A Qatari billionaire has bought up an empty central London house for £150m and is renovating it into a £300m ‘small urban palace’, it is reported.
Hamad bin Jassim bin Jaber Al Thani, a member of the Qatari Royal Family with estimated personal wealth of £1bn, has purchased Forbes House in Belgravia, located between Hyde Park and Buckingham Palace.
The property has not been used as a home since 1941. However, planning documents lodged with Westminster Council suggest the new owner is planning an extensive refurbishment to provide a ‘single family house of the highest quality’.
As well as extensive reception rooms there will be his and hers master suites, six children’s rooms, five guest rooms, 12 staff bedrooms, a pool and health spa and basement parking.
Experts believe such a property in this location could be worth £300m on completion.
Reports such as these perhaps suggest that forecasts of the death of the high end London property market are somewhat exaggerated. This sector of the London market continues to be supported by buyers for whom money is literally no object.