool, wine cellar and tasting room, squash court and night-club. The mansion was built in 1915, and became home to the Uruguayan ambassador in the early 1950s before it was sold to the current owner in 2001. Since then, it has undergone no refurbishment, but the size and location make it an incredible opportunity for any potential buyer looking to move the current plans forward, or to reapply for his own planning.
=9th: Holdernesse House – 11 Brick Street – £50,000,000 (≈£3000/ft2)
A discrete low-built house in the heart of Mayfair, this 7-bedroom residence includes a drawing room, dining room, cinema, study, bar, swimming pool, gym, solarium, car park and roof garden and is built around an internal court-yard. The 16,500 square foot property was recently rented by Johnny Depp, the highest paid actor in the world and has been rented out to various other celebrities over the past few years for rates up to £40,000 per week. The court-yard conceals a 1000 square foot underground garage, and a car lift provides discretion for whoever decides to buy the house, which recently underwent extensive refurbishment after being unoccupied for 50 years 11 Brick Street was built in its present form in 1883 for Lord Londonderry, and was listed as “Londonderry Stables” in the 1893 census.
=10th: 22 Lyndhurst Road – £46,500,000 (≈£3200/ ft2)
The last property on this list is a seven bedroom house in NW3. At just under 15,000 square feet, it has 2 large dining rooms, a grand double reception room, panelled study and double volume entrance hall. This mansion was originally built in 1896 for MP Russell Rey. It now has a cinema room and indoor swimming pool, as well as a space for 6-8 cars in the garage and in other off street parking. The master bedroom suite has views across London, as well as men and women’s toilet facilities and dressing rooms. In addition, there are 5 en-suite bedrooms, one further bedroom, a separate staff flat on the ground floor. Coming in at £46,500,000, this might be the cheapest in total value on the list, but the Hampstead property is actually more expensive on a per-square-foot basis than many other on this list – including Lakshmi Mittal’s Kensington Palace Gardens residence.