Addison Lee taxi founder takes near 50% hit on London mansion sale
The founder of London taxi company Addison Lee has sold a mansion overlooking London’s Regent’s Park for little more than half the price he paid 13 years ago, as prime London property sales dry up. John Griffin, who sold his business to the Carlyle Group for about £300 million ($464 million) in 2013, offloaded the property on the park’s western perimeter for £11.5 million at the beginning of…
John Griffin, the founder of Addison Lee taxi company, has sold his London mansion overlooking Regent’s Park for half the original price he paid 13 years ago. Griffin sold the property for £11.5 million in early October, according to sources cited by Bloomberg, compared to the £20.7 million he spent on it in 2013. The six-bedroom home, located on the park’s western edge, is part of a Regency-era terrace designed by architect John Nash.
The mansion had been listed for sale at various prices over the years, with a 2021 listing asking £32 million. Despite a series of price reductions, the property was withdrawn from the market before being re-listed for £13.5 million this year. The sale of Griffin’s property signals the struggles faced by prime London real estate, which has been impacted by tax changes and economic and political shocks.
Forecasters predict that London's most expensive properties won't see price growth again until 2028, according to Savills. Prime London sales have seen a 7.2% decline over the past year, with house prices dropping 7.9% in July compared to the previous year and 5.7% lower than in the pre-COVID period.
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