Rundown property near the Queen to be transformed by billionaire brothers into one of UK’s finest homes – worth £70 MILLION
A badly rundown mansion near the Queen is set to be transformed into one of London’s finest four-bedroom homes – and boast a £70 MILLION price-tag.
During its Victorian heyday, 95 Piccadilly was one of the capital’s most impressive private homes.
The Grade II listed property, overlooking Green Park, later became a private members club for the growing number of Americans living in London.
But it has been empty for almost 30 years and in recent times has fallen into significant disrepair.
A combination of water ingress, dry rot and vermin infestation has left the Mayfair mansion in “poor condition” and with “extensive damage”.
The dilapidated property, alongside the In and Out Club next door and a number of other buildings, was bought by the billionaire Reuben brothers as part of a #130 million deal in 2011.
They commissioned Paul Davis and Partners to come up with a plan to redevelop 95 Piccadilly and return it to a single family home.
Planning permission has now been granted by Westminster Council to completely refurbish the home, change the layout and create a new basement level which will feature a swimming pool and spa.
While in bad condition, the historic fabric and plan form of the principal rooms remain largely intact, many of which have grand features including impressive fireplaces, high ceilings.
There is also a stunning central staircase.
When completed, 95 Piccadilly will have a passenger lift, while an additional staircase will be built to access the new basement, which will feature the a new swimming pool, lounge, gym and spa.
The basement will feature a large kitchen and dining room, wine cellars and staff accommodation.
The ground floor has the grand entrance lobby, and reception room along with the sitting / media room. All these rooms are dominated by huge pillars and high ceilings.
Onto the first floor, there is a principal front room, rear dining room, a pantry and study.
The second floor will be one giant suite and boast a huge master bedroom, which has its own private living room, a walk-in wardrobe, two bathrooms and a master study.
There are three further super-sized bedrooms – all of which will have large en-suite bathrooms and dressing rooms – on the third floor, while the top floor will have a family room and outdoor terrace.
The result will be a four-bedroom home worth around £70 million.
This makes it 400 times more expensive than a typical house in England and Wales. Stamp Duty on a property this price is a staggering £8.3 MILLION.
Becky Fatemi, managing director of Rokstone estate agency, believes the property will be stunning when ready.
She said: “When 95 Piccadilly is completed, I think we’re talking about it being a #70 million home and that’s being conservative.
“The refurbishment will be to a very high standard and you’re overlooking the park. This is what people are looking for.
“To refurbish a place like this, you’ll be looking at spending between #800 and #1,000 per sq/ft and this includes furniture.
“It is likely whoever wants to buy will want to be able to move straight away. They want an ease of life. ‘Turnkey’ properties allow this”
David and Simon Reuben, who are worth around #9 billion, have made a fortune in the property market.
The property at 95 Piccadilly overlooks Green Park and is only a short distance from Hyde Park and Buckingham Palace.
Next door is 94 Piccadilly, better known as The In and Out Club, which is also being redeveloped by the Reuben Brothers.
When 94 is completed, and has a buyer, it is thought it could sell for in excess of #200 million and take the crown as London’s most expensive home.
Before World War II, the road was known for its private homes. Number 145, which was destroyed during the war, was a 25 bedroom mansion which and the childhood home between 1927 and 1937 of HM Queen Elizabeth II and Princess Margaret.
After World War II, due to the lack of offices in the City of London, Piccadilly became a commercial road lined with hotels, the Japanese Embassy, offices and plush clubs.
Peter Wetherell, chief executive of Mayfair estate agency Wetherell, believes the area is being transformed back into a prime residential area.
He said: “Booming residential values are driving the transformation of the thoroughfare back into a super-prime residential address with a series of trophy properties, super-luxury apartments and penthouses in the pipeline.
“These mansions also provide great economic benefits through refurbishment and architectural restoration, the trickle-down effect of wealth does work in property restoration.”
Becky Fatemi added it would be difficult to say who exactly will be looking to buy a home like 95 Piccadilly with the mansion likely to have a broad appeal to the wealthiest homebuyers.
She said: “Mayfair isn’t typical of most prime areas of London.
“I don’t think you can categorise exactly who might buy it. You don’t just get super-rich Middle-Eastern and Russian buyers.
“There are also a lot of UK and American buyers who will be interested in a home like this.
“What is interesting about properties like this one is that they were originally very grand residences and they are being returned to their original purpose.
“Mayfair, in particular, is going back to what it was like in the 1800s.
“At the moment I have three to four people looking for #50 million-plus homes but there is a shortage of choice. I think when this will be completed, it will be stunning. An uber home.”