London property is expensive across the board. So when a new home is unveiled in a part of town that is also the most expensive in a game of Monopoly, you know the price will be sky high.
Mayfair has become the “London address of choice” for wealthy Middle East residents, including those from Abu Dhabi, Qatar, Saudi Arabia and Kuwait.
So this three-bedroom, 5,845 square foot, duplex penthouse in the newly renovated The Mellier building – on the market for £30 million (Dh172.1m) – might work well for such clientele.
The property features space for a private art gallery on the lower floor along with a library, family room and master bedroom suite with private terrace, walk-in dressing room and master bathroom.
Upstairs there is a lounge/music room and a dining area that can seat 12. There is also a fully fitted kitchen and breakfast room with quartz stone worktops and Miele and Gaggenau appliances. The grand drawing room has floor-to-ceiling picture windows and sliding glass doors that open onto a winter garden.
But no luxury pad is good enough these days unless it is fully furnished. Designer Sally Mackereth spent months collecting artwork, furniture and rugs from around Europe, and individually designed the rooms with vintage contemporary and bespoke pieces of furniture.
The luxury duplex is one of five residences in the newly renovated building, which has a rich history to match its W1 location.
Built in 1905 as a grand Edwardian mansion, The Mellier had a 25-metre eight window frontage onto Albemarle Street. The six-storey property was the home of furniture magnate Charles Mellier who showcased his company’s furniture to visiting guests in the home’s exceptionally large rooms.
From 1920 it became the headquarters of a luxury motor car dealer for Buick and Cadillac. Known as Buick House, the motor cars were showcased on the ground floor and were popular with the Royal family and London’s high society. After the Second World War, the building became a showroom for Volvo before transforming into offices. It was acquired by the property developer Glebe in 2011, which took 24 months to turn it into its current form.
The 25-metre high windows on the ground floor, which once made the building so suitable to be a car showroom, are still remain one of the property’s key selling points.
So what are the other options in the building?
There is a 1,053 square feet one-bedroom duplex on the ground and lower ground floors and three single level three-bedroom residences. The ceilings are taller than any other new London apartment scheme currently for sale. The single level residences are priced at £18 million.
Each property has lift access and the ground floor offers a 24-hour concierge service. The entrance is dressed with artwork and bespoke furniture pieces.
So, if you can afford it, a London property is a no-brainer?
That definitely was the case as ‘prime’ property in London last year rose an average of 15 per cent. However, this year some of the UK governments tax schemes seem to have had an effect as properties in ‘prime’ central London markets, including Kensington and Knightsbridge, fell 0.9 per cent in the year to the end of June according to data provider LonRes.
UK government tax schemes?
Since 2012, the government has been tackling foreign property owners, imposing new taxes and raising existing ones. The strategy that seems to have slowed down the prime market, however, was the reform of stamp duty in December last year when rates on property above £2m were hiked to 12 per cent from 7 per cent.
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