Rutland Gate mega-mansion ‘could be worth between £500m and £600m’

Detailed plans to restore and rework the UK’s most expensive house, 2-8 Rutland Gate, have been unveiled in the wake of its record-breaking £210m acquisition.

Squire and Partners-designed proposals for the refurbishment of the 62,000 square foot private palace overlooking Hyde Park were submitted to Westminster a few weeks ago, following pre-app consultations with everyone involved (including the council, Knightsbridge Neighbourhood Forum, Knightsbridge Association, Friends of Hyde Park, immediate neighbours and local residents).

“To allow for its continued use as a single family dwelling”, the suggested works to the mansion include “repair, partial demolition and alteration to parts of the existing building facades, demolition and replacement of the existing fourth and fifth floor levels resulting in a minor increase in height of the existing building and minor excavation at level -2.”

The design and access statement adds: “It is not a commercial development for sale or rent”. On the teamsheet alongside Squires are Hoare Lea, KM Heritage, Randle Siddeley and Gardiner & Theobold.

The family office of Cheung Chung-kiu, founder and chairman of Hong Kong-based CC Land, confirmed the blockbuster deal at the beginning of last year. The final purchase price smashed the previous record – set by Park Place in Oxfordshire back in 2011 – by £70m.

The seven-storey private palace was converted from four 1830s Italianate townhouses into a 45-room single residence between 1985 and 1987; features include a suite of ambassadorial receptions, bullet-proof windows, a leisure complex with pool and spa, “several” passenger lifts, and underground parking for a fleet of vehicles.

It has been estimated that the works could cost anywhere between £125m and £200m and create a finished article worth between £500m and £600m – which would make it the world’s most valuable single home.

Article Source: Prime Resi