The Bishops Portfolio is an opportunity to participate in a twelve month bridge loan secured against two high quality residential assets. All assets are valued on an ‘as is’ sale basis. The two residential properties are both located on The Bishops Avenue which is one of the most desirable residential addresses in London.
One of the properties is a former ambassadorial residence which has fantastic development potential and has previous planning approval for a luxury renovation and extension (planning has recently lapsed).
The Bishops Avenue is considered to be one of the wealthiest streets in the world, comparable to a select few ultra-exclusive roads in such other affluent locations as Beverly Hills, Monaco and Hong Kong. The road is a favourite with the international ‘über-rich’ and is often referred to by its nickname of “Billionaires’ Row”.
The avenue is within closer proximity to Hampstead and Highgate golf clubs, Highgate Wood, Kenwood House and Hampstead Park. Average property prices on the avenue surpassed £1 million in the late 1980s and each property occupies a 2-3 acre plot. In 2006, the smallest houses in the street were selling for £5 million while a larger house, Turkish tycoon Halis Toprak’s 30,000 ft2 (2,800 m2) Toprak Mansion, sold amidst great secrecy to the President of Kazakhstan, Nursultan Nazarbayev, for £50 million in January 2008, making it one of the most expensive houses in the world, as listed by Forbes magazine. Homes on the street are on the market for up to £65 million.
The Bishops Avenue is home to monarchs, business magnates, and celebrities. Owners of houses on the street include the Sultan of Brunei and members of the House of Bolkiah, publisher and newspaper magnate Richard Desmond, art collector and philanthropist Poju Zabludowicz, industrialist Lakshmi Mittal, and property tycoon Andreas Panayiotou.
Former residents of the street have included Sir Billy Butlin, Dame Gracie Fields, Katie Boyle, Sir Peter Saunders (producer of the play The Mousetrap), the businessmen Asil Nadir and Emil Savundra and Heather Mills (the former wife of Paul McCartney. Ten of the houses on the street owned by the House of Saud were sold for £73 million.