Billionaire’s Row

A new luxury homes project underlines £930 million mansion building boom on Avenue Road

Beauchamp Estates have highlighted that a newly consented ultra-prime project at 52 Avenue Road in London’s St John’s Wood, by Domvs London and UAE investor-developer Select Group, delivering 12 new build mansions with gardens, a health and wellness spa and 6-star concierge is part of an unprecedented £930 million (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 have 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.

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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 £370 million, with the largest of these being a mega-mansion currently listed for sale for £110 million. In addition, over the next three years there are seven new residential development projects planned for Avenue Road, which have a combined value of £560 million 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 set a new benchmark in St John’s Wood for ultra-prime residences with luxury amenities.

Beauchamp Estates reveal that the new 52 Avenue Road scheme will be the first fully serviced ultra-prime residential development on the Avenue providing the owners with all the benefits of luxury apartment living including 6-star white-gloved hotel style concierge and housekeeping; a health and wellness spa with a 25 metre swimming pool, state-of-the-art gymnasium/fitness suite, beauty rooms, lounge/business suite and private dining/entertaining suite.

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Beauchamp Estates observe that there are currently 54 houses on Avenue Road ranging from 5,700 square foot up to 30,000 square foot 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 £17 million up to £25 million, whilst modernised or new build houses or mansions range in price from £20 million up to £60 million. The largest mega-mansions on Avenue Road, which are up to 30,000 square feet in size, are being listed for sale for up to £110 million.

According to Beauchamp Estates the 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.

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Of the six newly built houses and mansions constructed over the last three years the values of the properties range from £30 million up to two mega-mansions valued at £100 million and £110 million respectively, the latter being a 30,000 square foot nine-bedroom mansion at 47 Avenue Road featuring a subterranean art gallery, indoor swimming pool, private cinema and private health spa. with Beauchamp Estates instructed as the sole selling agent.

Of the seven pipeline schemes the most highly anticipated is the new gated development at 52 Avenue Road. Designed by award-winning RIBA architect Shaun Knight, Head of Architecture at Domvs London, previously head of the London office of Adam Architecture, the project will deliver 78,000 square foot of luxury accommodation.

Each residence at 52 Avenue Road will offer owners luxurious private living spaces and communal leisure facilities, with the white-stucco facades replicating the Regency mansions of Regent’s Park and the work of Royal architects John Nash and Decimus Burton. The outstanding residences will offer huge lateral living spaces and ceilings up to 12 feet high with unique architectural detailing and bespoke design interiors, set amongst almost one acre of private gardens, terraces, living walls and roof gardens with London views.

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We understand features currently being explored for the gated estate include state-of-the-art security, using highly prized ex-British Army Gurkhas, with the health spa and the gym being curated by Hock Design, the specialist superyacht gym provider.

Prices at 52 Avenue Road, which unusually will offer a share of the freehold, are yet to be set but are anticipated to reflect the value that the Avenue now commands, balanced with offering value-for-money compared to neighbouring addresses such as Mayfair and Belgravia.

The other pipeline projects on Avenue Road include a basement extension to create a new enlarged 15,000 square foot house, another house being enlarged from 5,000 square foot to 15,000 square foot, the demolition of two unmodernised houses and their replacement with new houses on the existing plots and finally another house with proposals currently in planning to create a new 22,000 square foot mega-mansion which could be worth up to £75 million once completed.

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Beauchamp Estates observe that there are now 10 billionaires and 44 multi-millionaires who own houses or mansions on Avenue Road. The nationality of the owners is truly international with homeowners from the UK, Egypt, Saudi Arabia, Nigeria, the United Arab Emirates, India, Malaysia and China.

Over the last three years, by country of origin, the most prevalent buyers of houses on Avenue Road are families from India, China and the UK, purchasing for owner occupation. Their Avenue Road home is their principal London home, but is invariably just one of a portfolio of homes they own around the world.

Beauchamp Estates say that over the last 20 years the age and financial profile of buyers on Avenue Road has changed dramatically. The typical buyer is now aged between as young as 30, up to early-50s, and are more-often-than-not self-made business people. Twenty years ago the buyers were largely domestic UK local buyers aged in their mid-50s to mid-60s, many purchasing using inherited wealth.

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Beauchamp Estates say that buyers from the UK and around the world choose to live on Avenue Road because they like the lifestyle opportunities provided by the address. Just a three-minute walk along Avenue Road leads directly to the 410 acres of the Royal Regent’s Park and 62 acres of Primrose Hill Park. Also nearby is St John’s Wood Village High Street, with its array of independent shopping and amenities, the celebrated West End shopping district, Knightsbridge and the London villages of Marylebone, Primrose Hill and Hampstead.

Gary Hersham, Founding Director of Beauchamp Estates says: “The current mansions 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.”

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Rosy Khalastchy, Head of Beauchamp Estates St John’s Wood & Hampstead says: “Projects such as the gated 52 Avenue Road, the first fully serviced residential development on Avenue Road, help to attract a new generation of buyers to the thoroughfare. Buyers are drawn to Avenue Road because it is lined with houses of substantial value and the generous plots lend themselves to trophy homes, giving buyers a lot of value for money compared to locations such as Mayfair and Knightsbridge where gardens are either much smaller or the only outside space is a large terrace or balcony.”

Beauchamp Estates highlight that Avenue Road was originally built in the 1820s by local landowner Henry Samuel Eyre designed by architect John Shaw. The original Victorian houses on Avenue Road were home to members of the local gentry and successful self-made people including writer James Bickingham, the landscape painter William Collins and Herbert Spencer the philosopher.

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By the 1930s residents included film producer Sir Alexander Korda. Historically  Harry Hyams, Sir Philip Green, members of the Saudi and Qatari Royal families and Lord Samuel have all resided on Avenue Road, whilst in more recent times the DNA of Avenue Road more resembles the Forbes Rich List, reflecting the global appeal of London and the recognition of Avenue Road as one of London’s premier address’s.

www.beauchamp.com