A FIVE-bedroom townhouse has been put on the rental market for a super-wealthy tenant costing more than £500,000 PER YEAR.

The state-of-the-art property has been refurbished with the intention of appealing to a millionaire who is nervous about buying in the current economic environment.

Estate agents say 50 Cumberland Terrace, in Regents Park, is worth around £16.5 million - a whopping 75 times the price of the average home in England and Wales.

This means stamp duty alone would be at least £1.9 million, a figure which could instead be used to rent the 4,600sq/ft family home for more than three years.

Estate agent Rokstone says it is the first luxury home in the area which has been refurbished purely with the aim for being rented out rather than sold.

It has been put on the rental market for £10,000 per week.

Becky Fatemi, managing director of Rokstone, said: "This is the first purpose-made refurb-to-rent mansion-townhouse to be launched in Regents Park, and one of the first of its kind in the wider London marketplace.

"There are other palatial homes on the market, but they are the result of 'accidental landlords' who would ideally like to sell their home, not a strategic rental investment model.

"The build-to-rent and refurbish-to-rent model has tackled the student and volume housing market, but this newly refurbished house is bound to help set a new trend in the luxury lettings market, and I'm sure this new rental-residence will be followed by other refurb-to-rent mansions."

Somerset County Gazette: STUNNING: This five bedroom townhouse has been put on the market for more than £500,000 PER YEAR for a super-wealthy tenant. The state-of-the-art property in Cumberland Terrace, in Regents Park, is worth around £16.5 million - a whopping 75 times the pr

Grade I listed Cumberland Terrace was designed by Royal architect John Nash to provide magnificent homes for the family and friends of HRH The Prince Regent and Acting Head of State.

The terrace of mansion-townhouses was completed in 1826 and has always been one of the most prestigious addresses in London.

Number 50 was bought by its 2014 and, over the past three years, it has undergone a meticulous refurbishment.

The main reception room and separate dining room on the upper ground floor has grand proportions, cornicing and parquet flooring, opening onto a patio.

There is a family/third reception room on the lower ground floor opening onto a double-height atrium space.

The family kitchen / breakfast room is located on the ground floor, with glass windows looking into the atrium space below, creating a contemporary open-plan ambience within the historic building.

Olivia McSweeney, Rokstone head of lettings, added: "Stamp Duty costs now means that an affluent family looking to live in London for less than three years will typically rent.

"This magnificent Cumberland Terrace property has been cleverly reconfigured for the modern tenant with formal and informal reception areas and stylish bedroom suites."