Questions Over Property Bubble As Council Flat Goes On Sale For £2Million

An extraordinary council flat in London is currently on sale for just under £2million.

The flat, located in the heart of fashionable Knightsbridge, is based in a dated council block and has raised questions over the spectre of another property decline in Prime London areas, which have been pummelled more than David Haye over the past 18 months.

Interior details: clever lighting placement gives the effect of a floating bed. Source: Zoopla

The interior boasts luxury modifications such as a ‘floating bed’, an integrated sound system, air conditioning and electric blinds. It has a dressing area to accommodate a large wardrobe, a spacious bathroom with vanity area, and an up-to-date kitchen with a slightly odd ‘one person’ breakfast bar.

The decor is just as luxurious with a red theme throughout and distinctive alcoves in the walls for ornaments.

A generous open plan living space is modern, sleek and well-furnished. Source: Zoopla

Thorburn House block is in the royal borough of Kensington and Chelsea and is on the doorstep of Hyde Park, Belgravia Square and high-end department store Harvey Nichols.

With a sky-high asking price, the flat has struggled to sell and has been on the market for over a year.

Mod cons: the flats kitchen has electric blinds and a one-person breakfast bar. Source: Zoopla

The price has been reduced by a whopping 17% from when it was first listed for £2,350,000 in January 2016.

The bathroom is split into two; a sink/vanity area and washroom at the back. Source: Zoopla
A well-proportioned dressing room leads on to the adjacent Master Bedroom. Source: Zoopla

The asking price is the norm where the flat is located in the internationally popular Knightsbridge, however the council block it is situated in, Thorburn House, is not of the same calibre as ever-popular period properties in the area. The home was also converted from a 3 bed to a one bed flat; this is perhaps a factor as to why it has not sold yet.

Unique interior design features are present throughout the flat. Source: Zoopla
Spacious: the flat is bright, large and open plan. Source: Zoopla

At a cool £2million, DMZ thinks the developers have piled into Prime London property at the most inopportune of times. Converting the build from a 3 to a 1 bed property may also have been an error – boasting a fantastic location, this would have been a perfect rental opportunity for a London pied-a-terre.

Marketing an ex-council house in the millions is nothing new in London, however as always with developments – looking at comparables is key. We found this 2 bedroom flat in a historic red-brick mansion block in Egerton Gardens, Knightsbridge.

At a slightly smaller square foot, but in a beautiful period setting, the flat also offers communal garden access. On the market for just a few weeks, DMZ are confident the Egerton Gardens property will be snapped up in less than a year…