Flat in 'billionaire square' on sale for £90,000 - what's the catch?

Properties in the area have been known to sell for £30 million

An apartment on one of London's most expensive squares where flats sell for £30million is going to auction - with a guide price of just £90,000.

The two-bedroom, two-bathroom property is in Eaton Square, which has been home to billionaires, politicians and celebrities over the years.

See also: Could you snap up a bargain in the UK's priciest towns?

See also: The 20 things that will sell your home - even when the market is dead

But while the average price of an apartment sold at the Belgravia address is more than £7 million this year, this pad is expected to sell for less than half the average home in England.

This is because it is a leasehold apartment and the lease only has 13 months remaining on it.

Credits: SWNS.com

Eaton Square in Victoria, Central London

Credits: SWNS.com

The area has been home to billionaires, politicians and celebrities

Credits: SWNS.com

Spacious green space in Eaton Square, London

Credits: SWNS.com

A seating area and lovely fireplace in an apartment in Eaton square

Credits: SWNS.com

The apartment has exclusive communal gardens

Credits: SWNS.com

Blue plaque of Lord Robert Boothby outside 1 Eaton Square in Victoria, Central London

So whoever buys the flat will have to either permanently leave at the end of June 2018 or pay the freeholder, the Duke of Westminster, £900,000 to extend it for another 20 years.

But despite the lease extension cost, it is still thought a buyer could make a tidy profit when they go to sell.

The apartment, which has a lift, porter service, exclusive communal gardens with a tennis court, will be sold by Auction House London on June 2.

Credits: SWNS.com

The outside of the apartment in London

Credits: SWNS.com

The block of apartments in Eaton Square

Credits: SWNS.com

A spacious hallway and carpeted stairs

Flat in 'billionaire square' on sale for £90,000 - what's the catch

The flat will be sold by Auction House London

Credits: SWNS.com

The apartment has two bathrooms

Credits: SWNS.com

It is in one of the capital's most desirable locations

The flat has two bedrooms

The London apartment's kitchen area

Andrew Binstock, auctioneer, said: "Eaton Square is one of the most desirable addresses in London. It is a stunning location and this is an unbelievable opportunity.

"Where else can you pick up a home for around £100,000 which is in one of London's finest locations?

"With the lease extension and costs, you'll be in for £1 million, so you'll need to have the money. But when it's done up it should be worth around £1.5 million so the margins are good."

10 property hotspots

10 property hotspots


provided by