The same property sold for £10 million less than its original asking price in 2013
A rundown pub known previously as “The Red Lion” that was converted into a stunning £19 million townhouse. The house was sold again at a multi-million pound loss following one of the biggest repossession in 2018.
The Red Lion, in Mayfair, was closed in 2009 and sold to upmarket property developers who in turn converted it, into a luxury house.
The property went through Grand Design style project with all but the front facade of the watering hole demolished.
The site was transformed from a 4,200 square feet old tired pub into an exquisite 8,500 square feet family home with six bedrooms, six bathrooms, two reception rooms, a gym, swimming pool and roof terrace.
Red Lion House was put on the market for sale in 2013 for £25 million and was sold the following year for £19.175 million. However, the property has been repossessed by the bank and the property has just sold for £15 million showing a loss of over £4 million. This is £10 million, substantially less than the original asking price in 2013 and a 21 per cent fall in the price paid four years ago for this Luxury House.
Property buying agency Black Brick acted for the purchaser, who picked Red Lion House for a client looking for a family home in Mayfair.
They described, the price as “extremely attractive” and contracts on the home were exchanged just seven days after it was viewed.
Camilla Dell, managing partner at Black Brick, said: “Through our contacts, we’re aware of a number of attractive prime properties going through this process that are likely to come to the market soon.
“They are likely to offer significant value for buyers who can move quickly.
Uncertainties hanging over the market
“There remains a huge amount of interest in London. It’s a question of finding properties that are sufficiently attractive to outweigh the uncertainties hanging over the market.
“Such properties are coming up, but buyers need to be confident and be able to move fast.”
HM Land Registry search shows, the £15 million price paid for Red Lion House makes it one of the most expensive residential properties sold in England and Wales in 2018. It is also one of the most high-profile residential property repossession.
House sales in prime areas of central London are currently at a record low. The most recent figures from London Central Portfolio shows London house prices are at record lows. This is likely due to the uncertainty because of Brexit.
3rd of December 2018
Author; Chris Hanson