SII’s Adar Poonawala Rents London Mansion For Whopping ₹51 Lakh A Week!

Adar Poonawalla, head of Serum Institue of India (SII), the world’s largest vaccine manufacturer has reportedly rented a property in Mayfair for about 50,000 pounds ($69,000) a week, a record for the exclusive London neighbourhood, two people with knowledge of the transaction were quoted as saying in media reports.

The CEO of SII is leasing the home on one of the district’s best roads from Polish billionaire Dominika Kulczyk, the people said, asking not to be identified as the deal is confidential, Business Standard reported.

The mansion is one of the largest residences in the neighborhood and measures about 25,000 square feet (2,322 square meters), the equivalent of about 24 average English homes. The property also comes with an adjoining guest house and backs onto one of Mayfair’s “secret gardens,” which are only accessible to residents.

A spokesperson for the Serum Institute declined to comment on behalf of Poonawalla. A spokesperson for Kulczyk declined to comment, the report added.

Poonawalla, who is currently spearheading the production of millions of doses of AstraZeneca Plc’s Covid-19 vaccine, was a student at the University of Westminster, London. The businessman previously failed in a bid to buy the Grosvenor Hotel in Mayfair and turn part of it into a home, Business Standard reported.

According to the Bloomberg Billionaires Index, Poonawalla is part of one of the world’s richest families, with a fortune of $15 billion fortune.

What the deal means

It will be a boost for the luxury homes market in central London, which has been hit by a combination of Brexit and the pandemic. Rents have fallen by 9.2% in the past five years in Mayfair, according to LonRes, a property data company.

There’s been a “massive increase” in demand for staffing from wealthy clients renting properties in London and the English countryside because they are upscaling or want a home with a bigger garden, Elaine Braid, chief executive officer at Poppy Lane Placements, a boutique agency supplying staff to luxury private homes was quoted as saying in the report.