A palatial part of Greece in Holland Park for ultra-high-net-worth-individuals04 January 2013
Nine bedroom former Greek Embassy Annexe, Holland Park, London W11. Price on Application.
To all you millionaires out there, this is one for those of you with tens of millions* at your disposal, rather than the mere several million that you may have been thinking would suffice. Certainly at the business end of the unmodernised property market, this ‘Grade II listed detached Italianate Villa’ is certainly spot-on in terms of location.
The next thing to worry about is the works involved to convert the property from it’s former use as an annexe to the Greek Embassy. We reckon you’d probably be looking at around £600 per square foot on all your refurb costs (yes, that’s a renovation budget of +/- £5.25m). It’s endowed with a superb garden, and there’s probably potential to extend beyond the current 8700 sq ft.
For sale on the instructions of HRADF, a fund charged with maximising the value of assets of the Greek State through their sale, and the National Bank of Greece.
Of course, as much as this may appeal to the individual there’s great development potential here for the well-capitalised property development firm looking at a bespoke, high-end project.
*What would you be more accurately termed? I’m sure you know already, but ‘multi-millionaire’ doesn’t do you justice; Wikipedia would class you as an ‘ultra-high-net-worth individual’ if you’re lumbered with net liquid assets of over $30m, but ‘ultra-high-net-worth-individual’ does seem to lack a certain snap.
Details are here…