Our Canadian client was looking for a London pied-a-terre. They had been looking at the market for two years and had come to the conclusion that a new build property along the Southbank would work well for their requirements. Due to the vast range of apartments being sold under differing circumstances, such as; off-plan units direct from developers, re-sales (or contract assignments) from off-plan investors, and then the newly completed units, this area of the market can be very hard to navigate. Not least understanding and gaining access to what is actually for sale and then identifying the most keen sellers and the most competitively priced units. In addition there is a large range in the quality of buildings and therefore values change considerably between building to building within a relatively small area.
We identified a 31st floor 2 bed, 2 bath apartment in the One Casson Square building which is part of the new Southbank Place development. This is recognized as the highest quality development on the Southbank in terms of construction quality, interior design and facilities. This standard has historically only been found in more traditional prime central areas north of the river. The unit is just below the penthouse and provides expansive views over the river Thames and central London taking in many of the cities iconic landmarks. The unit was a contract assignment that had been reserved more than two years ago by the original purchaser. They were now very keen to exit their investment prior to completion to avoid paying the final 80% (of the purchase price) installment and the stamp duty bill. We were therefore able to step in with our client and purchase the apartment just prior to completion at a £165,000 discount on the original purchase price (equating to an 8.2% discount) for what is one of the best units in the development.
We understand the complexities of buying new build, and can identify good opportunities via contract assignments. We managed to not only identify one of the best units in the development, but also successfully saved our clients 8.2% from the original contract price.
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