Rutland Court SW7
Property in Knightsbridge London
Property Type: Apartment
Guide Price £9.95m
The Brief: Our client was brave to be contemplating an apartment purchase of this magnitude during a time of crisis for the UK economy and property market. However, this family were smart enough to appreciate the discounted purchase prices available from the peak of the market in 2014. We needed to deliver the right apartment in the right location in pristine condition and a seller who was realistic about where the market was in 2019.
The location was geographically very small as our client liked to walk when in London. Having owned an apartment locally for over 15 years, the client wanted to focus on Knightsbridge which provided the family with a fantastic local park and all their favourite restaurants. A good porter service was essential for our clients peace of mind when overseas. The one overriding requirement was that the purchase price had to make them feel good about the risks associated with buying in the autumn of 2019 just prior to a general election.
The Solution: Rutland Court is situated in a private road behind a porters office with a closely monitored gated entrance. Therefore, was the perfect location from our clients perspective. The property had been previously marketed for sale but no buyer was found. So, a tenant rented the property to create income for the owner until the sales market returned to full health. With the property off-market, we made an approach and we were able to negotiate a purchase price with no competition a full 20% below the guide price. This was also below the owners break even figure for the apartment.
The interior design and overall presentation of this lateral first floor high ceilinged home was in tune with our clients tastes and expectations. The seller agreed to refresh the property to as new condition once the tenant had vacated. The seller was able to use the funds to progress another development locally. Our clients were satisfied that they paid a competitive purchase price which adequately reflected the risks associated with a purchase at this time.
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