We were engaged by an overseas client who was looking to purchase a two bedroom apartment in either Belgravia or Knightsbridge as an investment. It was critical that the apartment be in good condition and benefit from air conditioning, a lift and a porter. Air conditioning is increasingly becoming a high priority for many of our clients given the summers are getting warmer, and severely limit the options available. Most apartments that have air conditioning tend to be new build, and can command up to £5,000/sq. ft in prime Central London, so finding a suitable option was going to be no easy task given we had a budget of £3,500,000.
We identified a two bedroom apartment in 1 Ebury Square, a well serviced modern development in Belgravia, which matched all the criteria given to us. However when it was first launched to the market at £4,250,000 we knew it was going to be beyond our client’s budget. We monitored the property over several months, as its asking price was reduced to £3,950,000 and then finally to £3,700,000 just before lockdown. We began negotiations during lockdown and were able to agree the purchase at £378,000 (over 10%) below the asking price. We also agreed the deal “subject to viewing” allowing our client time to fly to London, isolate for 14 days and view the property prior to exchanging contracts.
We are patient. By monitoring and waiting, we managed to save our client 10% from the reduced asking price, and a staggering 21% from the initial asking price.