“Ultra-prime” London residential project underlines £930m mansion building ‘boom’
Beauchamp Estates highlights that a newly consented ultra-prime project at 52 Avenue Road in London’s St John’s Wood is part of an unprecedented £930m (GDV) luxury home building ‘boom’ along this sought after road.
In a new survey of the houses and mansions along Avenue Road, one of London’s “leading trophy” addresses, Beauchamp Estates has used Lonres, Land Registry, planning and local market intelligence to compile a detailed analysis of recent and pipeline mansion refurbishment and new build projects along the road.
The Beauchamp Estates survey reveals that over the last three years six new mansions have been built on Avenue Road with a combined value of £370m, with the largest of these being a mega-mansion currently listed for sale for £110m.
Additionally, over the next three years there are seven new residential development projects planned for Avenue Road, which have a combined value of £560m plus.
Of the pipeline, six are individual houses or mansions and the seventh project is the new luxury development at 52 Avenue Road by Domvs London and Select Group which will deliver 12 new build mansions with gardens, a health and wellness spa and 6-star concierge.
Beauchamp Estates observes that there are currently 54 houses on Avenue Road ranging from 5,700 sqft up to 30,000 sq ft in size. Of these, 51 are privately owned residences and three are government owned mansions for the Ambassadors of Sri Lanka, Ghana and Israel.
Beauchamp Estates calculate that currently unmodernised houses and mansions on Avenue Road typically range in value from £17m up to £25m, whilst modernised or new build houses or mansions range in price from £20m up to £60m. The largest mega-mansions on Avenue Road, which are up to 30,000 sq ft in size, are being listed for sale for up to £110m.
These top values underline how Avenue Road has become the “most sought after and exclusive” residential address in St John’s Wood and North West London and is now viewed by global wealth as one of the best trophy addresses in the capital.
Gary Hersham, founding director of Beauchamp Estates, commented: “The current mansion boom along Avenue Road is creating almost £1 billion worth of new luxury houses and mansions, a transformation which has elevated the profile of the address into arguably one of London’s most desirable destinations.
“Avenue Road is one of London’s finest addresses appealing to the same calibre of buyers as the likes of Kensington Palace Gardens, The Boltons, Cornwall Terrace and Holland Park. Avenue Road has, from time immemorial, been the best and most sought out road in the whole of North West London.”
By Matthew Neville – Senior Correspondent, Bdaily
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