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It is in one of the world’s most desired locations in the heart of Knightsbridge, just a short walk from Harrods.
But the £120,000 price tag for this one-bedroom flat in an attractive Victorian red-brick block is no more than you would pay for a shabbier equivalent in Plumstead or Dagenham.
There is a catch of course — and a big one. The lease on this home expires on September 19, making the “per night” cost £1,500, enough to pay for a junior suite at five-star Claridge’s in Mayfair.
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With just over 80 days left — assuming a deal could be completed by tomorrow — it is one of the shortest leases ever to come on the London market.
Agents Plaza Estates said the buyer would have a chance to extend the lease to a more conventional 99 years — opening the opportunity to pick up a relative bargain.
A spokesman said: “The current owner has served notice to extend the lease, which means that a buyer should be able to get 99 more years for around £1 million. In our experience £1.12 million for a long lease would be a normal price for this type of property in this superb location.”
Another one-bedroom flat on the same road, Lennox Gardens, is for sale with John D Wood at £1.295 million.
London property commentator Matthew Steeples said: “The length of the lease can be the killer factor in London property prices.
“A nice three-bed, two-bath apartment near Baker Street station is on the market at just under £400,000 because there is only five years left on the lease. On the long lease it would have been five times more.”
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At Portsea Hall, an Art Deco block near Marble Arch, a one-bedroom flat on a 17-year lease is under offer at £225,000, while a similar one on a long lease is under offer at £365,000.
Both need major refurbishment, which will cost the same regardless of the length of the lease.