Property Of The Week: Luxurious Belgravia Mansion Snapped Up For £21.5 Million

An imposing £21.5 million 7,948 square feet, six-bedroom mansion in Lygon Place in London’s Belgravia, originally the Italian Embassy and later the Office of the Italian Defence Attaché, has been purchased by a billionaire from Far East Asia.

The Lygon Place mansion was listed with Beauchamp Estates and Knight Frank, acting as joint sole selling agents. The Asian billionaire decided to buy the mansion just before the Labour Government’s Autumn Budget, which confirmed their intention to increase the Stamp Duty surcharge on overseas nationals buying UK residential property from 2% to 3%.

This prestigious London home is one of the finest mansions in Belgravia, providing an entrance hall, three reception rooms, a family kitchen and breakfast room, a cinema room, fitness studio, and six ensuite bedrooms. It is complete with a passenger lift, rear garden, staff quarters/studio, direct access to an underground car park with two allocated parking bays and 24-hour porter.

The Grade II Listed Edwardian mansion was originally built in 1900-1901 in the Arts and Crafts style, designed by architects Eustace Balfour and High Thackery Turner, with an attractive red-brick façade with Portland stone bay windows, ornate pediment and gabled roofline.

In 1923 it was acquired by the Italian government to serve as the Italian Embassy in London. In 1931 the Italian government expanded their diplomatic mission in London acquiring a new Embassy at 14 Three King’s Yard, another gated cul-de-sec, and converting the Lygon Place mansion into a diplomatic residence for entertaining important guests.

After 1945 the mansion became the Embassy Office of the Italian Defence Attaché providing accommodation for the Defence Attaché, his deputy and staff representing the land, air and naval branches of the Italian armed forces.

Paul Finch, Director & Head of New Homes at Beauchamp Estates says: “The sale of the mansion in Lygon Place is the latest in a series of Belgravia house sales over the last three months to buyers from the Far East. During 2024, there has been a steady rise in purchasers from the Far East acquiring trophy homes in London’s best addresses. London real estate remains highly attractive to international buyers because property transaction, holding and taxation costs in the UK capital are lower than rival cities including New York, Hong Kong, Singapore, Mumbai, Berlin and Madrid.”

Images courtesy: Casa E Progetti

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