Beauchamp Estates was able to sell the £15.45 million home at 26 Old Queen Street on behalf of the Canadian Benisti Family Office selling it. A Russian millionaire in his 40s with a very large net worth bought the house. He came with his children and his ex-girlfriend. There is a well-known energy company owned by the buyer.
The sale of 26 Old Queen Street, a home with a view of St. James’s Park, for £15.45 million sets a new price record for the St. James’s neighborhood market. It is also the biggest single domestic sale in the UK during the Covid-19 shutdown.
Zah Azeem, Partner at Scrivener Tibbatts, says it shows trust in the Prime Central London market. There is once again activity at the high end of the market, which is great to see. This is not the only sale over £10 million.
It was finished on Friday, May 15, after the London real estate market opened again on Wednesday, May 13. This is according to Property Investor Today.
The Russian client had a huge budget of £25 million and wanted to live in Prime Central London, between Marble Arch and the River Thames. To the west, he wanted something near Brompton Road and Harrods. To the east, he wanted something near Tottenham Court Road and Trafalgar Square.
The buyer and his girlfriend looked at two homes before agreeing to buy 26 Old Queen Street on March 20, just before the lockdown. They saw a smaller home in Mayfair that cost £5,500 per square foot and a house in Belgravia that cost £2,800 per square foot. On Wednesday, May 13, they had a second chance to look at the house. The lawyers then signed the deal, which ended on Friday, May 15.
A Beauchamp Estates spokesperson said, “London is a global property market, a ‘property island’ separate from the rest of the UK.” People with a lot of money come from all over the world to buy in Prime Central London, and they “will continue to do so.”
Following the Boris bounce, the very top of the market was busy at the start of 2020. After the market reopened, there was still action during the lockdown. We expect the next few months to be busy as pent-up desire is released.