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An overseas billionaire is renting a London mega-mansion for £1 million a year so he could try it before he buys it

Business Insider | Mar 10, 2018, 03.30PM IST

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Rokstone

  • An overseas billionaire is renting a London mega-mansion for £1 million for the year, the city's biggest ever rent deal.
  • The wealthy family wanted to try out the property to see if they want to buy it - and are paying £84,000 a month to do so.
  • The five-storey Grade II-listed "mega mansion" is the largest private house in Westminster and the West End.


A billionaire in London has agreed to pay £1 million to rent a mega-mansion for just one year in the city's biggest ever "try-before-you-buy" deal.

The deal, made by estate agents Rokstone, will see an "ultra-wealthy international family from overseas" pay £84,000 a month to relocate to the 11,080 square foot property, the largest private house in Westminster and the West End.

The family decided they wanted to rent the property initially, according to Rokstone, before deciding whether or not to buy it outright. If they decide to buy, the asking price will be more than £35 million.

While £1 million a year in rent seems like a steep sum, the price is less than the £2.9 million the family would need if they decide to buy the property, according to Rokstone, meaning it's a better deal for both parties.

Becky Fatemi, Managing Director of Rokstone, said: "Traditionally, the international super-rich would simply have purchased a property in the capital, worth anywhere between £25 million to £100 million.

"Indeed towards the end of last year Rokstone did a £25 million purchase for a Middle East client in Knightsbridge. However, Stamp Duty, political weakness and Brexit have caused some amongst the global super-rich to delay buying homes in London. Instead, we are seeing an upturn in "try-before- you-buy" mega-rental deals."

Within the last five years, no property in Westminster, St James's or the West End has been let with more than 10,000 square feet, or for more than £10,000 a week, making this a record deal.

They're certainly getting a lot for their money.

The five-storey Grade II-listed "mega mansion" has five reception rooms...

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Rokstone

Seven VIP bedroom suites...

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Rokstone

...And even an eight-passenger lift.

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Rokstone

There are eight main bathrooms. The master bedroom suite has his and hers marble bathrooms...

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Rokstone

...And a large walk-in dressing room.

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Rokstone

There's an elegant entrance hall...

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Rokstone

A grand inner hall with a main staircase...

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Rokstone

A family kitchen and breakfast room...

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Rokstone

A study...

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Rokstone

A wine room...

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Rokstone

A 13-metre indoor pool and Jacuzzi...

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Rokstone

A gym...

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Rokstone

...And a private spa.

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Rokstone

Oh, and there's 1,315 square feet of outside space, including a private terraced garden, roof terrace, balconies, and patios.

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Rokstone

The property was built in 1904-1905, and after a three-year renovation in 2012 "rivals Clarence House in size and luxury," according to Rokstone.

It's located off Barton Street in the heart of Westminster, comes fully furnished, and even boasts a bronze sculpture by Rodin.

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