An Indian business tycoon has purchased the £8.5 million former London residence of Countess Raine Spencer, a 5th floor apartment at 47 Grosvenor Square providing 2,145 sqft (199.24 sqm) of living space, the sale managed by sole selling agent Wetherell.
Wetherell highlight that the apartment was sold as a “shell and core” unit and will now need substantial refurbishment and modernization in order to create a magnificent apartment overlooking London’s No.1 garden square.
Once refurbished the apartment will offer two bedroom suites, both with dressing areas and luxurious ensuite bathrooms, and a triple reception room, spanning the entire width of the apartment, with four tall sash windows offering views over Grosvenor Square. It will also provide a spacious family kitchen/breakfast room and a separate pantry/utility room. Wetherell calculate that the apartment could cost up to £1.5 million to refurbish and dress, with the completed apartment being worth up to £10.5 million.
Because the property is currently an empty shell in order to give buyers an understanding of how the interiors could be transformed into a magnificent new residence Wetherell commissioned Casa e Progetti, the award-winning luxury design studio which specialises in state-of-the-art virtual staging and cutting-edge computer-generated imagery, to create an artworked floorplan and portfolio of stunning CGI interior images to show buyers how the apartment could look once refurbished.
Using the signature techniques of Raine Spencer’s favourite interior designer David Hicks as inspiration Casa e Progetti used CGI technology to create a series of stunning rooms and dressed interior concepts for the apartment.
Countess Raine Spencer (1929 – 2016) was the daughter of romantic novelist Dame Barbara Cartland and the stepmother of Diana, Princess of Wales. Raine married three titled aristocrats, her first husband was the Hon. Gerald Legge, later the 9th Earl of Dartmouth (m 1948, div 1976), her second John Spencer, the 8th Earl Spencer (m 1976, d 1992), and finally Count Jean-Francois Pineton de Chambrun (m 1993, div 1995).
In 1948 Raine married the Hon. Gerald Legge, the heir to the Dartmouth Earldom, and the couple used the two bedroom apartment at 47 Grosvenor Square as their London pied-a-terre, with the with interiors done by then up-and-coming designer David Hicks.
Raine adored entertaining and illustrious guests at their dinner parties included Viscount Furness, Lady Pamela Mountbatten, Mrs Reginald Vanderbilt and the Marchioness of Douro.
When Raine became a Westminster City Councillor in 1955 she used the 47 Grosvenor Square apartment useful as her office and political base. In October 1962 Gerald succeeded to the Dartmouth Earldom and Raine became a Countess, with their main London home then transferred to a grand Mayfair family house on Hill Street, again with interiors designed and dressed by David Hicks.
Wetherell say that the apartment sale in Grosvenor Square is the latest in a trio of home sales in Mayfair the agency has done with Indian buyers. Wetherell highlight that ultra-high-net-worth Indian buyers have been the most active overseas purchasers in Mayfair’s property market this year, especially for homes priced above £15 million, accounting for 25% of all international buyers in Mayfair. There are over 656,270 Indians living in London and some 3,000 Indian families own or annually rent holidays homes in Mayfair.
The Indian buyer influence in the London property market is projected to grow. Over the next five years there will be a 50% rise in the number of ultra-high-net-worth Indians and by 2028 some 20,000 Indians will be worth more than $30 million. The Indian super rich typically own multiple homes across the globe, with 37% of the wealth of Indian UHNWIs allocated to primary and secondary properties.
London is the preferred location for Indians investing in overseas real estate, alongside Dubai and Miami. Apparel business owner Harish Ahuja was reported to have purchased a £21 million Notting Hill home, last summer billionaire Ravi Ruia was said to have invested in a £113 million mansion overlooking Regent’s Park and vaccine tycoon Adar Poonawalla is understood to have bought Aberconway House in Mayfair for a reported £138 mllion.
Peter Wetherell, Founder & Executive Chairman of Wetherell said, “The former Mayfair apartment owned by Raine Spencer at 47 Grosvenor Square has been purchased by an Indian buyer to serve as their London pied-a-terre. The apartment was purchased as a “shell and core” unit but once refurbished and interior designed, it will serve as an excellent long-term investment and London residence.”
Robert Dawson, Sales Director at Wetherell said, “This Grosvenor Square sale shows that there are some fantastic opportunities to be had in Mayfair if buyers are willing to take on ‘a project’. The buyer remained open minded in their search, determined to get what they wanted, where they wanted, at the price they wanted, even if it meant investing the time, money and effort into a refurbishment of a “shell and core” unit.
“As a result, they will end up with one of the best flats on Grosvenor Square without paying the price for someone else’s specification and internal fit out.”
Peter Wetherell, Founder & Executive Chairman of Wetherell said, “During 2024 Mayfair has had its strongest year in almost a decade. Over the first eight months of 2024 there have been 71 sales deals in Mayfair, of which 11 have been for trophy homes priced above £10 million.
“This can be compared to 80 deals during the 12 months of 2023, of which just 5 were for deals over £10 million, so the trophy home market has doubled in size this year. During the final quarter of 2024 deals in Mayfair look set to beat the record for the last eight years.”
Peter Wetherell, Founder & Executive Chairman of Wetherell said, “For Mayfair homes priced up to £15 million the most active buyers in the market are UK based buyers, who comprise around 40% of all buyers, the balance (60%) are from overseas.
“For Mayfair homes priced above £15 million the market is being driven by wealthy buyers from America, India and the Middle East (led by purchasers from the United Arab Emirates, Saudi Arabia and Qatar). For the most expensive homes in Mayfair it is buyers from the Middle East and India who are most prevalent.
“Grosvenor Square has always been the most sought after address for Indian buyers in Mayfair, and this is reflected in the fact that of the three deals Wetherell have just done with Indian buyers in Mayfair two of these sales have been for homes in the Square, both two bedroom lateral apartments purchased by Indian families as their London base.”
For further information on the finest homes available for sale or letting in Mayfair contact Wetherell on Tel: +44 (0)20 7529 5566 or visit www.wetherell.co.uk
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