Real estate certainly isn’t cheap in central London with three-bedroom apartments in Belgravia costing well into the millions.
So we couldn’t believe our eyes when we came across a listing which offered the same property for just £650,000.
But there’s a pricey catch.
Located in a Belgravia garden square the apartment comes complete with it’s own private terrace and garden as well as access to the private gardens of Eaton Square.
It also has it’s own front door and columned portico with a generously sized reception room, dining room and principal bedroom.
Coming in at a 1,650sqft the apartment is a huge by London standards – with three bathrooms and a gorgeous airy feel thanks to large windows.
But if you’re thinking this is too good to be true, you’d be correct.
The property, listed on Wellbelove Quested, has a which lease expires in five years time – meaning new buyers will have to go through the process of extending it, and that’s not cheap.
So how much will it set you back? Well a spokesperson for Wellbelove Quested said that the cost of extending the lease for the next 20 years will be over £1,000,000.
There could also be hidden service charges and ground rent which tac on some more monthly expenses.
The property previously sold for £2,175,000 back in 2011, so there’s a chance that the significant price reduction may still be alluring to potential buyers – that is, if they’ve got a spare £1 million in the next five years.
Still sounding expensive? Well an apartment on the adjoining road with three-bedrooms but only two bathrooms is selling for a whopping £6,250,000.
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