A 24-year-old Chinese heiress has rented a property for what is said to be a record £1.55m a year. 

The heiress, who is described as being from a billionaire family, has paid an upfront £3.1m to secure the tenancy, which costs £130,000 a month.

The property is a new build in Mayfair, called Culross House, constructed by developer K10 Group. The house, valued at £32m, recently featured in a Channel 5 reality programme. 

The rental figure works out at £4,246 per night for 8,051 square feet including five bedroom suites, a private gym, swimming pool and a rear garden. There’s also a spa complex and home cinema room.

The unnamed heiress – whose family wealth derives from property, fashion and IT – will be using the property as a London pieds-à-terre for her visits to the capital with her boyfriend, housekeeper/cook and personal security team.

Kam Babaee, founder of K10 Group, says: “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. The deal underlines the buoyancy of the super-prime lettings market in London at present.”