A London townhouse on Mayfair’s ultra-exclusive Park Lane is up for rent for £4,000 ($5,172) per week and looks set to go to a super-rich student from the Middle East.
The newly renovated three-floored apartment — 80 Park Lane — is worth £12.5 million and is 3,540 square feet in area with three ensuite bedrooms. It has glass floors, a glass roof, a “floating” glass staircase and a 60-foot high central atrium.
Wetherell, which is the property’s sole real estate agent, said 80 percent of inquiries had been from overseas students, or their parents, studying in London — the vast majority of whom were from the Middle East.
“This luxurious triplex has the distinction of being the only townhouse with its own private front door on Park Lane, all the other homes on Park Lane being apartments,” Peter Wetherell, chief executive of Wetherell, said in a statement.
“This property will appeal to an ultra-high-net-worth person from the Middle East or Asia, who wants to launch themselves into Mayfair society, it’s leisure living, a business base and the ultimate address,” he added.
The property’s attractions include a dressing room for the master bedroom, 10-seat dining area, roof terrace, underfloor heating and 24-hour concierge. However, parking is not included in the asking price.
TAX CHANGES
While wealthy overseas parents might previously have purchased an apartment for their student offspring, this year’s changes to property taxes in the U.K. make renting more attractive. Estate agents have seen a rise in lettings of luxury flats and smaller houses to students.
Any students looking to rent 80 Park Lane are expected to come from Saudi Arabia, Qatar or the United Arab Emirates. If the property goes to a student, it will set a record as the world’s most expensive student pad, by weekly rent. In 2015, that accolade went to the Fountain House student apartments on Park Lane, which were let out for an average of £2,250 per week or £108,000 per year.
Park Lane is probably the best-known road in London and overlooks the 350-acre Hyde Park. The other properties on the road are hotels and apartments, plus the Dudley House mansion owned by the Qatari royal family. Previous Park Lane inhabitants include Fred Astaire, Somerset Maugham, Cecil Day Lewis, Elizabeth Taylor, Mohammed Al Fayed, the Sultan of Brunei and the Emir of Qatar.
“Park Lane is London’s most famous and prestigious address, an iconic location made famous by its enduring blue-chip status on the board game Monopoly,” Wetherell said.
