18 July 2017, Prime Resi
Buying agency secures Park Lane base for ‘London’s most prestigious vault’
Unusual off-market acquisition next to the Dorchester…
Mayfair buying agency Black Brick has just finalised an interesting acquisition on Park Lane.In a departure from high-end house and apartment sourcing, the firm dug deep to secure an off-market bank vault next to the Dorchester for the South African owner of IBV International Vaults, Ashok Sewnarain, who has plans for a super-luxe storage concept.
The 2,077 square foot subterranean space, formerly leased to Barclays Bank, has been secured on a long lease of 19 years at a passing rent of £172,500 per annum, with a rent-free period to allow for a “luxurious” refurbishment.
IBV will be launching the offering in November as “London’s most prestigious vault”, aimed at HNWIs looking to store their jewels, gold and priceless belongings.
“Guests” will be collected in a chauffeur driven car and driven to the high security premises, where they will enter an “opulent” entrance, complete with a 24 carat gold flecked pavement, and meet one of the firm’s representatives. 3,300 safety boxes will be available in total, and the company also plans to sell gold bars and precious metals from the site.
Camilla Dell, Managing Partner at Black Brick: “As a buying agency which specialises in residential property, this was a very unusual deal for us, made possible by our excellent connections as the vault was only available off-market. Our client operates IBV vaults in across several locations across South Africa but was keen to expand into London, where he could offer his VIP service to the world’s elite.
“The vault is set to become the most prestigious and luxurious in London and marks a growing trend for discerning individuals to store their precious jewels and personal items.”
Barclays sold another of its vaults off in 2016 to Chinese Bank ICBC who needed somewhere to store £57 billion of gold bullion. The location remains a secret…
Super-prime storage has been in the news already this year; In January, high-spec property developer Amazon delivered a 10,000 square foot, £30m, three-storey underground super-prime storage facility for the most valuable of valuables, located 40 feet beneath Great Portland Street.
The Armitage Vaults are “the capital’s answer to Fort Knox”, said the developer, which has spent five years on the project. They offer high net worth types somewhere hyper-secure and quite plush to leave anything from artworks, jewels and wine to documents, luggage and ski paraphernalia, on either a short- or long-let basis. And there’s not a bulk-buy offer on packing boxes in sight.
Amazon’s new ‘Armitage Vaults’ are located 40 feet beneath Great Portland Street.