New Buyers for Luxury London Properties
By Christina Bohnstengel
Only two individuals bought property in London last December that were worth more than £10 million. One of them was Cyrus Vandrevala, the billionaire equity investor who hails from one of India’s wealthiest families. His marriage to the heiress of the construction giant, Hirco, Priya Hiranandani, only helped his financial portfolio.
During the holiday season, Vandrevala purchased a mansion in Holland Park for £22 million.
And it seems that many of his fellow compatriots are following suit. A spokesperson for a property search firm in Kensington related that two buyers from Delhi are currently on the hunt for London properties in the £10–15 million range. It seems the Indian exodus to the United Kingdom’s elitist of neighborhoods began in 2004 when chairman and CEO of ArcelorMittal, Lakshmi Mittal, moved into Britain’s billionaire’s row, Kensington Palace Gardens. The affluent address also serves as the home for the Indian High Commissioner.
In the past, the Russians were widely known for buying up the luxury properties in Britain. But in today’s market, the large supply of luxury flats in London is more appealing to the Indian buyer, who tends to keep a primary residential home in India.
Vandrevala’s purchase of the luxury London property was not his only big ticket item. He also bought three mews houses and ordered the latest and greatest Boeing Business Jet 3, for $50 million.
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