A property in Mayfair originally marketed for £25m has sold within seven days for £15m.
Red Lion House in Waverton Street, W1, is a former pub converted into a luxury 8,500 sq. ft. home in 2009, and last sold for £19.175m in 2014. However, it was recently listed as a repossession sale by receivers at £25m.
Buying agents Black Brick have dubbed the property as their ‘Acquisition of the Month’ and explain: “The purchase price of £15m, equated to a highly competitive £1,748 per sq.ft. Unmodernised houses in Mayfair usually achieve over £2,000 per sq.ft., and modernised houses often achieve well in excess of £3,000 per sq.ft. Red Lion House was in almost new condition, so the price was extremely attractive.
“Of course, we were not the only potential buyers interested in the property, and we had to move quickly and demonstrate our ability to get on and do the deal in order to win the contract from at least two other interested parties.”
While the buyer seems have secured a real bargain a single deal like this is probably not indicative of fire sale conditions in the high end London market just yet. Buyers who are able to move quickly with motivated sellers generally do secure advantageous terms. The £25m original asking price might, at best, be described as a ‘speculative punt’.