In the spatially condensed capital of the country, basement conversions are booming. The desire to create bigger and better living spaces has driven London’s appetite for the underground retreat.
A basement conversion is a convenient solution to space problems, offering ample amounts of additional room without the need to move to a bigger house. A luxurious basement also has the potential to increase the value of your home by as much as 20%, dependent on the property location, basement size and quality of the work.
The London-living rich and famous have capitalised on this lucrative market and have dug down to create signature basements that have maxed out both their living space and home value.
The most prolific price boost seen by a celebrity’s basement conversion came from the previous house of Ricky Gervais. Bought for £3.4m in 2006, Gervais uploaded a profile of his home to the widely-used property website, zoopla.co.uk, for £7.5m less than ten years later. The impressive increase came from a luxurious conversion, consisting of a swimming pool, gym, sauna and even a golf drive simulator. The basement conversion reportedly cost Gervais £1m, but the money has been well spent for the creator of The Office after doubling his home’s value.
Basement conversions are also a popular option with politicians, as David Cameron opted for an underground renovation. The former prime minister and his wife Samantha required additional space for their severely disabled son, Ivan, who sadly passed away in 2009. The couple converted their basement to allow Ivan to have access to everything he needed on one floor, so that he could sleep and be fed easily. David and Samantha took turns to feed their son, and had an additional kitchen built in the basement to help with this, as well as a bedroom and bathroom, which was accessed by a lift.
The eccentric artist had plans drawn up for a super basement in his London home in 2015. Spanning an impressive 150 ft. across, the plans were originally opposed by council members but have subsequently been passed last year. Hirst is one of London’s richest tenants, paying £40m for his immense Grade I listed classic home. True to his nature, the artist wants to use most of the space to create a gallery to house his collected artwork. The conversion is reportedly set to crown the house as one of the most expensive in the area, valuing around £100m when finished.
The Beckhams moved into their recently renovated house in Holland Park in 2016. After buying the property in 2013, the couple have been renting a house while the work was being completed. The work on the illustrious town house has given the couple a total of six bedrooms, as well as an extended wine cellar and swimming pool. Reportedly valued at around £30m, the Beckhams home has greatly benefitted from a basement conversion.
Do you think basement conversions in London are a good investment? If so, get in touch with our specialist team of basement design and construction workers today.