Repossessed flat comes to the market in Candy & Candy’s One Hyde Park
This morning, Spear’s Wealth Management’s Josh Spero reported that a repossessed one bedroomed flat was for sale in Knightsbridge’s One Hyde Park for £5.25 million. Given that flats there have sold for upto £140 million, this is most definitely somewhat of a news story one wouldn’t expect to hear.
The compact 988 square foot fourth floor apartment has been styled by Helen Green Design and includes one underground parking space. It is being marketed by the Sloane Street office of Strutt & Parker.
Of the sale, Peter Wetherell, of Mount Street estate agency Wetherell, told Spear’s:
“Most of the properties at the top end of the market are cash deals, but for their own personal financing reasons [owners] will gear it up [i.e. take out a mortgage on it].’ If their business flags or circumstances change and they fail to make repayments on the mortgage, the home – like for anyone else – can be repossessed”.
“It’s one of the smaller units but I know people who bought smaller units hoping that once the larger ones were sold people would want bigger flats and would make an offer”.
The price sought on behalf of the receivers is most definitely lower than what has been asked for similarly sized apartments in One Hyde Park previously. We reported on a 969 square foot sized example on the building’s third floor in June. The asking price was £6.95 million whilst another on the fifth floor is available through Brian Lack & Company for £6.5 million currently.
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