Poonawalla Family Buys £42M Grosvenor Square Home Amid UK Tax Reforms: A Heritage Luxury Property Buy
 

Among India's wealthiest, the Poonawalla family has once again marked its significance in London's luxury real estate market by acquiring a historic property worth £42 million on Grosvenor Square. This comes after they have expanded their portfolio in Mayfair with the £138 million acquisition of Aberconway House earlier this year in 2022.

The five-story property purchased only recently is one of the only surviving buildings from the original Grosvenor Square, built back in 1727. The 27,000-square-foot building previously served as the home of the Indonesian embassy and stands vacant today but has high redevelopment potential for either commercial space or luxury residential units. Its location at Mayfair further propels its value, considering it is one of the most prestigious districts in London.

The deal is also significant on account of the changes that will be brought about by the UK government pertaining to the non-dom tax regime. This contentious tax status, which lets wealthy international investors like the Poonawallas avoid paying UK tax on global income, is to be abolished by 2025. Still, in this shift, the Poonawalla family remains unperturbed, underlining their long-term commitment to investing in London's real estate market.

Natasha Poonawalla, a member of the family and executive director at Serum Institute of India, sealed the £42 million Grosvenor Square property deal in May 2023. She runs Phinity Developers Ltd., the vehicle that brokered the sale. The Poonawallas believe in London's luxury market and think the city has much to offer when it comes to wealth building, even with an uncertain tax regime.

In addition to all of its real estate businesses, the Poonawalla family is also known for having positively shaped global healthcare. The Serum Institute, initiated by the family, became the world's largest vaccine manufacturer and was of great help in the COVID-19 pandemic.

Finally, the £42 million Grossvenor Square acquisition reminds all that the Poonawallas remain highly visible in London's high-end real estate markets, despite some of the UK's tax reforms. That investment approach reflects their status as global elites.!

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