50 Cumberland Terrace, Regents Park’s first purpose-made refurb-to-rent mansion-townhouse, is now available to let via Rokstone for GBP10,000 per week.
The 4,643 sq ft (431.35 sq m) five bedroom rental-residence at 50 Cumberland Terrace, which is being marketed to London’s super-rich tenants who choose to let rather than purchase, could fetch GBP16.5 million if listed for sale.
The owner-developer has retained the Neoclassical façade while completely refurbishing the interior including adding a new lower ground floor basement.
The newly refurbished mansion-for-rent has the benefit of an illustrious history. The palatial Grade I listed Cumberland Terrace was designed by Royal architect John Nash to provide magnificent homes for the family and friends of HRH The Prince Regent and Acting Head of State. The terrace of mansion-townhouses was completed in 1826 and has always been one of the most prestigious addresses in London.
Frieda Dudley Ward, the mistress of King Edward VIII, lived at No.1 Cumberland Terrace; Wallace Simpson, later the Duchess of Windsor, lived at No.16 Cumberland Terrace, and controversial politician Sir Oswald Mosley lived at No.10 Cumberland Terrace. In recent years the terrace provided a temporary London home for Tom Cruise and Nicole Kidman while filming in London.
50 Cumberland Terrace was originally the London home of Spanish nobleman and legendry racing driver, Pedro Mones, the Marques de Casa Maury, who later married neighbour Frieda Dudley Ward, together moving to a new marital home at 58 Hamilton Terrace. In recent years the Neoclassical semi-detached family home provided Embassy accommodation.
Rokstone Managing Director Becky Fatemi says that tStamp Duty has made real estate investment in London for wealthy families a long-term 10-15 year opportunity, with affluent people looking for short-term housing solutions of less than three years choosing to rent rather than buy.
“This is the first purpose-made refurb-to-rent mansion-townhouse to be launched in Regents Park, and one of the first of its kind in the wider London marketplace,” says Fatemi. “There are other palatial homes on the market, but they are the result of “accidental landlords” who would ideally like to sell their home, not a strategic rental investment model.
“The build-to-rent and refurbish-to-rent model has tackled the student and volume housing market, but this newly refurbished house is bound to help set a new trend in the luxury lettings market, and I’m sure this new rental-residence will be followed by other refurb-to-rent mansions.”
Olivia McSweeney, Rokstone Head of Lettings, says: “Stamp Duty costs now means that an affluent family looking to live in London for less than three years will typically rent. This thesis is based on the following calculations. Renting a large luxury home (worth GBP16.5 million) will now typically cost GBP10,000 per week to rent or GBP520,000 per year. On this basis, renting such a home over three years would cost GBP1.56 million – which is a saving of over GBP330,000 – when compared with paying the GBP1.893 million Stamp Duty cost of purchasing the property. This magnificent Cumberland Terrace property has been cleverly reconfigured for the modern tenant with formal and informal reception areas and stylish bedroom suites.”