Billionaire John Caudwell on a mission to create the most prestigious address in the world

An imposing solid-stone mansion in London's Mayfair may look as if it has prevailed from the last century but it is, in fact, the new kid on the block.

Where there was once a brown brick hotel with jagged edges and a gaping entrance to a multistorey car park, a British billionaire has created a property whose exterior could come from the pages of PG Wodehouse.

Audley Square is one of London’s most valuable plots of land due to its location at the heart of high society, and its latest launch is one of many transformations in the past three centuries.

The original fine-brick town houses built in the 1750s were heavily modified in the Victorian era with spacious ballrooms, theatrical staircases and ornate porticos.

Those grand town houses were bombed out during the Second World War and replaced by the eyesore garage, its horizontal lines and modernist style at odds with the classical Georgian architecture nearby.

The car park and surrounding buildings were razed by billionaire businessman, property developer and philanthropist John Caudwell, who bought the site in 2011. He then set about the £2 billion development of 1 Mayfair, recreating the original grandeur with 24 ultra-prime residences (plus five staff suites) which he intends being the “most prestigious apartment building in the world”.

Why would a multi-billionaire want to save a little bit of money and sacrifice quality?

John Caudwell

Prices will start at £35 million, rising to more than £200 million, making the homes among the most expensive in the city. Property developer Nick Candy recently sold his Chelsea mansion for £265 million, thought to be the most expensive residential property ever sold in the UK. Mr Caudwell values his own Mayfair townhouse at around £350 million, not that he intends selling.

The first show apartment at 1 Mayfair, a five-bedroom 6,523-square-foot residence designed by New York-based design firm Jamie Drake, is on sale for £83.7 million. Amenities include a library curated by the Duke of Devonshire, a health spa with a 20-metre swimming pool, gym and treatment rooms, plus luxury services delivered by The Dorchester. Mr Caudwell describes the spa as a “creation of imagination” that is “bizarre, beautiful, spectacular”.

Grandeur

There has certainly been no expensive spared in creating an edifice of design, craftsmanship and opulence.

He had to obtain special permission from the Vatican to create a replica of its “map of the heavens” on the ceiling of a rotunda entrance, with walls lined by busts of Roman emperors, “all great builders”.

“I wanted ‘Grand Mayfair’ architecture involving porticos, columns and Portland Stone,” Mr Caudwell told The National during a tour this week. “I wanted unparalleled quality.”

He takes pride in the soundproofing – noise levels run below 35 decibels – and the coffered ceiling that hides pipework and air-conditioning units. Ceiling coving doubles as concealed ventilation grilles which draw in air and filter out pollen, dust and pollution.

He beams while speaking of the 650 worker hours it took to perfect the glazes on a marble column and the dark-to-light fading on the walls of the grand hallway.

Mr Caudwell wanted location prestige, choosing the heart of London “where the land is so expensive and exclusive”, and uniqueness, which he offers through outsize apartments in a city that has limited newbuilds to just over 2,000 square feet.

The rooms have been designed with a nod to famous guests of The Dorchester: a violet, purple and mauve colour palette beloved of Hollywood actress Elizabeth Taylor; the “room of pearls” principal bedroom suite inspired by Marlene Dietrich’s jewellery when she performed in nearby Soho, and the 12-seat dining room's contemporary light installation that pays homage to the Van Cleef & Arpels diamond necklaces of Sita Devi, the Maharani of Baroda.

A 13.89-metre-long gallery with octagonal coffered, barrel-vaulted ceiling was inspired by the great dining room at Chatsworth House.

Show caption: 1 Mayfair will comprise 24 ultra-prime residences. Photo: Ca…

Buyers

The eye-watering splendour comes with a price tag that very few people can afford. Around 4,000 worldwide, in fact, are rich enough to afford to live at 1 Mayfair “without denting their bank balance too much”, according to Mr Caudwell’s research.

“So, how many of those 4,000 want the most prestigious apartment in London?” he asked.

He said there had already been 1,000 enquiries, narrowed down to 80 who had shown interest, and 25 of those showed serious interest. “We’ve got six appointments in the next two weeks,” he said. “There's a lot of activity now because we've really got something that we can show.”

He does not intend “persuading” anyone to buy, but is confident once they see the effort that’s gone into the property they will be hooked.

“Then they either want it or they don't,” he said. “If they want something that's a lot less quality, they get something cheaper. Won't be the location, won't be the uniqueness and it won't be the quality. But why would a multi-billionaire want to save a little bit of money and sacrifice quality?”

Show caption: John Caudwell intends making 1 Mayfair the most prestigious …

Heritage

You could also ask why a billionaire who made his fortune as a mobile phones entrepreneur wanted to spend 15 years on a project that he recognises will not reap the financial rewards such effort entails. Leaving a legacy plays its part.

“Myself, my family and the team that have worked on it will be proud of this forevermore,” he said. “If I was just doing it for profit, I would have knocked up something cheap and cheerful.

“This is a labour of love, and the profit is not commensurate with that, but there's a pride and a beauty and a real sense of satisfaction of what I'm creating.”

While he takes huge interest in the macro building itself – he trained as an engineer – the interior design he leaves to others. He says he has an “eclectic taste” that would not be for everybody. He loves brass and gold, but did not want to create a “gold palace”.

“If you had too much of that, it starts potentially looking a little bit over-the-top,” he said.

However he insists his designers follow his golden rules of “beauty, functionality and longevity”.

Show caption: The Audley Square car park, which was demolished to make way…

Headwinds

According to London property statistics, it might not be the best time to launch a multibillion pound development. Prime property values are down around 25 per cent since their 2014 peak, taxes introduced by the government have led to an exodus of wealthy clients and the Iran war has added another global factor to weigh down the market.

The UK, most of Europe and the world is a “mess”, said Mr Caudwell, with headwinds meaning the prices he set for 1 Mayfair around seven years ago have not risen. But international chaos has meant “generally the wealthier are getting wealthier”, with billionaires heading towards trillionaire status.

As a former Conservative party donor who switched his support to Labour at the 2024 general election, he is frustrated that successive governments have failed to be bold enough to lift Britain out of its struggles. He has not held back with his opinions on where successive governments have gone wrong.

“As a patriot, I want Britain to be massively successful, and I want the people to be better off -the general people, not the billionaires. I don't want any billionaires to leave either because they've been taxed,” Mr Caudwell said.

He has been urging governments to send ambassadors such as himself around the world to visit companies with high-tech products in science and environmental technology, to encourage them to come to the UK and pay above minimum wage to boost salaries and GDP per capita.

“It's free jobs, free intellect,” he said. “The working people of Britain become better off. We all become better off.”

Difficult gig

He has been unimpressed with Andy Burnham’s first few months as prime minister, and even less enamoured with the budget.

“They’ve made their bed, and we’ve all got to lie in it, but it’s the wrong bed,” he said. “We need to create prosperity for all, through decisions that are politically brave.”

He said party leaders had made politically expedient choices to win elections, but this was not what was in the long-term interests of the country. “It's a difficult gig being a politician,” he added.

The Labour government has announced more than 50 new or increased taxes since coming to power in 2024, according to the Taxpayers’ Alliance. The Conservatives say this has increased the annual tax burden by up to £100 billion.

Mr Caudwell rails against these tax decisions. “We've driven people offshore, people are flooding to Dubai, to Milan, now Greece has announced a €100,000 maximum [annual] tax. We can't keep losing the wealth of the country and the wealth creators.”

He suggests a reduction in public spending would be useful, but puts forward his own tax increase as a major solution to Britain’s problems – while recognising it would not be popular. He would add 20 pence to a litre of fuel, raising around £15 billion in the process.

He argues that the percentage of the population who would struggle due to such an increase should get a lift in universal credit, while the majority of people would cope, even if they did not like it.

“That's the right thing to do politically because it doesn't drive wealthy people offshore, which is what we're doing on a huge scale. Fossil fuels are detrimental to the environment, detrimental to public health. So you price fuels out of the market to an extent and at the same time raise a lot more money.

“You've got to do the right thing for the population, for the environment, and for the prosperity of Britain.”

Mr Caudwell has been impressed with the leadership of Kemi Badenoch since she took charge of the Tories, but questions whether they are electable yet.

“It’s a difficult message to sell, and that's one of the big problems because we need to do the right thing for the economy. But if you do, do you get elected? I think the Tories have got a lot of correct thinking at the moment, and I do think Kemi's doing a great job.

“And I think they've got a chance to get in next time. And if they do, I think they can do the right things for Britain.”