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Adar Poonawalla rents London mansion for USD 69k a week in Mayfair record

Adar Poonawalla rents London mansion for USD 69k: The director of the world’s largest vaccine manufacturer agreed to rent a property in Mayfair for about 50,000 pounds ($ 69,000) a week, a record for the upscale London neighborhood, according to two people with knowledge of the transaction.

Adar Poonawalla, executive director of the Serum Institute of India Ltd., rents the house on one of the best roads in the district from Polish billionaire Dominika Kulczyk, said the people, who asked not to be identified as the deal is confidential.

The mansion is one of the largest residences in the neighborhood and measures approximately 25,000 square feet (2,322 square meters), the equivalent of approximately 24 average English homes. The property also has an adjoining guest house and overlooks one of Mayfair’s “secret gardens”, which are only accessible to residents.

A spokesperson for the Serum Institute declined to comment on Poonawalla’s behalf. A spokesman for Kulczyk declined to comment.

The deal will provide a boost to the luxury housing market in central London, which has been hit by a combination of Brexit and the pandemic. Rents have fallen 9.2% in the past five years in Mayfair, according to LonRes, a real estate data company.

There has been a “massive surge” in demand for staff from wealthy clients who rent properties in London and the English countryside because they are upgrading or want a home with a larger garden, according to Elaine Braid, CEO of Poppy Lane Placements, a boutique. . staff supply agency for luxury private homes.

Poonawalla, who is currently spearheading the production of millions of doses of the Covid-19 vaccine for AstraZeneca Plc, has had long-standing ties to the UK and studied at the University of Westminster in London. The businessman previously failed in an attempt to buy the Grosvenor Hotel in Mayfair and turn part of it into a house.

Britain is “definitely a place where I would like to have a second home,” he told Bloomberg News in a 2016 interview.

Poonawalla is part of one of the richest families in the world, having a fortune of $ 15 billion, most of it derived from the vaccine maker, according to the Bloomberg Billionaires Index.

The stamp duty sales tax, which is higher for foreign buyers and multi-homeowners, may be deterring wealthy people from buying property in London, said Fred Scarlett, director of the luxury home developer. Clivedale London. An additional levy will be introduced on foreign-based buyers next month.

“If you are going to buy a house on a construction site for two to ten years, many foreign buyers will scratch their heads and think why am I paying all this tax, why not just rent?” he said.

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