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Blairs’ Bayswater Investment Pays Off As Rich Relish The Chance To Live Next Door

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http://www.timesonline.co.uk/tol/money/pro...icle6719662.ece

Tony Blair’s controversial purchase of a Bayswater townhouse in October 2004 is finally appearing to be a good buy. When the Blairs paid £3.65 million for the 19th-century property in Connaught Square, close to Hyde Park, the price was said to be “ahead of reality†— which, in estate agent-ese, means that they had offered more than the house was worth. In 2007, the family acquired the adjoining mews house for £800,000.

Now this high-security, luxury living complex could be valued at about £6.6 million, a figure based on a recent sale of an unmodernised house in the same square for £938 per sq ft. As the Blair property, including the mews, has been extensively renovated, it would be worth closer to £1,100 per sq ft.

The square has attracted interest from the wealthy, partly because in prime Central London, properties are assessed on their space. Others factors behind its popularity include the proximity of the park and Mayfair’s restaurants, plus the constant police presence at the former Prime Minister’s pad, which provides reassurance for other residents. Martin Bikhit, of Kay & Co, the estate agent that sold the unmodernised house in the square, said that the arrival of the Blairs put this bit of Bayswater, known as Connaught Village, on the map. Once upon a time, the area used to be called Tyburnia — after the nearby place of execution.

Mr Bikhit adds: “Bayswater is one of the few parts of prime Central London where you can get a quality property at under £1,000 per sq ft. This is half the price of Chelsea and even 10 to 15 per cent below what you could expect to pay on the other side of the Edgware Road, in Bryanston Square in Marylebone.†Connaught Square’s relative affordability means that values could rise further, Mr Bikhit added.

In another sign of renewed life in the London market, Cluttons, the estate agent, said that more luxury pied-à-terres were being put up for sale or to let. The number of onebedroom apartments for sale that previously were used as crash pads by owners who live elsewhere has risen by 10 per cent in the past six months, while the number available to let has risen by 15 per cent over the same period. This trend has enabled tenants to move into keenly priced lets in exclusive areas such as Belgravia and Kensington. A one-bedroom flat near Holland Park currently to let with Cluttons costs £365 a week. Twelve months ago, the same flat would have cost £410 a week.

Excellent news the Blairs appear to have doubled their money, but doesn't this mean that if they leave the property prices in that area would fall? Would someone pay a premium for their house knowing one of the reasons why property prices have increased is the police protection which would go immediately?

I wonder why the numbers of one bed appts for sale has risen, it must be the recovering property market....

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Blair's earning power dwarfs these small investments. Tony must feel like he is on top of the world right now.

What have we created?

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Bit too close for comfort for when the street linchings start for my liking. The US embassy isn't too far away in case the Blairs have to dash for safety in a hurry. :lol:

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The local residents around the Blairs may have a false sense of security. The Anti-Terrorism boys aren't interested in ordinary villainy....

"Sarge...I just seen a scrote climbing in the Blair's window!!!"

"White scrote or Middle Eastern-looking scrote?"

"White scrote, sarge..."

"Not our patch. Pass me that Thermos, and another of them pasties..."

Edited by juvenal

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