A sell-off of central London embassies will create £3 billion of super-prime homes in the most exclusive streets in the capital.
Twenty diplomatic missions and residences have been prepared for sale in the last six months. More are in the pipeline as foreign governments realise they are “sitting on a gold mine”.
Almost all the diplomatic properties are being earmarked for conversion into apartments to meet the demand from wealthy buyers, mainly foreign, in areas such as Kensington, Belgravia and Holland Park. The former European Council of Foreign Relations building on Old Queen Street near St James’s Park was sold this week to developer Galliard Homes for £21.5 million.The eight-story building will continue to house the ECFR until 2015 but will then be converted into 35 apartments that could be worth £100million.
Galliard sales director David Galman said: “These diplomatic buildings were built to impress so they tend to have grand facades, opulent foyers and spacious interiors which are ideal for conversion into large luxurious homes.”