Royal crescent reshaped into palatial homes
LONDONERS’ FAVOURITE recreational space has tempted developers ever since the 19th century, when the Prince Regent dreamed of building a palace in what is now Regents Park and surrounding it with a circle of fine homes for his friends and his family — the royal court of the early 19th century. Ultimately, only one crescent was completed. King George III died and the Prince succeeded to the throne as King George IV.
That crescent is now seeing a swathe of redevelopment. One side is due for rebuilding soon. The other is reaching completion now. Amazon Property has launched 20 apartments in the Park Crescent, with two to four bedrooms and access to eight acres of private residents’ gardens, accessed via a “nursemaid’s tunnel” and 410 acres of Regents Park. The tunnel is a pedestrian underpass that connects the Crescent with its gardens and allows families to promenade safely and directly through, with enough room for a large Edwardian pram.
Designed by John Nash, the terrace has housed the likes of Lord Joseph Lister, pioneer of antiseptic surgery, who lived there in the 1830s; General Sir George Ashe, Commander of the British Bengal Army, in residence between 1820-1832 and Count Joseph Napoleon Bonaparte and family (brother of French Emperor Napoleon Bonaparte) who lived there between 1832-1840.
Between 1918 and the 1930s, many of the crescent’s townhouses were converted into apartments. During the Second World War, many were damaged during the Blitz. The crescent was restored and rebuilt in the 1960s to mirror the original Nash design. After that, many of the properties became offices until, in 2013, Amazon Property purchased the properties that make up its Park Crescent scheme.
The new development aims to offer the kind of luxury that the Prince Regent’s set would expect were they alive today. Past the classical Nash façade and the concierge, apartments range from 1,429 sq ft (133 sq m) to 4,127 sq ft (383 sq m). They have ceiling heights of up to 3.8m and overlook the gardens and Regents Park. Other assets include marble and granite kitchens, under-floor heating and Lutron home entertainment systems.
Prices start at £3.95 million for new 150-year leases. Agents are Aston Chase and Knight Frank.
According to research by Aston Chase, by 2005 around a third of the property in Regents Park was occupied by commercial premises rather than its original residential use and residential values averaged £1,000 per sq ft for the best properties.
In 2010 when the former British Land headquarters at Cornwall Terrace were converted from offices back into townhouse mansions on long leases, the properties sold for a reported £3,000 per sq ft.
Mark Pollack, director at Aston Chase, says: “The redevelopment of Cornwall Terrace was a game-changer, which kick-started the repositioning of Regents Park from a historically important but undervalued location back into one of London’s most sought after residential addresses.
“Further bolstering this, other builders and investors, such as Amazon Property, were securing landmark acquisitions, raising the game in the surrounding area and setting new price standards. Hallam Street was a good example of this. In 2010 — recognising the potential early on — Amazon Property developed the former Royal College into luxury, lateral apartments, which set a new benchmark, securing £2,500 per sq ft.
“Following suit, a host of former offices and unmodernised properties across Regents Park were converted back into new luxury residences.” On October 6, in conjunction with the prestigious Frieze London Art Exhibition, the six residences will showcase work by artists including Marc Chagall, Joan Miro, Salvador Dali, Andy Warhol, David Hockney, Damien Hirst and Marc Quinn