Charlie Mullins, the founder of Pimlico Plumbers, has reduced the asking price for his Westminster penthouse to £9 million. This price cut follows a two-year period without a buyer since the entrepreneur relocated to Spain.
A £9 million view opposite the MI6 building
The property is a three-bedroom, three-bathroom apartment located within the Riverwalk development in Westminster. According to the report, the penthouse overlooks the River Thames directly across from the MI6 building and features nearly 3,000 square feet of living space. A significant portion of the property includes 900 square feet of private terraces, which are reportedly decorated with sculptures and a foosball table.
The interior of the residence is noted for its highly idiosyncratic decor, including large cracked marble cabinets and an LED question mark light. The source also highlights a kitchen feature where a skeleton figurine serves champagne, accompanied by a sign stating, "We do not serve women. You must bring your own." Despite high-end amenities like a 24-hour concierge and direct lift access, the property has remained on the market since Mullins left the country.
Escaping the Labour tax raids
Charlie Mullins' decision to sell his UK assets is driven by his opposition to the current Labour government's fiscal policies.. The Pimlico Plumbers founder, who has previously paid over £120 million in taxes to the Treasury, expressed concerns regarding potential increases in capital gains and inheritance taxes. As the report states, Mullins chose to relocate to Spain and Dubai to avoid what he described as a system that "rinses" entrepreneurs.
Mullins has become an active donor to Nigel Farage's Reform Party following his departure. He has expressed a desire to remain abroad until a change in political leadership occurs, often spending his time at a villa in Marbella with his partner, Rachel Leavesley. his move reflects a sentiment among some high-net-worth individuals who feel the UK's tax environment has become increasingly hostile to wealth creation.
From Chris Rokos to Charlie Mullins:A pattern of flight
The difficulty in selling the Westminster penthouse is part of a larger trend involving the departure of Britain's wealthiest citizens. The report mentions hedge fund tycoon Chris Rokos, once the UK's third-largest taxpayer, as another high-profile individual leaving the country. Even Sir Peter Lampl, the founder of the Sutton Trust, cited London's traffic as a reason for his move to the United States.
This exodus has prompted a response from the UK government. Chancellor John Healey has acknowledged the need to address the departure of the super-wealthy, noting that these individuals are vital for job creation and investment. However,the government's plans to potentially increase capital gains tax in the upcoming Budget may further complicate the ability to retain wealthy residents.
Trump's tariffs and the Iran conflict: The buyer drought
While the political climate is a major factor in Mullins' personal move,he atttributes the lack of interest in his property to global economic volatility. Specifically, Mullins pointed to the potential for global inflation caused by US President Donald Trump's tariff threats and the ongoing conflict in Iran. he suggested these factors have created a "drought of buyers" for high-end real estate.
However, several questions remain regarding the true cause of the two-year vacancy. While Mullins blames international geopolitics, it remains unverified whether the primary deterrent for buyers is the UK's specific tax regime or the broader global instability he describes. Additionally, the report mentions that while there were interested parties at higher price points, the specific reasons for their failure to close a deal were not disclosed.
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