Middle Eastern buyer purchases former embassy building in Mayfair for £25m

A Middle Eastern buyer has paid £25 million ($32 million) for a former embassy building in Mayfair, in London’s West End.

The 783.6-square-metre mansion on Park Street was home to the Cypriot embassy for decades and was recently refurbished and modernised.

The six-floor, five-bedroom property has four large reception rooms, a passenger lift and access to Green Street communal gardens. It underwent an extensive renovation before the latest sale.

It was purchased by an international buyer who wanted a family home in Mayfair, property agents Wetherell said.

“It’s been immaculately done, the proportions are fantastic,” Robert Dawson, sales director at Wetherell, told The National. Research by the Mayfair-based agent shows the six-year average sales price in Mayfair now stands at £20.35 million, making it the most expensive of London’s high-end districts.

Knightsbridge is in second place with an average price of £19.95 million, followed by Kensington at £19.11 million, Belgravia at £16.4 million and Chelsea at £14.6 million.

“Mayfair attracts buyers from all sides of the globe – and it’s top of the Monopoly board!” said Mr Dawson. “It’s the prime place in London.”

The Park Street property was placed on the market in August 2023 unfurnished, which is unusual for properties priced above £15 million.

Wetherell turned to virtual staging to showcase its potential, taking photos of empty rooms which were furnished using CGI, which the company said made a key difference.

“It is a very good way of visualising the property,” said Mr Dawson. “It’s a bit more cost-effective and it gives buyers, international and domestic, a way of seeing how it could look being furnished.”

Built in 1913, the fit-out of the mansion was delayed by the First World War, meaning it was not ready for occupation until 1925. It was bought by British tobacco tycoon Sir Louis Bernhard Baron and his wife.

She sold the property in 1959 to what was the newly formed government of Cyprus. It served as an embassy for decades but reverted to a private residence when the Cyprus High Commission relocated to 13 St James’s Square.

Last year, about £527 million worth of homes were sold in Mayfair, according to a Wetherell market report.