The selling of a number of central London embassy buildings is set to open up real estate in some of London’s finest addresses to become residential homes.
Research carried out by Mayfair estate agent Wetherell indicates that ‘expiring leases, booming residential values and changes in how diplomacy is undertaken’ is causing many London based embassies to relocate from their current central London locations, including Mayfair, Marylebone and Kensington.
The Diplomatic Property: Conversion to Homes Survey undertaken by Wetherell suggests Marylebone’s Portland Place is currently home to 5 embassy or diplomatic buildings – of which 3 are being considered for relocation and therefore sale.
The Chinese Embassy are said to be considering the sale of their famous Portland Place address, with their current preference for relocation being in the South Bank’s Nine Elms. Meanwhile the former Monserrat Embassy at 7 Portland Place is already under redevelopment by developer Galliard Homes to create a range of apartments and penthouses.
The full survey can be seen on Wetherell.co.uk.