Brooks Marshall has bought a five-bedroom freehold Belgravia terraced house for £8.5m for a private client, following a forced sale.
36 Graham Terrace, SW1, a five bedroom house covering 5,400 sq ft was at one time offered for sale for £16.9m, before being placed into receivership.
“It is extremely rare to find a distressed sale in today’s compromised market, let alone one in Belgravia,” said Brooks Marshall director, Oliver Marshall.
“The acquisition is even more remarkable given the relative inactivity currently seen across the London market. Transaction levels are down as much as 30 to 40%. This is due not only to the diminished benefits of corporate holding structures but also to aggressive taxation by HMRC. The stamp duty on Graham Terrace for example is nearly £1 million when it would have been £595,000 only a year ago.”
