Believed to be the first time an entire Nash terrace has come to the open market, 1-18 York Terrace East in London’s Regent’s Park, a selection of townhouse has been listed for sale with a guide price of £185 million meaning that if a sale is secured it will be become the second-most expensive property ever to be sold in the UK ..
Investment Group Zenprop have instructed joint selling agents Savills and Aylesford who expect the property to be bought by an individual looking to create a private residence in what would be a unique opportunity for an owner occupier to acquire the last remaining full Nash terrace in Regent’s Park.
Part of John Nash’s masterplan for Regent’s Park, the terrace was built by James Burton between 1821 – 1826 and was originally configured as 18 single family houses. After the First World War, the fashion for larger homes began to change and there was some modification to the building’s footprint. During the Second World War, the building suffered bomb damage and was very nearly demolished.
In 1947, following public outcry and a Royal Commission, the decision was made to preserve the building and most of it was requisitioned as government offices and occupied by the Ministry of Works. In 1967, the terrace was converted to student accommodation by the International Students Trust thus sadly many of the original internal features were lost following a fire in 1969.
Current owners, Zenprop, acquired the building from International Student House in 2016. They then agreed a long leasehold extension with the Crown and took the property through planning with Westminster City Council to restore it to residential use over a period of three years. The Grade 1 Listed 117,000 sq ft building comes with planning permission for the development of two houses and 26 apartments with 42 underground parking spaces. As part of the planning obligations, the owners are developing 44 affordable housing units in the borough for St Martin in the Fields Almshouse Charity at the site known as Chesterfield Lodge in St John’s Wood.
Derrick Beare, CEO of Zenprop said: “Working on this historic terrace to reinstate its prime residential use, in accordance with the original architectural vision for the park and with the support of the Crown as freeholder, has been a very rewarding experience. It is a unique property which is now fully assembled and we look forward to seeing its magnificent restoration.”
Demand for John Nash properties are is extremely high his architecture is extremely desirable and people are prepared to pay high prices to purchase his work; as evidenced last year, when US hedge funder Ken Griffin brought 3 Carlton Gardens, a Nash-designed townhouse close to the Queen’s London home, for £95 million.
Stephen Lindsay, head of Savills St John’s Wood, commented, “Nothing on this scale in such a prime London location has ever come up for sale. It is an opportunity to create a special and extensive private estate within the tranquil surrounds of Regent’s Park, moments away from Marylebone High Street and the West End.”
For more information visit Savills.com