The second most expensive home in London has gone on sale for an eye-watering £185 million.
Believed to be the first time an entire John Nash-designed terrace has come to the open market, 1-18 York Terrace East in London’s Regent’s Park is a rare beast.
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Joint selling agents Savills and Aylesford expect the property to be bought by an individual looking to create a private residence in what is a unique opportunity for an owner to acquire the last remaining full Nash terrace in Regent’s Park. They’ve also released pictures of how the property could look when finished.
The Grade 1 Listed 117,000 sq ft building has planning permission for the development of two houses and 26 apartments with 42 underground parking spaces.
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Part of John Nash’s masterplan for Regent’s Park, the terrace was built by James Burton between 1821 – 1826 and was originally configured as 18 single family houses.
After the First World War, the fashion for larger homes began to change and there was some modification to the building’s footprint. During the Second World War, the building suffered bomb damage and was very nearly demolished.
In 1947, following public outcry and a Royal Commission, the decision was made to preserve the building and most of it was requisitioned as government offices and occupied by the Ministry of Works. In 1967, the terrace was converted to student accommodation by the International Students Trust.
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Sadly many of the original internal features were lost following a fire in 1969. The buildings were listed as Grade 1 in 1970.
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Current owners, Zenprop, acquired the building from International Student House in 2016. They then agreed a long leasehold extension with the Crown and took the property through planning with Westminster City Council to restore it to residential use over a period of three years.
As part of the planning obligations, the owners are developing 44 affordable housing units in the borough for St Martin in the Fields Almshouse Charity at the site known as Chesterfield Lodge in St John’s Wood.
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Derrick Beare, CEO of Zenprop said: ‘Working on this historic terrace to reinstate its prime residential use, in accordance with the original architectural vision for the park and with the support of the Crown as freeholder, has been a very rewarding experience. It is a unique property which is now fully assembled and we look forward to seeing its magnificent restoration.’
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Stephen Lindsay, head of Savills St John’s Wood, commented: ‘Nothing on this scale in such a prime London location has ever come up for sale. It is an opportunity to create a special and extensive private estate within the tranquil surrounds of Regent’s Park, moments away from Marylebone High Street and the West End.’
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