Russians make property killing

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The site at 245 Warwick Road, Kensington, west London, was sold in 2006 for £8.125 million, but is now valued at twice that.

Before the Russians bought it they were already sitting tenants in a deal which had them paying a nominal rent of only £1 a year until 2086.

That left the Foreign Office unable to cash in on the land's potential development value, so it decided to sell, according to More4 News.

The Russians were originally given the land in an exchange deal to build housing and a school for their staff while the British did the same thing in Moscow.

But in 2006, the British Government let them buy the freehold, allowing them to apply for planning permission to transform the site for commercial use.

An application to build more than 250 apartments and a restaurant has been submitted to Kensington council. If approved it will increase the value of the land.

A spokeswoman for the Foreign Office confirmed the rental agreement meant it was unable to profit from the site.