Or, when headlines are economical with the truth.
It is being hailed as Britain’s most expensive demolition – The removal of a £35 million house and the rebuilding of a new £65 million mansion in its place.
The facts, however, are likely to be somewhat different. For while the existing house IS valued at £35 million and its replacement COULD fetch £65 million, it is highly unlikely that the demolition company fortunate enough to land the prestigious contract will see much more than a fraction of the £30 million differential.
The former carriage house and stable on Mount Row in London’s Mayfair comes with planning permission for a new 16,000 sq ft mansion complete with a guest villa at the rear.
Whoever buys the property would have to pay the builders’ fees to turn it into a new house, as well as the £35 million price tag, but it is thought they could make a profit of up to £28m in doing so.
The two-storey mews house currently boasts six bedrooms, seven receptions and seven bathrooms.
Proposals for the new build feature grand entertaining rooms, an entrance lobby, library, three reception rooms, a family kitchen and breakfast room and a 26-seat formal dining room.
Read more here.
