A significant rise in central London mega-mansions and penthouses has created a ‘super-prime market’ catering exclusively to billionaire buyers.
Leading premium estate agents Wetherell say there are currently around 20 homes in central London either built or in the development pipeline with the value around or over £100 million.
Over the last decade, a number of vast, historic London properties have become available for refurbishment or conversion back into private homes, in what Wetherell has called a ‘residential renaissance’.
These properties are located in just a few sought after addresses including Mayfair, Belgravia, Knightsbridge, Regent’s Park and Hampstead and have led to the emergence of a ‘giga-prime market’ of the uber-wealthy looking for ‘unique trophy assets’.
Pictured, the grand staircase at 38 Hill Street in Mayfair. The house is one of the largest single addresses in Mayfair and if it were to be turned back into a private abode, it could be worth up to £100 million
Once renovated – with refurbishments costing anywhere between £17million to £18million – the property (pictured) could become one of the most expensive properties in the capital
Pictured, the living room of 2-8a Rutland Gate which was rumoured to sell last year for more than £200million. The 45-room mansion overlooking Hyde Park was originally built as four grand family homes before being converted in the 1980s
Pictured, one of the numerous bathrooms at Rutland Gate in Knightsbridge which here features gold attachments and Baldi baths worth thousands
Examples include 38 Hill Street in Mayfair – a private members’ club where Prince Philip, Lord Mountbatten and other members of the notorious Thursday Club are said to have gathered – hit the market for £35million last month.
The house, which at 17,131 square feet is one of the largest single addresses in Mayfair, has been a private members’ club since 1946 – but if it were to be turned back into a private abode, it could be worth up to £100million.
Meanwhile, a Chinese property tycoon was reported to have purchased 2-8a Rutland Gate for more than £200million in January last year.
The 45-room mansion overlooking Hyde Park was originally built as four grand family homes before being converted in the 1980s and was previously owned by Sultan bin Abdulaziz, the crown prince of Saudi Arabia.
Pictured, the exterior of 38 Hill Street in Mayfair, a private members’ club where Prince Philip, Lord Mountbatten and other members of the notorious Thursday Club are said to have gathered
Pictured, the exterior of 2-8a Rutland Gate in Knightsbridge which overlooks Hyde Park and was previously owned by Sultan bin Abdulaziz, the crown prince of Saudi Arabia
Based in a Georgian mansion at 38 Hill Street in Mayfair, the Naval Club’s home (pictured) was originally the property of the Earl of Chatham, brother of William Pitt the Younger, who served as Prime Minister between 1793-1801 and 1804-1806
Notable members of the Naval Club have included Lord Louis Mountbatten, Prince Philip’s uncle, with guests including the Duke of Edinburgh and the Prince of Wales. Pictured, a CGI photo of what the property could look like once refurbished
Peter Wetherell, Founder and Chairman of Wetherell said: ‘We have seen the establishment of a prime London market, a super-prime market, and now we are seeing the emergence of a giga-prime market, homes for billionaires that are priced at £100 million or above.
‘These £100 million plus homes are two types, either vast mega-mansions or huge penthouses. They are unique trophy assets.
‘There are three key reasons for the emergence of this giga-prime market in London, availability, desire and investment opportunity.
‘Billionares like owning trophy homes in London because it is good for their image. A purchase always creates profile enhancing global publicity, they know that in London there is a fair and just rule of law, good governance and also safety for themselves and their families, and they also like London because each decade property prices go up, so the value of their property assets increase.’
Then in 1946, the freehold of 38 Hill Street was purchased from the Raphael family and it has been the home of the RNVR and the Naval Club, which was established in 1919, ever since. Pictured, the reading room, which was formerly the ground floor dining room
2-8a Rutland Gate in Knightsbridge includes a large swimming pool, industrial-size catering kitchen, underground parking and several lifts. Pictured, one of the home’s several bedrooms
Wetherell says that there are currently there are just seven locations in the world where there is enough wealth to support similar prime housing markets.
These locations include central London, within the so-called platinum triangle comprised of Mayfair, Knightsbridge and Belgravia.
Desirable locations overseas include Monaco, the French Riviera, Manhattan, Beverly Hills, Singapore and Hong Kong.
The estate agents claimed this elite home market in London is dominated by buyers from Qatar, India, Britain, America, China, the UAE and Saudi Arabia, with buyers from Qatar, America and China being the most prolific over the last 24 months.
Millions of pounds worth of gold leaf are thought to adorn the internal decor and the property reportedly has no fewer than 41 chandeliers, including this stunning variation
The 60,000sq ft property at 2-8a Rutland Gate in Knightsbridge (pictured) is London’s most expensive home
‘Crucially the giga-prime market is about investment opportunity’, said Wetherell, ‘If you buy a brand new home you pay a premium, if you purchase a second hand home you need to wait for the market to rise to make a return, but with a property that needs heavy refurbishment or planning and conversion to create a new mega-mansion the potential uplift in value for the owner is substantial.’
Wetherell say that alongside the new homes there are several new 5-star hotels and premium residential developments currently being developed in Mayfair.
They predict the volume of sales deals will rise by 50 per cent as buyers return following the pandemic.