Twelve mega mansions are under construction or recently completed on just one London street – Avenue Road in St. John’s Wood – and together they have a value of £500m, according to a recent survey.
The survey by agency Aston Chase says that 70% of the properties are private projects where buyers have purchased plots and are extending or replacing the existing house while 30% are speculative projects by ultra-luxury developers. It adds that Chinese buyers appear to be at the forefront of this market.
Aston Chase suggest Avenue Road is emerging as something of a new hotspot for affluent buyers and developers as it offers accessibility, large plots suitable for redevelopment and relatively good value compared to other desirable London locations.
Mark Pollack, Co-Founding Director at Aston Chase, says: “The current building boom has transformed Avenue Road and elevated the profile of the address as arguably one of London’s most desirable destinations. In addition to properties officially for sale, others are often available on an ‘off market’ basis since many of the owners see their homes on Avenue Road as a tradable asset, meaning that virtually every house is for sale at the right price, reflecting the entrepreneurial spirit of the owners.
“Discerning buyers are drawn to Avenue Road because it is lined with low built houses of substantial value and runs into Regent’s Park. The generous plots lend themselves to trophy homes, giving buyers ‘a lot of bang for their buck’.”