THE SNP has been thrown into turmoil by the property dealings of its now-suspended MP Michelle Thomson.

But party bosses should have cause to celebrate the acumen of another MP, who spent 10 years lavishly renovating his historic London town house.

John Nicolson, the respected former BBC and ITN journalist, bought the five-storey property in Spitalfields for a song in 1995 and restored it to its former Georgian splendour.

It has been so beautifully upgraded he has earned hundreds of pounds from renting it out for glamorous fashion shoots.

And like his celebrity neighbours, including artists Gilbert and George, he has benefited from the gentrification of the once-run down area.

A similar house in the same street sold for £2.75million last year and property website Zoopla estimates the present value of a smaller, three bedroom home a few doors away at more than £2.9million.

Labour yesterday called on the SNP to clarify its position on MPs' outside earnings after Pete Wishart, its shadow leader of the Commons, said they should have no financial interests whatsoever outside parliament.

But Mr Nicolson said using the house as a fashion location did not prevent him from being a full time MP.

He also said owning a London base meant he did not have to claim accommodation expenses.

The stunning property in Fournier Street, originally built in 1721 for Hugenot silk weavers, is advertised through specialist locations agency Ist Option, who said it cost £400 per day plus a £95 booking fee.

It is also advertised as a film location with another agency, JJ Locations.

Joely Richardson, the actress, has modelled there and it was the background to fashion shoot in glossy magazine Esquire with actor Matthew Goode.

Gok Wan, the designer, used the house to showcase his 2013 women's wear collection and high street giant Next photographed menswear there.

The house is also featured in Farrow and Ball: Decorating with Colour, a coffee table book produced by the upmarket paint firm.

It has also been showcased in Lifestyle magazines such as Easy Living and Living Etc.

In addition to fashion shoots, Mr Nicolson offers the house for rent when he is not staying there.

Upmarket holiday letting agency One Fine Stay - which promises owners of desirable properties "hassle free income" - advertises its availability from £405 per night.

On its website, the agency describes the house as "deliciously atmospheric".

The former broadcaster, who also earns more than £10,000 per from letting a terraced house in Tower Hamlets, has declared an "occasional income" from fashion shoots in the House of Commons register of MPs financial interests.

He said he had one booking this year, netting him £320.

He told The Herald: "It was very rewarding to take a derelict wreck in a derelict block and restore it.

"I did the restoration work more than a decade ago when I was a journalist.

"I did the labouring myself at weekends and holidays living in one room in the attic when I did it."

He added: "Westminster MPs are able to claim rental allowances when they live in London.

"Because I restored this derelict building many years ago I can live there without any claim on the public purse."

Mr Nicolson became MP for East Dunbartonshire in May, unseating the Lib Dems' Jo Swinson.

He was nominated as a candidate by Alex Salmond and has since become the SNP's spokesman on culture, media and sport.

He lives in Bearsden, in his constituency, at the weekends and now plans to restore an old shop in Kirkintilloch for use as a constituency office.

In a debate on MPs second jobs earlier this year, Mr Wishart told the Commons: "There should be no second jobs, no paid directorships, no outside interests with a financial return."

Referring to his comments, a Scottish Labour spokesman said yesterday: "Clearly his fellow SNP MP John Nicolson didn't get the memo.

"With every passing day people in Scotland are seeing the huge difference between what the SNP say and what they actually do."

An SNP spokeswoman said: "All SNP MPs are firmly focused on representing their constituents as a full time job."