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Billionaire wanted: Britain's second most expensive home hits market for £ 185 million


A huge mansion designed by the architect of Buckingham Palace that overlooks Regents Park went on the market for £ 185 million.

The John Nash designed property, 1-18 York Terrace East, would become the second most expensive home sale in the UK if bought at the asking price.

The real estate company that sells the mansion, built between 1821 and 1826, says a "billionaire" person who wants a house in the UK should inquire, with the company's executive expecting interest from Asia, especially wealthy Chinese people.

Zenprop reportedly paid £ 200million for the mansion four years ago – although its manager claims it was in fact bought for less than the current list price.

Derrick Beare said the sale "isn't for me to get a return, it's pretty much to get my money back and move on".

He added: & # 39; The current price is a result of Brexit and the pandemic. It should be more, but I don't think I can do more in this market. It won't appeal to many people, but we only need one person. The kind of billionaire who wants a place in London. & # 39;

1-18 York Terrace East would be the UK's second most expensive home sale if bought at £ 185 million

The real estate company that sells the mansion, built between 1821 and 1826, says a "billions" person who wants a home in the UK should inquire

The real estate company that sells the mansion, built between 1821 and 1826, says a "billions" person who wants a home in the UK should inquire

A potential buyer had considered an offer of more than £ 200 million for the mansion last year, but withdrew due to the Brexit negotiations

A potential buyer had considered an offer of more than £ 200 million for the mansion last year, but withdrew due to the Brexit negotiations

Planning officials rejected a request to convert the listed building into 13 townhouses because they were too big.

Instead, the developers have planning permission to build 26 apartments and two houses, even though the real estate company plans to sell to individuals.

Mr Beare told the Financial Times that he estimates that £ 80-90 million would have to be spent on remodeling the interior, with even more being needed if the buyer wants to convert it into apartments.

The roof, floors and non-original stairs would have to be removed and replaced. The gardens facing the park would also have to be excavated as part of the excavation of additional cellar space.

However, Mr Beare insists that the interest of very wealthy individuals in the property remains.

He said a potential buyer considered a bid of more than £ 200m last year but pulled out over the Brexit negotiations.

The buyer had planned to convert the building into several very large houses for himself, his sons and their employees.

The building was completed in 1826 by the Regency Architect Nash, who also designed Buckingham Palace, Regent Street and the Royal Pavilion in Brighton

The building was completed in 1826 by the Regency Architect Nash, who also designed Buckingham Palace, Regent Street and the Royal Pavilion in Brighton

Around £ 80-90 million will have to go into remodeling the interior, even more if the buyer wants to convert it into apartments

Around £ 80-90 million will have to go into remodeling the interior, even more if the buyer wants to convert it into apartments

If the mansion were bought by an individual it would be the second most expensive house ever sold in the UK

If the mansion were bought by an individual it would be the second most expensive house ever sold in the UK

The building was completed in 1826 by the Regency Architect Nash, who also designed Buckingham Palace, Regent Street and the Royal Pavilion in Brighton.

The 117,000-square-meter property previously served as a government office and then as student accommodation after being damaged in the lightning strike.

Stephen Lindsay, an agent at Savills who works on the property, said, “Nothing of this magnitude in such a prime location in London has ever been put up for sale. Without a doubt the most remarkable housing option I have ever seen. & # 39;

If bought by an individual it would be the second most expensive house ever sold in the UK.

In January, Chinese real estate tycoon Cheung Chung-kiu bought a 45-room mansion overlooking Hyde Park for more than £ 200 million.

London real estate is a huge hit with overseas buyers as the wealthy from around the world flock to the UK capital.

American billionaire Ken Griffin bought 3 Carlton Gardens for £ 95 million in 2019, despite the house being on the market for £ 125 million two years earlier.

U.S. buyers spent an average of £ 7.3 million ($ 9.2 million) buying in such prime locations, compared to an average of £ 5 million over the past decade.

The proportion of London homes sold to Americans in the city's most desirable neighborhoods nearly doubled in 2019 compared to 2018.

The most popular area for Americans in London is Marylebone, south of Regent & # 39; s Park, followed by Mayfair, Chelsea, Islington and finally Belgravia

Meanwhile, wealthy Middle Eastern families are also quickly buying up London's luxury homes as a result of the instability of the region.

In recent years, Middle Eastern governments and sovereign wealth funds have poured their enormous resources into the capital, buying development sites and high-quality buildings, according to a study by a Mayfair real estate company.

From 2006 to 2014, they spent £ 4.4 billion, putting them in control of nine of the largest development locations in central London, equivalent to 28,000 new homes.

The super-rich bought prime residential real estate in Knightsbridge, Mayfair, Kensington, Belgravia and Regent & # 39; s Park – so much so that half of all Mayfair property buyers valued at more than £ 10 million are from the Gulf.

John Nash, the architect behind Buckingham Palace and Regent & # 39; s Park

Known for his work on Buckingham Palace, Regent & # 39; s Park and Regent Street in London, John Nash is one of the most famous architects of the 18th and early 19th centuries.

He was born in January 1752 and, after an early education, trained with the architect Sir Robert Taylor.

After his early training, Nash was trained by the architect Sir Robert Taylor and worked as a surveyor and builder in the City of London.

Nash started his own business in 1777 and later inherited £ 1,000 from an uncle whom he risked building houses on Great Russell Street and Bloomsbury Square.

The buildings could not be rented and Nash was declared bankrupt in 1783.

When Nash returned to London in 1797, he designed a number of Gothic castles across the country, including Luscombe Castle in Devon and Caerahays Castle in Cornwall.

Nash was soon under the patronage of the Prince Regent, later King George IV.

In 1806 he was appointed general surveyor for forests, forests and parks and from 1810 worked exclusively for the prince. By 1813 he had been appointed the official architect of the Office of Works, which meant that parliamentary commissions were advised, among other things, in new church buildings.

At this point he designed Regent & # 39; s Park, Buckingham Palace and two theaters in Haymarket.

When George IV died in 1830, Nash lost his royal protector amid a backlash over the extravagance of the king's reign. Buckingham Palace had cost thousands, millions these days, and Nash eventually retired. He died a few years later in May 1835.

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