December 13, 2023
1 min read

Serum Life Sciences Sets London Record at £138 Million

The top end of London’s property market is insulated from the impact of higher borrowing costs, which have slowed the wider UK housing market this year, because few buyers rely on mortgages…reports Asian Lite News

India’s billionaire “vaccine prince” Adar Poonawalla has reached a deal for London’s most expensive home sale of the year, agreeing to pay about 138 mn pound for a 25,000 square foot Mayfair mansion, media reports said.

Aberconway House, a vast 1920s home near Hyde Park, will change hands after a sale was agreed by Dominika Kulczyk, daughter of the late businessman Jan Kulczyk, who was Poland’s richest man, Financial Times reported.

The property will be acquired by Serum Life Sciences, a UK subsidiary of the Poonawalla family’s Serum Institute of India, people familiar with the transaction said, it said.

The price tag makes Aberconway House the second-most expensive home ever sold in London and the biggest deal of the year, according to luxury property agents, Financial Times reported.

The top end of London’s property market is insulated from the impact of higher borrowing costs, which have slowed the wider UK housing market this year, because few buyers rely on mortgages.

Trophy properties in London have remained attractive to international buyers despite new transparency measures brought in to help target Russian money after the war in Ukraine, and the prospect of tax changes if the Labour party wins the next UK general election.

A person close to Serum Life Sciences said the Poonawalla family had “no plans” to move to the UK permanently, but that “the house will serve as a base for the company and family when they are in the UK”. The London deal follows multimillion-pound investments in vaccine research and manufacturing facilities near Oxford, the person added, Financial Times reported.

ALSO READ-Impact of Social Media and E-commerce

Previous Story

West Indies Triumph Over England in T20 Clash

Next Story

Crucial Role of Nutrition in Pneumonia Recovery

Latest from Business

India Dominates Global Digital Banking List

Indian banks have observed the most notable gains in day-to-day banking (+9.8 pp) and expanding relationships (+3.4 pp)….reports Asian Lite News As many as 9 Indian banks have been recognised as ‘Digital

India Tops Global Growth Charts Again

India Retains Top Spot as Fastest-Growing Economy, Only Major Nation to Exceed 6%…reports Asian Lite News India remains the world’s fastest-growing major economy and the only nation projected to achieve over 6%
Go toTop

Don't Miss

London’s Tower Bridge wins gold award from Visit England

The awards are based on the scores gained by tourist

You Are Under Watch 

Major CCTV Upgrade Transforms London’s Safety Network…reports Asian Lite News