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 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 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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