No, this is not a typo! A London property lets for £1.55m a year in what is believed to be a record rental deal.

This new build townhouse mansion in Mayfair, called Culross House, has been rented by a 24 year old who paid £3.1m upfront to secure the tenancy.

The tenant is said to be a Chinese heiress from a billionaire family who derives their wealth from property, fashion and IT.

Photo Credit: Grant Frazer/K10 Group

The 8,051 square feet house consists of five bedroom suites, a private gym, swimming pool and a rear garden. It also features a spa complex and home cinema room.

Culross House is designed to be a celebration of the “Best of British” classic design, with key rooms inspired by famous five-star hotels and VIP venues from around the world. It is valued at an astonishing £32m.

Photo Credit: Grant Frazer/K10 Group

Eye-watering £4,246 per night

The rental amount for this luxury home works out at £4,246 per night or £130,000 per month.

The property will be used by the heiress as a London pieds-à-terre for her visits to the city with her boyfriend, housekeeper/cook and personal security team.

Photo Credit: Grant Frazer/K10 Group

Kam Babaee, Founder of K10 Group who constructed the property, said: “This rental deal is the largest ever paid to rent a new home in Mayfair and is also the largest upfront payment ever made to let a London home.

“When compared to the daily cost of renting a five star hotel suite in Knightsbridge or Mayfair, Culross House provides outstanding value-for-money and far more space and private facilities.”

She added: “The deal underlines the buoyancy of the super-prime lettings market in London at present.”