Home Commercial Property Nepal may sell Gurkha Embassy for £100m

Nepal may sell Gurkha Embassy for £100m

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25th Apr 13 12:30 pm

The cash-strapped Nepalese government may sell its Kensington Embassy for £100m, it has emerged.

The Kensington Palace Gardens property, located on what is known as the ‘Boulevard of Billionaires’, is in dire need of repairs but any attempts to sell the embassy are likely to be controversial.

Gurkhas are Nepalese army units that used to serve with the British military and were awarded the Kensington base in 1937 in recognition of their service. The base is seen as a vital part of their national history and a sale is bound to spark protest.

Nepalese officials visiting London this week in connection with the sale, have so far declined to confirm the reports and say they are still weighing their options.

Lakshmi Mittal's Kensington Palace home

Lakshmi Mittal’s Kensington Palace home is on the same street as the Nepalese Embassy. The steel magnate bought the property for over £50m in 2004.

Nepal now pays £1,000 a year rent on the property, located on the same street as steel magnate Lakshmi Mittal’s ‘Taj Mittal’ home and the residence of Foxtons founder Jon Hunt.

‘Boulevard of Billionaires’ also serves as the official residence of a number of ambassadors including the Russian, Saudi Arabian, Finish, French and Kuwaiti ambassadors.

The cumulative property value of the 29 homes on the Kensington private road is estimated at £3.4bn.

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