The house originally hit the market with an £11.95 million price tag in February, but the luxury end of the UK property market has been hit by economic uncertainty since the June Brexit vote.
Oliver, who made his name and fortune through his TV series The Naked Chef, bought both properties for between £6.5-£7.5 million in the early noughties. In 2008, Camden Council approved plans to merge the two homes into one.
The large London house currently has 10 bedrooms, six bathrooms, three kitchens, three reception rooms and two basement apartments.
Council records show Oliver submitted plans to extend the first floor over an existing garage late in 2008, but the plans were later withdrawn.
Oliver and his family moved out of the home last year when they purchased a 17th century heritage-listed home in Highgate.
In October last year, thieves broke into the Primrose Hill mega mansion when they family were out of town.
The newly submitted plans, which were approved last week, will see the large Primrose Hill home turned into two four-bedroom properties with the basements converted into a single flat.
This could see each home priced between £5- £6million and there are estimates that the basement flat alone could sell for £2 million.
Given the decline in sales at the top-end of the market, demand for medium-priced families homes is increasing, agent Henry Pryor tells The Evening Standard.
“That is where the sweet spot is. People are able to afford them because of the equity in their existing homes. They are still able to borrow and they are still in secure roles. The very top end is just too difficult. I think Jamie Oliver’s being very sensible and I think we will see more of that,” he said.
Splitting the home in two could also be popular with neighbours. The chairman of the Primrose Hill Conservation Area Advisory Committee hopes Oliver’s decision to send the builders back in signals the end of adjoining London properties being converted into single dwellings.
“We looked at the new application and were perfectly happy. It is good this unfortunate episode is now over. It would be good if this sets a bit of a pattern,” he told The Evening Standard.
Oliver has had a busy August – the chef’s wife Jools recently gave birth to their fifth child.
This article was sourced from www.realestate.com.au