The Bishops Avenue: Oak Lodge on Hampstead’s famous Billionaires’ Row to become 30 flats

An empty north London mansion badly damaged in a fire last summer is set to be transformed into a new 30-block residential estate.

Oak Lodge, located on Hampstead’s The Bishops Avenue - otherwise known as Billionaires’ Row - is thought to have sat empty for more than 30 years.

Last June, a blaze ripped through the property, causing damage to the roof and first and second floors.

Property developer Valouran has now announced it has secured funding to turn the 2.5 acre site into a scheme consisting of 30 homes, landscaped gardens and amenities including a gym, pool and spa facilities.

The homes will be a mixture of one and two-floor apartments, as well as penthouse flats, ranging in size from two to four bedrooms.

Valouran adds there will be measures such as “limited tree removals” during construction, though these will be mitigated by replacement planting.

Works are scheduled to begin later this year, and to be complete in 2026.

Valouran co-founder Alex Michelin said: “We are proud to have arranged a comprehensive development financing package during a challenging capital raising market.

“Our sensitive, design and heritage-led approach was incredibly well-received by the local planning authority, with consent granted in record time under delegated powers.

“With works commencing later this year, we look forward to completion in 2026.”

A Guardian investigation in 2014 suggested vacant mansions on The Bishops Avenue were collectively worth £350 million, with many of them sitting empty for some time.

Among the famous names to have occupied properties on the street include Richmond Desmond, the former owner of Express Newspapers, Paul McCartney’s ex-wife Heather Mills, and Justin Bieber, who in 2016 rented one of the homes during his autumn tour for a reported £108,000 a month.