A sweet deal: Pricey central London pad once owned by Lord Sugar goes up for sale

The lavish London pad once owned by star of The Apprentice star Lord Sugar is up for sale, but it will set you back quite a lot.

The property – on the corner of Old Park Lane and Piccadilly – comes with a price tag of £26m, after having recently-been refurbished.

It spans more than 5,000 sq ft, has been the home of many a famous man: Lord Elgin – acquirer of the controversial Elgin marbles – has also called the luxury flat home.

After Elgin left, 149 Old Park Lane was occupied by Prince William, Duke of Gloucester and Edinburgh from 1816-34 and then by Prince George, Duke of Cambridge until his death in 1904.

The property comes with a whopping £64,000 service charge – although at only two per cent of the property’s price, it’s unlikely to make much of a difference to super-prime buyers.

Sign of the times?

Ultra prime London is in “high demand” despite an “otherwise muted period for real estate in the capital”, Ziad El Chaar, Chief Executive Officer of Dar Global – marketer of the property – said of the Old Park Lane residence. 

However, the flight of non-doms away from London does present a headache for super prime. 

Tightening tax policy this year, plus the effects of covid, have led a significant amount of non-doms to consider moving out of the city in favour of low-tax countries like Italy, which offers a flat tax rate of €100,000 (£84,000).

There have been some concerning signs for the sector this year. Investment has been slipping: despite a consistent level of demand, the value of deals fell from £829m to £731m in the first half of 2024.

The size of properties is falling, too: the average super-prime property sold so far in 2024 has had a floor space of 4,000 sq ft, down from 6,500 sq ft.

However, there have still been a steady flow of super-prime properties onto the market, particularly luxury developments equipped with lifestyle amenities like restaurants, spas and a concierge.