London is a city known for its wealth and extravagance. From designer shops to luxurious mansions, London has it all. The city boasts some of the most expensive neighborhoods in the world, and the richest street in London is undoubtedly Kensington Palace Gardens.
Located in the Royal Borough of Kensington and Chelsea, Kensington Palace Gardens is home to some of the most affluent individuals in the world, including billionaires and members of royal families. The street is also known as “Billionaire’s Row,” owing to its reputation as one of the most expensive streets globally.
History of Kensington Palace Gardens
Kensington Palace Gardens was initially called The Queen’s Road when it was constructed in the mid-19th century. The road was built on land that once belonged to Kensington Palace, hence its name. It was initially intended to be a public thoroughfare, but it quickly became an exclusive residential area for wealthy individuals.
In 1851, Prince Albert purchased a house on the street for his family’s use. This purchase initiated a trend among wealthy families who were eager to live close to the royal family and eventually led to Kensington Palace Gardens becoming one of London’s most prestigious addresses.
The Most Expensive Houses on Kensington Palace Gardens
The houses on Kensington Palace Gardens are some of London’s largest and most luxurious homes, boasting amenities like swimming pools, gyms, cinemas, and multiple bedrooms.
One of the most expensive houses on Billionaire’s Row is number 18-19. This property was purchased by Indian steel magnate Lakshmi Mittal in 2004 for a staggering £57 million ($78 million). The house features twelve bedrooms, an indoor pool complex with sauna and steam room facilities, and parking space for twenty cars.
Another notable property on Kensington Palace Gardens is number 2-8a. This residence was previously owned by Russian billionaire Roman Abramovich before he sold it for £90 million ($123 million) in 2011. The house features a private cinema, a swimming pool, and a panic room.
Other notable residents on Kensington Palace Gardens include the Sultan of Brunei, who owns three properties on the street, and Chelsea Football Club owner Roman Abramovich, who owns another property on the street.
The Future of Kensington Palace Gardens
Despite its reputation as one of London’s most expensive streets, Kensington Palace Gardens is not immune to the economic downturns that affect the world. Property prices on the street have fallen in recent years due to concerns about Brexit and global political instability.
However, despite the dip in property prices, Kensington Palace Gardens remains one of London’s most sought-after addresses. With its proximity to some of London’s best shops, restaurants and cultural attractions, and its reputation as an exclusive residential area for wealthy individuals, it is unlikely that Billionaire’s Row will lose its appeal anytime soon.
Conclusion
Kensington Palace Gardens is undoubtedly one of London’s most iconic streets. It has a rich history that dates back centuries and has been home to some of the wealthiest individuals in the world. As property prices fluctuate with time, Billionaire’s Row continues to attract some of the world’s richest people who seek luxury and exclusivity in one of London’s most desirable locations.