The prevalence of try before you buy deals in London has hit a new high with the listing of No.6 Buckingham Gate. Tenants can rent the entire mansion plus separate penthouse for £188,000 pcm (£2.4m a year), with a view to buying for £76.5m.
Grade II listed No.6 Buckingham Gate is regarded as one of the finest white stucco mansions in London. Built around 1860 as a ‘private palace’ it was once home to HSBC founder and P&O Chairman Sir Thomas Sutherland. The seven floor mansion extends over 15,000 sq.ft., plus a 5,200 sq.ft. annexe, with five expansive reception rooms, 2,000 sq.ft. master suite, five further bedroom suites and a health spa with 10m swimming pool.
Becky Fatemi of agents Rokstone says: “In the last five years there has been a steady rise in try before you buy deals in London. If you look at deals for values over £60,000 pcm, prior to five years ago they were virtually unheard of. Yet in the last five years there have been 14 of these deals, and they are rising in frequency.”
She adds: “For an ultra high net worth family with an entourage and staff, who need to be in central London and require security and privacy this is a much more secure and cost effective solution to renting a series of suites or entire floor of a five star hotel.”
While try before you buy deals of this kind offer buyers something of a ‘bite sized’ taster before making a major purchase, readers might wonder to what extent uncertainty in the high end London market is motivating vendors to offer them.
Want to know the story behind Britain's latest property mogul? Why a company is going bust? Our coverage goes beyond run-of-the-mill news on key real estate issues.
Our subscribers are made up of the most influential Founders and CEO's in UK property. Gain a competitive edge and get informed - read what they read.
Understand exactly what the most senior figures in UK property are thinking. Exclusive opinion articles from powerful real estate influencers that move markets.