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London Mansion Could Break Property Sale Record

By +Eric Jafari

London Mansion Could Break Property Sale RecordA London mansion could be set to break the UK record for a property transaction after going on sale for £250 million. The Grade I listed Regency property - described as one of the largest residential homes in the central London - overlooks St James's Park in the centre of the capital.

The average residential property in the capital sells for £370,000, but the Carlton House Terrace home has been put on the market at 700 times this figure. Should a buyer be found, the new occupants of the home will find themselves neighbours of the Queen.

At present, the exclusive property is said to be owned by an elderly member of a Middle-Eastern royal family, the Evening Standard has reported. A "strictly confidential" brochure details some of the features of the building, including a huge ballroom and original double staircase. For security reasons, the only photographs available of the inside of the property were taken in the 1890s, in black and white.

The six-storey property has 50,000 sq ft of living space, making it around 30 times larger than the average London home. A source told the news provider that the building has had millions spent on restoration work, meaning it is in superb condition inside and out. "The building is very much as it was in its heyday," they stated.

At present, the record price paid for a London property is the £136 million transacted for an apartment at One Hyde Park in Knightsbridge. Documents filed at the Land Registry in April 2011 reveal that an unnamed buyer using Ukrainian lawyers purchased two apartments in the building and knocked them into one to create a 25,000 sq ft penthouse. This property is reported to have its own wine cellar, and also access to room service at the neighbouring Mandarin Oriental hotel.

Chris Candy, one of two brothers behind the London residential development, commented at the time that there is a lot of Indian and Chinese money in London. He also claimed to be doing "a lot of deals" with property investors from the Middle East.

25 April 2013

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Average House Price,St James Park