The Client
Managing director at a consulting firm.
The Brief
A freehold house in North or East London .
The Search
Early in the search, we cautioned against an impressive home in London Fields due to limitations with the wider location. After previewing multiple properties over several months, our client decided most either disappointed condition-wise or had uninspiring layouts. He decided to consider flats.
We ultimately identified a top floor penthouse in Barnsbury in a small-scale modern development. Importantly, it was situated in an area dominated by period property with a strict planning environment. Unlike similar developments in Kings Cross, future supply in this area was very constricted. The flat had generous private outdoor space and shared no walls with neighbours – meeting the client’s initial brief for the home to be a ‘sanctuary’. At a time of rising renovation costs, its excellent condition was also a major plus. It also benefitted from Share of Freehold tenure and reasonable service charges.
With another offer from a competing buyer who wasn’t currently proceedable, we decided to move quickly and ultimately proceeded at asking price despite other options being available at a discount. Even in a slower market, several other ‘best-in-class’ options had sold at or in excess of asking price during the search and we advised that overly pushing for a discount may not be worth the risk of missing out on the property.
