In the heart of London, sighting the blue plaques that commemorate former residents becomes a more regular occurrence. In Belgravia, poet Alfred Tennysen, James Bond writer Ian Fleming and composer Amadeus Wolfgang Mozart all once lived on Ebury Street.
In addition to its famous former residents, Ebury Street is also home to a successful change-of-use project. In July 2022, developer Residence One published plans to renovate a vacant hotel, reimagining it as a pair of homes. The restoration scheme and the change of use from C1 (hotel) to C3 (residential) were both approved. The development concluded with the completion of two turnkey properties that honour the provenance of their setting.
A Design-led Triplex Apartment
United Kingdom Sotheby’s International Realty has now sold the standout apartment. Unfolding across the upper floors, the generous three-bedroom triplex was purchased by fractional ownership platform Pacaso. The home celebrates its 19th-century framework with timeless design details and considered interventions.
The reception room is characterised by large sash windows and a hand-carved marble fireplace. Walnut flooring flows into the kitchen, which pairs bespoke joinery with Miele appliances. Considered bedroom suites enjoy a neutral colour palette to produce a calming atmosphere. The principal bedroom dominates the second floor, incorporating a walk-in wardrobe and an en suite with a freestanding bathtub.
The home also benefits from a private, ground-floor entrance. Beyond, the location offers proximity to Buckingham Palace Garden, St James’s Park and Victoria Station as well as the shops and cafes of Elizabeth Street. The unit unfolds over 1,439 sq ft and was marketed with a guide price of £3.5M.
A Seamless Sale
As an industry-leading Prime Central London (PCL) brokerage, United Kingdom Sotheby’s International Realty was instructed on the property. Drawing upon an existing relationship, the apartment was shown to a corporate client.
Joey Byrne, Head of Europe at Pacaso, was searching for a turnkey home with pristine finishes and a prestigious postcode. “United Kingdom Sotheby’s International Realty did an excellent job sourcing the right inventory and marketing it in the optimal way,” Joey recalls. “The home was spectacular.” The property was swiftly acquired by Pacaso via a smooth and straightforward sale.
Pacaso is on track to spend £40M on property in London in 2025. However, this sale represented their first purchase of a home in Belgravia. “With our expert guidance, this buyer became well-versed in the neighbourhood and the local property market as well as the apartment and its investment potential,” explains Ahmed Ali, Sales Director at United Kingdom Sotheby’s International Realty.
Fractional Ownership
Founded by a former Zillow executive, Pacaso is a global co-ownership platform allowing users to purchase between one-eighth and one-half of a property. The corresponding days are then used on an annual cycle. The platform largely caters to American HNWIs (High Net Worth Individuals) who might otherwise frequent the city’s five-star hotels.
The platform allows users to trade weeks with owners of other properties, including those in different countries. While still a high-consideration purchase, fractional ownership allows the user to opt for a swift process. “We deal with the management and remove all the friction,” explains Joey, who also states that scheduling issues are rare.
Increasing American Interest
Pacaso enables its users to buy a stake in a pied-à-terre and invest in a foreign property market. As the “Donald dash” has seen rising interest among US citizens in moving to the UK, more American HNWIs are looking to buy property in London. However, many are simply looking to spend more time in the city. “They come to us so they can ‘rightsize’ their ownership,” Joey explains.
In London, the platform’s users tend to be leisure clients with an existing connection to the city. Many work in the finance sector. The owner group for the Ebury Street apartment includes a private equity executive, a former hedge fund manager and a real estate investor, among others.
An Ideal Match
Touring the three-bedroom duplex, one would never know that its history is so non-linear. Once a grand villa, it became a hotel then was reinstated as a luxurious residence only to be subdivided again. However, this time the divisions are financial rather than physical.
The apartment is now an asset to the street and regularly welcomes its visitor-owners to Belgravia. United Kingdom Sotheby’s International Realty is proud to work with innovative businesses that help neighbourhoods thrive and promote dynamism within the property sector.
Find out more about buying a home or selling your property with United Kingdom Sotheby’s International Realty.
