Swanky renovated artists’ studio in ritzy South Kensington enclave for sale for just £375,000 – naturally, there’s a catch
In November 2016, The Steeple Times featured the sale of a 1,352 square foot artists’ studio behind Fulham Road favourite PJ’s when it was offered for the punchy sum of £2.7 million ($3.20 million, €3.18 million or درهم11.74 million) in spite of being in need of modernisation. Records on RightMove.com suggest it did not actually sell then and has not sold since.
Now, six years later, when you’d have thought rocketing London property prices would have meant such properties would be selling for a hell of a lot more, another studio in the ritzy enclave of Avenue Studios, SW3 is actually for sale for just £375,000 ($444,000, €441,000 or درهم1.6 million) or £460 per square foot ($545, €541 or درهم2,000 per square foot) in spite of being in excellent condition. There is, inevitably, a catch – and a rather major one.
The 814 square foot property offered is on a lease of 13 years, expiring on 12th June 2035, and is accompanied by a rent of £12,900 per year ($15,300, €15,200 or درهم56,100 per year) and a service charge of £1,448 per year ($1,714, €1,704 or درهم6,293 per year).
Any buyer, thus, will have to pay at least £186,524 ($221,000, €220,000 or درهم811,000) on top of the asking price if they opt to stay in residence until 2035, but they will get a spectacular double height living-dining-working space with an open-plan kitchen, a mezzanine bedroom, a shower room and a parking space in the heart of the Royal Borough of Kensington and Chelsea.
Between 1850 and 1914 many artists’ studios were constructed in Kensington and Chelsea in the wake of “the pro art political climate” supported by the likes of Disraeli, Gladstone and the royal family. The first of them, ‘The Avenue’ – where the properties mentioned are situated – was built at 76 Fulham Road in 1870.
Now Grade II listed, this ‘set’ of studios has variously been the home and workplace of a number of distinguished artists including Joseph Boehm Edward Poynter, Alfred Gilbert and Philip Wilson Steer.
If you’re into the art of a bargain (that actually might not quite be such a bargain), contact agents Best Gapp. You might even, potentially, be able to follow the lead of Donald Trump and get yourself an ‘art of a deal’ at a knockdown price.
The lease system is iniquitous and ought to be seen to. I expect the Duke of Westminster would disagree.