Former England and Chelsea
footballer John Terry has been granted planning consent to demolish a Surrey mansion and develop two properties in its place.
The Daily Mail reports
that Terry purchased the property in Oxshott for £4.5m and intends to redevelop
the site with two mansions, one of five bedrooms and one of six. They say that
the development could return Terry a £20m profit. The Crown Estate, of which
the site is part, objected to the plans on the basis the development was out of
keeping with the area, but the local authority has approved the plans.
Terry appears to have a knack
for turning a profit from property here. He is reported to have made £20m on properties
he purchased here, with a view to living in one, before selling it on for a
substantial gain to the Sultan of Oman.
While the newspaper makes
a story about this being a rich footballer’s property development Terry is
really only doing what many shrewd property developers are doing right now –
redeveloping a dated property on a large site in a sought after area with
modern properties which are much better suited to today’s market.