Morning:
14°c
US banker joins the underground trend with £10m plan to rebuild his two homes
Mira Bar-Hillel05.05.09
An American investment banker who owns two houses in one of London's wealthiest streets wants to rebuild them as one home with a double-basement extension.
Paul Burdell, 50, who runs one of Britain's biggest debt recovery firms, Link Financial, plans to knock down the traditional house and its adjoining cottage in The Boltons - the millionaires' enclave in Chelsea - and replace them with a five-storey home with two basement levels.
The application for the £10million plan, which incorporates a swimming pool in one of the basements, is the latest in a growing London property trend to build underground extensions.
Chelsea Football Club chief executive Peter Kenyon was given approval for a basement under the garden of his £2million Georgian house in Notting Hill, and Foxtons estate agency founder Jon Hunt is creating a five-storey extension beneath his Kensington home, including a museum for his vintage Ferraris.
A public consultation on Mr Burdell's proposals began on Friday. His wife, Selina, 40, would not comment on the plans.
Reader views (6)
Isn't this a free society where we can choose to do what we want with our salaries. For the ignorants out there, these people work hard very hard. They choose to remain in this country, pay taxes, employ staff. Yes they do very well, being honest and upfront and using legal systems, it is not always going to be popular, owing money to anyone never is. That's why so many sites are advising people who have borrowed money ways in which to get out of paying back. It makes me sick, talking about these people as rats.
What about the faceless Debt Management Agencies out there who promise the earth while hiding the true extent of being a friend. In other words charging a fortune whilst hiding behind the facet of sheep's clothing.
What I say is go on build your house! Sod the lot!
- Coptx S Wales, Cardiff S Wales
"Paul Burdell, 50, who runs one of Britain's biggest debt recovery firms, .."
9 out of 10 rats said they preferred living in the cellar.
- Frank, Home Counties, England.
History teaches us that just before empires fall, their stupidest members cover themselves in luxury and seek out sumptuous excess. This man is robbing the planet of its dwindling resources merely to gratify his cupidity and feed his narcissism. I feel very sorry for his poor neighbours who will have to put up with massive disruption.
- Neil, London, London UK
Everyone in the wealthy parts of west London seems to be stripping the interiors out of period homes, digging down to create various basement levels and then replacing the period interior with a bland, modern, "minialist" one. I predict that in a few years, untouched period homes which haven't been messed about with will command a premium
- Mcw, London
Well said MickeyinLondon
- Guy, Mayfair, London
Its good to see that debt recovery firms are doing extremely well in the UK today; perhaps the Government could follow suit; and recover our taxes from the bankers; then we could build underground vaults of our own to put our money in them; safe from Bankers and Debt Collectors.
- Mickyinlondon, london
