Gulf billionaire buys former London Park Street embassy for £25m (it was worth £10.6m in 2012)
A Middle Eastern billionaire has bought the former Cyprus Embassy turned mansion in London’s Park Street for £25m.
The last time the six floor Edwardian mansion changed hands was back in 2012, selling for £10.6m.
Estate agent Wetherell, who conducted the sale to the Gulf tycoon, said this price reflected the fact that the property required significant refurbishment and a change of use from Embassy to residential.
“It was sold in 2012 as a leasehold property, and therefore the buyer at the time needed to purchase the freehold,” they said.
The mansion was originally built in 1913, designed by Wimperis and Simpson; it was the home of Sir Louis, a wealthy British tobacco tycoon who was managing director of the Carreras Tobacco Company,which is now British American Tobacco.
In 1959, his wife Elsie sold the Park Street mansion to the newly formed Government of Cyprus and the property then served for many decades as a grand Embassy for the Cyprus High Commission.
When the Cyprus High Commission relocated to 13 St James’s Square the mansion reverted to being a private residence.
Peter Wetherell, founder and chairman of Wetherell said: “This magnificent former Embassy on Park Street was converted back into a mansion and has been purchased by an international buyer who wanted a family home in Mayfair.
“A series of houses and mansions have been sold in Mayfair over the last few months purchased by families from the Middle East and India.”
Despite concerns about the health of the residential property sector, demand for luxury homes appears to be picking up.
Wetherell said that Mayfair is now the most sought after and valued address in London the six year average showing the average sales price in Mayfair is now £20.3m beating Knightsbridge at £19.95m, Kensington at £19.11m, and Belgravia at £16.4m.
It is not known who the Middle Eastern billionaire is.