In a sign the London property market has gone beyond hot, a townhouse put on the market for £75 million (AU$135 million) saw agents reporting it needed a further £25 million (AU$45 million) of renovations to make it habitable.
Admittedly, the townhouse was in one of the more salubrious areas of London – St James’s Park. And with Buckingham Palace just a two-minute stroll down the road, you also get the Queen as a neighbour.
London’s The Standard reported the townhouse is currently the headquarters of the Royal College of Pathologists and the 23,235-square foot premises has planning permission for conversion to a six-bedroom home, albeit with an estimated renovation price tag of £25 million.
Previous occupants of Number Two, Carlton House Terrace include Sir James Horlick – who invented the famed night time drink Horlick’s in 1873 – and the Duchess of Roxburghe, who was Queen Victoria’s top female aide from 1883 to 1885.
The Standard revealed there’d already been big interest in the property, primarily from excruciatingly wealthy overseas buyers who appeared happy to shell out big bucks to claim Her Majesty as a neighbour.
However, most analysts believe the London market is in a bubble and could come back with a thud anytime soon. However, that’s probably unlikely to deter anyone with the necessary $170 million required to move in and spruce-up the digs at 'Number Two'.