Spink Property in collaboration with equity group Evans Randall plans to buy the famous building from the Crown Estate for £65.5 million and convert it into a luxurious home with an initial asking price of more than £140 million. The sale is scheduled to be completed next month.
The high valuation of the London property is due to its rich history and central location in the heart of the capital. The building, located on the site of the gardens of Carlton House, has been part of the Royal Family’s estates since it was completed more than 125 year ago. During World War II it housed the Free French Forces and was often used as residence by Charles de Gaulle.
The building is currently used as office spaces, but as James Cooksey, head of St James’s and diversification portfolios at the Crown Estate, has commented for The Times, the project corresponds to their ”long-term vision for St James’s, which we see not just as a destination for business, retail and dining but also as a place to live.”
The plan’s goal is to maximise the potential of the estate by extending it into a four-storey mansion with more than 16,000 sq ft available with an estimated price of around £8,500 per sq ft. The ambitious real-estate entrepreneur Mike Spink is famous for turning the previously forgotten country mansion Park Palace into the UK’s most expensive residential estate so far. After purchasing it for £42 million and converting it into a luxurious home, he sold it in 2011 to Russian billionaire Andrey Borodin for the impressive £140 million.
Author: Emma Scott
Article Source: http://invezz.com/news/real-estate/4601-mike-spink-investing-in-uks-most-expensive-home
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