A building plot with planning permission for a £40 million Malibu-style modernist mansion in the heart of one of London’s most exclusive residential districts has come on the market.
The site on Avenue Road in St John’s Wood also comes with consent for a far more traditional red-brick residence.
Both designs have been approved by Camden council and would create a new home with 15,643 sq ft of space, about 10 times bigger than a typical London house.
The plot, which has a 6,185 sq ft home already on it, is for sale for £14.5 million.
Two visions: the £14.5m plot comes with permission for a Malibu-style mansion or a traditional red-brick property
Agents said the new owner would be expected to demolish the existing Thirties property and build one of the two alternative — and sharply contrasting — visions for the plot.
Once completed the property could be worth about £40 million given local values of up to £2,500 per sq ft.
Both versions of the new house have planning permission for a double-level basement as consent was originally obtained in 2010, before Camden banned so-called “iceberg” excavations.
The planning consents are now valid in perpetuity because initial preparatory ground works have already started in the gardens.
The basement would have a swimming pool, gym, games area, studies, staff quarters and car parking spaces.
Documents for the modernist house claim that “the design does not seek to provide a pastiche version of an historical style but looks to provide a well-thought-out contemporary building that will add to the rich variety of buildings and buildings along the street”.
The neighbourhood has become one of the most highly prized in London in recent years with celebrity residents including singers Rihanna and Robbie Williams.
Another nearby double plot that sold for £40 million has planning permission for a 35,000 sq ft mega-mansion that could be worth £80 million.
In total, there are believed to be 12 mansions under construction on the street with a total value of £500 million.
Mark Pollack, director and co-founder of agents Aston Chase, said: “With planning granted for both schemes, works can begin almost immediately.
“A discerning purchaser could potentially near triple their original investment.”