A project fit for a property tycoon: 1950s mansion designed by Centre Point architect for sale — with potential to add £20m to its value
The London mansion owned by the late property tycoon Harry Hyams, is for sale — with potential to follow in the developer's footsteps and add as much as £20 million to its value.
In Avenue Road, a highly sought-after street in St John's Wood, central London, the vast property was designed in 1954 by Richard Seifert, the architect behind skyscrapers such as Centre Point in New Oxford Street and Tower 42 in the City of London, where it is still the third tallest tower.
Now, Hyams' former London base has been listed for sale with Aston Chase for £16 million, considerably below the Avenue Road average of £25 million to £35 million.
The home currently spans more than 5,000 sq. ft, with six bedrooms, grand reception areas and a 111ft west-facing garden.
Yet there is potential to redevelop the two-storey, detached home into a much larger residence, subject to the usual permissions, which it is estimated could add as much as £20 million to the property's value.
Previous residents in the tree-lined road include Sir Paul McCartney and, more recently, British world heavyweight boxing champion Anthony Joshua who rented a £20,000-a-week seven-bedroom home ahead of his Wembley fight against Wladimir Klitschko.
“Avenue Road is a true millionaire’s row and is undoubtedly one of London’s finest addresses appealing to the same calibre of buyers as the likes of Kensington Palace Gardens," says Aston Chase founding director, Mark Pollack.
"Sought-after trophy homes rarely come up for sale [in Avenue Road] and prices normally range from £25m to £35m."
Former owner Harry Hyams made his fortune developing office space in London during the 1960s and 19670s, building over 40 iconic buildings — including the controversial Seifert-designed Centre Point skyscraper, which stood empty for nearly a decade after its completion as Hyams sought to find a single tenant for the entire 34-storey building.
The Middlesex-born multi-millionaire (1928-2015) amassed one of Britain's finest art collections including works by Turner, Rembrandt and Rubens over the course of his lifetime. He bequested it to the nation in a £487 million will — one of the biggest charitable donations in English legal history.
Centre Point was given a Grade II-listed status in 1995, and has since been converted into 82 luxury apartments making it the largest residential tower in the West End.
There will be a Crossrail station on the property when the service launches at the end of 2018, taking residents from central London to Paddington in four minutes and to Heathrow in around half an hour.