Buying this piece of historical property in the heart of London probably won’t land you an invitation to have tea with the Queen, but you will definitely see her more often than most people would on a daily basis.
According to an article by CNBC, huge piece of luxury real estate in London’s Admiralty Arch, which overlooks Buckingham Palace, could sell for up to £150 million. Four serviced apartments in the Admiralty Arch — a London landmark built in 1912 and commissioned by King Edward VII — has been put up for sale, and can be purchased either individually or as one huge property.
If sold as one residence, the property could fetch up to £150 million, reported the Telegraph and the Evening Standard, citing unnamed real estate agents. This assumes the property would fetch £8,000-£9,000 per square foot and the buyer would pay stamp duty of over £16 million. If sold at that jaw-dropping price, the apartment would set a new London and UK record, beating the reported £140 million sale of One Hyde Park in 2014.
There is no official price for the property, but it is confirmed that the four apartments are on sale and could haver residents within 3 years. Each apartment has between two and six bedrooms, ranging from 1,700 to 7,100 square feet.
Whoever buys the plot of prime property will also be purchasing an exclusive piece of British history. The residences saw great political and naval leaders including Sir Winston Churchill, Lord Mountbatten, Lord Carrington and Lord Hailsham live and work. Each residence comprises several suites, 6-meter high ceilings, intricate crests, original fireplaces and fittings from the Edwardian era, said the Admiralty Arch team. Famous visitors to the Admiralty Arch have included Queen Elizabeth II, while James Bond-creator Ian Fleming once worked inside.
The Grade I-listed building is being restored by Prime Investors Capital, a real estate investment vehicle established by Spanish developer Rafael Serrano. Serrano has a 250-year lease to convert the building into a 100-bedroom hotel, health spa, private members’ club, as well as private residences. Twelve hotel groups have shown interest in running the Admiralty Arch, highlighting the resilience of the London ultra-luxury property market since the U.K.’s vote to leave the European Union last month.
However, the proximity of the Admiralty Arch to Buckingham Palace has attracted controversy, with some pointing out that the project could risk national security. What do you think: Is it worth the investment, or would you worry about being under constant surveillance?
The good news is that you won’t have to pay £150 million for a luxury property in Malaysia, because there are plenty of luxury properties in the Klang Valley that can allow you to live like royalty for less than a fraction of that price! 😉