Fully renovated Belgravia studio with double height reception room for sale for just £455 per square foot
A 2,186 square foot ground and first floor studio property in Studio Place, Belgravia with a double height reception room has gone on sale for just £995,000 ($1.3 million, €1.1 million or درهم4.8 million) – but naturally there’s a catch.
Described as a “mixed use, specifically for those involved in arts and media” space with “sub-letting allowed,” the 3 bedroom, 3 bathroom space offered is subject to the terms of the 1954 commercial planning act – a law that forces the landlord, in this case the Grosvenor Estate, to “offer the tenant the same lease with no premium at the end of every lease period.”
The catch? The ground rent is far higher than normal at £53,000 per annum ($70,000, €60,000 or درهم258,000 per annum) or £795,000 ($1.1 million, €893,000 or درهم3.9 million) in total for the remainder of the lease.
The selling agents are Kinleigh Folkard & Hayward.
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