The lavish London pad once owned by star of The Apprentice star Lord Sugar is up for sale, but it will set you back quite a lot. The property – on the corner of Old Park Lane and Piccadilly – comes with a price tag of £26m, after having recently-been refurbished. It spans more than 5,000 sq ft, has been the home of many a famous man: Lord Elgin – acquirer of the controversial Elgin marbles – has also called the luxury flat home.
After Elgin left, 149 Old Park Lane was occupied by Prince William, Duke of Gloucester and Edinburgh from 1816-34 and then by Prince George, Duke of Cambridge until his death in 1904. The property comes with a whopping £64,000 service charge – although at only two per cent of the property’s price, it’s unlikely to make much of a difference to super-prime buyers. Ultra prime London is in “high demand” despite an “otherwise muted period for real estate in the capital”, Ziad El Chaar, Chief Executive Officer of Dar Global – marketer of the property – said of the Old Park Lane residence.
However, the flight of non-doms away from London does present a headache for super prime. Tightening tax policy this year, plus the effects of covid, have led a significant amount of non-doms to consider moving out of the city in favour of low-tax countries like Italy , which offers a flat tax rate of €100,000 (£84,000). There have been some concerning signs for the sector this year.
Investment has been slipping: despite a consistent level of demand, the value of deals fell from £829m to £731m in the first half of 2024. The size of properties is falling, too: the average super-prime property sold so far in 2024 has had a floor space of 4,000 sq ft, down from 6,500 sq ft. However, there have still been a steady flow of super-prime properties onto the market, particularly luxury developments equipped with lifestyle amenities like restaurants, spas and a concierge .
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