The former embassy in London's Gloucester Square is now a luxury home listed for sale. Dexters
The former embassy in London's Gloucester Square is now a luxury home listed for sale. Dexters
The former embassy in London's Gloucester Square is now a luxury home listed for sale. Dexters
The former embassy in London's Gloucester Square is now a luxury home listed for sale. Dexters

Live an ambassador's life: Former embassy near London’s Hyde Park on sale for £10m


Paul Carey
  • English
  • Arabic

A residence near London’s Hyde Park, that was until recently the embassy of the Dominican Republic, is on sale for £10 million.

The building was constructed in 1843 in Gloucester Square, between Paddington and Marble Arch. It was rebuilt in 1938.

It was used as an embassy between 2016-2021, playing host to guests including then-foreign secretary Boris Johnson, until a planning row forced the ambassador to move the headquarters the short distance to South Kensington.

Retrospective planning permission for the building to be used as an embassy was refused after complaints by neighbours over parking. The ambassador at the time, Federico Camilo, suggested the dispute could have been resolved “over a cup of Dominican coffee”.

Its diplomatic duties now in the past, it has been transformed with a complete overhaul.

The reception room in the former office space. Dexters
The reception room in the former office space. Dexters

It is now offered for sale, with freehold, as a contemporary five-storey, six-bedroomed house with 4410 square feet of space, featuring the former office space of the mission as a main reception room.

It includes a passenger lift, five bathrooms, a self-contained apartment for guests or staff, home gym, a chef’s kitchen, an open plan family lounge and kitchen, a top floor home office and roof terrace.

The roof space. Dexters
The roof space. Dexters

Richard Saltmer, managing director of estate agent Dexters, which has listed the property, said: “This exceptional Gloucester Square town house offers an extraordinary setting just moments from one of London’s finest leisure grounds, Hyde Park.

“The home’s location set in the heart of one of the London’s most coveted neighbourhoods, offers access to a beautifully maintained private community garden, close proximity to top-rated schools and a thoughtfully designed layout ideal for modern family living. The property has undergone a comprehensive design-led transformation and is presented in immaculate turnkey condition, ready for a buyer to move in”.

The new office space at the former embassy. Dexters
The new office space at the former embassy. Dexters

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

Updated: September 04, 2025, 10:12 AM