Company documents filed in recent weeks reveal that Irish billionaire Paul Coulson has changed his address from Paris to London. And in doing so has taken up tenancy of a home in Mayfair with an annual rent of more than €1 million (including charges).

Located near the Dorchester Hotel, the Audley Square home was hailed as Britain' s most expensive rental when it came on the market last year with a monthly rental rate of £65,000 (€88,000), £780,000 a year. The rent was exclusive of additional charges reportedly of about £125,000 – bringing the annual cost to about £905,000 (€1.225 million).

The 775 sq m (8,346sq ft) townhouse is spread out over six floors and includes a 140sq m (1,500sq ft) master bedroom suite. The property, worth a reported £35 million, is owned by Claire Johnson, former partner of billionaire John Caudwell.

Caudwell owns multiple properties in the area, including the notoriously ugly Audley Square carpark, just two doors up from Coulson, which was formerly owned by Derek Quinlan and purchased from Nama in 2011 for about £155 million.

It’s possible Coulson is using the London pad as a pied-à-terre until work on his even grander Parisian compound is complete.

A palatial home owned by Coulson’s property investment vehicle, Balholm, which is named after the family’s Shrewsbury Road home, is undergoing a lengthy renovation. Coulson is adding modern touches by installing a lift and renovating the indoor swimming pool.

The scale of the private mansion and its southwesterly gardens, which overlook the adjoining park, are practically unheard of in Paris.

Situated in one of the most desirable locations within Paris's 16th arrondissement, Coulson counts diplomats, embassies and celebrities among his neighbours, including musician Lenny Kravitz, whose adjacent home is quietly available to rent at €2.1 million a year.