London Billionaires Row Site for Sale After Khans Lose CasePatrick Gower
Six luxury apartments in London’s Knightsbridge neighborhood and a site on a street known as Billionaires Row were put on sale after a legal fight between Deutsche Bank AG and a former Pakistan government minister.
Receivers hired Knight Frank LLP to market the properties, the broker and receiver Eddisons Commercial Ltd. said in a statement. The site on Bishop’s Avenue in north London’s Hampstead area was valued at about 30 million pounds ($49 million) and the apartments are worth about 35 million pounds, said a person with knowledge of the matter who asked not to be named because they weren’t authorized to discuss it publicly.
Deutsche Bank took control of the properties after winning a court fight against former Pakistani privatization minister Waqar Ahmed Khan, his father Gulzar Khan and companies set up by the Khan family. The Frankfurt-based bank sought early repayment of about 55 million pounds of loans used to buy the apartments near Hyde Park and the Bishop’s Avenue property. The Khans in March lost a lawsuit against the bank that sought about 60 million pounds.
The group of properties is “one of London’s most substantial prime residential portfolios,” James Liddiment, associate director at Eddisons, said in the statement.
Daisy Ziegler, a spokeswoman for Knight Frank, declined to comment on the estimated prices.
The six Knightsbridge apartments may be sold together or separately, Knight Frank and Eddisons said. The apartments are valued at 2.6 million pounds to 7.25 million pounds each. The site on Bishops Avenue has planning permission for a 46,000 square foot home, according to the statement.
Prices for London’s luxury homes outpaced all types of real estate over the last few years as buyers seek a safe investment. Prime London residences have risen more than 60 percent from their low in 2009, according to London-based Knight Frank.
Bishops Avenue is considered one of the most expensive streets in the world. It’s sometimes referred to as Billionaires Row, a title also used to describe Kensington Palace Gardens to the west of Hyde Park.
Nick Probert, a spokesman for Deutsche Bank, declined to comment.