Rokstone’s £1 Million ‘Try Before You Buy’ Deal For London Mega-Mansion

An ultra-prime estate agent is making waves with the largest rental deal ever achieved in Westminster, St James’s and the West End.

This month, Rockstone has agreed a £1 million per year rental for an 11,080 square foot mega-mansion in Westminster in the capital’s biggest ever ‘try-before-you-buy’ deal. Acting on behalf of the vendor, the estate agent brokered the £84,000 per month lettings deal with an ultra-wealthy international family from overseas.

The un-named family decided that they wanted to rent the property initially, prior to making a decision whether to purchase it outright, sparking the innovative lettings offering. If purchased, the mega-mansion has an asking price in excess of £35 million.

The £1 million per year rent, is less than the £2.9 million Stamp Duty that the family would need to pay if they decide to purchase the five storey mega-mansion, which has five reception rooms, seven VIP bedroom suites, eight main bathrooms lined with the finest Italian book-matched marble and eight-person passenger lift.

Located off Barton Street in the heart of Westminster, the Grade II listed mega-mansion was originally built in 1904-1905 in grand Edwardian Baroque style. In 2012 the property underwent a lavish three year renovation project which has turned it into the finest mansion in Westminster and one of the largest private houses in Central London.

It provides an elegant entrance hall, grand inner hall with main staircase, family kitchen/breakfast room, study, wine room, vast 13 metre indoor swimming pool, Jacuzzi, gymnasium and private health spa.

“This ultra-prime lettings deal shows that the world’s super-rich still want and choose to live in Central London,” says Becky Fatemi, Managing Director of Rokstone. “Traditionally, the international super-rich would simply have purchased a property in the capital, worth anywhere between £25 million to £100 million.

“Now, Stamp Duty, political weakness and Brexit have caused some amongst the global super-rich to delay buying homes in London, so instead, we are seeing an upturn in ‘try-before-you-buy’ mega-rental deals.”

Lonres data shows that in the last five years there has not been anything residential let in Westminster, St James’s and the wider West End (Covent Garden, Soho, Fitzrovia) over 10,000 square foot in size, nor in excess of £10,000 per week.

Rental deals of this magnitude remain rare and are normally restricted to mansions in Knightsbridge, Belgravia, Mayfair and Hampstead. But now schemes like this are on the rise – with 14 in the past half-decade and now the first in Westminster.

“The Lonres data shows a steady rise in the super-rich delaying purchasing, and instead agreeing unique “billionaire-try-before-you-buy” rental-deals with super-rich vendors. It represents a very closed circle of wealth and people.”

For further information, call Rokstone on 020 7580 2030 or visit www.rokstone.com