The Saudi Arabian royal family has sold nearly a dozen high-end mansions worth a total of around $130m in one of London’s most expensive streets, it was reported this week.
The Saudi royals sold the ten houses in London’s Bishop’s Avenue, where an average home costs £15m and residents include the President of Kazakhstan, the Sultan of Brunei and Indian steel billionaire Lakshmi Mittal, The Times newspaper reported.
The report claimed the ten homes had never been lived in and had been sold to LJ Capital for around £80m ($128m), with plans to turn them into a large residential compound of luxurious apartments and residences.
Property website Zoopla lists similar properties on the street with prices of up to £65m and the prestigious address was home to the world’s most expensive home in 2008 when Toprak Mansion was sold for £50m, according to Forbes magazine.
Homes on the site were originally built in 1894 by the Church of England, hence the name, before they were sold off last century. Today, many of the mansions are inspired by the buildings of ancient Greece and Rome.
London and the UK has long been a popular destination for Middle East buyers and, according to recent data, they’ve taken a sizeable slice.
Real estate consultants Jones Lang LaSalle found they purchased almost $4.9bn in commercial real estate in international markets in the first half of 2013, an increase of 6.5 percent year on year.
Regional investors are also estimated to be responsible for purchasing around 15 percent of all residential real estate sold in Central London this year, while real estate consultant Knight Frank found the region’s buyers made up 7.5 percent of all £1m-plus residential sales in the English capital in 2012.