The renovation of Buckingham palace might seem an awful lot of money to spend on a renovation and it could boggle the mind to everyday homeowners. However, the key difference for this renovation project is that it is in fact a restoration, not a renovation. The £150m price tag could seem far too much to spend on a single building but it is one of the most iconic buildings in the world and a trophy in our overseas treasure chest.

TylerMandic renovate some of the most luxurious properties for the world’s most discerning property owners in the Royal Boroughs of Kensington & Chelsea and Westminster. Luxury residential property renovation or refurbishment costs typically range between £2,000 and £2,750 per square metre. Using fine marbles, exquisite materials and sumptuous fabrics, the costs can soon escalate and literally go through the roof up to £7000 per square metre.

When you consider the 77,000 Sq Ms of space in the palace, the cost of £1,948 / Square Metre looks like incredibly fair value for the tax payer and her majesty. What are your thoughts?