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Blairs’ luck changes as they finally make a profit in Connaught Square

Despite rising house prices throughout Britain, Tony and Cherie Blair have failed to capitalise on the property market. They sold their home in on Richmond Crescent in Islington for £615,000 in 1997, just before the housing market began to rocket. Had the Blairs purchased their next home, 29 Connaught Square, shortly thereafter, they would have paid a mere £1,400,000. By the time they did invest in the London housing market in 2004, the house’s value had leapt up to £3.65 million

In 2002 the Blair’s house was offered for sale on the open market for £3,650,000 but failed to sell and was withdrawn from the market, not surprising bearing in mind the then owner was asking approximately 30% more than it was worth at the time. The Blair’s bought the house in 2004 for exactly the same amount that was sought in 2002 - £3,650,000 or £822/s1.ft – a record for the square at the time.

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In 2005-2006 the market softened slightly and a number of properties were sold on the square for an average of around £690/sq.ft. - significantly less than what No. 29 had sold for, making it appear that the Blairs really had come unstuck. What is more, they failed to find a tenant for the property when they attempted to let the substantial family home.

However, the Blairs have far from lost out. Despite significantly overpaying at the time and languishing in up to £650,000 worth of negative equity they have finally reaped dividends from their investment. With the massive increase in prime central London property prices, particularly in the last six months, the Blairs’ home, once fully refurbished, will probably be worth somewhere in the region of £4,500,000 or £1,000/sq.ft. The Blairs recently acquired the mews to the rear of the property for an estimated £800,000. This alone adds another £1,250,000 to the value of their property, giving a grand total of £5,750,000.

Assuming the Blairs spend around £300,000 on a comprehensive building programme to refurbish the main house and integrate it with the mews house, they will be sitting on a paper profit of approximately £1,000,000.

“Connaught Square is a prime London address but still offers excellent value compared to other, better known parts of central London. The Blairs have clearly had excellent foresight in choosing this part of London as their home – they have already made a small fortune” says Martin Bikhit, a director of Hyde Park based estate agents Kay & Co. “The Blairs moving into the square can only have a positive effect on prices. Love him or hate him, there is a certain kudos to living on the same road a the former prime minister and the increased security will be alluring to the security conscious”.

For a chance to live next to the Blairs, Kay & Co are currently marketing a five bedroom house at number 8 Connaught Street, adjoining Connaught Square, for £2,800,000. The property occupies approximately 3,200 square feet, equivalent to £812 per square foot.

For further information, please contact:

Kay & Co. Hyde Park
24/25 Albion Street
W2 2AX
Tel: 020 7262 2030
Hydepark@kayandco.com

For press enquiries, please contact
Deborah Battsek
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Lana Wrightman
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E-mail: pr@lanawrightman.com

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