Three-bedroom flat on sale for £8.75m. Can it be worth it?

A three bedroom flat in London is up for sale at the incredible price of £8.75 million. For that kind of money you could get a detached mansion in the leafier parts of the London commuter belt, or an estate in Scotland. So how could a three bedroom flat ever be worth this much?

The flat

The apartment is stunning. It's in a Grade II-listed building, which used to be the headquarters of the General Medical Council, and has now been turned into four high-end flats. The estate agent particulars show that this particular apartment is on the ground and first floor, which means it takes advantage of the 18 foot floor to ceiling windows in the main reception room.
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In addition to this striking room, there are three bedrooms (two of which are en-suite), a lavish bathroom with a roll-top bath, a cutting edge kitchen opening out onto a private terrace, and a concierge service.

The location plays a big part in the value too. It's on Hallam Street in Marylebone, central London. In this area, it's far from the only flat commanding this sort of price - and there are a handful available for more than £10 million.

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Not that pricey

In fact, the property comes in at £3,153 per square foot, and while that's enough to bring tears to many people's eyes, it's a long way off being expensive by prime central London standards. We reported last month on the penthouse near Green Park which had been snapped up for more than £5,000 per square foot.

By these standards the flat is a real bargain. Once you have worked out how you're going to keep those enormous windows sparkling (without erecting scaffolding once a week) it would be remiss of you not to snap it up.

But by more normal standards, £9 million for a three-bedroom flat is still an excessive amount of money - no matter how spectacular or handy it is for Oxford Street.

The only question remains whether there are enough multi-millionaires to keep the property market going at this level without flinching, or whether we have finally reached a point where even the mega-rich can think of something they would rather do with their money.

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