One-bedroom luxury flat up for sale for £5.2m after repossession

Kasmira Jefford
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A ONE bedroom flat in London’s most expensive residential development One Hyde Park was back on the market yesterday after being repossessed – with a price tag of £5.25m.

Estate agents Strutt & Parker have been appointed by receivers to sell the 988 square feet apartment.

They declined to disclose the previous owner, however it is reported to have been bought by Irish developer Ray Grehan for £3.7m in 2007. According to Irish press he then sold it before declaring bankruptcy, putting it beyond reach of creditors. It is back on the market as the result of an ongoing court case with the Irish debt agency, Nama, which is pursuing Grehan over his debts.

One Hyde Park, built by Project Grande – a joint venture consortium between Christian Candy’s CPC Group and a firm owned by Qatar’s Prime Minister, was launched with much fanfare in 2007, with flats fetching almost double the price of other homes in the area.