64 Sheldon Avenue will require significant investment to complete
(Picture: Handout)A “partially completed” mansion with an indoor swimming pool and spa in north London’s enclave of “Billionaire’s Rows” is being auctioned after almost a year on the market.
The seven-bedroom house, which was originally listed for £10 million in April 2022, will go under the hammer on February 16, with a guide price of £5.5 to £6 million — almost half of its original price tag.
Located on Sheldon Avenue, close to Hampstead Heath, the property was purchased by the current owners for £4.1 million in 2015.
They demolished the existing two-storey house and replaced it with a larger building, intending to create a luxurious 8,900-sq ft home with six bathrooms, a pool, spa, library, cinema, sunken courtyard and basement parking.
Today, eight years later, the project remains unfinished. After securing planning permission and constructing the new building, the sellers had a change of heart, leaving the property in an unliveable state with significant investment required to complete it.
The house is being sold in “shell and core” condition which will require “many millions of pounds to finish off”, said Trevor Abrahmsohn at Glentree Estates, which is jointly auctioning the property with Allsop.
“A buyer looking for instant gratification will not buy 64, Sheldon Avenue,” said Mr Abrahmsohn. He continued that purchasing the property as a blank canvas (rather than gutting and redecorating existing interiors) could save buyers up to £1.8 million in stamp duty and VAT on construction.
“For those that want to exert their décor influence and who have the facilities to finish off the property, it really does tick all the boxes,” he said.
At its current guide price, Mr Abrahmsohn said the property represents “stunningly good value” on a road where homes can fetch more than £30 million, and neighbours have included actor Warren Mitchell, actress Dame Joan Collins and Ocado CEO Tim Steiner, who is estimated to be worth £625 million.
Media mogul Richard Desmond, members of the Saudi royal family and — briefly— pop star Justin Bieber have all lived on nearby The Bishops Avenue.
It is unusual for properties in the area to be auctioned, said Gary Murphy at Allsop.
“In my 35 years as auctioneer, I’ve only seen properties on and around the Bishops Avenue come up for auction a handful of times, which is hardly surprising given how desirable and prestigious this location is and how little housing stock is available there at any given point in time.”
In this case, the decision to auction is “a reflection of the owner’s serious desire to sell the property”, said Mr Abrahmsohn, who anticipates that it will bring the sale to a climax.
“I’m not sure if a ‘queue here’ sign should be put outside the door, but we’re expecting some competitive bidding and are already dealing with very serious parties.
“This is a real opportunity. If the guide price looks very reasonable, it’s because it is.”
