The Chief executive of Serum Institute of India (SII), Adar Poonawalla, has entered a rent agreement for a property in London’s exclusive Mayfair area for a whopping record amount of $69,000 (Rs 50 lakh) a week, according to a Bloomberg report.
Poonawalla is now leasing the home from Polish billionaire Dominika Kulczyk. The property, known to be the largest residences in the affluent neighbourhood measures about 25,000 square feet, has an adjoining guest house and access to one of the “secret gardens” of Mayfair.
The rental deal comes as a boost to the luxury homes market in London which has taken a hit due to Brexit and the coronavirus pandemic. As per property data by LonRes, rents in Mayfair has dropped 9 per cent in the last five years.
Poonawalla, who is the son of Cyrus Poonawalla, India’s seventh-richest billionaire, had previously failed in a bid to buy the Grosvenor Hotel in Mayfair. SII, currently the world’s largest vaccine maker by number of doses produced and sold globally, had $804 million in revenue according to a Forbes article in November.