Stunning four-bed townhouse in swanky Chelsea on the market for £824k – 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.
Prospective owners may be forgiven for thinking that the swanky four-bedroom property is too good to be true for the price.
The breath-taking home in West London boasts three reception rooms, a terrace and a balcony, according to the listing on property site Rightmove.
However, buyers will only own one eighth of the pad as the property is part of a “fractional ownership scheme”.
And the price for a slice is already expensive at £800,000, but that still excludes stamp duty and monthly “home expenses”.
Fractional ownership is a scheme in which the cost of a property is split between individual shareholders, it is often used for expensive assets.
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According to the website’s description, the monthly upkeep of the home will also set you back £757 a month.
And it means that the total price of the plush property exceeds more than £6.5 million.
It is refurbished to a high standard with shining glass frontage and a trendy steel staircase, as well as being fitted out with all the latest mod cons including high-tech speakers in every room.
There is a spacious open kitchen-dining area, underfloor heating and an outdoor living area described as a "private sanctuary";.
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The upper floor also boasts a “penthouse suite” of primary bedroom, pink marble bathroom and walk-in wardrobe.
The home also boasts excellent transport links being just a short stroll from the shopping, dining, pubs and galleries of the King’s Road.
The description for the home states: “The property, which comes fully furnished and professionally decorated, is perfectly situated to take advantage of everything the city has to offer, whilst also being a luxurious haven for relaxation.
“Modernised and simplified the decades-old practice of DIY co-ownership.
“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 holiday homes - has been branded a “timeshare for mugs”.
Baffled buying agent Henry Pryer asked online: “Can anyone 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 flat with a hidden secret went on sale for £600k.
Meanwhile, an unsuspecting six-bedroom home available for £1.5 million has its own unusual surprise attached.
