A Chinese billionaire who made his fortune buying umbrellas and cassettes has been given the go-ahead to partly demolish his 45-room mansion overlooking Hyde Park and build a £500m 'super palace' in its place.
Westminster City Council this week rubber-stamped Hong Kong-based tycoon Cheung Chung Kiu's proposals for the £205m property in Knightsbridge, which include tearing down and rebuilding the third, fourth and fifth floors, while adding an extended basement, an Olympic size simming pool and a 'halo' roof.
The scheme will see 2-8a Rutland Gate become Britain's most expensive home after the businessman - who also owns The Cheesegrater in London - snapped it up for a relative bargain due to depressed property values and weak currency as a result of Brexit.
The 62,000 square-foot property was originally a row of terraced four storey houses but was converted into a single mansion in the mid 1980s.
The stunning home was previously owned and used as a London base by Saudi Arabia's Crown Prince Sultan bin Abdulaziz, who died in 2011.
Cheung made his money when he moved to Hong Kong as a teenager, buying up stocks of items including umbrellas, watches and cassettes and selling them back to mainland China. He then developed residential properties on agricultural land to build up his profile.
He has now been given the green light to develop a huge 'super palace', despite councils chiefs imposing a ban on new super-sized mansions over 150 sq metres (1,615 square feet) in order to free up space for affordable homes.
As the building is still classed as a single dwelling, planning rules allow it to be updated and replaced.
The planning application received two objections from neighbours, concerned that the roof in particular was 'overly assertive and out of scale with the surroundings'.
The 'halo' design was also described as 'an incongruous and visually intrusive addition to the roofscape'.
Westminster City Council this week rubber-stamped Hong Kong-based tycoon Cheung Chung Kiu's proposals for the £205m property in Knightsbridge, which include an extended basement and a 'halo' roof
The scheme will see 2-8a Rutland Gate become Britain's most expensive home after the businessman - who also owns The Cheesegrater in London - snapped it up for a relative bargain due to depressed property values and weak currency as a result of Brexit
Cheung Chung Kiu, pictured, has been given the green light to develop the property and create a 'super mansion'
According to Bloomberg, the deal to buy the Knightsbridg property in the first place was possible because of the historic weakness of sterling as a result of Brexit. Pictured: One of the bedrooms in the stunning property
Billionaires are able to exploit the depressed property values and weak currency to snap up bargains. Pictured: A study inside the breathtaking mansion Mr Kiu is set to own
The scheme will see 2-8a Rutland Gate become Britain's most expensive home. Pictured: One of the property's luxurious rooms
The 62,000 square-foot property was originally a row of terraced four storey houses but was converted into a single mansion in the mid 1980s. Pictured: An extravagant dining room
The stunning home was previously owned and used as a London base by Saudi Arabia's Crown Prince Sultan bin Abdulaziz, who died in 2011. Pictured: Another decadent bedroom
Cheung has now been given the green light to develop a huge 'super palace', despite councils chiefs imposing a ban on new super-sized mansions over 150 sq metres (1,615 square feet) in order to free up space for affordable homes. Pictured: A bathroom in the property
The fifth floor is one of three which is going to be demolished and then rebuilt as part of the billionaire's new project
The fourth floor is one of three which is going to be demolished and then rebuilt as part of the billionaire's new project
Westminster City Council this week rubber-stamped Hong Kong-based tycoon Cheung Chung Kiu's proposals for the £205m property in Knightsbridge, which include tearing down and rebuilding the third, fourth and fifth floors, while adding an extended basement and a 'halo' roof
The planning application received two objections from neighbours, concerned that the roof in particular was 'overly assertive and out of scale with the surroundings
The stunning home was previously owned and used as a London base by Saudi Arabia's Crown Prince Sultan bin Abdulaziz, who died in 2011
Cheung made his money when he moved to Hong Kong as a teenager, buying up stocks of items including umbrellas, watches and cassettes and selling them back to mainland China
He has now been given the green light to develop a huge 'super palace', despite councils chiefs imposing a ban on new super-sized mansions over 150 sq metres (1,615 square feet) in order to free up space for affordable homes
As the building is still classed as a single dwelling, planning rules allow it to be updated and replaced
But the 'halo' roof design was also described as 'an incongruous and visually intrusive addition to the roofscape
The property was bought for around £205m last year but is set to more than double in value once the renovation is complete
