Ever fancied having a royal neighbor? Well now you can. Queen Elizabeth’s property company has put its latest homes up for sale in the St. James's section of London, just around the corner from Buckingham Palace.
The Crown Estate, the body that manages the Queen’s property portfolio, has developed three homes of 2,450 square feet each in Cleveland Court from buildings that date back to 1790 and originally started life as stables for the surrounding properties.
As well as being close to Buckingham Palace, the mews houses, which are priced between £7 million ($9.9 million) and £7.75 million, are opposite Clarence House, the London residence of the Prince of Wales, and close to The Ritz, the world famous hotel. The listing agent is Savills.
The mews have been rebuilt with façades in traditional brick opening to cobble stone streets and the Crown Estate, whose roots can be traced back to 1066, commissioned different interior designers for each of the houses to give them an individual look and feel.
The independent body has a diverse range of assets across the country, including Regent Street in the capital, racecourses at Ascot and several shopping centers. Each year the U.K. government gives the Queen 15% of the profits from the Crown Estate to run the royal household, based on accounts from two years earlier.
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These new homes form part of the Crown Estate’s wider £500 million ($706 million) development of the St. James’s area, which occupies the parcel of land between The Mall and Piccadilly, Trafalgar Square and Green Park.
The area was traditionally one of the most fashionable parts of London, where male aristocrats would often have pied-a-terres with easy access to the area’s plethora of gentleman's clubs. But after the Second World War it became too expensive for them to maintain households in the area and it instead became dominated by offices, chain restaurants and souvenir shops.
Yet this is starting to change, with an increase in the number of developments of luxury shops and upmarket homes now attracting more foreigners — especially those from Europe — who are looking for family homes.
All of this has helped to push residential values up from £1,500 ($2,117) per square foot, to £3,000 plus per square foot, bringing it into line with Mayfair and Belgravia, according to Wetherell, a London-based brokerage.
“Given that Buckingham Palace is the largest house in the district it is perhaps the capital’s poshest address and certainly the most quintessentially English,” according to Peter Wetherell, chief executive of Wetherell. “However up until a couple of years ago St. James’s had become a forgotten West End backwater. This is because since 1945 it had far fewer existing homes and new homes compared to its neighbors Mayfair and Belgravia, ”
“Historically the small amount of residential property was popular with old money’ English families and also senior politicians. However with the new generation of large lateral flats now being built, the area is drawing in Continental European and also Middle East money who traditionally would have looked at Mayfair or Knightsbridge,” Wetherell said.
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James Cooksey, director of central London at the Crown Estate, added: “Our vision is to re-establish this iconic part of London as one of the most prestigious addresses in London, delivering the best in international cuisine, premium lifestyle and fashion brands, as well as inspiring culture, set within a perfect blend of modern and historic architecture.”