The most expensive terraced home in Britain has a new address. Located bang opposite Regent’s Park in London the terraced house has sold for a staggering £80 million making it one of the biggest property deals in Britain. Spread over 21,500 square feet the high end home was once the residence of the High Commissioner of New Zealand. The property was listed hoping a Russian or a Middle Eastern billionaire will purchase it for his London residence. But Marcus Cooper, the British property mogul who runs the Marcus Cooper Group surprised the industry by buying the trophy home. To execute the significant deal Mr. Cooper floated a separate company 1 Cornwall Terrace Ltd.
One of the Most Important Private Residences in London
The property will attract very heavy stamp duty and Mr. Cooper’s new company will have to pay another $12 million as stamp duty to register the purchase. But the advantage with the property is that it will attract merely £1,369-a-year in council tax which is amongst the lowest in London. The four storey home has all along been one of the most important private residences in London but has gained in value and has truly become a trophy home after an extensive renovation and restoration. Its classic features are intact and the modern and contemporary features have been incorporated to make it more convenient and luxurious for the residents. The marble and limestone lined halls have lighting controlled through an iPad. There are other high tech features like an automatic number plate recognition system at the gate.
Most Expensive Terraced Home Designed by Decimus Burton Who Built Buckingham Palace
One of the most expensive mansions boasts of a sports complex including a gym and a swimming pool. There is a 40 meter long landscaped garden and a grand double staircase leading up to the terrace. The home also has the advantage of being located opposite Regent’s Park which has 410 acres of gardens and leisure facilities. Marcus Cooper has been investing in some of the finest homes in London. Known as Cornwall Terrace the house was designed by Decimus Burton and built in 1820s. The architect was also responsible for building Buckingham Palace. The home with seven bedrooms has eleven bathrooms and nine reception rooms and an industrial kitchen that can cater to large number of guests.
It is 500 Times More Expensive Than an Average Home in UK
The Cornwall Terrace is amongst the most expensive homes in Britain and almost 500 times more than the average price of a home currently. The house has a neo-classical Stucco elevation with Corinthian pilasters and a grand two-storey bay embellished with sculpted female columns of the Greek goddess Artemis. This big ticket sale is sure to strengthen the top end housing market in London. It is clear that the introduction of mansion tax and capital gains tax hasn’t impacted the market adversely. Savills estate agents were handling the sale and Mr. Cooper was advised by estate agency Knight Frank. The home which was broken into by hippies in 1975 and turned into a temporary squat is today part of the top 8% homes in London. Henry Pryor, an industry expert believes that the high valuation of the property is justified considering the buoyancy in the luxury real estate market.