The city of London has reasons more than one can count, to be counted amongst the wealthiest cities in the world. Whether it comes to handling the billions of Sterling Pounds worth of funds, floating about in the finance industry, to the comprehensively large pool of billionaires residing in the city, there never seems to be any dearth of wealth. No wonder the real estate prices seem to be soaring all the time, like we noticed in the case of Health Hall $158 million sale, and the largely successful One Hyde Park project adjoining the Mandarin Oriental hotel. Another such prime real estate is the Cornwall Terrace, stated to the most expensive set row houses in world. Recently an apartment from the block has been sold for a record breaking $120 million.
The figures just quoted perhaps make it clear that why oligarchs like Francois Henry Pinault, Rinat Akhmetov, and Roman Abramovich, and celebs like Gwyneth Paltrow, David Beckham, and Kate Hudson buy their homes there. In a city with such neighbors, it is perhaps pretty obvious why properties get traded around at such high prices.
- The Cornwall Terrace apartment in question is placed directly opposite Regent Park and was once the residence of the High Commissioner from 1950s to the 1970s, before being converted into a squatting place by a group of hippies. After that it went subsequent refurbishing to come up as one of the top pieces of real estate to own from the world over.
- History shows that the place was actually named after King George IV as he was the Dutch of Cornwall.
- The building block was originally created by Decimus Burton with the supervision of John Nash.
Spread over a vast 21,000 sq ft of space, there are 11 bathrooms, 7 bedrooms, 9 reception rooms, and a catering kitchen which is lined with marble and limestone along the walls. The lighting system within the house can be controlled via an iPad, which speaks of the modern and hi-tech features.
Other amenities include the 40-metre long landscaped garden, grand double staircase, access to the sports complex which has a modern gymnasium, swimming pool, and a hi-tech entry gate which has its own number plate recognition system.
The current owner
Though one would expect that such a property would be snapped up by some Russian or Arab based billionaire Sheikh, but that’s not the case here. In fact, it has been bought by Marcus Cooper of the Marcus Cooper Group company, which is into luxury real estate development in the city. Marcus Cooper has to his credit, the development of some noted property in the city, including the 25-bedroom Witanhurst in Highgate.
Some more facts and figures
- The economic implications of owning this high profile property is more in monetary terms. There would be a $17.88 million (£12 million) stamp duty, apart from $2,040 (£1,369) charge per year in Council Taxes.
- The strange thing however, is that the property stands at approx 412 times the price of an average property within UK.
- In order for the purchase to go through, Cooper has created a separate legal entity called ‘1 Cornwall Terrace Limited’.