By John Ikani
Indian billionaire Ravi Ruia has made a significant residential acquisition in London, purchasing a luxurious mansion overlooking Regent’s Park for a staggering £113 million ($145 million).
The property, known as Hanover Lodge is a 2,400 square metre mansion at 150 Park Road, built in 1827 and designed by John Nash, the architect of Buckingham Palace.
Previously linked to Russian property investor Andrey Goncharenko, the deal represents one of the largest residential transactions the UK capital has seen in recent times.
Ruia, who is a co-owner of the prominent investment firm Essar Group, acquired the mansion through the sale of its Gibraltar-incorporated holding company.
Notably, the exclusive residence was owned by Goncharenko just two years ago, and he had acquired it from Conservative Party peer Rajkumar Bagri in 2012 for an impressive sum of £120 million.
In response to the acquisition, William Rego, spokesperson for the Ruia family office, explained that the property is currently under construction and was available at an enticing price, making it an attractive investment opportunity.
The news of the grand purchase first surfaced through the Financial Times, drawing attention to the opaqueness that characterizes London’s ultra-prime property market.
Despite efforts by the UK government to introduce a register for overseas entities last year, aiming to enhance transparency, London’s luxury property deals often remain shrouded in secrecy.
Even in the aftermath of Russia’s invasion of Ukraine and efforts to improve London’s image as a haven for wealthy individuals close to Vladimir Putin, Andrey Goncharenko, the former owner, is not subject to sanctions.
It is noteworthy that London’s most expensive homes are typically acquired by buyers who rely less on debt, as high-interest rates discourage borrowing.
A report from broker Knight Frank revealed that approximately 17% of individuals worldwide with a net worth of $30 million or more purchased at least one home last year.
Though regulations have been tightened, requiring overseas companies to disclose beneficial owners or face potential prosecution, full public disclosure is still not guaranteed, particularly when it comes to high-end properties.
Hamptons International reported a record number of London homes being sold off-market in the last quarter of the previous year, a trend that is particularly prevalent among the capital’s priciest properties.
The law firm Withers provided advisory support to the Ruia family office during the acquisition process.
As of now, there has been no response from Andrey Goncharenko concerning the acquisition.
