Cut price: Notting Hill mansion with supergarage sells with £10 million discount

One of Notting Hill’s grandest mansions has been sold after taking a £10 million price cut in the latest sign of a cooling top end of London’s property market.

The eight-bedroom Italianate villa on Pembridge Square was snapped up for about £25 million — after it first went on the market with a £35 million price tag over two years ago.

The Grade II-listed detached and double fronted home was converted into a single family house between 2013 and 2015 having previously been divided into five flats.

It has a two-storey basement that includes a rare private “underground” car park with room for two vehicles and served by a car lift.

The lower ground floor also has a spa area with an oval-shaped massage area and a large gym.

The 13,285 sq ft stucco-fronted mansion is one of dozens of central London trophy properties that have had their prices slashed by multiple millions of pounds since the peak of the market.

According to research by analyst Ollie Hooper of the property buying agency Huntly Hooper, the number of homes on the market in prime areas has grown 14 per cent over the past five months and 18.5 per cent in a year.

Other homes that have seen big discounts include a 10-bedroom house in Upper Phillimore Gardens in Kensington that was originally priced at £36 million but is now listed at £29.95 million, and a five-bed terrace house in Pont Street in Knightsbridge that started at £23.5 million and was reduced to £18.95 million last month.

Miles Meacock, head of Strutt & Parker’s Notting Hill office, which handled the Pembridge Square sale, told the PrimeResi property website: “There are some fantastic properties available in Notting Hill, well-priced and in great condition, but buyer sentiment still needs to catch up, so that buyers have the confidence to commit.

“We are delighted to have handled the sale of this property, which has successfully exchanged in excess of the £25 million guide price.”

The house, close to the exclusive pre-prep Wetherby school attended by Princes William and Harry, was previously marketed by agents Knight Frank.

It was constructed in about 1860 on the Radford and Hall Estate by Francis Radford who later went on to build parts of Holland Park.