Monday, April 19, 2021

No. 2554 - A catch in Knightsbridge

Knightsbridge flat for sale for just £250,000 (but there’s a catch)

 

Given just 190 days remain on the lease of a flat in Egerton Gardens, Knightsbridge, an asking price equivalent to £1,315 per day or £250,000 might seem a little high but great interest has been expressed in it since it came to the market in late January.

 

A catch in Knightsbridge
The spacious reception room of the £250,000 ground floor apartment benefits from high ceilings

A catch in Knightsbridge
The bedroom is a good size also

A catch in Knightsbridge
The apartment has direct access onto communal gardens at the rear

A catch in Knightsbridge
A floor plan of the 692 square foot flat

 

Currently owned by a stockbroker and for sale through Kaye & Carey, the 1 bedroom, 692 square foot ground floor flat has the appealing feature of direct access to communal gardens to the rear.

 

Of the property agent Matthew Kaye commented:

 

“The lease is up on September 26th. We have been inundated with calls from people asking about it. We’ve said, ‘sorry to deflate you but have you seen that the lease is very short?’ The home could do with some updating but with a longer lease would sell for around £1,750,000”.

 

“But [as it is] now it’s a niche market. We need cash buyers, not just for the original price of £250,000 [as mortgages are not available on leases so short], but also for the subsequent loan for the lease extension”.

 

A 90-year extension on the lease has been agreed for £1,275,000 and a Section 42 Notice of Claim has been served. If no buyer emerges and this isn’t paid, the apartment will simply revert its the freeholder, the Wellcome Trust.

 

 

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