The £15.45 million property at 26 Old Queen Street has been successfully sold by Beauchamp Estates on behalf of the seller, the Benisti Family Office, located in Canada. The buyer was a Russian millionaire in his 40s with an extremely high net worth who was accompanied by his children and girlfriend from a previous marriage. The purchaser owns a well-known energy company.
The sale of 26 Old Queen Street, which has a view of St. James’s Park, for £15.45 million not only sets a new price record for the neighborhood St. James’s marketplace, but it also makes up the largest single residential sale completed during the UK’s Cоvid-19 shutdown era.
It demonstrates trust in the Prime Central London market, according to Zah Azeem, Partner at Scrivener Tibbatts. It’s wonderful to see that there is once again movement at the upper end of the market; this is not an isolated sale over £10 million.
Property Investor Today reports that the deal was finalized on Friday, May 15, after the London real estate market resumed on Wednesday, May 13.
With an enormous budget of £25 million, the Russian client desired a residence in Prime Central London, situated between Marble Arch and the River Thames. To the west, Brompton Road/Harrods, and to the east, Tottenham Court Road to Trafalgar Square, he also desired something.
Before agreeing to buy 26 Old Queen Street on March 20, right before the lockdown, the buyer and his girlfriend viewed two properties: a smaller home in Mayfair cost at £5,500 per square foot, and a house in Belgravia priced at £2,800 per square foot. They had a second chance to look at the house on Wednesday, May 13, and the attorneys sealed the agreement, which came to an end on Friday, May 15.
“London is a global property market, a ‘property island’ distinct from the rest of the UK,” a Beauchamp Estates spokeswoman stated. Prime Central London is the crown gem, drawing ultra-wealthy purchasers from all over the world and ‘will continue to do so’.
Following the Boris bounce, the ultra-top end of the market was active at the beginning of 2020. After the market reopened, activity persisted throughout the lockdown. As pent-up demand is released, we anticipate a busy few months ahead.