Fri, Apr 8, 2016

Real Estate & Property
London townhouse a bargain at $15m

A six-storey townhouse located between Sloane Square and Eaton Square in London is up for sale for £10.8 million ($15.2 million). 

Totalling 6,225 sq ft the magnificent Ormonde House, 8 Eaton Gate is a blank canvass for an overseas investor looking to bag a bargain and live in one of the the UK capital’s most glamorous and sought-after addresses.

Grade II listed and in need of modernisation, the home comes with full planning consent to convert the nine-bedroom property into a four-bedroom modern luxurious family home, according to Pastor Real Estate, the agent for the property.

Relatively untouched, residents will appreciate high ceilings and ornate features throughout Ormonde House. From the moment one walks through the front door, one is met with a spacious marble-floored reception hall, finished with ornate plasterwork and decorative fireplace.

The grand dog-leg staircase with turned balusters whisks one back to a bygone era and invites you to explore what the house has to offer. Located next to the stairs is the original four-man wood and mirror panelled lift servicing all floors.

On the ground floor, there is a formal dining room to the front of the property, where the ornate plaster work continues alongside wooden strip flooring with a feature parquet border. To the rear there is a wood panel lounge complete with coffered ceiling. 

To the lower ground floor, there is an original silver safe located under the stairs, large kitchen and space for staff quarters. Once remodelled it will provide ample space for a large showcase kitchen with wine room and flexible living space.

Rising to the first floor there is a large formal reception room. Benefiting from the width of the property the large bay window allows for natural light to flood the room emphasising all of the original features. 

To the upper floors there are seven bedrooms, most with en-suite bathrooms. In the planning permission granted, each of these floors will be redesigned; with the creation of four spacious bedrooms all en-suite with a dressing room to the master bedroom alongside a family room and study.

David Lee, Head of Sales at Pastor Real Estate, comments: “We are delighted to be acting as the sole agent for Ormonde House, 8 Eaton Gate. It is a beautiful home adorned with original features, it requires a thorough renovation but it also offers real value for money and the opportunity to tailor a home to one’s requirements.”

“It is currently on the market for £10.8 million and requires between £1.7 - £2 million worth of work. Subject to the extent and quality of refurbishment, a house like this could achieve a value in the range of £14.5-£16 million ($20.4-22.5 million), which still offers buyers value for money per square foot.”

The historic development of the Belgravia Area can be traced back to the 1820’s, when master builders and architect Thomas Cubitt and Thomas Cundy in conjunction with the Grosvenor Estate developed the west of Buckingham Palace into a glamourous stucco-fronted residential area. 

Much of the development in Belgravia was completed by 1865, but Ormonde House was not built until 1905 so is architecturally very different in style to its neighbours. Designed by Balfour and Turner, popular architects to the Westminster Estate, the terrace of homes, including Ormonde House marks the introduction of a more fashionable red-brick and stone style to the area. Turner, an admirer of the Arts and Crafts movement, included attractive detailing and decorative work which remains in the house today.

Based in the heart of Mayfair, Pastor Real Estate provides a range of real estate related services for discerning clients including estate agency: sales, purchase and lettings, property management, architecture – planning, design and development, investment, project management, consultancy, and commercial property – office space

Pastor Real Estate, through the Monaco based J. B. Pastor & Fils has over four generations of experience and expertise in property development and management.

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