Buyer drives away with 130 Knightsbridge parking spaces for £20m

Unusual off-market deal reported in SW7

Boutique agency Nicolas Van Patrick has brokered the sale of 130 parking spaces at a prominent resi block in Knightsbridge for over £20m.

The team put the unusual deal together around six months ago, but we hear it’s just been wrestled over the line. The spaces are all located at Kingston House North, a well-regarded 1930s building just south of Hyde Park, where you’ll find apartments like this commanding some very tidy sums.

Patrick Alvarado

NVP’s Patrick Alvarado: “This was an off-market deal where we had to resolve many problems between exchange and completion in order for the buyers solicitor to be satisfied and recommending his client to complete. Due to the rarity of the asset the buyer remained committed to the purchase and was prepared to wait while all the conditions of the contract where met.”

The sale marks a strong start to the year for the Montpelier Street-based firm, which is currently reporting a build-up of foreign demand as the UK prepares to trigger Article 50. Q2, it seems, could get very interesting indeed…

“When it comes to the sales market we predict trading conditions to remain challenging for 2017 although Q1 has seen us get off to a very good start. We have many foreign buyers on our books who are telling us they are keen to buy again in London to take advantage of the devaluation of sterling thus far and the drop in capital values over the past couple of years. Many of these foreign buyers are already beginning their searches, but will hold off till Q2 2017 when they believe sterling will come down further against the $ & € once Article 50 gets invoked.

“We believe there will be a short window of opportunity for foreign buyers between Q2 & Q3 2017 to buy back into London at levels not seen since 2009 if you factor in the currency and drop in property prices.  We don’t think this window will be open indefinitely as once we know the direction the UK is heading after invoking Article 50 sterling will begin to strengthen against other currencies.”

Kingston House North image courtesy of ZPG/Primelocation