A derelict mansion on north
London’s The Bishop’s
Avenue – a prime property district which is infamous for its empty houses – has
been bought by a developer for around £20m.
The Evening Standard says
that Kenmore House, 58 The Bishops Avenue, has been bought by Harrison Varma – a
leading developer of crafted, contemporary, individual homes in Hampstead and
Highgate. The purchasers have not revealed as yet what they intend to do with
The Bishop’s Avenue, which is also often known as ‘Billionaire’s Row’, is notorious for having some of the UK’s most expensive real estate, and yet a number of the properties are derelict and have been for decades. It is thought that many of them are owned by wealthy individuals abroad who have bought them as a way of ‘parking’ their wealth in the UK without any intention of using them.
£20m is a lot of money for a derelict house in an area known for its numerous derelict and decaying properties. However, it reveals much about the nature of the London market where location seems to be everything. Whatever plans Harrison Varma bring forward for the site are likely to provide a lucrative return on their investment.