A coach house in Belgravia up for sale at £6.5m has planning consent to
redevelop it into a classical mansion which could be worth £12m on completion, the
selling agents claim.
Located close to the ceremonial arch at the entrance to Headfort Place, 39 Headfort Place currently contains an unlisted freehold house with a history dating back to 1767. In 2017 planning was granted for the demolition of the existing dwelling and the erection of what is described as a ‘grand and elegant classical style white-stucco mansion’ extending to 3,800 sq ft and overlooking the communal gardens.
Selling agents Beauchamp Estates report: ‘The current property, with planning permission, is for sale for £6,500,000. The latest Dataloft research report for the Belgravia housing market shows that the best luxury homes in the local area can now command values of circa £2,700 to circa £3,100 per sq ft (based on top 5% of sales over the last two years). Therefore the new classical house at 39 Headfort Place, once built complete to a high specification, could have a market value of £11,780,000 to £12,000,000 – a potential capital value uplift of up to £5,500,000.’
A project which offers its developer a chance to almost double up on their purchase price is impressive in any market and many will be particularly impressed that it is apparently still possible in London. It shouldn’t however be forgotten that the costs of redeveloping such a site together with the ultra-high specification that will be needed to achieve a £12m price tag will in themselves be considerable too.