Tuesday 21 November 2017

Plush £5.2m London flat once owned by bankrupt Grehan repossessed

One Hyde Park on the market at London's most expensive development

Ray Grehan
Ray Grehan
Picture: Estate agent Strutt and Parker
Picture: Estate agent Strutt and Parker
Picture: Estate agent Strutt and Parker
Picture: Estate agent Strutt and Parker
Picture: Estate agent Strutt and Parker
Picture: Estate agent Strutt and Parker
Picture: Estate agent Strutt and Parker
One Hyde Park, picture Laing O'Rourke
Ailish O'Hora

Ailish O'Hora

A PLUSH £5.2m (€6.2m) London pad once owned by bankrupt developer Ray Grehan has been repossessed at London’s most expensive development.

The repossession of the one-bedroom flat, which is the centre of  long-running dispute between Grehan and the National Asset Management Agency and has Harrods as its local shop,  at the Knightsbridge development came as estate agent Strutt and Parker was appointed by the property’s receiver.

It is the first such move at London’s most expensive residential development One Hyde Park.

Mr Grehan bought the flat in 2007 but subsequently sold it to a trust benefiting his family.

However, in July Mr Grehan agreed to reverse that sale.

Residents enjoy a range of 'bespoke services and amenities' which include a cinema, 21-metre swimming pool, gym, golf simulator and a wine cellar as well as a private spa and squash court.

All post is X-rayed and the block has panic rooms and bomb-proof widows.

It also has a concierge and valet while residents have access to room service from the five-star Mandarin Oriental  Hotel next door to the building.

But service fees at the flat are just under £14,000 per annum while the ground rent will set you back £2,000 a year.

 

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