Billionaire Wins Approval for London Mayfair Mansionby
Billionaire John Caudwell, the founder of mobile-phone retailer Phones4U Ltd., won approval to build a mansion in London’s affluent Mayfair district that’s more than 15 times the size of the average new U.K. home.
It’s part of a wider project of 29 houses and apartments given the go ahead by borough members late Tuesday, according to the Westminster Property Association, a lobby group for landlords. Caudwell can now develop the 1,329-square meter (14,300-square foot) home, more than half of which will be underground, at a parking lot site on South Audley Street.
Homes in Mayfair sell for about 2,750 pounds ($4,136) a square foot, according to broker Jones Lang LaSalle Inc. Values in the district rose 2.9 percent in the year through November, outperforming Knightsbridge and Belgravia, according to Knight Frank LLP, another broker.
Caudwell, who sold Phones4U for 1.46 billion pounds in 2006, plans to include a swimming pool, a gym, a business center and a cinema in the wider project, according to a filing to the borough.
The average new U.K. home measures about 85 square meters, according to the Royal Institute of British Architects.