Hong Kong Billionaire’s 2-8a Rutland Gate Home Renovation Knightsbridge
Formerly, 2-8a Rutland Gate, and the planned home renovation Knightsbridge project, was Britain’s most expensive property. Until, however, John Caudwell bought his £250-million mega mansion in Mayfair. To read our last post on the billionaire founder of Phones4U’s renovation project, click here. Here, we take a look at the vast Knightsbridge property, which looks over the iconic Hyde Park.
Earlier this year, Hong Kong billionaire and property tycoon Cheung Chung-Kiu[2] bought the property for $276 million. Later, it emerged that he planned to spend a further $277 million on the home renovation Knightsbridge project. Further exploring this trend, we take a look into the Hong Kong billionaire’s Rutland Gate project.
2-8a Rutland Gate, Knightsbridge, Royal Borough of Kensington and Chelsea
- Overlooks Hyde Park
- Built in the mid-1800s
- Originally four terraced houses
- Converted into large single property in the 1980s
- Former London residence of ex-Lebanese Prime Minister Rafic Hariri
- Gifted to Crown Prince of Saudi Arabia, Sultan bin Abdulaziz Al Saud
- Put on sale in 2012 with an asking price of £300 million
- Remained unsold and valued at £140 million in early 2015
- Interior design features, such as glass chandeliers and gold-plated bids auctioned in June 2015
Cheung Chung-Kiu’s Home Renovation Knighstbridge
Prior to Cheung Chung-Kiu’s buying the property, it included:
- 7 storeys
- 45 bedrooms
- 60,000 sq ft
- 5,600 sq m
- A swimming pool
- Underground parking
- Several elevators
- Interior decorations in gold leaf
- Bulletproof windows
Cheung Chung-Kiu’s $276 million renovation plans submitted to Westminster City Council include:
- Claims the property is “heavily dilapidated”
- The argument that it needs “extensive refurbishment prior to occupation”
- Structural works
- Demolition works
- Excavation works
- Domestic refurbishments
- Basement excavation
Peter Wetherell, of Wetherell real-estate agency has stated that after renovation the property could value up to £500 million.
For more on London’s latest property development news and updates, make sure you look out for more posts!
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