Czech property tycoon Radovan
Vitek has spent £55m on a portfolio of 11 luxury serviced apartments on The
Bishops Avenue, London N2 – a road that it is frequently referred to as
The Evening Standard says that Vitek’s CPI Property Group has sealed the deal in a joint venture with private investor Dean Main. The purchase comprises 11 lateral apartments in the Buxmead development. Buxmead’s apartments come complete with a hotel style amenities including a concierge service, indoor pool, spa and cinema and are believed to rent for circa £5,000-£10,000 pw.
Vitek is worth £3.5bn according to Forbes and started his property empire in the 1990s by buying up privatised former state owned assets in his native Czechoslovakia.
The Bishops Avenue has acquired a reputation as one of the wealthiest streets in the world. Press reports in 2014 claimed that a significant number of properties on the road are permanently empty and are used by high net worth individuals and offshore companies as a means of ‘parking’ wealth. However, given the nature of this investment, it’s more likely these properties will be earning their keep on the letting market.