Marsh & Parsons Prime Sales orchestrated the deal, which represents one of the biggest London sales of 2015 so far. The unmodernised end-of-terrace goliath on Kensington Park Gardens, described as “one of the largest and most impressive private houses to have been sold in Notting Hill for several years”, was guided at £24 million, and the transaction (to an unnamed buyer) was finalised a few weeks ago.
Built in 1845 and offering 11,660 square feet of internal space, the magnificent stucco fronted property is in need of a full refurbishment, but provides four reception rooms, eight bedrooms and bathrooms, two dressing rooms, four cloakrooms, a staff flat, linen room, swimming pool, spa, lift, terrace, off-street parking and a south-facing garden. The new owner will also have access to the exclusive Ladbroke Square.
At asking price, the new owners would have had to pay a massive £2,793,750 in stamp duty alone, as well as risking the uncertainty surrounding a potential mansion tax following the outcome of the General Election. None of the political parties proposing a mansion tax had set out clearly what the levy would be for properties above £5m.
Keith Gorny, Director of Marsh & Parsons Prime Sales, commented:
“While top end activity was subdued in the run up to the election we conducted several high value sales with buyers whose desire to own the right home outweighed their concern for future property regulation.
“An important house of this calibre is rare to the market – one might not come along again for several years. As a result, the property attracted considerable domestic and international attention, and the final price achieved is an encouraging vote of confidence in the Prime London Housing Market’s medium to long term prospects. Buyers are learning to live with the new with the higher stamp duty costs above £937,000, and Prime London property continues to be a highly sought after asset.”
