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Chinese tycoons move forward to build a vast “palace” in central London | Housing Market

Chinese billionaires have been granted planning permission to build an eight-story, 5,760-square-meter (62,000-square-foot) private palace overlooking central Hyde Park. London..

The City of Westminster has granted Hong Kong-based real estate tycoon Cheung Chung-kiu permission to partially demolish and rebuild the 2-8A Rutland Gate in Knightsbridge. His vast new homeExperts say it’s worth up to £ 500m when completed.

The council’s decision to approve the project will take place only a few months later It banned new “Monopoly board style” dwellings to free up space for more affordable homes...

The Westminster Council said the site was formerly a single residence and could not be stopped from proceeding as planning rules allowed it to be exchanged. The council also confirmed that Chan is not obliged to contribute to the construction of affordable housing within the autonomous region, as is the case with most large-scale private property developments.

A spokesperson for the Westminster Council said: “This year, the council introduced a policy to prevent the construction of new homes larger than 200 square meters. This policy does not apply to the redevelopment of existing single-family homes. Building a home is a council priority, and Westminster has offered over 725 new, affordable homes since 2017. “

In Cheung’s building application, his agent said the property was “extremely dilapidated” and “repaired, refurbished and refurbished to return the building to a useful use as a family home in London. I want to. “

The property was formerly a 45-bedroom home owned by Crown Prince Sultan Bin Abdulaziz of Saudi Arabia. Died in 2011.. The house is just south of Kensington Gardens and 68 of the 116 windows offer views of the park. The interior was created by French designer Alberto Focus.

Cheung purchased a property built in the 1830s as a terrace for four magnificent family homes. £ 205m this year In the transaction that will be the most expensive property ever sold in the UK. Realtors estimate that rebuilding and redeveloping a building that will contain tons of marble can easily cost £ 100m.

Known to friends as CK, Cheung is estimated to have £ 1 to £ 1.5 billion in personal property. He is chairman of real estate development firm CC Land, which bought a skyscraper in City known as Cheesegrater for £ 1.15 billion in 2017. CCLand also owns a stake in Bayswater’s Whiteleys Shopping Center and sponsors the Pierre Bonnard exhibition at Tate Modern. In 2019.

Plans unanimously voted at the Westminster Planning Committee meeting on July 20 show that the property has a triple-height ballroom and a two-level basement for Chang’s luxury car collection. ..

The property, which has been vacant for at least 10 years, was previously granted planning permission to convert to 13 apartments.

To help free up more space for affordable homes in London Westminster Council announced plans to ban new super-large properties in 2018 Built for millionaires abroad. The ban came into effect this year, but does not apply to the redevelopment of existing mansions.

In 2018, councilor Richard Beddeau, who oversees Westminster’s plans, said: Therefore, we will limit the size of new luxury condominiums and introduce a new out-of-bedroom policy to ensure that families have enough space to continue living in Westminster and make it easier to expand their homes so they are not forced to leave. “

Chinese tycoons move forward to build a vast “palace” in central London | Housing Market

Source link Chinese tycoons move forward to build a vast “palace” in central London | Housing Market

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