The Family Office of Ravi Ruia, a co-owner of the Mumbai-headquartered Essar Group, has acquired a sprawling mansion estimated to be worth around £113 million in the heart of London as an "attractive investment" in the UK property market.
Hanover Lodge, originally designed by British architect John Nash around 1827, is located on the outer circle of Regent’s Park and is said to be currently under construction. The Grade II listed historic property was previously linked to Russian property investor Andrey Goncharenko, according to The Financial Times which first reported on the sale.
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“The Family Office of the Ruia family makes investments across a range of asset classes including real estate with an objective of making reasonable risk adjusted returns,” William Rego, spokesperson for the Ruia Family Office, told PTI.
“The subject property in the UK is under construction and became available at a price which makes it an attractive investment for the Family Office,” he said.
The transaction, which is unconnected to the Essar Group, was advised by the law firm Withers LLP and the financial details have not been disclosed.
According to the website of exclusive construction services provider Water Lilly, the 2,400 square metre Hanover Lodge in Regent's Park includes an underground swimming pool constructed using a floating floor which can alter the depth of the pool and also convert into a ballroom.
“It boasts decadent entertaining spaces, a gymnasium, a gallery and staff accommodation,” it reads.
“Water Lilly managed extensive alterations and refurbishment, which included opulent bedrooms, fitting out 10 luxurious bathrooms, a new kitchen and utility rooms, as well as the installation of a lift, food hoists and extensive electrical, mechanical and hi-tech audio-visual systems,” it adds.
The leisure area includes a yoga room, training room, massage room, hammam, sauna and changing rooms. The mansion was previously also believed to have been owned by India-born British businessman and peer Lord Raj Bagri.