Lutyens mansion sold off in St James’s Square mega-deal

Hong Kong investor shells out nearly £250m for trophy townhouse and office block portfolio

A rare slice of super-prime resi on St James’s Square has been snapped up by a Hong Kong investor as part of a £246m mega-deal with the office building next-door.

7 & 8 St James’s Square

The 30,000 square foot mansion at No.7, designed in 1910/11 by the great Sir Edwin Lutyens, has reportedly been sold off alongside the high-earning block at No.8 after the collapse of ex-poker star Achilles Kallakis’ real estate empire.

Irish development and investment firm Green Property confirmed offloading the trophy assets – the prestigious offices have fetched some of the highest rents in the area and house tenants including French bank Société Générale and art dealer Helly Nahmad Gallery – adding that the sale “highlights the resilience of very prime London properties in a post-referendum environment”.

Most of the talk has been about the office element, but the Grade II listed mansion is what we’re really interested in.

Back in 2011, when plans first surfaced for No.7’s return to a single residence, Bloomberg put the potential end value in the £50m region, following a £14m redevelopment spend, although comparables are few and far between in this part of town. Formation Architects worked with Martin Kemp Design on the ambitious designs, which have incorporated ultra-grand reception rooms, nine bedrooms, a garden, swimming pool, spa and some parking, and there’s plenty of provenance to go with of course – a memorial epigraph to Lutyens confirms this as the actual place where the designs for New Delhi were drawn up…

Commenting on the deal, Green Property director Mike Tapp said: “This sale highlights the resilience of very prime London properties in a post [Brexit] referendum environment. It is a reflection of the ongoing attractiveness of the West End as a target market for long term international capital.”

CBRE and Nabarro acted for Green; BNP Paribas Real Estate and Norton Rose Fulbright advised the purchaser.

Image: BNP Paribas