Jan 31

Home Renovation Knightsbridge

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.

Home Renovation Knightsbridge

For more on London’s latest property development news and updates, make sure you look out for more posts!