Foreign investor exchanges on £5.75million home in just six hours (2024)

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A wealthy househunter has made the fastest purchase of the year - sealing a deal to spend £5.75million on a new central London home in just six hours.

The buyer, a foreign businessman, had not even seen the historic four-bedroom home in Knightsbridge before he bought it in cash.

He also failed to commission a survey or research the background of the property - but was so keen to secure the purchase that he was apparently willing to take a chance on the investment.

The Grade II-listed townhouse on Brompton Square boasts a double reception room, dining room, large kitchen, four bedrooms, four bathrooms, a study, sauna and paved garden.

Its frontage also features a blue plaque marking French poet Stéphane Mallarmé's stay at the house during 1863.

Despite the huge price tag, the property is in need of some 'modernisation' to drag it up to the standards expected by the super-rich.

Estate agent firm Wellbelove Quested was about to sell the house to another buyer when the investor swooped in and offered more money.

After the offer, it took just six and half hours to finalise the deal - making it the fastest exchange in the London property market so far this year.

But the house's new owner will not even live there - he already has a home nearby, and is planning to put up relatives in the property instead.

Grant Wellbelove, director of the company, said: 'It is certainly our fastest exchange of the year. We'd had a few people interested in the home and then someone entered the ring and offered cash.

'The offer came in early on Thursday and everything was exchanged six-and-a-half hours later. It normally takes around ten to 15 working days to exchange contracts.

'The buyer knew the property because they had a house nearby and were looking for ancillary accommodation for family members. We explained the condition, that it was a bit tired, and they bought it for cash without going for a viewing.'

Such a rapid deal could only be possible for a buyer who does not need a mortgage, and can therefore skip the usual checks required to be granted a loan.

Mr Wellbelove added: 'Exchanging contracts normally takes longer because people need the deposit, they need the lender to do their checks, and they need a survey to be done.

'The people who bought it didn't have a survey, they haven't even been inside. It is a brilliant result for our client and both vendor and purchaser are very happy.'

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