Building the Hyde Park super palace: Self-made Chinese billionaire who made his fortune buying umbrellas and cassettes gets go-ahead to demolish £205m Knightsbridge mansion and build a £500m home which could become most expensive in Britain
- Westminster City Council this week rubber-stamped Cheung Chung Kiu’s proposals for 2-8a Rutland Gate
- The design features an extended basement and a ‘halo’ roof, which drew some objections from neighbours
- 62,000 sq ft home was once a row of terraced four storey houses before it was converted into single mansion
A Chinese billionaire who made his fortune buying umbrellas and cassettes has been given the go-ahead to partly demolish his 45-room mansion overlooking Hyde Park and build a £500m ‘super palace’ in its place.
Westminster City Council this week rubber-stamped Hong Kong-based tycoon Cheung Chung Kiu’s proposals for the £205m property in Knightsbridge, which include an extended basement and a ‘halo’ roof.
The scheme will see 2-8a Rutland Gate become Britain’s most expensive home after the businessman – who also owns The Cheesegrater in London – snapped it up for a relative bargain due to depressed property values and weak currency as a result of Brexit.
The 62,000 square-foot property was originally a row of terraced four storey houses but was converted into a single mansion in the mid 1980s.
The stunning home was previously owned and used as a London base by Saudi Arabia’s Crown Prince Sultan bin Abdulaziz, who died in 2011.
Cheung has now been given the green light to develop a huge ‘super palace’, despite councils chiefs imposing a ban on new super-sized mansions over 150 sq metres (1,615 square feet) in order to free up space for affordable homes.
As the building is still classed as a single dwelling, planning rules allow it to be updated and replaced.
The planning application received two objections from neighbours, concerned that the roof in particular was ‘overly assertive and out of scale with the surroundings’.
The ‘halo’ design was also described as ‘an incongruous and visually intrusive addition to the roofscape’.
Westminster City Council this week rubber-stamped Hong Kong-based tycoon Cheung Chung Kiu’s proposals for the £205m property in Knightsbridge, which include an extended basement and a ‘halo’ roof
The scheme will see 2-8a Rutland Gate become Britain’s most expensive home after the businessman – who also owns The Cheesegrater in London – snapped it up for a relative bargain due to depressed property values and weak currency as a result of Brexit
Cheung Chung Kiu, pictured, has been given the green light to develop the property and create a ‘super mansion’
According to Bloomberg, the deal to buy the Knightsbridg property in the first place was possible because of the historic weakness of sterling as a result of Brexit. Pictured: One of the bedrooms in the stunning property
Billionaires are able to exploit the depressed property values and weak currency to snap up bargains. Pictured: A study inside the breathtaking mansion Mr Kiu is set to own
The scheme will see 2-8a Rutland Gate become Britain’s most expensive home. Pictured: One of the property’s luxurious rooms
The 62,000 square-foot property was originally a row of terraced four storey houses but was converted into a single mansion in the mid 1980s. Pictured: An extravagant dining room
The stunning home was previously owned and used as a London base by Saudi Arabia’s Crown Prince Sultan bin Abdulaziz, who died in 2011. Pictured: Another decadent bedroom
Cheung has now been given the green light to develop a huge ‘super palace’, despite councils chiefs imposing a ban on new super-sized mansions over 150 sq metres (1,615 square feet) in order to free up space for affordable homes. Pictured: A bathroom in the property
How did self-made property tycoon Cheung Chung Kiu make his millions?
Cheung Chung Kiu was born in 1964 in Chongqing, China.
In 1980 he moved to Hong Kong.
There he would buy various items – including umbrellas, watches and cassettes – and sell them in mainland China.
From there, he tried his hand at real estate, buying agricultural land in Chongqing to develop residential project California Garden – the first of its kind in the city.
In 1993, aged just 29, he became one of the youngest listed company chairmen for his company Yugang International.
He went on to take over his brother-in-laws packaging firm which he renamed CC Land in 1999.
Mr Kiu was ranked 26th on the Forbes Rich List in 2007, but 98 per cent of his fortune was wiped out during the financial crisis. However, he managed to recover some of his fortune.
In 2017 Mr Kiu completed a deal to by the Leadenhall Building in London – more commonly known as The Cheesegrater – for £1.15 billion.
He had already made other investments in the capital.
YT Realty, which he chairs, bought the Travelodge Hotel near Liverpool Street station for £43 million last summer.
CC Land also bought Vodafone’s Paddington Headquarters for £290m in January.
A summary of the planning document reads: ‘In 2019 a lawful development certificate was granted demonstrating that the entire property had been used as a single family dwellinghouse for a period exceeding four years.
‘The current proposals involve the refurbishment and partial demolition of the building to allow the remodelling of the facades and roofscape.
‘A modern mansard is proposed with contemporary features, including an openable glazed top with metal framing, integrated photovoltaic panels and a section of green roof.
‘Alterations are proposed to the ground and fourth floor terraces, along with the creation of a new terrace at fifth floor level to the rear. The existing basement level will also be extended.
‘Associated works include the installation of plant machinery at basement and roof levels and alterations to fenestration.’
The tycoon moved to Hong Kong in 1980, where he bought various items – including umbrellas, watches and cassettes – and sold them in mainland China.
From there, he tried his hand at real estate, buying agricultural land in Chongqing to develop residential project California Garden – the first of its kind in the city.
In 1993, aged just 29, he became one of the youngest listed company chairmen for his company Yugang International.
He went on to take over his brother-in-laws packaging firm which he renamed CC Land in 1999.
The businessman was ranked 26th on the Forbes Rich List in 2007, but 98 per cent of his fortune was wiped out during the financial crisis. However, he managed to recover some of his fortune.
In 2017 he completed a deal to by the Leadenhall Building in London – more commonly known as The Cheesegrater – for £1.15 billion.
Cheung has already made other investments in the capital. YT Realty, which he chairs, bought the Travelodge Hotel near Liverpool Street station for £43 million last summer. CC Land also bought Vodafone’s Paddington Headquarters for £290m in January.
From a 21-bedroom terraced house in Mayfair to a sprawling country mansion, are these Britain’s most expensive homes?
Mayfair mid-terraced home
Price: £90million
The house extends to approximately 18,679 sq ft and has a spacious mews house to the rear
The house extends to approximately 18,679 sq ft and has a spacious mews house to the rear along with a garage large enough for four limousines.
The property features an extensive entertaining space which is served by a new glass lift – perfect to show off the pricey pad.
Situated at the rear of the property is a mews house which includes a garage large enough for four limousines.
The Mayfair mansion was built in 1749 by Benjamin Timbrell, a self-taught architect.
One Hyde Park
Price: £160million
Property tycoon Nick Candy took out an £80million mortgage with Credit Suisse on the luxury apartment in the capital.
Figures from the Land Registry at the time reveal that the home is valued at £160million.
The Candy brothers have dubbed One Hyde Park ‘the world’s most exclusive address.’
Christian Candy owns separate flats worth £31million and £26.2million on the tenth floor while Nick, who is married to Holly Valance, also owns a penthouse in the block.
Residents are protected by a multi-million pound security ring of steel with flats featuring panic rooms, bulletproof glass and bowler-hatted guards trained by Special Forces.
There is also iris recognition in the lifts and all mail is X-rayed.
Park Place
Price: £140million
Park Place, near Henley-on-Thames, Oxfordshire, was once home to George II’s eldest son, and has been given a makeover worth millions for its mystery new owner.
The mansion, which backs on to the Thames, has a helipad, spa complex, home cinema and high-tech security system.
The property, where the 2007 remake of St Trinian’s was filmed, is set in 200 acres of parkland in the village of Remenham, Berkshire, close to the Oxfordshire border.
Until 1998 it was used as a boarding school.
The Grade II-listed house, built in the Renaissance style, has at least ten bedrooms complete with en suite bathrooms, and 30,000 sq ft of living space.
2-8a Rutland Gate
Price: £280million
The 45-bedroom super-mansion was put on the market for £300million after the death of owner Sultan bin Abdulaziz, the crown prince of Saudi Arabia.
But the house, thought to be the largest single family home left in London, failed to sell.
The 45-bedroom super-mansion was put on the market for £300million after the death of owner Sultan bin Abdulaziz, the crown prince of Saudi Arabia
A private bid for £280million was then submitted for the 60,000sq ft property.
In the 1990s, the entire property was furnished by celebrated Paris-based photographer and interior designer Alberto Pinto’s company during a two-and-a-half year refurbishment.
Pinto’s eponymous company – which usually kits out luxury yachts and planes – spent from 1992 until 1994 working on the house, curating pieces from all over the world.
The firm also did some redecoration – estimated to have cost a total £50 million – in the late 90s or early 2000s, but very few items have been added since then.
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