UK Sotheby’s International Realty Family Office has launched its inaugural listing: a £26.25 million apartment in the heart of Mayfair.
The 5,222 sq ft, four-bedroom property at 149 Old Park Lane is believed to be one of the largest lateral residences in the UHNW neighbourhood, according to Marcus O’Brien, a Spear’s Top Flight adviser and founder of the family office team.
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‘This exceptional lateral apartment is exactly the type of residence that wealthy buyers are wanting in Mayfair,’ O’Brien tells Spear’s. ‘What we have seen across prime central London over the last decade is the rise and rise in demand for lateral living, especially from international buyers from the Middle East, Asia and North America, many of whom are used to living in exceptional, large residences which provide an abundance of lateral living space.’
O’Brien notes that in 2023 almost £530 million worth of homes sold in Mayfair and over 70 per cent of £10 million-plus properties were large lateral apartments.
He continues: ‘149 Old Park Lane is like a “lateral mansion”, and the elevated position on the upper floors of the building mean that the residence offers sweeping panoramic views over adjacent Green Park and the London skyline. It’s the London equivalent of owning a grand Manhattan penthouse directly overlooking Central Park.’
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It marks the first listing from the newly formed family office team, which was launched as part of the significant expansion of UK Sotheby’s International Realty in December 2023.
The site started life in the 19th-century as a royal residence used by Princess Mary, daughter of King George III, and her husband Prince William Frederick, Duke of Gloucester and Edinburgh. Later residents included Prince George, Duke of Cambridge, who hosted his cousin Queen Victoria at the property.
At the turn of the 20th-century, the royal mansion was replaced by a seven-storey apartment building designed by architect Thomas Edward Colutt, best known for The Savoy, and his partner Stanley Hamp. It spent decades as the London headquarters of Rolls Royce motorcars, with the ground floor repurposed as a showroom and the apartments above used for entertaining and as pieds-a-terres for company directors, before being renovated again.
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The lateral apartment, which spans the entire fourth floor, has been refurbished and modernised by Leconfield Property Group, as part of a joint venture between equity investors Fairway Capital and Saudi super-developer DAR Global – representing the latter’s first project in London.
The property boasts 14ft ceilings, a grand reception hall and three adjoining reception rooms large enough to accommodate 100 guests. There are four bedrooms, including the principal bedroom with a large marble bathroom, dressing room and seating area. There is also a staff apartment with independent access.
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George Brooksbank, CEO of Fairway Capital adds: ‘Providing a balance between traditional and contemporary living, the apartment building was originally inspired by the lavish Savoy Hotel so Leconfield Property Group have sought to retain and restore original features while incorporating the latest technology and bespoke design contemporary furniture. Mayfair is one of London’s most sought-after addresses so we wanted to deliver a residence that was best-in-class and a level above the rest in terms of specification and high quality interiors.’
