Lennox Gardens flat with just one year left on lease sells for £550,000
Indication of London’s somewhat bonkers property market has been illustrated in news that a one bedroom flat in Knightsbridge’s Lennox Gardens has sold for a staggering £550,000 on a lease that had just one year remaining.
![The flat is situated on the favoured western side of Lennox Gardens](https://www.thesteepletimes.com//wp-content/uploads/2020/01/The-flat-is-situated-on-the-favoured-western-side-of-Lennox-Gardens-1.jpg)
The 1,012 square foot first floor property – which was sold by agents Henry & James after the “tragic and unexpected death of the owner, intestate” – was guided at just £150,000 but a “flurry of interest” resulted in the winning bid being a sum that was a staggering £400,000 higher.
![The apartment includes a large reception room](https://www.thesteepletimes.com//wp-content/uploads/2020/01/It-includes-a-large-reception-room-1.jpg)
![And one good sized bedroom](https://www.thesteepletimes.com//wp-content/uploads/2020/01/And-one-bedroom-1.jpg)
![In addition, there is a good sized terrace to the rear](https://www.thesteepletimes.com//wp-content/uploads/2020/01/In-addition-there-is-a-good-sized-terrace-to-the-rear-1.jpg)
The purchaser – who has not been named – will now have to spend an estimated £2 million if they wish to purchase a 90-year lease with the property’s freeholder, The Wellcome Trust. A bargain at twice the price?
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