London apartments with a £2.3m Banksy mural on the outside have entered the market for £1,000 a week, with the full property being valued at a staggering £6.5 million.
A building on London’s trendy Portobello Road is being fully renovated to include two luxury flats. The exterior of the building shows the Banksy mural known as ‘The Painter’, which is said to worth around £2.3million
The site owner is looking to relocate the mural from the ground floor location to the first floor and be protected by a bullet proof glass, bordered by a steel frame. At night the spot will be illuminated by spotlights!
The Painter was installed in 2008 at a size of 7ft by 14ft and initially valued at £1million, but is now said to be worth closer to £2.3million. The new owner of the three-storey property has won planning permission to turn it into high-end apartments and restaurants in a £6.5 million scheme called Sartoria House.
Construction is due to begin later this year and is scheduled to be completed at the beginning of 2019. At this point the apartments will be available to rent for £1,000 a week.
The plan has angered campaigners who have fought attempts to “gentrify” the north end of Portobello Road market in what was once one of London’s most deprived areas. One campaigner said: “It’s appalling, they’re turning Banksy into a marketing tool.”
Simon Lyons, CEO of primary developers Enstar Capital said, “This design concept pays homage to the Banksy artwork which will form the centerpiece of the completed development. Our new development is adjacent to the wider Westway Regeneration Project site, and together these two schemes will kick-start the long awaited regeneration of the Portobello Road into smarter address, which will still reflect its street art and market-trading origins.”
So much hysteria surrounds the elusive Banksy that people can demand inflated prices for their properties. In 2013, New York City was gripped as Banksy spent a month putting up art installations in Manhattan and Brooklyn.
Each piece drew hundreds of curious onlookers as it was discovered, however the majority were defaced by other graffiti artists within a few hours, like a Chelsea image of a dog peeing on a fire hydrant.
In 2017 Banksy turned his art to a satire on Brexit, as local people were been left stunned and delighted after the elusive stenciller crept into Dover and created a Brexit-themed image on a derelict building.
It signifies Brexit by showing a workman on a ladder chiseling off one of the 12 stars of the European Union flag. After the art was “installed”, the land surrounding the area sold for £420,000.
DMZ can see that Banksy is a much loved artist in London; Enstar Capital are looking at every option to try and hit their high valuation at a time when luxury builds are struggling to sell.
We’re not so sure left-leaning Banksy would be entirely at ease with developers using his artwork to leverage an inflated asking price! That said, as usual a property is only worth what someone is willing to pay for it, and DealMakerz suspects there will be queue of potential buyers for such a unique product.