£16.5m “refurb-to-rent mansion” on Cumberland Terrace offered for £10k per week

A newly-renovated Grade I listed former embassy building is being pitched as “Regent’s Park’s first purpose-made refurb-to-rent mansion”

A newly-renovated Grade I listed former embassy building on Regent’s Park is being offered to rent for a cool half-a-million a year.

The John Nash-designed townhouse on Cumberland Terrace is being marketed as “Regent’s Park’s first purpose-made build-to-rent mansion” and, taking some liberties with the terminology, as “London’s first build-to-rent mansion” (despite the property having been completed in 1826), with an asking rent of £520,000 per annum.

Semantics aside, it’s still a grand and interesting proposition.

Valued at around £16.5m, 50 Cumberland Terrace has been thoroughly refurbished by its owner-developer with a clear focus on the super-prime rental market. It’s now being offered for £10,000 per week (£520,000 per year), via Rokstone and Carter Jonas.

The property comes in at 4,643 square feet, offering five bedrooms (the master suite occupies its own private floor) plus a newly-installed basement level.

It was originally the home of Spanish nobleman and legendary racing driver, Pedro Mones, the Marques de Casa Maury, and more recently provided Embassy accommodation. The current owner acquired the property in 2014, spent a year getting planning and Listed Building consent to renovate, and then undertook a two-year refurb programme.

Some snazzy CGIs have been created to help market the townhouse, giving would-be renters a view of both empty and dressed rooms. A furniture package is being offered via Casa e Progetti.

Main reception room – dressed

Rokstone anticipates that “Regents Park’s first purpose-made refurb-to-rent mansion-townhouse” will appeal most to super-wealthy Middle Eastern and Asian students and socialites wanting a “glam-yet-temp” pad in the capital. “Nervous” EU residents might also be interested, opting to rent rather than buy while they wait and see how Brexit negotiations play out.

Renting the house out is an “extremely adroit” decision by the owner, says Rokstone’s MD Becky Fatemi, which “reflects the dramatic transformation of London’s ultra-prime residential market.” Super-prime property ownership in the UK is now a long-term investment, working out over 10-15 years, she says.

Hefty stamp duty rates also mean that a tenant could also – potentially – be making a relatively savvy financial move by renting. The SDLT bill on Rokstone’s full £16.5m potential value would come to £1.893m; that’s more-than-small-change above the £1.56m rental cost over three years…

Of course, if prime London property values were to tick up by 4% a year over the next three years (a touch above Savills predictions of +10% by 2020, +15.5% by 2021), that would mean a capital value increase of £1.98m.

Main reception room – not dressed

Cumberland Terrace is one of London’s grandest addresses, designed in the 1820s by Royal architect John Nash to provide grand homes for pals of the Prince Regent. Notable residents have included the likes of Frieda Dudley Ward (mistress of King Edward VIII) at No.1; Wallace Simpson (later the Duchess of Windsor) at No.16;  Sir Oswald Mosley at No.10 – and more recently, Tom Cruise and Nicole Kidman, when they were a thing.

55 Cumberland Terrace

Becky Fatemi, Managing Director of Rokstone: “This is the first purpose-made refurb-to-rent mansion-townhouse to be launched in Regents Park, and one of the first of its kind in the wider London marketplace. There are other palatial homes on the market, but they are the result of ‘accidental landlords’ who would ideally like to sell their home, not a strategic rental investment model.

“The build-to-rent and refurbish-to-rent model has tackled the student and volume housing market, but this newly refurbished house is bound to help set a new trend in the luxury lettings market, and I’m sure this new rental-residence will be followed by other refurb-to-rent mansions.”

“The build-to-rent and refurbish-to-rent model has tackled the student and volume housing market, but this newly refurbished house is bound to help set a new trend in the luxury lettings market, and I’m sure this new rental-residence will be followed by other refurb-to-rent mansions.”

Olivia McSweeney, Rokstone Head of Lettings: “Stamp Duty costs now means that an affluent family looking to live in London for less than three years will typically rent. This thesis is based on the following calculations. Renting a large luxury home (worth £16.5 million) will now typically cost £10,000 per week to rent or £520,000 per year. On this basis, renting such a home over three years would cost £1.56 million – which is a saving of over £330,000 – when compared with paying the £1.893 million Stamp Duty cost of purchasing the property. This magnificent Cumberland Terrace property has been cleverly reconfigured for the modern tenant with formal and informal reception areas and stylish bedroom suites.”

In pictures


Further Reading

50 Cumberland Terrace is available to let for £10,000 per week / rokstone.com