Billionaire Adar Poonawalla recently acquired Aberconway House for an astounding £138 million, marking the largest property sale in London for 2023. This 25,000-square-foot mansion near Hyde Park was previously owned by the late Jan Kulczyk, Poland’s wealthiest individual, with the sale being managed by his daughter, Dominika Kulczyk. This transaction not only represents the highest sale of the year but also ranks as the second-highest property price in London’s history.
Aberconway House, located at 38 South Street, is a spectacular Grade II-listed residence from the 1920s on the Hyde Park side of Mayfair, nestled between Park Lane and Berkeley Square. Built in 1920 by John Murray Easton, renowned for designing the Royal Horticultural Hall in Westminster, it was originally commissioned by industrialist Henry McLaren, later known as Lord Aberconway. After McLaren’s departure in 1943, the property was taken over by the British film-production company Rank Organisation. It was eventually restored to a family home in 1991 by the Grosvenor Estate, following Westminster Council’s mandate for the property to revert to residential use.
The sale price of Aberconway House has significantly appreciated since it was sold for £46 million in 2007 by Portman Heritage, a threefold increase. This remarkable appreciation has occurred despite the broader UK facing a cost of living crisis, inflation, and a weakened property market. According to the Financial Times, the top-tier buyers in the UK property market remain largely unaffected by higher borrowing costs. The super-rich, with minimal or no need for mortgages, continue to fuel the demand for luxury properties. This, combined with London’s enduring appeal, ensures that the market for ultra-expensive city properties remains robust.
The only property to surpass Poonawalla’s purchase price is 2-8a Rutland Gate, which sold in January 2020 for £210 million. Originally attributed to the estate of the former Saudi Arabian Crown Prince Sultan bin Abdulaziz, the Financial Times revealed in 2022 that the actual buyer was Hui Ka Yan, the founder and chair of Chinese property developer Evergrande.
Before finalizing the purchase, Poonawalla adopted a “try before you buy” approach, reportedly renting Aberconway House in 2021 for over £50,000 a week, as per Bloomberg. Evidently, the property impressed him enough to justify the substantial investment.
The acquisition will be managed by a UK subsidiary of the Poonawalla family’s Serum Institute of India, the world’s largest vaccine manufacturer. Poonawalla, who took over the Serum Institute from his father in 2011, has earned the nickname ‘vaccine prince’ due to his success in the industry. This moniker, along with his substantial earnings, has enabled him to make such a magnificent purchase.
Aberconway House remains one of the last grand residential houses of its size in the area, continuing to stand as a testament to London’s thriving luxury property market.