The property on Wilton Crescent was Recently Refurbished and Modernised.
A luxurious mansion in Belgravia has sold for £38 million, marking central London’s first super-prime property sale of 2025.
The 9,049 square-foot, eight-bedroom home on Wilton Crescent, previously owned by the Earls of Bessborough and later financier Glenn Maud, was sold by Fairway Capital to a UK-based buyer. The sale also included a mews house on nearby Kinnerton Street.
The buyer, one of four bidders—mostly overseas visitors in London during the festive season—waited until the UK general election and autumn budget were over before starting negotiations, according to Fairway Capital.
Fairway Capital, which purchased the property in 2021, fully refurbished it with the help of Leconfield Property Group. The upgrades included a private health spa in a newly created basement, featuring a nine-meter swimming pool with wave technology, a treatment room, steam room, and changing facilities. The mansion also received restored cornicing, new Louis XVI fireplaces, modern kitchens, updated bathrooms, and a passenger lift.
The property has a rich history. It was originally a London residence for the Ponsonby family, Earls of Bessborough, and later home to Sir Spencer Cecil Ponsonby, a senior diplomat and cricket enthusiast who practiced cricket on the mansion’s crescent-shaped garden.
In the 1990s and 2000s, it became the London home of billionaire financier Glenn Maud, who hired King Charles III’s decorator, Robert Kline, to redesign the interiors, reportedly costing £6 million.
However, the super-prime property market faced challenges last year. According to Beauchamp Estates, the number of sales of properties worth over £15 million dropped by 25%, and their total value decreased by 34%. This was due to higher Stamp Duty, changes to the UK’s Non-Dom regime, the general election, and the new Labour government.
Market Trends And International Buyers:
George Brooksbank, Chief Executive of Fairway Capital, told The National that the prime central London property market has shown signs of revival in the past six weeks, with more enquiries, offers, and sales.
However, international buyers, particularly from the Middle East, US, and Asia, are very selective. “The demand is for newly built or refurbished homes with new interiors, offered as turnkey solutions,” Mr. Brooksbank said. “Buyers are less interested in older, unmodernised properties that need significant refurbishment.”
This trend was evident in a recent deal where Fairway Capital sold a £26.25 million, 5,222 square-foot apartment in Mayfair’s Old Park Lane—formerly part of the Rolls-Royce HQ—to a young international buyer.
“The average age of buyers purchasing London homes worth £25 million or more is now just 41, down 12 years from a decade ago,” Mr. Brooksbank noted. Younger buyers are driving the demand for trophy homes, taking a long-term investment view of 10 to 20 years, which offsets high Stamp Duty costs.
Future Market Predictions:
Paul Finch, Director and Head of New Homes at Beauchamp Estates, told The National that prices of new and refurbished properties worth over £15 million are expected to rise by 1% to 2% this year. However, prices for older homes requiring refurbishment in areas like Knightsbridge, Belgravia, and Hampstead may drop by 2% to 4%.
“The market in 2025 will be driven by buyers from the United States and the Middle East, particularly those from Saudi Arabia, the UAE, and Qatar,”
Mr. Finch added.
