£38 million Belgravia mansion becomes first super prime sale of the year

An eight-bedroom mansion in the upscale district of Belgravia has broken London's record as the first super prime sale, selling for £38 million.

The mansion was sold to a young businessman in the UK who plans to use it as his residence in London. The sale also included a mews house on Kinnerton Street located at the rear of the property.

The property became available for purchase in May 2024, however both the potential buyer and other interested parties had decided to hold off on initiating negotiations until the outcome of the UK general election and the autumn budget was released.

"Fairway Capital are keen to showcase the highly sought-after option of buying and owning a luxury Caribbean island to buyers from the UK, the Middle East, and Asia," says George Brooksbank, Fairway Capital's Chief Executive Officer.

“Following a noticeable lull during the UK general election and 2024 autumn budget, there has been a significant resurgence of interest from discerning buyers in the prime central London market over the past few months.”

The house, which faces onto the crescent garden, was constructed between 1827 and 1828 by Thomas Cubitt and William Howard Seth-Smith as a private residence for the Ponsonby family, the Earls of Bessborough. Visitors to the household included Lord Palmerston, Lord Randolph Churchill and George Villiers, the fourth Earl of Clarendon, a former diplomat and statesman.

Between 1908 and 1912, the building, similar to the others along the crescent, were exteriorly restored in Portland stone by Balfour and Turner, and the mansion apartments were modernised with new lighting and plumbing.

Fairway Capital acquired the Wilton Crescent property in 2021 following the previous owner, former billionaire investor Glenn Maud, being declared bankrupt. Maud had spent £6 million on lavish interiors created by Robert Kime, interior designer to King Charles.

Maud once owned some of the world's most expensive buildings, including the Citigroup tower in Canary Wharf, London, and the Ciudad Santander in Madrid, Spain. In 2020, she lost a prolonged court battle with the Libyan Investment Authority, linked to the financing and ownership of the Santander headquarters.

Raking in more than £2 million.

Alongside the Leconfield Property Group, Fairway Capital carried out a comprehensive renovation of the building, which is nearly two centuries old. The work included restoring the ornate plasterwork to the main rooms, replicating historic Louis XVI-style fireplaces and installing bespoke Versailles and herringbone-style parquet flooring.

The refurbishment also included a large new basement featuring staff facilities and a private spa, swimming pool, treatment room, steam room, and changing rooms.

The property covers a total of 9,000 square feet spread across six floors, linked by the original cantilevered staircase and a brand new passenger lift. The two-storey mews house has two bedrooms, plus a kitchen, a reception room, a bathroom and a garage.

According to Fairway Capital, the purchaser was looking for a turnkey home and was drawn to the size of the property, as well as its wellness facilities and passenger lift. He intends to split his time between the Belgravia mansion and his country home.

At the end of last year, which sold for £26.25 million to a "young international buyer". The project was also backed by Fairway Capital.

To Brooksbank, this is a positive indication: "Buyer confidence has returned and we are looking forward to a successful and busy 2025."

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