April 23, 2024

South Kensington luxury resi block changes hands

London-based property investor Leufroy has bought a building with five luxury apartments in London’s South Kensington for £10m, React Newscan reveal.

Located at 3 Queens Gate, the property was redeveloped between 2008 and 2010 to create the luxury flats – and acquired by Truly Global Limited for £14.15m in March 2011.

The company, which is incorporated in the British Virgin Islands, launched a sale with a £15m guide price through JLL in October 2022 but the marketing process did not lead to a deal. The property was then marketed again off-market through Knight Frank with a £12m guide price in September 2023.

Max Skipworth, partner at Leufroy, told React: “Although our strategy often leans towards value-add opportunities, the distinguished neighbourhood and market conditions made this an attractive deal.”

Maxime Leufroy-Murat, partner at Leufroy, added: “London offers great value. We are acquiring assets at prices below their 2010 levels. They offer some of the highest yields for super-prime residential assets compared to other European capitals.”

In January, Leufroy bought a Grade II-listed building in Notting Hill for about £9.5m, with plans to convert it into a luxury house or flats.

React News by Julie Cruz

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