Imagine shelling out for a property in Chelsea – only to find you can live there for just a fraction of the year.
This will be the reality for whoever parts with more than £800,000 for a Chelsea townhouse that can only be occupied for 44 days a year.
The stunning four-bedroom home in West London has three reception rooms, a terrace and a balcony.
It’s also been refurbished with shining glass frontage and a steel staircase.
The big catch, though, is that the property is part of a ‘fractional ownership scheme’ – meaning that you only pay for one eighth of the pad.
The price for this slice is £824,000 – excluding stamp duty and monthly ‘home expenses,’ which will come in at £757 a month.
It makes the total price of the plush property more than £6.5million.
The description for the home states: ‘The property, which comes fully furnished and professionally decorated, is perfectly situated to take advantage of everything the city has to offer, whilst also being a luxurious haven for relaxation.
‘Modernised and simplified the decades-old practice of DIY co-ownership.
‘Contact us today to learn how owning property in a fully managed LLC allows you to enjoy the benefits of second home ownership without all the hassles.
‘Get the most out of your second home. SmartStay system makes scheduling easy and equitable for every owner.
‘You’ll have peace of mind knowing you can enjoy your home during the times that matter to you.’
This scheme is popular in the US with holiday homes, but it’s hardly functional for any use beyond that.
Baffled buying agent Henry Pryer said: ‘Can anyone explain what this is and if it’s “a thing”?’
Jamie Dennis added it’s a ‘timeshare for mugs.’
For a little context, a four-bedroom Airbnb with a garden in Lambeth, South London, would set you back just under £10,000 for 44 nights.
Meanwhile, a luxury apartment in the heart of Chelsea, overlooking the Thames, would cost just under £30,000 for the 44 nights.
You do the maths.
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