Billionaire businessman pays £46 MILLION for a London flat

January 7, 2015 | by | 0 Comments

A billionaire businessman has paid more than £46 million for a London flat in one of the UK’s biggest ever public deals.

Telis Mistakidis, head of copper at mining giant Glencore, bought the duplex apartment at 21 Chesham Place, in Belgravia.

The luxury flat, which boasts 7,900sq/ft of space, is a Candy & Candy property designed by Lord Norman Foster.

Chesham Place, London, which has been sold for £46million

Chesham Place, London, which has been sold for £46million

It has a master bedroom suite, four guest bedrooms, a large living area and staff quarters, two underground car parking spaces and a 24-hour concierge.

The duplex, built in 2008, was sold for £46 million – making it the third highest sale ever logged with the Land Registry.

And the £5,800 per sq/ft price is a record for Belgravia, home to the likes of Roman Abramovich and Nigella Lawson.

Rokstone, the central London estate agency, were the selling agents. Becky Fatemi, the company director, declined to discuss the parties involved.

It is understood there were three ultra high net worth individuals (UHNWI) who offered the asking price for the property.

But Mr Mistakidis, 53, who is based in Switzerland, managed to get a deal done first, according to official Land Registry documents.

Simon Barnes, a high-end property consultant, says it is rare a home of this value is bought by an individual.

He said: “I have been dealing with these sorts of properties for 30 years and historically they are traded through companies, which helps maintain a level of anonymity.

“Chesham Place is phenomenal. You’re not just talking about a flat in Belgravia.

“Candy and Candy have done a fantastic job – the presentation and finish is very good. It ticks all boxes and you couldn’t replicate it.”

On top of a sizeable estate agency commission, the treasury has also benefited from the sale – with Mr Mistakidis paying #3.2 million in stamp duty.

However, this is small change to the businessman, who took a £45 million dividend last year.

And when Glencore floated in 2011, Mr Mistakidis’s shares in the company were valued at more than #2 billion.

Nick and Christian Candy bought 21 Chesham Place in 2005 for £13 million, with the former BT telephone exchange their first major development.

After a year of difficulties with local authorities, they were then granted planning permission to convert 80,000sq/ft property into six luxury flats, immediately doubling the value of the property.

The brothers, who are behind One Hyde Park, commissioned Lord Norman Foster, regarded as one of Britain’s best architects, to design the flats with Candy & Candy responsible for the interior design.

A spokesperson for Candy & Candy declined to comment.

Only one other property – a penthouse on Princes Gate – has publicly sold for more in the last 12 months after it went for £50 million.

A flat in One Hyde Park, which is the Candy Brothers’ halo development, recently sold for £21.5 million.

Henry Pryor, a buying agent, said: “If property developers were Premier League footballers, everyone would be trying to sign the Candy Brothers in this transfer window.

“It is a very significant transaction, all the more so that it was bought in the public domain, and not under a corporate wrap.”

Category: Property

Add your comment

Libellous and abusive comments are not allowed. Please read our House Rules

For information about privacy and cookies please read our Privacy Policy