Buyers circle £26.5m fixer-upper on Eaton Square

A practically unheard of opportunity is close to being sold on Belgravia’s ultra-exclusive Eaton Square, PrimeResi has learned.

One of the last remaining unconverted mansions on the square, a completely unmod Grade II* listed 1825 affair sporting four giant Corinthian pilasters, has been offered on the quiet for a while now at £26.5m, but we hear agents are close to closing a deal.

Vacant for the last two decades and in need of “everything doing”, the 8,446 square foot freehold midway along the favoured north terrace was owned by Rt Hon Leopold Charles Maurice Stennett Amery, MP and special advisor to Sir Winston Churchill during World War II. Amery played a key role in Churchill becoming PM and it’s believed the fate of Neville Chamberlain, Churchill’s predecessor, was sealed during a meeting at this very house.

Other distinguished owners over the years have included Sir Duncan MacDougall (1787-1862), a colonel in the Cameron Highlanders who played a key role in the capture of Washington during the American Civil War, and Admiral of the Fleet Sir Henry John Codrington (1808-1877), a royal navy officer of some repute.

By way of a clincher, we’re told the owner of the freehold mews property directly behind has now decided to sell up after 50 years in situ, meaning the whole original monty is up for the first time in over a century.

Stuart Bailey of sales agents Knight Frank estimates an incoming purchaser would “probably be looking to spend between £6m and £8m” to restore the house to former glories. They’d need to factor in another £4.8m to buy the mews, but a comprehensive amalgamation and refurbishment programme – crucially caveated “in the appropriate style” – could potentially result in an 11,000 square foot end product worth “between £50m to £55m”, says Bailey.

The layout hasn’t changed much since Thomas Cubbitt first designed the square, so all of the remarkable reception rooms remain intact, along with most of the original features. It doesn’t sound like ambitious HNW buyers or developers will have the luxury of time though…

Bailey: “The architecture and the history of 112 Eaton Square make this a genuinely unique opportunity. Now that we also have the mews house directly behind and that both properties are freehold, the existing interested parties we have are firming up.”

Development projects are predictably hard to come by on Belgravia’s most famous square. A 6,000 square foot apartment a few doors down at No. 116 was being offered for £32m a couple of years ago, with planning to turn it into 9,000+ square footer, but the vast majority are already done up to the nines. Only 15 out of the 118 buildings remain as houses and only eight of these have an adjoining mews.

Here’s a tour of the proposition as it stands...

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