Townhouse

Stunning four-bedroom townhouse in upmarket Chelsea on the market for £824,000 – but it comes with a huge catch

A STUNNING Chelsea townhouse has gone on the market for just £824,000 – but there’s a huge catch.

Would-be owners can be forgiven for thinking the chic four-bedroom property is too good to be true for the price.

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A chic Chelsea townhouse has gone on the market for just £824,000Credit: Rightmove/Triangle News
But the price will only net you an eighth of the property

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But the price will only net you an eighth of the propertyCredit: Rightmove/Triangle News
The house is renovated with all modern comforts

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The house is renovated with all modern comfortsCredit: Rightmove/Triangle News

The breathtaking west London home has three reception rooms, a terrace and a balcony, according to property site Rightmove’s listing.

However, buyers will only own one-eighth of the land as the property is part of a ‘fractional ownership scheme’.

And the price of a slice is already expensive at £800,000, but that still excludes stamp duty and monthly ‘domestic expenses’.

Co-ownership is a scheme in which the cost of a property is shared between individual shareholders, it is often used for expensive assets.

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According to the website description, monthly house maintenance will also cost you £757 per month.

And that means the total price tag for the plush property is over £6.5million.

It is refurbished to a high standard with a gleaming glass facade and trendy steel staircase, whilst being equipped with all the latest modern conveniences including high tech speakers in every room.

There is a spacious kitchen open to the dining room, underfloor heating and an outdoor living space described as a “private sanctuary”.

The upper floor also includes a “penthouse suite” consisting of a master bedroom, a pink marble bathroom and a dressing room.

The house also benefits from excellent transport links being within walking distance of the shops, restaurants, pubs and galleries of King’s Road.

The description of the house states: “The property, which is fully furnished and professionally decorated, is perfectly located to take advantage of all that the city has to offer, whilst being a luxurious haven for relaxation.

“Modernized and simplified the decades-old practice of DIY condominiums.

“You’ll have peace of mind knowing you can enjoy your home during the times that matter to you.”

However, the scheme – popular in the US for vacation homes – has been branded as “timeshare for mugs”.

Baffled shopping agent Henry Pryer asked online: ‘Can someone explain what this is and if it’s ‘a thing’?

One person replied, “Timeshare for mugs.”

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It comes after a charming apartment with a hidden secret went on sale for £600,000.

Meanwhile, an unsuspecting six-bedroom house available for £1.5million has its own unusual surprise.

Some rooms have an en-suite bathroom

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Some rooms have an en-suite bathroomCredit: Rightmove/Triangle News
The four-bed house has bright and spacious living arrangements

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The four-bed house has bright and spacious living arrangementsCredit: Rightmove/Triangle News
However, some have called Chelsea ownership a

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However, some have called the Chelsea property a ‘timeshare property for cups’.Credit: Rightmove/Triangle News
The house also has a large outdoor area and a balcony

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The house also has a large outdoor area and a balconyCredit: Rightmove/Triangle News


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