Former Mayfair home of steel tycoon and wartime MP for sale for £15m as sales of homes in the area plummet
The former Mayfair home of a steel tycoon and wartime MP has been put on the market for almost £15 million – despite sales plummeting in the posh area.
Sir Frederick Mills was a wealthy businessman when he bought the grand home in 1915, having made a fortune as chairman of the vast Ebbw Vale Steel Company.
He retired in 1929 and became a Conservative MP, serving the constituency of Leyton in East London between 1931 and 1945.
During this period, the likes of David Lloyd George, Lord Beaverbrook and Winston Churchill would visit his property on Green Street, Mayfair.
The 5,500 sq/ft home was restored when it was bought by its current owners in 2006 and boasts six bedrooms, five reception rooms and access to Green Street Gardens, known to locals as Mayfair‘s Secret Garden.
It has 11ft high ceilings on the ground and first floor as well as a state-of-the-art kitchen with super-pricey Gaggenau appliances and food lift serving the dining room above.
The home has now been put on the market for £14.95 million with Knight Frank and Wetherell, who describe it as a “magnificent townhouse mansion with an illustrious history”.
However, it is an extremely difficult time to sell a home in the area with sales down 50 per cent thanks to increased taxation, regulation and the uncertainty over Brexit.
As a result of these issues, many potential purchasers are choosing to rent rather than buy.
Stamp duty on the home is £1.7 million if it is the buyer’s only property but if they have a second home they will have to pay a whopping £2.15 million.
And if they buy it through a company they will also have to pay £109,000 per year as part of the government’s ‘Annual Tax on Enveloped Dwellings’.
But they will be getting a stunning home, according to Harvey Cyzer, partner at Knight Frank in Mayfair.
He said: “This house has all the attributes of a best in class product.
“With very few house options available in Mayfair between £10 million – £20 million, this is the only one to have access to a south facing garden and additional roof terrace.
“With exceptional ceiling heights and neutral interior, the property has grand voluminous spaces suited to an entire spectrum of buyers.”
Research from Wetherell shows around half of homes in Mayfair sell for between £2 million and £10 million, with 11 per cent selling for prices above £10 million.
The remaining 41 per cent sell for below £2 million – although there are now only a fraction of sub-million pound sales in the famous ‘village’.
Peter Wetherell, chief executive of Wetherell, added: “41 Green Street is a magnificent townhouse mansion with an illustrious history.
“What makes this beautiful family home so special is that behind the traditional facade there are modern Scandinavian and yacht inspired bright and airy interiors, characterised by clean lines and understated elegance and simplicity.
“It’s the perfect home for a modern family. One of the many benefits is the direct access onto the lawns and pathways of the Green Street Gardens, which is colloquially known as Mayfair‘s Secret Garden.”
The former home of Sir Frederick Mills, who died in 1953, is one of a number of pricey pads formerly owned by prominent politicians currently for sale.
Margaret Thatcher’s home on Chester Square is on the market for £30 million.
The Eaton Square home of Leo Amery, where Tory MPs hatched a wartime plan to replace Neville Chamberlain with Winston Churchill as Prime Minister is available for £26.5 million.