A £53 million transaction for a St John’s Wood mansion is perhaps one of the clearest signals of NW8’s burgeoning super-prime status yet.
The leafy North West London neighbourhood has rapidly gained its reputation as one of the capital’s prestige postcodes, as the centre of gravity for Prime Central London (PCL) recalibrates.
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Nigerian businessman and philanthropist Femi Otedola has acquired a 10-bedroom mansion on Avenue Road, reportedly purchasing the property at a significant discount from its previous £75 million asking price in 2020.
The property, built in 2016, was the most expensive detached house listed for sale in the UK at the time.
A super-prime mansion fit for an industry magnate
Inside the 10-bed home, there are a raft of exclusive amenities, including a cinema room, spa and cigar room.
It’s understood that Otedola purchased the mansion at the end of 2025, according to the HM Land Registry. It is unclear, however, whether he will use the home as a primary London residence or a strategic foothold in the capital.
The Nigerian billionaire will have Regent’s Park, Lord’s Cricket Ground and the village-like St Johns Wood High Street on his doorstep as well as access to elite schools in nearby Hampstead, including The American School.
Otedola is the ex-chairman of Geregu Power, one of Nigeria’s key electricity producers, and is one of the country’s prominent businessmen, with investments spanning power, finance, and energy.
According to Forbes, the entrepreneur is worth $1.4 billion making him one of the richest men in Nigeria. He also reportedly owns properties in Lagos, Dubai, and Monaco.
PCL continues to recalibrate amid tax policy changes
London’s prime and ultra-prime residential markets continue to draw in high-net-worth foreign investors, despite the scrapping of a centuries-old non-dom regime in 2025 and a new mansion tax in effect from April 2028 to homes in England valued over £2 million.
According to luxury estate agents Beauchamp Estates, buyers from the Middle East, China and the United States represented the highest numbers of ‘bargain hunting’ super-prime property investors in 2025, keen on snapping up some of the capital’s smartly priced ultra-high-end homes as weary vendors will forced to price for sale amid an anticipated oversupply of quality stock.
Both priced-to-sell large family homes and best-in-class apartments dominated demand at the highest rungs of the London property market last year, with many homes in this category offered at adjusted pricing due to vendor profiles.
In recent years several ultra-high-net-worth Nigerian investors have been linked to properties in London’s affluent postcodes seeking location with lifestyle factors.
In 2025, Roosevelt Ogbonna, chief executive of Lagos-based Access Bank, purchased an eight-bedroom, £15 million mansion on Bishop’s Avenue, Hampstead – also known as ‘Billionaire’s Row’ and a historic ultra-prime destination for international capital.
Abu Dhabi owned property developer London Square recently made a strategic marketing push into the Nigerian market, showcasing their portfolio of high-end and off-plan London homes at an exclusive property investment showcase targeted at elite investors in Lagos.
St John’s Wood, NW8 enters the London super-prime arena
Fringing Regent’s Park and moments from Lord’s Cricket Ground, St John’s Wood in North West London is one of the capital’s sought-after luxury addresses.
The neighbourhood has a growing portfolio of super-prime residential schemes capturing the attention of UHNW investors looking outside of traditional PCL postcodes.
Avenue Road is widely considered the best address within St John’s Wood, home to billionaires, VIPs and international elite.
Recent launches include Connaught House, a former non-conformist chapel being developed into five luxury apartments ranging from two to four bedrooms.
A former military barracks is also being restored and reimagined as 5.5-acre residential St John’s Wood Square, with sales expected to launch later in 2026.
