Mayfair is one of the most affluent and expensive areas in London to buy a home.
The average property price in London is at £484,000, according to the Office for National Statistics, but according to luxury estate agents Wetherell, less than 5% of homes sold in Mayfair were priced below seven-figures, and none were priced below £750,000 in 2016.
However, there is a property on the market right now going for £500,000, which Wetherell says is “pocket money” for wealthy students from Qatar or Saudi Arabia.
“This apartment would be ideal as a university or college student pad for a young student from a wealthy family from the Middle East, Africa or Asia,” said James McManus, Managing Director of Wetherell.
“Many flats like this one get snapped up by overseas families who want a smart and safe base for their student offspring whilst they study in London.”
Take a look inside:
The £500,000 flat is located in one of the most expensive areas of London — Mayfair. It is near Buckingham Palace and its local shops include luxury shops in Bond Street.
The property in question is Erskine House, 59 Davies Street, which is just down the road from the famous 5 star hotel Claridges.
The two bedroom, 956 square feet flat has spacious rooms. Usually flats of this kind, in this area, can command £1,300 per week in rent.
The property is spread over ground, lower ground and basement floors and has a has a spacious reception room.
The kitchen is sleek and modern.
The master bedroom has an ensuite bathroom and there is another bathroom located in the property.
It also has a communal garden nearby.
The reason why it is so cheap is because of its short lease of just 12 years. But Wetherell said it would cost just around "£150,000 to extend the lease to a standard Grosvenor 20 year lease." which actually is still cheap considering a property in this area will not usually sell for less than £750,000.