Sale of Park Place for £140 Million Creates a New Record for UK Property Market

The real estate markets feel reassured if big ticket transactions take place at record prices. A new record has been set in the UK for Britain’s most expensive home when the 300 year-old Grade II-listed property, in the village of Remenham, near Henley-on-Thames, Oxon was bought for £140 million. Apart from the historic mansion the estate includes about200 acres of the parklands, listed monuments, house, cottages, stables and a boat house. This latest transaction has broken the record of One Hyde Park, Knightsbridge, Central London which was sold earlier this year for £136 million.

These transactions have reassured the property market that high end of the market is somewhat unaffected by the economic crisis and has bounced back smartly to pre crisis prices. The house which is called Park Place has a total of 30,000 square feet of living space. The estate which is spread over 570 acres was bought by developer Mike Spink in 2007 for £42 million. Even at that price it had created a record of being the most expensive house outside London. The developer has since then invested millions of pounds in the property on extensive and comprehensive renovations.

The main house on the estate dates back to early 18th century and was substantially rebuilt in late 1880s. The house was once owned by then Prince of Wales, Frederick, the eldest son of George II. The house was used as a boarding school till 1998. There was a proposal to turn it into a luxury country club but it was opposed by the residents and rejected by Wokingham borough council. The estate boasts of two golf courses, a boathouse on the Thames and a stable block. Details about the buyer and the transaction were not available as Mike Spink or his advisers Knight Frank and Savills declined to comment on the matter.
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