A stunning Old Park Lane residence has just gone on sale for £26.25m amid a surge of ultra-high-net-worth (UHNW) buyers in central London.
The 5,085 sq ft apartment spans the entire fourth floor of the Grade II-listed 149 Old Park Lane, and includes a grand foyer, reception hall, a master bedroom with his and her dressing rooms and en-suite bathrooms as well as four guest bedrooms. Additional features include 14 ft ceilings, crystal chandeliers, and bespoke furniture.
The property is being marketed by the luxury real estate company Dar Global – which listed on London’s stock market last year – and its joint equity partner Fairway Capital. Dar Global develops high-end second and holiday homes in some of the most desirable locations in the world, including Dubai, Oman and Marbella in Spain. Sotheby’s is acting as the sales agent for the property.
Last year Dar Global announced a £240 million partnership with Automobili Lamborghini to develop 53 luxury villas in Marbella.
UHNW homebuyers are unlikely to be put off by the £64,000 service charge, believed to be among the most expensive in the country.
Research published in the first quarter of 2024 revealed that London’s ultra-prime housing market rose by 10 per cent in unit sales in 2023 and 25 per cent by value of property. An estimated 70 per cent of all £15 million plus deals are currently cash purchases. While 149 Old Park Lane comes with all the amenities one would expect – including 24-hour porterage and concierge – it’s the address’ unique and sometimes risqué history which has the capital’s property watchers fascinated.
In 1806, Lord Elgin returned to Britain with the Parthenon marbles which he had removed from the Acropolis in Greece during his time as ambassador to the Ottoman Empire. He took up residence at 149 Old Park Lane – then Gloucester House – where he put the treasures on public display.
More than 200 years later, the sculptures – originally crafted by the ancient Greek painter and architect Pheidias – continue to fuel a war of words between the UK and Greek governments.
But the diplomatic row over the museum pieces isn’t the only colourful chapter of this property’s story. Around the same time the marbles arrived, Lord Elgin made the discovery that his aristocratic wife Mary had grown close to the MP Robert Ferguson.
In 1807, the revelation led to an acrimonious courtroom drama which filled the newspapers of the day and would later become the basis for countless racy books – both historical and fiction.Lord Elgin sued Ferguson for “seduction” and was awarded £10,000 – a fortune worth millions in today’s money.
After the Elgins’ divorce, 149 Old Park Lane was occupied by Prince William, Duke of Gloucester and Edinburgh from 1816-34 and then by Prince George, Duke of Cambridge until his death in 1904.
Later in 1972, the first Hard Rock Café opened on the ground floor of the new building (designed by Colcutt and Hamp in 1905). Later still, in the 1990s, it would become Lord Sugar’s first venture into property development in which he transformed the building into decadent apartments for the uber-rich.
Ziad El Chaar, chief executive officer of Dar Global, said of the Old Park Lane residence: “This really is a time capsule to a golden age – a special address, rich in history, situated in one of the most sought-after parts of London.
“Old Park Lane has, of course, long been synonymous with exclusive properties, but what’s becoming increasingly clear from the interest in this property is that Ultra Prime London is in high demand despite an otherwise muted period for real estate in the capital.”
