Boomtime for Belgravia: £1.3bn investment in pipeline for 'golden strip' of London's sleepiest luxury quarter

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A “golden strip” of London’s sleepiest luxury quarter is in the grip of a rare building boom with more than £1.3 billion of developments in the pipeline, a report claims today.

It identifies a slice of east Belgravia running alongside Grosvenor Place where 10 major schemes — for mansions, hotels, a private members’ club, and a health clinic — are under way or have planning permission.

That is almost as many as there have been across the whole of Belgravia since 2010, according to the study from property analysts Dataloft and agents Beauchamp Estates.

It says the enclave is one of the few parts not covered by planning restrictions of the local conservation area, making it easier for developers, investors and buyers to win consent for buildings or refurbishments.

East Belgravia’s proximity to Buckingham Palace and Victoria has also helped boost its profile.

Schemes identified in the report, titled The New Prime Central London Hotspot, include the £1 billion Peninsula London hotel due to be completed in 2021, the £60 million refurbishment of the Lanesborough Hotel at Hyde Park Corner, and the upgrade of Como The Halkin boutique hotel.

Major residential developments include the project to turn the Victorian mansion Forbes House into a £300 million urban palace for the former prime minister of Qatar, Sheikh Hamad bin Jassim Al Thani.

Another landmark scheme on the market is the site of the former Coach House of the Marquess of Headfort at Headfort Place, which has planning permission for a 3.800 sq ft white stucco classical-style house that could be worth up to £12 million.

The 200 acres of Belgravia, which has 290 listed buildings, include some of the highest concentrations of “lights out London” buildings with no permanent residents in the capital.

This has spurred the major landowner Grosvenor to develop plans to breathe life back into the area. Gary Hersham of Beauchamp Estates said property in the enclave is relatively underpriced and this has attracted investment.