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Harrison Varma agrees to acquire derelict mansion for just under £20m

BRITISH luxury property developer Harrison Varma has agreed to acquire a derelict mansion in north London for a sum just below £20 million.

 Harrison Varma, run by husband and wife pair Anil and Marisa Varma, is set to purchase Kenmore House, 58 The Bishops Avenue, Evening Standard reported last week.


The couple, known for creating luxury homes on London’s ‘Billionaires’ Row’ now has a number of mansion development options, including restoration into one mansion, apartments, or other uses, according to property sources.

Harrison Varma was reluctant to reveal his plans for the 123-year-old building.

Mark Pollack, director at Aston Chase, an estate agent, brokered the deal on behalf of a private European seller.

Pollack was quoted by Evening Standard: “The site is on one of the most prestigious residential roads in the world. A number of sites have recently traded, which will inevitably result in significant investment in the street.”

Harrison Varma’s previous action plans on The Bishops Avenue consist of high-end flats. Some of these properties sold for over £7.5m each.

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The Bank of England has warned of a potential "sharp correction" in the value of major technology companies, with growing fears of an artificial intelligence bubble reminiscent of the dotcom crash.

The central bank's financial stability report revealed that share prices in the UK are close to the "most stretched" they have been since the 2008 global financial crisis, while equity valuations in the United States are reminiscent of those before the dotcom bubble burst in 2000.

Valuations are "particularly stretched" for companies focused on AI, the Bank warned. It cited industry figures forecasting spending on AI infrastructure could top $5 tn (£3.8 tn) over the next five years, with around half funded through debt rather than by AI firms themselves.

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