Mittal, whose fortune is estimated at 27 billion pounds, already owns two large homes in Kensington Palace Gardens where Princess Diana spent her last years.
The latest purchase of the former embassy of the Philippines from Hedge fund tycoon Noam Gottesman came a month after Mittal bought Britain's most expensive house for 117 million pounds on the street nicknamed "Billionaire's Row", ostensibly for his son Aditya and his family.
The 70 million pounds price tag for Mittal's latest property is all the more remarkable as the former Philippine Embassy is in need of modernisation, the Evening Standard said.
The 16,250 square feet home is also not the largest in the road but it looks on to Kensington Palace.
58-year-old Mittal, Britain's richest man, himself lives in a home in Kensington Palace Gardens which he bought for 57 million pounds four years ago and is three times-bigger than his latest acquisition.
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