Possibly the most expensive property per square foot sold in Pimlico may not be what most people expect. Recently sold by RE/MAX Central in Westminister, the apartment which is located in the Pimlico grid, achieved a selling price of Â£285 000. That doesn't sound like a lot at first, but it is when you consider that the property is just 8.8 m2, making it around Â£32 386 a square metre.
Previously owned by a British actor Robert Waite, the apartment's prime location was ideal for commuting to and from various studio and shooting locations around London's city centre. Initially listed at Â£299 999, the property took approximately three months to sell because its size made it unmortgageable. "There were two challenges that we experienced when marketing the property, the first being that it could only be sold to a cash buyer because banks were not prepared to finance the deal. The second challenge was finding a buyer who wanted a property of this size," says Roger Collings, Manager at RE/MAX Central.
The apartment is situated on the second floor of a period building, built in the 19th century by renowned builder, Thomas Cubitt. While it has just 95 sq ft under roof, it does have a roof terrace measuring approximately 13 m2.
Collings says that the property was bought by a couple who plan to use it as a Pied a Terre. "The price the apartment was sold at highlights the demand for property within prime central London. While the number of transactions has dampened, prime central London is still a sought-after address," he concludes.